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More turbulent times are ahead for the already fragile Adelaide office market, with predictions that the CBD vacancy rate could surge to as high as 15% in 2015.
According to the latest BIS Shrapnel Adelaide Commercial Property Prospects 2013 to 2023 report, the weak South Australian economy and lack for growth drivers for the state over the next few years will see the city's current vacancy rate lift from 12.1% to a peak of between 14% and 15% in 2015. It is not expected to fall below 14% until 2017.
Commenting on the state of the local economy, the author of the BIS Shrapnel report Maria Lee said "major hospital building projects are winding down, manufacturing and other sectors negatively impacted by the high Australian dollar remain weak and the state looks likely to largely miss out on the dwelling building upswing that is underway in some other parts of the country.”
The deferral and scaling down of the Olympic Dam expansion was also cited as a "key factor" in the weak outlook.
As such, it is forecasting a sustained period of leasing market weakness, creating difficult and competitive conditions for landlords. "Leasing incentives are expected to be scaled up further and effective rents—which are already off their peaks—are forecast to fall by another 10% plus in the prime market and 20% in the secondary market," it said.
BIS Shrapnel was more upbeat about the longer term prospects for the state economy and local office market. It believes SA will be a major beneficiary of a more substantial fall in Australian dollar and the structural change that brings. "The benefit will be felt not only in the manufacturing sector, but also in agriculture, tourism, education services and mining” said Ms Lee. If and when the Olympic Dam expansion gets under way, she said, that should boost construction and have spill-over effects to other industries and lift the pace of growth in the state economy to match, or even outperform, the wider Australian economy for a period of time.
“The office market will clearly benefit from this upturn ... but landlords have a long time to wait before they see a substantial pick-up in rents” she concluded.
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More turbulence ahead for fragile Adelaide office market: BIS Shrapnel

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The prominent The Chocolate Box Centre in Melbourne's retail precinct of Camberwell has been slated for sale, with price expectations of more than $13 million.
Tenanted by ASX listed retailer Kathmandu and two established local traders, The Chocolate Box and the Short Black Cafe, the property sits on a building area of about 1,457 square metres and has a part single and two-level building.
Kathmandu accounts for about 60% of the total income at the 761-767 Burke Road property.
The annual net rental is about $772,000 with fixed yearly increases.
Expressions of interest close on November 15 through Fitzroys and CBRE.
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Camberwell's The Chocolate Box Centre slated for $13 million plus sale

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Medical equipment and repair company Medifix Pty Ltd has purchased an industrial facility in Sydney's Silverwater $1.335 million.
Located at Unit 5, 7 Millennium Court, the industrial unit is about 545 square metres, and features office, technology and warehouse space. The vendor was Comsec TR Pty Ltd.
Knight Frank associate director of industrial in Western Sydney, Peter Hanzis said that the increase in demand for stock had depleted a lot of the stock within the Silverwater area.
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Medifix purchases Silverwater industrial site

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A 70 square metre retail strata shop in Brisbane's southern suburb of Shailer Park has sold for $485,000.
The sale price reflected a yield of more than 9%.
A local small business owner purchased the property, at 10/46 Bryants Road, which is leased to long-term tenant - tutoring service provider Fruition Tuition. The shop sits within a complex of 20 tenancies with no vacancies. 
The selling agent was Silvio Bevacqua of Ray White Commercial Springwood.
Mr Bevacqua said “the current rental return is $44,350 per annum with the tenant paying all the outgoings so the sale represents a very solid net yield of 9.14% to the local investor seller.”
He said the sale showed the growing demand from buyers currently in the south-east Queensland property investment market with the current investor demand exceeding supply in most areas.
“We do not expect this to slow down solid results any time soon and with the potential for continued lower interest rates we would expect this trend will only strengthen," said Mr Bevacqua. 
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Retail strata shop sells for $485,000 in Shailer Park, Brisbane

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Stockbroking firm Wilson HTM has leased about 1,400 square metres of office space in the recently redeveloped 99 Elizabeth Street office building in Sydney's CBD.
Wilson HTM was previously located in the Governor Philip Tower.
Leasing agent, Jenine Cranston of CBRE said the relocation highlighted the strong trend over the past 12 months for tenants to drive cost efficiencies. She said "99 Elizabeth Street offered the group a reduction in occupation costs while not compromising on elements crucial to business operations and staff retention".
The 15-storey boutique office building - owned by property developer Kyko Group - has a 4.5 star NABERS energy rating.  CBRE is steering the project leasing campaign.
<img src="/images/stories/2013/11/13/syd/sydney_0001_2.jpg.jpg" width="470" height="313" alt="sydney_0001_2.jpg">
Ms Cranston said that level of enquiry for 99 Elizabeth had been healthy and she expected it to be significantly leased by mid-2014.
“We are currently negotiating with numerous potential tenants who are attracted to the property because of its quality of design, its fresh aesthetic and the floor plate size," she said.  "The legal sector is showing the particular interest; however the building is proving to have broad appeal to the tenant market, as the circa 500 square metre floors are perfect for Sydney’s most active size range".
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Wilson HTM takes out lease at 99 Elizabeth Street, Sydney

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Steady population growth and strong investment spending is tipped to underpin demand and buyer interest in Perth's industrial property market in the year ahead.
In its latest industrial research and forecast report for the second half of 2013, Colliers International found that while 2013 had seen a relatively subdued rental and investment market, Perth’s industrial sector remained tight in comparison to other major capitals such as Melbourne and Sydney, "with rents increasing and yields tightening in response to comparatively minor upward shifts in demand.”
Colliers director of industrial, Wayne Chorley, said that despite the downbeat commentary on the state of WA’s economic outlook in recent months, predictions of an adverse impact on the property market had failed to eventuate.
"We have not seen any major impact on vacancy, and rents have held up well with only a small increase in availability – stock at the top end of the market in particular remains very tight, with pent-up demand for larger assets," he said.
The report highlighted that while the resource sector project investment had come off a record peak from the 2012/2013 period, investment spending had remained strong. Deloitte Access Economics is forecasting quarterly expenditure out to 2021 to be about 20% higher than the five- year average to June 2013.
"China’s strong demand for iron ore is expected to continue, and drive a new round of construction activity and infrastructure spending in the less developed interior regions," it said.  "This is expected to flow through to WA commodities demand over the medium term."
Chorley said “Institutional investors are looking at what remain reasonably strong forecasts and a build-up of capital, and it’s pushing up their level of interest in the WA market – and as a result we’re seeing a number of them looking to enter or increase their exposure to the Perth industrial sector". “At the same time, we’re now seeing the first green shoots and stirrings of activity in that smaller end of the market, which had been quiet for much of this year, so the signs are there that the market across the board is beginning to gear up again".
In the medium term, Colliers is projecting rental growth to be minimal. Cost cutting was the current trend among businesses and that was likely to reduce expansion, it said. “Perth’s industrial rents are in general already higher than most Australian capital cities and this is likely to impact landlords’ ability to push rents higher without further impacting industrial occupier sentiment," the report added.  
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Perth industrial market tipped to remain tight

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More than $300 million worth of non-core commercial property assets within the Commonwealth Property Office Fund could be offloaded if predator Dexus Property Group succeeds with its consortium takeover bid for the fund. 
DEXUS and partner Canada Pension Plan Investment Board this week unveiled a revised bid for the Commonwealth Property Office  Fund (CPA) valued at $2.8 billion.
In a note to clients, Credit Suisse analysts said they expected moderate dilution to DXS’s (Dexus) overall portfolio quality to be offset by multiple asset sales from both portfolio’s over the next 12 months.
The analyst said that in addition to likely asset sales from the current Dexus portfolio, the "handful of CPA assets"  sold could potentially include 46 Colin Street ($44 million, West Perth), Finlay Crisp Centre ($77.5 million, Canberra) and 101/150 George Street ($192.5 million, Parramatta) in Sydney.  
The Australian Financial Review reported today that the sell-off of non-core CPA assets could be worth at least $500 million.
If the takeover offer is successful, Dexus's office portfolio will balloon from $5.6 billion to $7.5 billion, making it the biggest landlord of office property in the country.
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Dexus may offload $300 million of CPA's non-core commercial assets if takeover bid succeeds

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The once humble mum and dad coffee shop has become big business in Melbourne.
Figures from online local restaurant review website Urbanspoon showed there are 2,574 cafés alone in metropolitan Melbourne, the Weekly Review Melbourne Times (WRMT) reported.
With a population of just over 4 million, that equates to one cafe per about 1,600 people.
Driving this rapid spread of cafes has been the shift away from the traditional cafe shop model to a "coffee-business" hybrid.
Across Melbourne, hairdressers, car dealerships, record shops, laundromats, art galleries and even a church now either sell barista-made coffee or offer it gratis to customers, WRMT reported.
An example of that is the Soap Bar Launderett in Carlton’s Elgin Street. The owners are installing a new in-store café in the hope it will ease customers’ boredom as they wait for their washing and bring in a few extra dollars.
Knight Frank research director Richard Jenkins told the publication that he expected more businesses were likely to add a coffee machine to their business in order to diversify how they made a buck. “A lot of owners are interested in trying to offer more experiences to their customers and I think that’s what they’re doing by offering a convenience that could translate into more sales,” he said, "Retail sales are slowing down but people are still going out. It’s a cheap luxury and will attract shoppers. It’s a really clever idea.”
<a href="mailto:%20news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
 

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In-store coffee shops becoming big business in Melbourne

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Australia's real estate market remained a tale of two stories in the third quarter of this year.
In its latest Global Market Perspective fourth quarter report, Jones Lang LaSalle found that during the September quarter, the theme of robust investment activity and subdued leasing activity not only continued globally but was more pronounce in the Australian market.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2013/11/12/chasrt_of_the_week_nov_12.jpg" title="Click to enlarge"><img src="/images/stories/2013/11/12/chasrt-of-the-week-nov-12-small.jpg"></a>
Unlike the US and London which are experiencing both strong leasing and investment markets, it highlighted that in Paris and the Australian cities, the very strong demand from domestic and cross-border investors were in stark contrast to weak market fundamentals.
But JLL also noted that with the outlook improving in the majority of major leasing markets, it expects "in general, that disconnects will narrow during 2014".
The domestic findings were part of broader global real estate market report which overall pointed to more encouraging signs in 2014.
"Virtually all major markets are recording sales volume growth - and the weight of money, combined with an improving lending environment and heightened risk appetite, point to further uplift over the coming year," the report said.
"Liquidity is improving across a broad spectrum of markets and sectors and, barring external shocks, we are looking at a scenario where 2014 global sales volumes are potentially only 20-25% lower than the boom years of 2006 / 2007.”
However, it cautioned that the global leasing markets are less exuberant, with corporates remaining vigilant.
It also pointed out that following such a period of weak corporate activity, demand would typically be expected to bounce back by 20-30% - but that this cycle was likely to be different. "Commercial real estate is now being utilised more efficiently, leading us to the view that the upswing in occupier demand is likely to be less pronounced than in previous cycles, JLL said. “Even so, the majority of major leasing markets should be on a more solid footing in 2014".
Commenting on the local results, JLL head of international investments for Australia, Simon Storry said that strong institutional demand, both domestic and offshore, continued to support core valuations and noted that yield spreads, both within and between markets, widened again in the third quarter.
"These very wide spreads are now attracting yield-hungry investors - frequently active asset managers, smaller funds and syndicates - with more flexible mandates," he said.
In office markets, the average CBD vacancy rose from 10.9% (Q2) to 11.3% (Q3). He attributed that spike in vacancy rates to an increase in stock, however, he also pointed out that net absorption across CBD markets posted the first positive reading since 2012.
"Sub-lease availability (a sensitive indicator of underlying demand for office space) also fell slightly in Sydney and Melbourne although Brisbane and Perth both reported increases," said Mr Storry.
On the basis of information on future transactions, as well as long term indicators such as residential construction, Mr Storry said "we see the September quarter as marking the stabilisation of office space demand". But he expected vacancy rates to remain elevated through 2014.
"The medium term outlook for office markets, as for retail and industrial sectors, is for a measured recovery, with rental growth strengthening,” he concluded.
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International trend of robust investment activity and subdued leasing pronounced in Australia: JLL

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<img style="max-width: 480px; display: block; margin-left: auto; margin-right: auto;" alt="Colliers_Logo_Digital_Colour_RGB_Rule_Gradient" height="135" width="200" src="/images/stories/2013/11/12/Colliers_Logo_Digital_Colour_RGB_Rule_Gradient.png">
Agent: Adam Davy<img style="max-width: 480px; float: right;" alt="adam-davy-porfile" height="200" width="150" src="/images/stories/2013/11/12/adam-davy-porfile.jpg">
Position: Manager - office leasing
Company: Colliers International

Office location: Melbourne


How long have you been in the industry?  
Just over three years in commercial office leasing.

 What’s happening in the area you specialise in?
The Melbourne CBD office leasing market is currently experiencing some ongoing challenges due to limited tenant growth, however there are still multiple opportunities for leasing transactions. By providing my clients with accurate advice on market conditions and a leasing strategy tailored to their building I have been able to transact over 35 deals this year.
Tenants are remaining optimistic about their business performance over the next three to five years but are basing their decisions on only moderate growth. There is a trend for tenants to be taking advantage of the favourable market conditions and moving to higher quality buildings. For this reason buildings that have had good quality refurbishments are attracting the most deals as tenants want to see the space ready for their fitout and occupation.
There is also most tenant interest in spaces of 200-350 square metres which is allowing landlords that can subdivide floors to capture the greater demand. Additionally space that offers a good quality existing fitout is in demand as tenants look to minimise their upfront capital costs of relocating.

Describe the most interesting property you have leased?
Level 1 at 533 Little Lonsdale Street, Melbourne. The landlord (Vantage Property Investments) completed a quality internal refurbishment of the space which included installation of a new deck over the 132 square metres terrace on the floor complete with plants, BBQ, outdoor furniture and two putting greens. The terrace space now adds significant amenity for staff who will occupy the floor and also is an attractive outlook.

What are the ingredients to being successful in your job?
Confidence and enthusiasm. Real estate is very much about people and being a good communicator is vital to being successful.

What aspects of your role do you enjoy the most?
Doing deals, entertaining clients, pitching for new listings. Real estate is a very dynamic and social industry and it is great to be able to meet new people every day and share successes with colleagues and clients.

Where would invest a spare $750,000?
I would buy land in the inner eastern or western suburbs to develop for townhouses. I have been doing this for around four to five years as a personal interest and investment and believe I have a good knowledge to unlock value in these sorts of projects.

Which football team do you support? 
 AFL - Hawthorn

What’s your favourite app or techno gadget?
App – Pandora (online radio)

How do you use social media?
I am a frequent user of multiple social media platforms. For networking I think it is a revolutionary tool for how we communicate and do business. Social media is a great method for building my personal brand within the industry and also I find it useful to share market knowledge or articles of interest with my connections.
 
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In profile: Colliers International manager of office leasing, Melbourne, Adam Davy

<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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[smartcode_project:default project_id=149670 project_image_fid=360969]

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.

[smartcode_project_cta:default project_id=149670]

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.

[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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