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Fashion brand Cotton On Mega has continued its national expansion, this time securing a lease for a three level retail premises on the Gold Coast for its new flagship store.
The new store is located in the heart of Surfers Paradise, at 29 Cavill Avenue, and is about 1,692 square metres in size.  
Savills Australia retail director Michael Di Carlo brokered the deal with colleague, Avian Weber, associate director at Savills Gold Coast, 
The lease is for 10 year lease and the rent is believed to be $700 a square metre over the whole building. 
Cotton On Mega is due to open the new flagship store in early to mid-2014.
Mr Di Carlo said Savills Retail had advised the lessor, a Melbourne-based investor, on the purchase of the property with vacant possession in 2012 and that the new lease would deliver the landlord in excess of a 10% return and an increase in value of over 25% of the initial purchase price.
Mr Weber added that the Cotton On Mega deal represented the largest retail lease negotiated along Cavill Avenue in the last decade.
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Cotton On Mega continues expansion with Gold Coast flagship site lease

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The Royal Automobile Club in Tasmania has swooped on a number of iconic regional tourism businesses in the state as part of its future long term growth strategy.

Among the assets purchased by the motoring group (known as RACT),  include Strahan Village, Gordon River Cruises, Freycinet Lodge, and the Cradle Mountain Chateau from the Federal Group.
The purchase is part of the motoring group's key business objective to diversify its operational activities. Tourism is one area it wants to expand in.
RACT chief executive Harvey Lennon said “our research tells us there is strong interest in RACT-branded operations and our tourism division will provide us with new opportunities to generate revenue from outside our Tasmanian demographic, including opportunities to market to around 7 million affiliated auto club members across Australia".
Knight Frank managing director Scott Newton negotiated the transaction.  
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RACT swoops on iconic Tasmanian tourism assets

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A 7-Eleven service station in Queensland's growth corridor belt of Logan Central, has been purchased by a private investor for $3.475 million.
The 120 Wembley Road property comprises a 7-Eleven' Service Station, branded 'Caltex Woolworths' which was sold with 15 years remaining on the lease and a further 2 x 5 year option period.
The sale price reflected an initial yield of 7.14% or rate of $2,850 per square metre. APN Funds Management was the vendor.
The service station occupies a site area of 1,219 square metres and produces a net income of $248,380 annually.
The selling agents were Mike Walsh and Sam Hatcher of Jones Lang LaSalle.
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Logan Central 7-Eleven service station sells for $3.475 million

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A US-based investor has snared the Royal Pacific Tourist Retreat and Caravan Park near Tweed Heads on the far north coast of NSW for $2.5 million.

The 11,000 square metre freehold site, at 109 Chinderah Road in Chinderah comprises of a large four bedroom manager’s residence, manager’s office, two two-bedroom residential units and 50 additional sites.
Sam Johnson of Ray White Commercial Coolangatta/Tweed Heads sold the property on behalf of a private vendor.
The buyer has appointed an onsite manager to continue operations at the caravan park, said Mr Johnson.


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US-based investor snares $2.5 million caravan park near Tweed Heads, NSW

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Strengthening investor sentiment, increasing tenant demand and more favourable fiscal conditions are expected to position Sydney's industrial market for a rebound in the year ahead after 12 months of slow growth. 
According to CBRE’s Australian Industrial MarketView report for the third quarter, despite a contraction in industrial employment over the past year, total imports - measured in 20 foot equivalent unit (TEU)-  that came through the Port of Botany increased in July and August and over the 12 months to September rose  5.5%.
And while sentiment strengthened across the metropolitan industrial sector during the quarter, Sydney remained "one of the most in-demand" markets nationally. 
CBRE Senior Director of NSW Industrial Jason Edge said “while investors remain attracted to long term lease covenants and lower risk adjusted returns, they are becoming more accepting of shorter lease terms assuming the core property fundamentals exist".
“As a result of this, the market is tightly held, with owners holding onto assets in hope that yields will tighten further.” 
B-Grade warehouse yields remained steady at between 8.50% and 11.00%, while A-Grade warehouse yields tightened by 25 basis points to 7.50% and 10.50%, said the report.
Sydney industrial land values remained relatively steady over the quarter, with fully serviced 0.25ha lots averaging $580 per square metre and 1.6ha lots hovering at $448 per square metre. 
CBRE is not expecting land values to experience any significant growth until a market shift occurs. 
Specifically, CBRE senior research manager of industrial markets Luke Dixon said “capital value growth is unlikely until the availability of land declines or market demand changes".
Meanwhile, stronger construction levels over the quarter helped boost the industrial supply pipeline, with a total of 513,603 square metres due to for completion by the end of 2013, gaining pace in 2014 and 2015, the CBRE report said.
Rental growth remained flat over the quarter for prime and secondary grade stock.
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Sydney industrial market set to rebound in next 12 months: CBRE

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Funds management group Australian Unity Investments has proposed merging its Australian Unity Fifth Commercial Trust with the larger and more diversified, Australian Unity Office Property Fund to create a $461 million property vehicle.


The Australian Unity Office Property Fund (OPF) is an unlisted property fund, which owns eight quality office buildings in some of Australia’s major centres. It has a forecast total asset value of about $366 million in June 2014.  Australian Unity Fifth Commercial Trust (FCT) is a fixed term trust due to terminate in 2015. Gross assets within the trust stood at $95.61 million as at 30 September. 
The purpose of making the merger proposal now, said Australian Unity, was to maximise the value of FCT’s remaining properties at 5 Eden Park, North Ryde NSW and 30 Pirie Street, Adelaide in South Australia - already 50% owned by OPF.
The merger would allow FCT to transfer its interests in both properties to OPF at an agreed valuation, removing "the reliance on the risks of a sale process, and involves no selling costs,” it said.

Australian Unity general manger of real estate investment Mark Pratt said the merger would provide investors with a cost and tax effective option to continue their investment in commercial property.

He also said that “OPF is forecast to provide higher distribution returnsthan those forecast for FCT, has greater diversification than FCT, and intends to continue providing regular capped withdrawal opportunities to investors.”

Australian Unity Investments is the $10 billion plus funds management arm of healthcare and retirement group Australian Unity.
FCT investors will be able to vote on the proposed merger at a general meeting scheduled for 11 December in Melbourne.
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Australian Unity Investments proposes merging groups to create $461 million property vehicle 

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Neutral Bay's transformation into North Shore's bar precinct is continuing.
This time, bar owners Ben Carroll and Hamish Watts have taken a 170 square metre lease for a their new venue SoCal. The property, at 1 Young Street, was formally Swing Box Karaoke . Mr Carroll and Watts already own the popular Bondi Hardware &amp; The Botanist at Kirribilli.
SoCal, which is due to open this month, will have a California-inspired menu.
The lease was negotiated by Tom Doran of Doran Commercial.
Mr Doran said retail vacancy rates had dropped significantly over the last 12 months with both national companies and mum and dads tenants showing confidence in the market.
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Neutral Bay continues transformation into bar precinct with new lease

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A battle royale has erupted over the $4 billion Commonwealth Property Office Fund after GPT surprised the market yesterday with $3 billion rival takeover offer.
The offer gazumps the Dexus consortium takeover offer by about $160 million, which is valued at about $2.84 billion.
GPT is offering $O.75325 in cash and 0.141 GPT security for every Commonwealth Property Office Fund (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. 
However, Credit Suisse analysts pointed out today that excluding CPA's 1H2014 dividend of 3.32c, the adjusted price is actually $1.24. 
The analysts also believe that it will be difficult for the Dexus consortium to match the GPT offer.  One reason was based on its estimates 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".
"We also believe the increased offer from GPT potentially provides DXS with additional incentive to walk away as it would allow DXS to crystalise a 12.4% return on its entry price of $1.13 for its 14.9% stake in CPA.”  
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Battle royale erupts as GPT launch surprise $3 billion takeover bid for Commonwealth Property Office Fund

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A rush of institutional buyer interest is sweeping across Queensland, with retail property transactions hitting a 10 year high in the 12 months to September.
New figures from Savills Australia' Retail Queensland report showed that retail property transactions - based on transactions above $5 million - surged from $1.46 billion to 2.2 billion in the 12 months to September in the state, the highest point based on the data which stretches to September 2003.
<img alt="chart-if-the-week-nov-19-one" height="284" width="470" src="/images/stories/2013/11/19/chart-if-the-week-nov-19-one.jpg">
The figures not only showed an increase in transaction activity - which came in well above the five year average of $1.13 billion - but also revealed a spike in the average size of transaction throughout the state. The average size of retail transaction rose from $48 million in the previous year to $73 million, "reflecting the increased appetite for sub-regional and regional scale assets from institutional buyers," the report said.
Underpinning that investment activity was the higher investor demand from private and institutional buyers, while improved yields have seen renewed appetite for bulky goods centres.
<img alt="chart-if-the-week-nov-19-two" height="283" width="470" src="/images/stories/2013/11/19/chart-if-the-week-nov-19-two.jpg">
"Investors are sensing the outlook for retail property with a five year horizon is better than commercial offices, given that the national office vacancy has drifted above 10% with the major office markets all likely to go higher as new developments enter," said Savills Queensland retail sales director Peter Tyson.
"Accordingly, many of the institutional investors have signalled their desire to acquire more quality retail assets suggesting yields are as generous as they are going to get".
Properties in the $10 million - $50 million price range proved the most popular, accounting for about 52% of the total number of properties transacted.
Mr Tyson said that one of the key criteria that investors were looking for was a balanced tenancy mix. "That is, the right number of specialties-to-anchor ratio and the right variety amongst the specialty tenants," he added.
Savills research director in Queensland Paul Day was upbeat about the outlook for retail cross the aboard, citing the record low interest rates, unemployment stabilising - likely to be contained below 6.5% -and household savings at a 20 year high.
The early signs are particularly upbeat for Queensland, which is already outperforming the states with 3.2% trend growth in retail turnover, double the Australian average for the 12 months to July, it noted.
"We see a jump in retail trade turnover coming which will enliven the sector and the economy in general," said Mr Day.
"With the low cost of debt and improving prospects, appetite for investment retail property is likely to escalate with a subsequent tightening in yields for prime assets.”
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Queensland retail property transactions hit 10 year high: Savills

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<img src="/images/stories/2013/11/19/ray_white_commercial_logo.png" width="200" height="20" alt="ray_white_commercial_logo" style="display: block; margin-left: auto; margin-right: auto;">
Name:  Stephen Ferguson<img src="/images/stories/2013/11/19/fergeson-profile.jpg" width="150" height="200" alt="fergeson-profile" style="float: right;">
 
Position: Owner / principal
 
Company: Ray White Industrial Milton
 
Office Location: Brisbane (Park Road, Milton)
How long have you been in the industry?

I have been in the industry for 14 years.
 
What’s happening in the area you specialise in?
I work manly in the Australian TradeCoast area and we have recently seen a uplift in general enquiry levels. Sale levels have also experienced a large lift in the last couple of months, particular investor activity.
 
Describe the most interesting property you have sold?

345 Thynne Road, Morningside, in Brisbane’s east  was a recent interesting site that I sold for $2.3 milllion. The property had more than eight different types of easements over the land including powerlines, water, overflow, access easements. It was challenging given this and ended up being win/win for the purchaser and seller.
 
What are the ingredients to being successful in your job?

Hard work, good team support (especially in our small office) and a solid structure around positive activities day to day – time management.
 
What aspects of your role do you enjoy the most?

Meeting new people and working with a really good bunch of people.
 
Where would you invest a spare $750,000?

Leased Industrial investment as close as possible to the Brisbane CBD.
 
Which football team do you support?

I’m more of a motor sport fan but I have a large soft spot for the broncos.
 
What’s your favourite app or techno gadget?

My iPad and/or iPhone.
 
How do you use social media?
 
Linkedin for keeping in contact with everyone in the industry. Facebook socially.
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In profile: Ray White Industrial Milton's owner and principal, Stephen Ferguson

Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

[smartcode_project:default project_id=112195 project_image_fid=3286]

Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

[smartcode_project_cta:default project_id=112195]

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

<img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" />

Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

[smartcode_project_cta:default project_id=28384]

North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

[smartcode_project:default project_id=143337 project_image_fid=374768]

McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

[smartcode_project:default project_id=143337 project_image_fid=374760]

Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

[smartcode_project_cta:default project_id=143337]

More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Katherine Jimenez

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