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Shopping centre giant Westfield Group has this morning unveiled plans to merge its Australian and New Zealand operations with the Westfield Retail Trust to create a new entity and a separate new international group.
The Australian business, to be known as Scentre Group, will be the largest REIT on the Australian Securities Exchange and will have total assets of $28.5 billion, with interests in 47 centres. 
The international arm will become Westfield Corporation and will have total assets of US$17.6 billion, with interests in 44 centres throughout the UK,US and Europe.   Both will be listed on the ASX. 
The restructure will see Westfield Group (WDC) chairman Frank Lowy will chair both new entities.  
"Westfield's international business and its Australian/NZ business have both grown in scale and quality to the stage where they can now stand on their own," said Mr Lowy. "They can each operate more efficiently, and generate growth and value for investors, by being independent."
He said the proposed new structure will allow both companies to "pursue their individual strategic goals and financing plans."  
Under the terms of the proposal, Westfield Retail Trust security holders will receive $285 and 918 securities in the new Scentre Group for every $1000 WRT securities held. The cash payment will be effected through an $850 capital return, equivalent to a pro rata buyback of WRT securities at $3.47 per security.  
WDC security holders will receive 1,000 securities in the new Westfield Corporation and 1,246 securities in Scentre Group for every 1000 WDC securities held. 
WDC and WRT secuirtyholders will vote on the proposal at a meeting in May 2014. 
At 11am, shares in WDC were up about 6.5% or 6x. to $11.04c.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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Westfield Group merging operations to create largest ASX listed REIT

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Department store chain Myer has sold auction its carpark in Wagga Wagga in south-west of NSW for $1.15 million. 
The 2,036 square metres vacant land, at 152 Tarcutta Street, was acquired by a local group of investors.
The property accommodates about 65 cars and is currently used as overflow and staff car parking for the Myer Department Store in Wagga Wagga.
The sale was negotiated by Wagga Wagga principal at Knight Frank, Jill Toohey and colleague Scott Turner.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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Myer sell Wagga Wagga carpark for $1.15 million

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Australians love affair with online retailing has continued but the pace of growth has slowed and the value of the transactions has shrunk considerably.  
Figures in the latest National Australia Bank Online Retail Sales Index showed that Australians spent $14.4 billion in on retailing in the year to October 2013 - up $2 billion on the same period last year. But sales growth slowed considerably over the past three months, with month to month growth of just 0.3% in October, and the year-on-year rate at 10.6% - the second lowest after August 2013. 
However, it was the analysis beyond the headline number which was the most compelling and the findings are significant as we head into the crucial Christmas trading period.  
NAB’s analysis revealed that almost 90% of all online transactions in the past year were for products under $100. That compares to less than 3% of transactions with values of over $250 and just 0.2% of online sales were for purchases over $1,000. 
NAB Chief Economist Alan Oster said “retailers cutting prices to build sales volume, changes to shipping arrangements and a significant increase in people purchasing low cost media products like e-books, movies and music online are factors driving the lower transaction sizes.”
“While areas like homes and appliances and fashion have seen declines in the average transaction size, the groceries and liquor, and personal and recreational goods sectors have experienced an upward trend since early 2010.” 
Since January 2010, the average online transaction size has also fallen from $64 to $41 in October 2013. 
On what all this means for the GST debate around lowering the threshold, the NAB report found that in the year to October 2013, international online retail sales were around $3.9 billion, with almost 90% of those transactions below $100 in value. 
"Our calculations show that had a lower GST threshold been set over the past year, it would have yielded additional revenue of $42 million at a $500 limit, $210 million at a $100 limit, and $309 million if the threshold was $25", it said.  
Mr Oster said that the special report demonstrated that not only were the majority of online purchases in the very low value range, in fact 49% of all online purchases were below $10. “Transaction sizes for international retailers in particular have fallen quite dramatically over the last three years. Between January 2010 and October 2013 average purchase size dropped from $74 to $38.” 
But he emphasised that the drop wasn't equal across all sectors.
Looking at the spending pattern of the various states, it said that on a per capita basis, the ACT, Northern Territory and Western Australia continue to record stronger levels of consumption, while South Australia, Victoria and Queensland lag behind. 
The biggest spenders were aged between 35 to 44.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a> 
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Australia's love affair with online shopping continues, but growth is slowing

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The great migration back to the Melbourne CBD is on.
Fresh research from Jones Lang LaSalle has revealed a notable lift in the number of city fringe occupiers moving back to the Melbourne CBD over the past 12 months. Data from the paper recorded16 "centralised" transactions of more than 1000 square metres, compared with just three over the previous 12 month period.
Another measure was net absorption. In the year ending Q3/2013, JLL said, Melbourne CBD recorded positive net absorption (8,380 square metres) compared with negative net absorption (- 32,550 square metres) in the city fringe.
<img src="/images/stories/2013/12/03/chart_of_the_week_dec_3_one.png" width="470" height="275" alt="chart_of_the_week_dec_3_one">
Driving this migration back to the CBD, said the JLL Pulse report paper was a combination of higher incentives available in the CBD and narrowing of the rental spread between the CBD and decentralised markets which had "accelerated a wave of centralisation".
Another factor it cited was the limited new supply in the city fringe market, along with the significant shortage of contiguous space across. Only 11 prime grade options are available above 1,000 square metres, compared with 39 in the CBD.
The city fringe locations were identified as West Melbourne, North Melbourne, Parkville, Carlton, East Melbourne, Richmond, Abbotsford, South Yarra St Kilda, and Port Melbourne.
<img src="/images/stories/2013/12/03/chart-of-the-week-dec-3-two.gif" width="470" height="287" alt="chart-of-the-week-dec-3-two">
The paper also made a point of saying that there was increasing demand from decentralised occupiers for "quality, well presented stock - driven by cultural change, cost savings, business contraction and expansion activities, and changes in the way people are working." Specifically, it said companies were increasingly seeking enhanced corporate identity through location - connectivity to the CBD, which offered firms closer proximity to clients and competitors.
JLL looked at a number of themes in its report on centralisation. One was the question of cost. JLL said that since 2008, it has recorded 42 major tenant moves (1,000 square metres plus) by occupiers moving into the CBD from decentralised locations. Its analysis showed that 85% of those occupiers had relocated to the periphery of the CBD, with very few locating to the core CBD itself.
But at the same time, it points out that increasing vacancy rates have exerted upward pressure on incentives, notably in the CBD. Over the past 12 months, average leasing incentives increased from 24 months’ rent free (20%) to 35 months’ rent free (29%) - above peak levels recorded during the GFC and currently at their highest level in 17 years, it added.
As such, "city fringe occupiers are increasingly looking at upgrading from lower grade assets and taking advantage of competitive rental terms", JLL said.  "Occupiers are seeking space with a generous fit-out incentive or an attractive turn-key solution which allows them to upgrade from their current accommodation."
Based on its assessment of average rent free periods (based on 10-year term) across a basket of grade A assets in the CBD and city fringe precincts, the average rental spread between gross face rents in the city and city fringe is about 25%.
However, taking into consideration the higher incentive levels offered in the CBD compared to the city fringe, JLL calculates that the average spread on an effective rent basis narrows to 12%. This spread becomes even more acute when comparing submarkets within the CBD and city fringe markets.
Looking out, JLL said believes that a lack of development activity and limited contiguous options for large space users in the city fringe combined with higher incentives available in the CBD will "continue to drive centralisation and support Melbourne CBD demand in the short term." While a number of medium-term lead indicators have started to improve and point towards a demand recovery in the Melbourne CBD.
"A reactivation of business investment projects will have a positive impact on white-collar employment, supporting our forecasts of above trend net absorption in the Melbourne CBD projected for 2016 (75,000 square metres) and 2017 (110,000 square metres)."
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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The great migration back to Melbourne CBD office space is on: JLL

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<img src="/images/stories/2013/12/02/fitzroys-logo.png" width="200" height="106" alt="fitzroys-logo" style="display: block; margin-left: auto; margin-right: auto;">
Agent: Mark Talbot<img src="/images/stories/2013/12/02/talbot-profile-2.jpg" width="150" height="200" alt="talbot-profile-2" style="float: right;">
Position: Senior associate
Company: Fitzroys
Office location: Melbourne.
How long have you been in the industry? 
17 years.
What’s happening in the area you specialise in?
Retail property is undergoing significant changes with the onset of onlinecompetition. Rents throughout metropolitan Melbourne have adjusted and appear to be now stabilising while demand for commercial investments continues to be strong. The Melbourne suburban shopping strip continues to evolve with on-going inner city residential developments.
Describe the most interesting property you have sold?
A development site of several properties titles which contained an unused road (not owned by the vendor) directly located in the middle of land. There are now plans to development the site with the purchaser since acquiring the unused road.
What are the ingredients to being successful in your job?
Persistence, people skills and street smarts.
What aspects of your role do you enjoy the most?
Handling a sale of property where there is strong competitive bidding and the vendors reserve is substantially exceeded.  Negotiation of leases and strategic advice to clients can be challenging given the present competitive nature of retail.
Where would you invest a spare $750,000?
I would look at diversification into shares, property and a fast car which will hopefully appreciate.
Which football team do you support?
Essendon.
What’s your favourite app or techno gadget? 
Twitter and the iPhone.
How do you use social media?
While out of the office, Twitter is a great way to follow new breaks and receive information word-wide.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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In profile: Fitzroys senior associate, Mark Talbot

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A fully leased commercial building at Maleny in the heart of the Sunshine Coast hinterland is set to go under the auctioneer's hammer next month. 
The recently refurbished property, at 4/45 Maple Street, is 189 square metres and has two established 94.5 square metre tenancies on one title. The tenants are Maleny Optical and the South Indian Continental Restaurant.
The property is being marketed by Peter Capps of Ray White Commercial Caloundra.
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“Both the tenants are on long term leases, making this an opportunity to secure an investment property in a tightly held hinterland town,” said Mr Capps. 
“This is an attractive proposition for a self-managed superannuation fund or an addition to an existing investment portfolio".
The auction is being held on 5 December.
<a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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Sunshine Coast hinterland commercial property to go under the hammer next month

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NGA Human Resources, formerly known as NorthgateArinso, has signed a lease for 829 square metres of office space at 50 Carrington Street from listed property group DEXUS.
The six year lease, commencing on February 2014, is expected to generate a net rent of $580,300 per annum or $700 per square metre) gross.
The lease was negotiated by Ben Kardachi and Tom Mott from Jones Lang LaSalle, acting for DEXUS, and Rob Johnston of Cushman &amp; Wakefield acting for the tenant.
The property underwent an extensive refurbishment to include the lobby, lifts, and additional facilities, including male and female amenities, shower, new window glazing (allowing 35% more natural light), polished concrete floors and an exposed ceiling, said the CBRE agents.
<a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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NGA Human Resources sign six year lease in Sydney CBD

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An Internet security provider has leased an office suite of about 193 square metres in the Sydney CBD.
The firm known as Pure Hacking signed a four year lease, at 175 Castlereagh Street, in a deal negotiated by David Schmidt-Lindner of Savills Leasing NSW.
Suite 1.03 is described as a fully fitted out office with boardroom, 12 workstations, kitchen and storage area.
The area is about 193.2 square metres and it attracted a gross rental of $101,430 per annum.
Centuria Property Funds owns the 13-storey building.
<a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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Internet security provider secures Sydney CBD lease

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A near vacant office building on the edge of the Adelaide CBD is on the verge of achieving full occupancy, following an extensive upgrade.
The 12,000 square metre office building, at 431-439 King William Street, was just 16% leased 20 months ago but after a string of new leases the building vacancy's is now at about 93%. 
Among the new tenants include Logicamms, MEGT, Dunn and Bradstreet, Acciona and Guild Insurance.
A total of 10 new leases were signed up through Adam Hartley of Colliers International, covering 4,317 square metres of office space.
Mr Hartley said tenants were drawn to the convenient location, with easy access to and from the Adelaide CBD core and the suburbs.
He said the recently completed upgrade to the building was the icing on the cake for those tenants, "as they could envisage [a] great place to work and retain staff." 
The property is now an A-Grade building.
Colliers International’s Real Estate Management team assisted the building owner in identifying and implementing upgrades to improve the property’s energy efficiency and enhance its lettability, targeting a 4.5 Star NABERS energy rating, Hartley said.
<a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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Adelaide office building verging on full occupancy after extensive upgrades

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An office building occupied by government and professional services tenants in the Tweed Heads CBD has sold under the hammer for $2.7 million. 
The 38-40 Frances Street property was purchased by an investor from northern NSW on behalf of an overseas-based owner.
The selling agent was Assi Dadon of Ray White Commercial.
Mr Dadon said the building on an area of about 1,315 square metres included  eight tenancies and "had potential to generate rental income in excess of $350,000 net per annum". 
Recently refurbished, the two level building has a net lettable area of about 1,208 square metres.
<a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
 
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Tweed Heads office building sold for $2.7 million

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

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[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

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[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

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Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

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Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

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Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

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Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

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Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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[smartcode_project_cta:default project_id=152737]

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Katherine Jimenez

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