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Some of Melbourne's most favourite retail high streets have experienced a significant jump in vacancies, most notably Bridge Road in Richmond.
The once popular discount fashion precinct, Bridge Road, recorded it's highest ever vacancy rate, according to the latest research from Knight Frank.
Vacancies along Bridge Road climbed to 16.5%, up from 11.5% a year earlier. And the research also showed that the strip had the highest churn rate at 11.9%, reflecting to the change of occupants.
Knight Frank Victorian research director, Richard Jenkins, said that Bridge Road’s loss of identity as a discount fashion destination as a result of the emergence of DFO centres had fuelled the rise in vacancy in recent years.
Other retail strips to record a spike in vacancy rates were Toorak Road in South Yarra, with vacancies nearly doubling to 12.8%; Glenferrie Road, Malvern rose from 3.6% to 6.2% while High Street, Armadale increased from 3% to 6.4%.
The emergence of online retailing was also partly blamed for fashion focused strips struggling.
But it wasn't all bad news for the high streets of Melbourne.
Burke Road in Camberwell; Puckle Street, Moonee Ponds; Acland Street, St Kilda; Clarendon Street, South Melbourne and Church Street, Brighton all experienced vacancy falls.
Mr Jenkins said the strips which recorded falls in vacancy rates all had a higher exposure to food and convenience based retailers, demonstrating the strength of the non-discretionary retail sector.
The Knight Frank research showed that Church Street in Brighton recorded a fall from 1.7% to 1.2%, as did Clarendon Street in south Melbourne, down from 6.2 % to 4.1%. Acland Street was stable at 2.8%.
Mr Jenkins said the outlook for many of those prime retail strips was "positive", pointing to new apartment developments coming on stream, "boosting the surrounding local population."
Rents in Chapel Street remain the highest, achieving rental levels of $1,000 per square metre per annum, whereas other strips such as Puckle Street, Moonee Ponds achieve rents of around $650 per square metre.
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Bridge Road, Richmond records highest ever retail vacancy rate: KnightFrank

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South African hotel baron Sol Kerzner has entered into an agreement with Malaysian-backed company Mulpha Australia to assume management of one of Australia's most prized luxury Island resorts - Hayman Island.  
Under the deal announced today between Mulpha and Mr Kerzner's international hotel group, Kerzner International, the iconic resort will undergo a multi-million dollar renovation and be re-launched as One&amp;Only Hayman Island in April 2014 - the first of its kind in Australia.
Mulpha will maintain full ownership of the island and the resort.
Mulpha executive chairman Seng Huang Lee described the partnership as the start of a "new era for the resort under their One&amp;Only brand”.  
Kerzner International’s One&amp;Only brand - located in the Bahamas, Mexico, Mauritius, the Maldives, South Africa and Dubai - is considered to be one of the finest luxury resort properties in the world and known for its "blow away the customer" experience.
Mr Kerzner was not available for immediate comment but sources told Property Observer he is due to arrive in Australia later this month for a three day visit.
Kerzner International chief executive Alan Leibman said Hayman was the perfect destination for the first One&amp;Only brand in Australia and “I know the resort will be well received by our many loyal One&amp;Only guests, as well as guests that have been enjoying Hayman for years."
“My personal commitment is to make One&amp;Only Hayman Island a must stay for the well-travelled to explore the wonders of this magnificent destination.”
DBI Design, in partnership with the Kerzner International Development Team, has been engaged for the interior design and landscape architecture for the resort’s rebirth.
In a glimpse of what is to come, the new Hayman rooms and Hayman suites, featuring ocean and lagoon views, will be introduced with reimagined interiors and amenities and the iconic pool will be renewed. A variety of world-class cuisines overseen by internationally acclaimed chefs will also be introduced, along with a One&amp;Only Health Spa.
As part of the ongoing development and investment programme, Mulpha will continue a staged rollout of the ultra- luxury Hayman Private Residences and Hayman Marina Residences offering private ownership opportunities for select clients and guests.
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Sol Kerzner finalises Hayman Island management agreement

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On the surface, the Brisbane CBD office market has all the appearance of a market on the nose. 
At 14.2%, the city has the highest vacancy rate in the country and a shrinking public sector but new research from Jones Lang LaSalle paints a vastly different picture of the Brisbane market.
<img src="/images/stories/2013/09/04/chart-of-the-week-sept-4.jpg" width="470" height="267" alt="chart-of-the-week-sept-4">
Analysis of the office market showed a "broadly negative correlation between floor plate size and the vacancy rate," said the author of the report, Peter Gueverra, who is a senior market research analyst at JLL.
Specifically, he said the vacancy rate in buildings with floor plates of greater than 1,500 square metres  - which accounted for around a quarter of all stock - was just a  low 5.5%.
In stark contrast, the vacancy rate in buildings with smaller floor plates of less than 1,000 square metres was considerably higher at 19.2%.
<img src="/images/stories/2013/09/04/chart-of-the-week-sept-4.-two.jpg" width="470" height="272" alt="chart-of-the-week-sept-4.-two">
Mr Guevarra described the market's vacancy profile as "fragmented", and said that posed "significant implications for both occupiers and investors."
"Relatively tight vacancy in prime assets with large floor plates of greater than 1,500 square metres means there are very few immediate options available for larger corporate occupiers."
At the end of the June 2013 quarter, larger occupiers were limited to just four buildings with floor plates over 1,500 square metres, JLL highlighted.
Looking ahead, vacancy in buildings with larger floor plates of greater than 1,500 square metres is tipped to remain "tight".
JLL is forecasting 2013 to be at the “trough of the demand cycle", with tenant demand expected to increase moderately through to 2015. It also points out that no new major supply was expected to enter the market over the next two years, with the "supply cycle forecast to reach its trough level next year."
Only three major developments are due to hit the market over the next three years - namely  Daisho’s 58,000 square metre speculative development, at 180 Ann Street, which commenced without a tenant pre-commitment and DEXUS’ 55,000 sqm project, at 480 Queen St, which is 38% pre-leased to multiple tenants.  The third and already fully leased project is Cbus’ 75,000 square metres project at 1 William St.
Another interesting set of numbers within the research was the divergence in the vacancy rates for prime buildings with floor plates of between 1,000 square metres and 1499 square metres, compared to equivalent secondary space. The vacancy rate for prime vacancy space was just 9.5%, while the equivalent secondary market was a massive 26%.
“There may be an opportunity for investors to acquire and upgrade B-grade assets into A-grade within this floor plate cohort," said Mr Guevarra. "The wide spread between prime and secondary vacancy makes upgrading assets particularly attractive at this time".
However, he cautioned that risks remained for investors. "While we expect some demand to return over the next two and half years, further office rationalisation may continue,” he said.
"Resource sector tenants may continue to postpone or scale back office expansion plans, while the public sector may also continue to reduce its office footprint with further moderate consolidation into existing offices."
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Fragmented Brisbane CBD office market shows correlation between size and vacancy: JLL

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<img style="display: block; margin-left: auto; margin-right: auto;" alt="colliers-logo" height="194" width="300" src="/images/stories/2013/09/04/colliers-logo.jpg">
Agent: Ben Tana<img style="float: right;" alt="ben-tana-in-porfile" height="200" width="200" src="/images/stories/2013/09/04/ben-tana-in-porfile.jpg">
Position: Manager, Retail Sales &amp; Leasing
Company: Colliers International WA
Office location: Perth
How long have you been in the industry?
Since 2000
What’s happening in the area you specialise in?
It’s an exciting time to be working in CBD retail leasing in particular, dealing with some really big international names who are seeking space in the city. Once they’ve locked their deals away in Sydney and Melbourne the next box to tick is WA, and we’ve seen some big news in recent months with the likes of Zara and Topshop reportedly settling on premises in the CBD.
Enquiry for food and beverage in the city is also very strong – we’ve got a vibrant restaurant and small bar scene emerging in Perth, so there’s lots of activity on that front too.
Describe the most interesting property you have leased?
Introducing Scanlan &amp; Theodore to Bayview Terrace in Claremont in 2004 – that deal started a real domino effect, with new retailers rushing to get into the precinct, and it was a great example of how the arrival of one brand can really lift and change an area.
What are the ingredients to being successful in your job?
Relationships, first and foremost. Having and maintaining strong relationships with both landlords and retailers, and providing top service – being professional, responsive and giving 110% on everything for both parties at all times.
What aspects of your role do you enjoy the most?
Being able to create change, or kickstart momentum for change, by introducing new retailers or brands and seeing them lift the profile and activity in an area.
Where would you invest a spare $750,000?
I’d invest half in a Primewest syndicate and put the rest towards my mortgage.
Which football team do you support?
West Coast Eagles.
What’s your favourite app or techno gadget?
My laptop.
How do you use social media?
I haven’t got into Twitter, but I do use Facebook and Instagram. <a target="_blank" href="https://www.linkedin.com/profile/view?id=195319822&amp;authType=name&amp;authToken=MbqK&amp;goback=&amp;trk=abook_conn">I also use LinkedIn</a> to connect professionally.
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In profile: Colliers International WA's retail sales and leasing manager, Ben Tana

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Sol Kerzner's international hotel group Kerzner International is expected to make an announcement on its rumoured acquisition of Hayman Island in the Whitsundays next week.
Reports emerged yesterday in The Australian Financial Review that the South African hotel billioniare was in talks to buy Hayman Island from Malaysian investment group Mulpha Australia.
A source close to the international hotel group told Property Observer that an announcement would be made next week, possibly on Wednesday.
Kerzner International declined to comment on the speculation.
It was reported that top federal and state tourism bureaucrats were meeting with Kerzner International executives in the coming weeks and that once a deal was completed, Kerzner would close the island from January next year to complete three months of further renovations.
<a target="_blank" href="https://www.propertyobserver.com.au/news/august-27-news-sol-kerzner-rumoured-buyer-of-hayman-island-in-whitsundays/2013082664568">Mulpha Australia purchased the Hayman in 2004</a>.
 
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Hayman Island sale annoucement tipped for next week

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<img style="display: block; margin-left: auto; margin-right: auto;" alt="ray-white-retail" height="33" width="200" src="/images/stories/2013/08/ray-white-retail.jpg">
Agent: Mark Greer<img style="float: right;" alt="Mark-Greer-Profile-pic" height="200" width="200" src="/images/stories/2013/08/Mark-Greer-Profile-pic.jpg">
Position: Director – Retail Investments
Company: Ray White Retail
Office Location: Brisbane    
How long have you been in the industry?
Over 25 Years  
What’s happening in the area you specialise in?
The only certainty in retail is change. The impact of online retailing has required retailers to continue to adapt their model, creating new selling and distribution opportunities. Currently online retail represents 6% of all retail sales ($13.5 billion) and growing compared to over $200 billion in traditional retail sales.
The retail property industry is going through continual evolution reflecting the social, economic and technological changes in society; these changes provide new development and investment opportunities. Some retail outlets embrace this change better than others, for example, specialists vs. generalists. Companies such as Apple with an annual turnover of over $120 billion and growing are outperforming traditional retail outlet such as department stores.
Describe the most interesting property you have sold.
The site located on the corner of Queen, Edward and Adelaide Street we initially sold in receivership which now houses the iconic “Queens Plaza” shopping complex in the heart of the Brisbane CBD. The site included a multitude of tenants and buildings across different titles. A deal needed to be structuredthat allowed the developers to unlock the true potential of the site through a staged development, ultimately maximising the return to the receivers and developers.
What are the ingredients to being successful in your job?
• Listen to the needs of your clients
• Have a true passion for yours, your clients and colleagues’ success
What aspects of your role do you enjoy the most?
Creating new concepts and opportunities to reflect the changes in the market place, whilst working with an enthusiastic and creative team to unlock the full potential of business opportunities.
Where would you invest a spare $750,000?
I would invest in the Gold Coast property market which has recently suffered as a result of the GFC. We believe the Gold Coast property market will rebound as a consequence of the falling interest rates and falling dollar, and ultimately lead to an increase in tourism. It is predicted a subsequent resurgence of the economy will result in due course.
Which football team do you support?
The Queensland Reds
What’s your favourite app or techno gadget?
I live off my iPhone in terms of work, media, photography and entertainment.
How do you use social media?
<a target="_blank" href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/mark-greer/35/6a0/882">LinkedIn</a> for business, Twitter for entertainment and news, and Skype for family communication either overseas or interstate. It is very much an evolving interest; subject to the benefits of the various mediums.
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In profile: Ray White Retail's director of retail investments, Mark Greer

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International health and fitness club Anytime Fitness has leased 557 square metres of retail space in Adelaide's suburb of Unley.
The property, at 14 Arthur Street, is adjacent to Unley Shopping Centre and has been leased for a term of 7 years, at an annual net rent of $130,000.
Jones Lang LaSalle agent Robert Parkinson's negotiated the lease.
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Anytime Fitness leases Unley retail space

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Gym operator Snap Fitness has secured 350 square metres of retail space in Melbourne's leafy suburb of South Yarra.
The retail property, at 9/11 Clarendon St, is part of the 850-square-metre Dutton luxury car showroom, which is relocating to Richmond in 2014.
Under the leasing deal, Snap is taking a 10-year lease on the property. It is understood the owner was targeting a rent of $800 per square metre.
The lease was negotiated by CBRE's Zelman Ainsworth.
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Snap fitness secures South Yarra retail leasing

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The owner of prominent bakery business Glick's Cakes and Bagels has put up for sale its head office in Melbourne's Carnegie for about $7 million.
The 4,147 square metre site at 1056-1060 Dandenong Rd, has development approval for a 10-storey apartment building for 174 units.
CBRE's Justin Clarkson and Mark Wizel have been appointed selling agents through an expressions of interest closing on 26 September.
"The development package has all the elements of a significant, landmark residential project in a rapidly growing area which continues to benefit from the nearby and expanding Monash University," said Mr Clarkson.
"By 2030, the Caulfield campus will grow by 87% in size, with this property ideally positioned to take advantage of the growing number of students attending Australia's largest university."
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Carnegie's Glick's Cakes and Bagels head office listed with student accommodation prospects

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A heritage listed retail property in Melbourne's Camberwell Junction has sold under the hammer for 30% above the reserve price.
The retail property, on the corner of Burke and Riversdale Road, was sold to local private investor for $3.6 million, on a tight yield of 4.56%.
The hotly contested auction drew more than 70 bids, with several serious bidders, said Savills selling agents Nick Peden and Clinton Baxter.
The 250 square metre property is leased to restaurant Meat &amp; Wine Co and is subject to a 10 year lease at a current net rental of $164,117 per annum. The lease has fixed annual increases of 4%.
Mr Peden said the sale price was a signal that the market was very strong, buoyed by the low interest rate environment.
While Mr Baxter added that both the record low yield of 4.5% and the building rate of $14,400 a square metre were signs that good quality retail investments were in high demand and buyers were confident of the market outlook.
The 1885-built church-like structure is the former English, Scottish and Australian Bank. <a target="_blank" href="https://www.realcommercial.com.au/property-retail-vic-camberwell-500820651">The brick building</a> is somewhat awkwardly wedged in to the<a target="_blank" href="https://www.propertyobserver.com.au/victoria/fkp-completes-construction-of-delayed-aerial-apartment-project-in-camberwell/2012110757688"> newly built Aerial residential development</a>, retained as a concession to the rich heritage of the area.
It was the subject of a $500,000 renewal in 2009 during the construction of Aerial.
In 2007 planning minister Justin Madden intervened in the VCAT case surrounding the $150 million development to push it through following strong community opposition <a target="_blank" href="https://www.propertyobserver.com.au/developments/completion-of-fkps-apartment-project-aerial-in-camberwell-junction-delayed/2012062255229">though it still suffered from construction delays</a>.
It was designed in the picturesque Gothic style by architects William Wardell and W L Vernon. Wardell was responsible for a number of buildings around Melbourne.
According to Heritage Victoria the branch was responsible for facilitating much of the suburban building boom in the area after the extension of the railway line from Hawthorn in 1882.
The sale includes nine secure car parks.
The Aerial development, by Queensland developer FKP, has 144 apartments and nine shops.
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Heritage listed Camberwell Junction retail site sold for $3.6 million

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

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[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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