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GUEST OBSERVER
We are all painfully aware that asbestos is nasty, really nasty. According to the Australian Mesothelioma Registry there were 612 cases of <a href="https://www.cancervic.org.au/about-cancer/cancer_types/mesothelioma" target="_blank">mesothelioma</a> diagnosed in 2011.
By 31 August 2012, 310 of those diagnosed in 2011 had died – more than half.
Yet as this amazingly versatile, but lethal, building material is being progressively cleansed from our building stock, it seems that complacency is beginning to set in.
This is likely to be one of key the reasons for the introduction of the asbestos related elements of The Work Health and Safety Regulations 2011.
Now for the legal bit - these regulations implement the model Work Health and Safety Regulations (the model regulations) in the Commonwealth jurisdiction and form part of a system of nationally harmonised occupational health and safety (OHS) laws.
Since 1 January 2013, it has been a legal requirement that every workplace constructed on or before 31 December 2003 has an asbestos register held at the subject site. Anyone involved in the ownership, management or occupation of a building is liable under the regulations.
To emphasise the obligations, there are penalties of up to $18,000 for non-compliance with each or all of the following obligations under clause 425 of the regulations:
<ol>
<li>A person with management or control of a workplace must ensure that a register (an asbestos register) is prepared and kept at the workplace. </li>
<li>The person must ensure that the asbestos register is maintained to ensure the information in the register is up to date. </li>
<li>The asbestos register must:</li>
</ol>
(a) record any asbestos or asbestos containing material (“ACM”) identified at the workplace under regulation 422, or likely to be present at the workplace from time to time including:
(i) the date on which the asbestos or ACM was identified; and
(ii) the location, type and condition of the asbestos or ACM; or (b) state that no asbestos or ACM is identified at the workplace if the person knows that no asbestos or ACM is identified, or is likely to be present from time to time, at the workplace.
Given that the regulations have been in force for over 15 months now, it is really surprising to find that there are many managers of commercial and industrial property who are unaware of the requirement for an asbestos register, and even more concerning that there are owners who, once advised of the requirement, will not authorise the expenditure to have such a register compiled.
It’s not expensive, it’s not complicated, and the penalties are high. It’s time to put asbestos back on the agenda.
John Preece is <a href="https://www.knightfrank.com.au/" target="_blank">Knight Frank</a>’s national director - project management and building consultancy.
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Asbestos is back on the agenda

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<img src="/images/2014/04/30/Carpinelli-april-28profile.jpg" alt="" style="float: right;">Name: Rino Carpinelli
Position: Managing director
Company: Savills South Australia
Office location: Adelaide, SA
How long have you been in the industry?
In total approximately 33 years. 24 of those years with Savills, nine years with the Coles Group.
What’s happening in the area you specialise in?
I specialise in the capital transaction area which involves the sale of larger scale CBD office buildings and Shopping Centres. Adelaide is becoming an attractive market to invest in particularly when you consider the yield spread on quality leased investments relative to property sales in other states of Australia. At the moment, we are talking with a number of interested parties looking to invest in South Australia and this should continue as opportunities are becoming scarcer in some of the larger capital cities.
What is the most interesting property you have sold?
The most interesting property I have sold is Adelaide Central Plaza here in Rundle Mall, SA which is home to the David Jones Department Store. At the time it was a real leading edge, high quality retail facility and I am pleased to say that it maintains a fantastic presence in our city today. We ran an international campaign in conjunction with our Sydney office at the time and it showcased the opportunity and Adelaide to many investors.
What are the ingredients to being successful in your job?
I believe there are two ingredients that you need to be successful.  Firstly, you need to understand the market and secondly you need to be an outstanding relationship builder to be very successful.
What aspects of your role do you enjoy the most?
I particularly like the fact that every day is different and also love the interaction that I have with our team and clients.
Where would you invest a spare $750,000?
I would use a spare $750,000 to invest in a well leased retail property that was anchored by a supermarket and a few specialty stores.
Which football team do you support?
Port Power (Port Adelaide)
What’s your favourite app or techno gadget?
Financial Review app.
How do you use social media?
I enjoy <a href="https://au.linkedin.com/pub/rino-carpinelli/2b/76a/89a" target="_blank">LinkedIn</a> which has been great to re-connect with people in the industry.
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In profile: Savills South Australia's managing director, Rino Carpinelli

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GUEST OBSERVATION
Despite the global financial crisis now in the rearview mirror, investor risk aversion continues drive the flight to quality - prime office, retail and industrial assets in major markets.
Australia, with its yields offering a premium to markets such as New York, London and Paris, continues to be a magnet for large global pension funds and sovereign wealth funds hunting for yield. With their big cheque books they are aggressively competing with domestic investors for a limited supply of prime assets.
As a result, cap rates have been pushed lower and prices higher – the so-called “weight of money effect”. Investors are being forced to pay up for the perceived safety of these prime assets – and in some cases they are really taking on more risk as their assets are being “priced for perfection”. This has caused a disconnect between real estate capital and real estate space markets.
The underlying real estate fundamentals continue struggle post the GFC. Across our major CBD office markets, vacancy rates and tenant incentives remain elevated. The Brisbane CBD office market hit a record high vacancy rate in January and tenant demand across Australia’s office markets was the lowest on record in 2013. Retail sales have been subdued albeit it is now showing signs of picking up. Industrial demand spurred on by changes in logistics and distribution has been the one bright spot.
Part of the justification I continually hear is that the yield spread – the difference between real estate yields and real bond yields - is at historical highs. Prime Sydney CBD office yields are around 6.75% offering a spread of some 470 basis points which is 50 basis points higher than the long-term average. However, a spread this wide is unlikely to last. Bond yields are starting to tick up at the same time as cap rates are firming. Hopefully, any fallout from rising bond yields on real estate values will be offset by improving real estate fundamentals and income growth.
We aren’t at the heady days of the late 90s or 2007/2008 when Sydney CBD prime office yields hit a record low of 5.5% in both periods. So we can draw some comfort. But at the same time we should not get complacent. The “weight of money effect” if it continues could push yields well below today’s level. I don’t think they will get that low in this cycle but one can never rule it out – when the money’s flowing it’s hard to stop.
So what should investors be looking for in the coming year?
I have always taken the view that you make money in real estate by buying well. Overpaying now for an asset in a low growth, low inflation environment doesn’t give you many get out of jail free cards. Sure the underlying real estate fundamentals should improve as economic growth picks up but paying too much now for that future growth may cause some investors pain down the track. Discipline buying is critical.
Investors could look beyond prime markets and seek out quality assets in non-prime locations which are trading at a yield premium to the prime locations. Suburban office markets are definitely worth looking at.
Investors prepared to move up the risk curve could purse value-add strategies – repositioning assets, re-leasing etc to create core product for the more risk averse investors. Timing the entry and exit, and active asset management, are critical to successfully executing on this strategy.
Finally, one strategy that I believe has real merit is to expand the definition of core assets beyond office, retail and industrial to real estate related social infrastructure such as child care, student accommodation, seniors housing and medical/health to name a few. The yields are typically higher, the leases longer, the demographics are on your side and they often have government backed cashflows. And the competition for assets is less intense. Well at least for now!
Greg Paramor is managing director of <a href="https://www.folkestone.com.au/" target="_blank">Folkestone</a>.
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What should investors be looking for in the coming year?

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Australand Property Group revealed this morning that it had received a takeover proposal from Stockland Group, but that it was dismissed by the board as an "incomplete" bid.
Last month, the diversified property group snapped up a 19.9% stake in Australand, in <a href="/expert-insights/investing/stockland-swoops-on-australand-stake-in-possible-takeover-precursor">what was seen as a prelude to a full takeover bid</a>.
In a strongly worded statement, Australand said it had received an "unsolicited, indicative, non-binding and incomplete proposal" from Stockland to acquire the remaining shares it did not own.
The offer was an all-scrip offer of 1.111 Stockland securities for each Australand security. Based on Stockland’s closing price of $3.78 on 22 April 2014, Australand said it implied an offer price of $4.20 per Australand stapled security.
Australand said the board reviewed the proposal, in conjunction with its advisers, Fort Street Advisers, Macquarie Capital (Australia) Limited and King &amp; Wood Mallesons, but rejected it on the grounds that it "did not consider that the terms and conditions of the proposal are compelling, nor does it provide sufficient consideration to Australand security holders in the context of a change of control."
As part of its review process, the board took into account the outlook for the group, and noted that the offer also represented "a 1.9% discount to the Australand closing price of $4.28 on 22 April".
But Stockland defended its offer, saying it believed the current Australand trading price already reflected a "significant takeover premium to the price at which Australand would trade, absent Stockland's interest".
Stockland also said it believed there was "compelling strategic merit" in a combination of the two groups, with benefits for all stakeholders".
Stockland chief executive Mark Steinert warned Australand "if investor price expectations are too high, we will sell and realise a profit on out 19.9% holding."
"In this regard, we believe the 18% offer premium to ALZ's stated NTA is highly compelling.
"Given the terms outlined in the Proposal, the Board has determined not to provide Stockland with access to due diligence material and remains focussed on maximising security holder value," the company said. 
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Australand dismiss Stockland's takeover attempt as "incomplete"

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Australian bulky goods property transactions are set to reach a decade high, with sales in the last two calendar years totalling nearly $1.6 billion.
Savills research showed that more than $800 million in assets changed hands last year from 23 properties and a further 27 sales were recorded in 2012, totalling $790 million. Both figures were well above the ten year annual average of $546 million for an average 24 properties sold.
"Investors are looking at up to 10 per cent for large bulky goods centres with short and medium term lease expiries, but they are also looking at smaller, well located, properties that may deliver well below that, perhaps around 7.5%", said Savills Australia’s national head of research, Tony Crabb.
"So in short there is interest across the board at the moment for bulky goods properties and the reason for that is that, generally speaking, investors are getting very good value for their money ."
A key driver for the bulky goods sector is considered to be dwelling commencements.
New dwelling commencements have been trending up over the last two years - coming in at 165,000 in 2013.
"It's not inconceivable to expect a peak of 170,000 to 180,000 during 2014 ", said Crabb.
"The RBA has put average dwelling commencements at 155,550 a year over the last 20 years and so we are looking at a very positive trend that will undoubtedly flow through to the bulky goods sector as householders begin to furnish those dwellings."
A keen buyer of bulky goods property has been BB Retail Capital (BBRC), headed by Bras N Things founder and Melbourne retail king Brett Blundy. Mr Blundy is said to own 12 bulky goods centres nationally.
Savills Victorian industrial executive of bulky goods, Keith Kooloos, said "let’s make no mistake-Brett Blundy likes 10 % yields, and who wouldn’t want that sort of cash flow and capital growth, but it’s also his ability to add value that sets him apart."
Mr Kooloos said he expected investors to continue to be attracted to bulky goods purchases based on current market fundamentals especially in key growth corridors where an established population would see significant new residential growth.
"It’s areas such as Melbourne’s south-east, northern and western growth corridors that can immediately sustain a bulky goods centre while the area undergoes substantial population growth, that we are going to see the most interest," he added. 
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Bulky goods transactions set to reach decade high

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Just three days after the close of an expression of interest campaign, a Malaysian investor has swooped in on a whole top floor stratum titled office in Melbourne's South Yarra.
At $4.28 million, the sale is seen as one of the most significant Melbourne strata office transactions in recent years, equating a rate of $7,781 per square metre.
More than 60 enquiries were received through a marketing campaign steered by CBRE's Ed Wright, Tom Tuxworth and Mark Wizel.
The property has a total building area of 645 square metres, of which 366 square metres is available for immediate occupation. The balance - 279 square metres- is leased to the Bridge Consulting Group, generating a net income of $156,000 per annum.
The property at 9 Yarra st, South Yarra was sold with "value-add potential" with plans and permits to add an additional 16th level incorporating 591 square metres of building area.
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Malaysian investor buys South Yarra strata office for $4.28 million

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National Storage REIT has entered into contract arrangements to buy a landmark self-storage asset at Townsville, Queensland's north-east for $17 million.
The company said the deal represented its first stand-alone acquisition and would be the largest asset by net lettable area in the portfolio. 
It comprises 1,467 storage units over 16,500 square metres of net lettable area. The purchase was made on an initial passing income yield of about 7%, said the company  based on the current occupancy of around 50% and excluding transaction costs. 
The acquisition will be funded from National Storage REIT's (NSR) debt facility. 
The 399 Woolcock Street centre was built in 2005 and features two, two-level buildings. 
NSR managing director Andrew Catsoulis said: “This acquisition presents a significant opportunity for National Storage to add value and capitalise on the synergies of our centre management platform, particularly around organic growth. We are of the view this provides a good opportunity for future growth in terms of occupancy and rates per square metre." 
Management said it continued to actively pursue acquisition opportunities in line with its asset management strategy.
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National Storage REIT buys Townsville self-storage property for $17 million

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National transport and logistics firm Northline has today announced plans for a $21 million transport and logistics facility at Redbank in Brisbane’s South.
The new 25,000 square metre Brisbane distribution facility will replace the current Northline facility at Pinkenba and will be located within the Goodman Group’s $350 million Redbank Motorway Estate.
The Monash Road facility will provide more than 12,500 square metres of warehousing and undercover freight operations space and will be home to the company’s Queensland state office.
Northline chief executive Craige Whitton said the new Brisbane facility represents the second multi-million dollar investment by the company in just over a year in enhancing its national distribution network. It undertook a $24 million investment in a new custom built Sydney facility at Smithfield which became fully operational in January.
“The improved efficiencies of the site will broaden access to our supply chain partners and reduce turnaround times of freight coming into and departing the facility", he added.
The facility is due to open mid-September 2014.
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Northline announces plans for Redbank, Brisbane facility

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A local buyer has picked up a fully leased building at Noosaville on the Sunshine Coast  for $590,000.
The sale of the 29 Rene Street property reflected a yield of 9.9%.
Tracey Ryan and Paul Forrest of Ray White Commercial Noosa negotiated the sale on behalf of the overseas-based owner.
The property, which sits on a site area of 1,012 square metres in the heart of Noosaville, had been listed for sale for some time but Mr Ryan said the owner was in no hurry to sell because of the rental returns.
For the buyer, the purchase ends a two year search for an investment property in the area. 
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Fully leased Noosaville building snapped up by local investor

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A Port Melbourne retail property has fetched just under $1.2 million at auction. The property sold on a 5% yield and reflected a building rate per square metre of about $18,000 per square metres.
It is leased to hairdresser Strands by the Bay on a new 3+3+3+3 year lease, returning $60,000 per annum plus outgoings and GST.
Selling agent Andrew Hewett noted that there was strong demand from local and national buyers along Bay Street, Port Melbourne.
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Port Melbourne retail property sells for $1.2 million under the hammer

<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.

&nbsp;

[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.

&nbsp;

[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.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

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.

&nbsp;

[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.

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Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[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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Katherine Jimenez

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