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A NSW investor has paid $1.125 million for a freehold commercial property at Noosaville on the Sunshine Coast.
The property offers two separate buildings, at 33 and 33a Rene Street, and is leased to established tenant - Bissell’s Paint &amp; Panel - which has traded out of the site for more than 20 years. The current lease doesn't expire until July, 2016.

The sale reflected a yield of about 9.9%.
John Petralia and Paul Forrest of Ray White Commercial Noosa negotiated the sale.

Mr Petralia said the property offers two separate buildings totalling about 934 square metres, on two titles with an area of 2110 square metres. 


“On one of the sites is a large open plan steel warehouse used for the main panel beating work and the other site houses modern rendered block offices with an area behind used for spray painting, storage and other associated work,” he said.


<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
 

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Noosaville freehold commercial property sells to NSW private investor

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A suburban office building in Melbourne's Box Hill has attracted one of the biggest prices seen in years, and there was no agent involved. 
The building, at 899 Whitehorse Road, fetched $9 million, on a tight yield of just 6.7%. 
The vendor was a group of 16 individual investors in a syndicate managed by Vantage Property Investments.
Vantage’s spokesman Hamish de Crespigny said: “We were approached privately by a local investment group wanting to purchase the building from us and after protracted negotiations we agreed a price of $9 million.
“There is no agent involvement as it became simply a direct sale between our syndicate and the purchasing group.”
He said the 6.7% return hadn't been "seen in the $5 million plus Melbourne suburban office investment market since about 2007.”
The property has a lettable building area of 1,817 square metres plus basement car parking. It is currently leased to some 14 tenants in small business and professional accounting, IT and medical services type consultancies.
The property was last valued on 30 June at $6.8 million. At $9 million, the sale price represents a 32% premium to the current valuation and equates to a rate of $4,950 per square metre.
Mr de Crespigny said “our syndicate investors are currently looking to Vantage to identify a new commercial property investment most likely in the Melbourne City or suburban fringe office market as a re-investment opportunity for their capital.”
Vantage Property investments is a long and well established property syndicator and investment property manager with a current property portfolio held on behalf of their investors of some eighteen properties in the City and suburbs valued at $175 million.  
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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Box Hill building sells for $9 million, without an agent

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The Commonwealth Property Group has terminated its exclusive takeover talks with the Dexus consortium, in the wake of the $3 billion GPT rival bid last week.  
The decision to end the "process agreement" was specifically due to Dexus and its partner the Canadian Pension Fund not matching the competing proposal from GPT within the specified period of time spelt out in the agreement. The decision allows GPT to start talks with the Commonwealth Property Fund (CPA). 
However, CPA management did say that the Dexus consortium "may undertake further due diligence on CPA, on a non-exclusive basis until 9 December."   
Last week, Credit Suisse analyst said it that it may be difficult for the Dexus consortium to match the competing bid offer.
GPT is offering $O.75325 in cash and 0.141 GPT security for every CPA unit. Based on GPT's closing price on 18 November, the offer values CPA units at $1.272.
The Dexus and Canadian Pension Fund offer is valued at $1.219 per unit. 
One reason Credit Suisse gave was that "if DXS were to match GPT’s offer by increasing the cash offer by 2.7¢ to 73.7¢, implying a total bid price of $1.24, this would see EPS accretion (FY15) reduce to ~1.3–1.8% as compared to the guidance of 2–2.5%". 
On that basis, net tangible asset dilution would increase from 1.9% to 2.7%, they said.  "As a result, we see limited scope for DXS-CPPIB to justify any further premium".
However, with Dexus already holding a key blocking stake of 14.9% in CPA, a likely end scenario is a break up of CPA's $3.8 billion property portfolio. Dexus has already said it won't be supporting the rival offer and GPT needs to reach a compulsory acquisition target of 90% before it can offload any of the CPA assets.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>     
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CPA terminates exclusive takeover talks with Dexus consortium

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SCA Property Group - the listed property offshoot of Woolworths - has entered into an agreement to buy a portfolio of seven neighbourhood shopping centres in Tasmania for $145.7 million. 
In making the announcement, SCA Property Group (SCP) said that the vendor had agreed to buy two of its centres for $22.1 million, as well as to subscribe for a $10 million placement of SCP units, at an issue price of $1.61 per unit.   
SCA also separately flagged that it would be disposing of five non-core assets for $53.6 million.
At $145.7 million, the acquisition price reflected a weighted average capitalisation rate of 8%. 
"The acquisition will enhance SCP's portfolio quality and income growth profile, and improve the diversification of the portfolio," said the company. 
The acquisition will be funded with proceeds from asset sale, a placement to the vendor and existing undrawn debt facilities.
Assisting in the sales process was Knight Frank Tasmanian managing director Ian Wells.  
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>  
 
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SCA Property Group makes $145.7 million Tasmanian shopping centres portfolio purchase

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A pronounced shortage of stock and heightened competition for property assets is forcing offshore investors into capital partnerships with local players to secure a foothold in the Australian property market.
The findings were revealed in new research from Cushman &amp; Wakefield which showed that since the end of the GFC, the total value of transactions recorded in the Sydney, Melbourne and Brisbane office markets had topped $10 billion in the 12 months to June 2013.
But despite that significant spike, the report pointed out that there had only been a limited number of direct property purchases.
Cushman &amp; Wakefield associate director of research and consultancy Peter Ainge attributed that shift to the increasing practice of capital partnerships.
“The proportion of capital partnerships to total sales has grown rapidly since the end of the GFC, with 46.4% of transaction volumes recorded in the Australian retail market and the eastern seaboard office markets in 2012 involving a capital partnership,” he said.
This year, the proportion of capital partnerships to total sales slipped back to just below 40%.
Cushman &amp; Wakefield estimates the weight of money from offshore buyers aimed at Australian commercial assets to be US$16.5 billion (AU$18.5 billion) as at September. Combined with the shortage of prime available stock, Ainge said “it is clear that offshore investors need to get creative to penetrate the domestic market.”
Sydney was where capital partnerships had been the most prominent, the report said. One notable partnership was the $1.2 billion privatisation of the Charter Hall Office REIT, which saw the grouping of the Government of Singapore Investment Corporation (GIC), PSP Investments from Canada (PSPIB) and Charter Hall Group.
Stockland was another prominent name recognising this trend, it said, having made available a stake in its Piccadilly Centre in Sydney CBD, which should appeal to offshore money.
“As well as the shortage of prime stock making capital partnership a necessity for offshore investors intent on investing in Australia, the relatively higher barriers to investment when acquiring prime property investments is another important driver of this model,” said Mr Ainge.
The report cited a number of pros and cons in capital partnerships.
Among the advantages identified by Ainge were access to prime assets that would otherwise be unavailable, lower entrance costs, access to existing management expertise, reduced single building exposure and increased portfolio diversification. On the flipside, he said adopting a capital partnering relationship still required risk mitigation when it came to the potential for difficulties in exit strategy, pricing risk and the investor having limited control of the asset.
With investment appetite for core Australian investments continuing to grow, and alternative investment opportunities shrinking rapidly, “it is expected that the uptake of the capital partnership model will continue to grow in popularity,” it concluded.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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Offshore investors forced into local capital partnerships by lack of stock, heightened competition: Cushman & Wakefield

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The tide is turning for Australia's bulky goods centre sector, with both investor demand returning and yields likely to tighten in 2014.
For years bulky goods have been seen as higher risk than other retail property assets. But new research from Colliers International is showing that a recovery is underway in bulky good sales, in particular in the key household goods, hardware and garden supplies categories. The research further found that a "pick up" in the sector is emerging in retailer demand.
<img src="/images/stories/2013/11/27/chart-of-the-week-nov-27-one.gif" width="470" height="302" alt="chart-of-the-week-nov-27-one">
"Investor interest in the prime end of the bulky goods sector is starting to see signs of an increase in the depth of demand, with a number of large transactions having occurred over the last 12 months," said the Colliers report titled Balancing the tenancy mix. “This reflects the expectation that market conditions will improve and the favourable terms (higher yields) at which assets in this sector can presently be acquired".
Year-to-date transaction volumes for bulky good centre assets of more than $10 million totalled $653.95 million, with 18 transactions recorded. Based on those numbers, volume is above the five year average of $576 million but well down on the total sales volume of $944 million achieved in 2012, it said.
Despite some of the positive numbers for the sector, one key measure which remains soft is yields. Average yields across the 18 transactions, Colliers noted, indicated a further softening of yields to 10.6%. That compares to the previous year's 9.3% and 8% in 2008.
However, Colliers said that values in the sector appear to have bottomed and that private investors had been "building up" their portfolios.
Rents were steady for bulky goods centres and vacancies tightened nationally.
The report concluded that while the bulky goods sector is considered higher risk than other retail investments, "this risk currently appears to be overpriced, and therefore there is scope for yields to tighten during 2014."
It also believes that with interest rates low and the anticipated increase in residential transactions, sales for retailers in the bulky goods sector was likely to improve over the next 12 months. "While this is positive, it is likely to take some time to flow through to rents," it said.
Colliers is forecasting rental growth to likely remain in line or slightly above CPI during 2014.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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The tide is turning for the bulky goods sector

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<img alt="dtz" height="66" width="200" src="/images/stories/2013/11/25/dtz.jpg" style="display: block; margin-left: auto; margin-right: auto;">
Agent: Alex Brownlee<img alt="brownlee-profile" height="200" width="150" src="/images/stories/2013/11/25/brownlee-profile.jpg" style="float: right;">
Position: Leasing executive - landlord and institutional investor services company
Company: DTZ
Office Location: Level 6, 56 Pitt Street, Sydney
How long have you been in the industry?
Four and a half years.
What’s happening in the area you specialise in?
Office leasing in the Sydney CBD is always buoyant so it is always a challenging and vibrant market in what is a growing and changing CBD.
What are the ingredients to being successful in your job?
Great people skills, efficiency, negotiation skills and energy, and of course a great brand.
What aspects of your role do you enjoy the most?
Meeting and working with lots of different people from variety industries, the fact I get to spend a lot of my day out and about rather than in the office, the variety of my role.
Where would you invest a spare $750,000?
Sydney residential real estate has always been a solid performer and it is on the up again now so this would be my pick.
Which football team do you support?
It depends on what code. I grew up in Christchurch, New Zealand, so if we are talking Rugby Union it would be the Crusaders, but after moving to Sydney I have started watching NRL as well and I support The Roosters.
What’s your favourite app or techno gadget?
I have family overseas and interstate so Skype on my iPhone gets used a lot so I can keep in touch with everyone.
How do you use social media?
I used <a target="_parent" href="https://www.propertyobserver.com.au/https://www.linkedin.com/pub/alexandra-brownlee/26/193/39">Linked In</a> for promoting myself to potential tenants and keeping in touch with those people I have worked with previously. It is a great platform for promoting our services and the DTZ brand.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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In profile: DTZ's leasing executive for landlord and institutional investor services company, Alex Brownlee

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A suburban medical centre in Geelong's Belmont has attracted buyer interest from more than 25 parties with just over a week to go before expressions interest close. 
The property is leased to Eastbrooke Medical Centres Pty Ltd, William Pardey Pty Ltd, Sonic Innovations Pty Ltd, Corio Bay Physiotherapy and Diabetes Australia – Victoria on multiple leases with options through to 2039. The centre has a net income of about $518,282.
Colliers International’s Andrew Lewis and Jonathon Lumsden have been appointed to sell the 75 -77 Roslyn Road property.
It has a total net lettable area of 1,146 square metres, comprising of 762 square metres on the ground floor and 384 square metres on the first floor.
“This is a medical freehold opportunity of 1,932 square metres of Business 1 zoned land,” said Mr Lumsden. “It is a recently completed, purpose-built medical centre, with strong lease covenants to several respected medical businesses.”
Expression of interest closes on November 28.
“With its central location, dual street frontage, on-site car parking and potential for future expansion (STCA), this property is attracting keen interest from savvy investors,” added Mr Lumsden.  
 
<a href="mailto:news@propertyobserver.com.au" target="_blank"> </a><a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
 
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Over 25 parties show interest in Belmont, Geelong medical centre

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Melbourne's prominent Spaghetti Tree building in the heart of the CBD has been listed for sale for the first time in 42 years, with price expectations of more than $7.5 million.
The iconic corner building, located, at 59-63 Bourke Street, is home to the popular Spaghetti Tree restaurant and is scheduled to go under the auctioneers hammer on December 18.
<img src="/images/stories/2013/11/20/melbourne-nov-20-20.jpg" width="470" height="340" alt="melbourne-nov-20-20">
Photo courtesy of Google.
The four storey brick and concrete building has three existing tenancies all held under continuing leases, generating an estimated annual net income of $310,000.
The principal tenancy over the ground and first floor spaces is to Spaghetti Tree which has been in occupancy for some 25 years.
The current lease commenced in November 2011 for four years and includes one further four year option, at a current net rental of $229,000. The restaurant tenancy is also responsible for a portion of the building outgoings. Included in the lease terms are CPI annual increases with a market review on exercise of the option.
The second level is leased to the Asian themed Asuka Karaoke Bar, which has an annual rent of $64,502.
The third floor tenant is iconic Melbourne rooftop bar Madame Brussels. 
The tenancy is under a five year lease that commenced from June 21, 2011 with one further option of five years. The lease has 4% annual rental increases and a market review at the expiry of three years.
The upper level of the third floor plus the adjacent rooftop terrace is home to the Madame Brussels bar, nightclub and entertainment venue.
The occupancy is under a six year lease that commenced from December 1, 2011 with one further option for another six years.
Selling agents Kliger Wood Real Estate, in conjunction with Gross Waddell have been instructed to sell the property on behalf of the vendor, a private family.
The agents highlighted that the location was a key restaurant and theatre precinct and as a freehold site there was potential to subdivide into strata units (STCA).
“The corner location adds future redevelopment potential again subject to relevant permits," they said.  
<a href="mailto:news@propertyobserver.com.au" target="_blank"> </a><a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
 
   
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Melbourne's iconic Spaghetti Tree CBD building listed for first sale in 42 years

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The Zone Centre in Maroochydore on the Sunshine Coast has secured supermarket chain IGA Supermarket as a tenant.  
IGA replaces former tenant WOW Sight &amp; Sound. The 982 square metre supermarket site in Wises Road has been leased for 15 + 7 + 7 years. Industry sources estimate the annual rental to be about $250 per square metre. 
The lease was negotiated by Daniel Vella of Ray White Commercial.
The Zone Centre’s owner is Arkadia Property Services. Arkadia's general manager Peter Cortis-Jones said the additional investment of close to $2 million on the centre was an investment worth making.
 
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IGA Supermarket coming to the Zone Centre, Maroochydore 

<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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“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

<main data-perf-region="main">
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.

[smartcode_project:default project_id=152737 project_image_fid=377685]

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.

[smartcode_project:default project_id=152737 project_image_fid=377680]

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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