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Private investors or a syndicate of private investors may be interested in a Woolworths Service Station and adjoining development site listed for sale and offering a potential yield of around 7.5%.
The Woolworths Service Station stands at 258 Beenleigh-Redland Bay Road in <a target="_blank" href="/news">Cornubia</a>, a busy road between the Gold Coast, 54 kilometres to the south and the Brisbane CBD, 32 kilometres to the north.
It stands on a 6,031-square-metre site, with the corner portion of the site available for further development.
The service station is branded ‘Caltex Woolworths’ – one of 550 such petrol outlets located around the country.
It is leased by Woolworths on a 20-year lease, which expires in 2022.
The site is zoned for residential use but according to the investment memorandum prepared by Jones Lang LaSalle, it could be developed as a retail outlet subject to planning approval from Logan City Council.
The property brings in current net income of around $249,555 per annum with CPI annual increases capped at 4%.
The property is being marketed for sale by private treaty by Sam Hatcher, manager of Queensland retail investments at Jones Lang LaSalle, who expects it to sell for around $3.4 million, representing a yield of around 7.5%.
Refurbished 7-Eleven petrol stations have proved popular investments for self-managed super funds and retirees, with dozens selling on strong yields over the past 18 months.
In December last year<a href="https://www.propertyobserver.com.au/news/more-than-%2440-million-worth-of-7-eleven-service-stations-sold/2012121458473">,</a> <a href="https://www.propertyobserver.com.au/news/more-than-%2440-million-worth-of-7-eleven-service-stations-sold/2012121458473">$40 million worth of 7-Eleven service stations</a> sold at auction in Brisbane and Sydney, which achieved a 100% clearance rate and yields averaging 6.9% in Brisbane.
“Interest is expected from private investors with the opportunity to develop (subject to council approval) on the adjoining parcel,” says Hatcher.
“The opportunity also includes an adjoining site on the corner of Beenleigh-Redland Bay Road which could be used for future retail development (STCA).
“In addition, Fabcot Pty Ltd (Woolworths Development Company) have acquired a supermarket site approximately two kilometres from the service station further strengthening the desirability of this store to Woolworths Fuel,” says Hatcher.
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Woolworths service station to tempt private investors with 7.5% return

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The mining boom has pushed up demand for accommodation in hotels, motels and serviced apartments from those working on projects in the mining industry.
The chart below prepared by valuers at LandMark White shows how occupancy rates have risen more or less in line with rising mining investment over the last few years.
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What the mining boom has done for hotel occupancy rates: Chart of the week

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Borrowers risk a headache and frustration if they expect consensus from the major banks about the direction of interest rates in 2013.
Westpac chief economist Bill Evans is tipping one more rate cut in March; ANZ says possibly two rate cuts but maybe not in March; while the Commonwealth Bank’s Michael Blythe says there could be no more rate cuts in 2013.
NAB has yet to update its position, having forecast three more rate cuts last week when surveyed by Bloomberg.
The key issue appears to be how the non-mining sections of the economy will fare over the year and whether they will pick up the slack from the resources sector.
Inflation is expected to remain low throughout the year, providing scope for further rate cuts if they are needed.
In a note following yesterday’s decision, Bill Evans says there is “considerable encouragement in the [monetary policy] statement for our near term view that they will decide to cut rates by 25 basis points at the next meeting on March 5”.
Evans says the most important justification for this expectation is around the sentence in the final paragraph of the statement:
"The inflation outlook as assessed at present would afford scope to ease policy further should that be necessary to support demand."
“Our experience is that use of that word ‘scope’ in a forward sense indicates a decent chance that the bank will move at the next meeting,” says Evans.
He also points out that not much has changed in the domestic economy since the RBA last met in December, with “two extra months of low rates have not provided the board with much encouragement that things are turning”.
Evans notes the RBA’s “modest uplift in the assessment of the housing sector” but also fresh concerns around the outlook for employment growth and weak credit growth in both households and firms.
ANZ has moderated its expectations about further rate cuts.
Having previously forecast the cash rate to fall to 2% by year-end, ANZ says it is now “a little less confident about this call”, though the bank says its “expectations for employment growth and unemployment still suggest significant risk of at least two further rate cuts, even though the global picture appears to be improving”.
“Just as the mining boom kept Australia outperforming during recent years of global weakness, this effect will be a drag for Australia in coming years.
As for a March rate cut, ANZ appears to be hedging its bets at present and waiting for further data.
The bank says the RBA is “comfortably in assessment mode, waiting to see whether its policy easing to date is going to be sufficient to ensure enough of a pick-up in the non-mining sectors of the economy to offset the expected moderation in mining investment”.
“While the chances of a rate cut in March appear to have fallen somewhat, key to the near term path for the cash rate will be incoming labour market data and the outlook for non-mining investment,” says ANZ.
According to ANZ, the capex survey released on February 28 now takes on significant importance “given that it will include firms’ initial estimate of investment intentions for fiscal year 2013-14”.
The Commonwealth Bank’s Michael Blythe expects the cash rate to remain unchanged at 3% during 2013.
“Many of the forces that drove rates lower in 2012 have abated and the transition to non?mining led growth is underway,” says Blythe.
However, he tempers this by saying that an easing bias “persists” and would be triggered by any stumble in the non?mining economy.
“The RBA game plan during 2012 moved along the lines of providing some defence against global risks, moderating some of the pain imposed by a strong currency and fiscal consolidation, and getting the transition towards non mining led growth underway.  It may not be quite 'mission accomplished' but a lot of progress has been made,” says Blythe.
“The RBA notes that downside risks to global growth have ‘abated’, even if it is ‘for the moment at least’.
“Most importantly, growth in China has stabilized at ‘a fairly robust pace’ and commodity prices have ‘firmed’.
“Public spending is expected to be ‘constrained’ but the RBA has no doubt taken some comfort from the government’s decision to abandon the hard edged budget surplus commitment,” Blythe says.
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Big four banks divided on likelihood of March RBA cash rate cut

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Piercing studio Body Pleasure Piercing has agreed to pay around $1,900 per square metre per annum to rent a 71 square metre shop on Melbourne’s Flinders Lane.
 
The tenant has taken a three year lease on the ground floor shop at 289 Flinders Lane (Carlow House) at a net rental believed to be around $135,000 per annum. 
The deal was brokered by Savills Australia retail director, Michael Di Carlo, along with colleague Jeremy Marmur. 
The Flinders Lane shop is the first CBD lease for Surf Coast-based Body Pleasure Piercing, which currently operates stores in Geelong, Corio, and Prahran. 
"This has been a natural progression for a firm which has taken body piercing to a new level on the surf coast and will now introduce it to a new client base in a CBD location ideally suited to a company with strong links to the fashion industry, ‘’ says Di Carlo.
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Piercing studio rents space on Flinders Lane, Melbourne at $1,900 per square metre

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The Perth house price index rose 2.9% in the final quarter of 2012 to lead a 1.6% gain across the combined seven capital city housing markets, according to preliminary ABS figures.
Sydney (2.3%), Darwin (2.6%) and Canberra (2.1%) also performed strongly with more modest gains in Melbourne (+0.7%), Brisbane (+0.7%) and Adelaide (+0.8%).
Hobart was the only capital city house index to record a fall (-1.4%) over the quarter.
Australian Financial Review columnist and economist Christopher Joye tweeted that the quarterly rise of 1.6% "smashed" expectations of a 0.3% gain, while bearish economist Steve Keen noted that house prices rose as his mortgage accelerator predicted and "still no better than CPI inflation rate".
AMP Capital Investors chief economist Shane Oliver said the ABS data confirms other house price data in indicating a gradual housing recovery underway.
RP Data-Rismark has house prices up <a target="_blank" href="/news">1.2% over January.</a>
The stronger preliminary December quarter results follows a weak September 2012, with a preliminary estimate of a 0.3% September quarter gain revised down to a 0.1% fall.
Over 2012, house prices are up 2.1% based on preliminary ABS estimates.
Annually, house prices rose in Darwin (+10.1%), Perth (+5.6%), Sydney (+4.2%), Brisbane (+0.7%) and Canberra (+0.3%) and fell in Hobart (-6.1%), Adelaide (-0.4%) and Melbourne (-0.2%).
According to the ABS, the rise in the Perth house price index was consistent across a range of clusters while in the case of Sydney, houses priced below $750,000 contributed most to the rise in the December 2012 quarter.
The revised negative movement in the September quarter 2012 was the result of falls in Sydney (-0.5%, revised from +0.3%), Adelaide (-0.8%, revised from -0.6%), Melbourne (-0.1%, revised from +0.2%), Canberra (-0.6%, revised from -1.1%) and Hobart (-0.7%, revised from +0.2%). This was partially offset by rises in Perth (+1.1%, revised from +1.8%), Brisbane (+0.4%, unchanged) and Darwin (+0.3%, revised from -0.5%).
The ABS uses a stratification approach to control for compositional change in the sample of houses used to compile the House Price Indexes each quarter.
This approach stratifies (clusters) houses according to two characteristics: the long-term level of prices for the suburb in which the house is located, and the neighbourhood characteristics of the suburb, as represented by the ABS Socio-Economic Indexes for Areas (SEIFA).
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Perth leads capital city house prices up 1.6% in December 2012 quarter: ABS

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The Reserve Bank has, as expected, left the cash rate unchanged at 3% today following its February monetary policy meeting.
A poll of 28 economists carried out by <a target="_blank" href="/news">Bloomberg last week</a> found that 24 expected the RBA to leave the cash rate unchanged today.
Preliminary figures released by ABS today revealed that capital city house prices increased by 1.6% over the December quarter, following a revised 0.1% fall over the September quarter, indicating that previous rate cuts may be starting to have an impact on the housing market.
Commenting on the decision, RP Data national research director Tim Lawless said the RBA was likely to be "reasonably satisfied with how the housing market has played out since they embarked on the rate cutting cycle back in November 2011".  
"Since that time dwelling values across the combined capital cities of Australia have increased by 0.8%, and values are up 3.1% since bottoming out at the end of May last year.  
"Most other indicators are also showing some subtle improvements, albeit from a low base.  
"Consumer confidence has shown some improvement, commodity prices are once again on the rise, and share markets have shown some consistent gains as well.  The big wild card remains the labour market; how high will unemployment go and at what level will the RBA react with a further cut to the cash rate," he says.
Michelle Hutchison, spokesperson for financial comparison website RateCity.com.au, said that while there was no  cut from the Reserve Bank today, "it is possible that we’ll see lenders make an unprecedented move to cut their rates out-of-cycle this year".
"Lenders have kept 40 basis points on average from variable home loans since rates began to fall and with wholesale funding reportedly lower, they have room to move," she says.
"Borrowers need to keep a close eye on their lenders, find out what rates you’re paying and compare it to the rest of the home loan market using RateCity. The slow lending market is set to continue so borrowers are in a great position to haggle for an even better deal.”
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RBA leaves cash rate on hold at 3% in February 

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Sales of strata offices in the Melbourne CBD have begun strongly in 2013 after being flagged as a potentially attractive investment option last year.
Owner-occupiers and investors have been buyers of strata offices in the first two months of 2013.
The sale of 1 Elizabeth Street Melbourne for $940,000 by agents DTZ represented $4,921 per square meter and was purchased by YC Travel who intends on occupying the space.
This is in contrast to a previous sale in the building in 2011 for $800,000 for a full floor strata office.
The property had been on the market for over 12 months, but upon advice from DTZ, the previous owner removed the existing dental practice fit-out to reposition the property in the market.
“Within a week of the removal of the previous fit-out we received multiple enquiries, with the offers ranging from $840,000 up to the $940,000 negotiated sale price,” said DTZ agent Craig Hembrow.
Also sold in January was level three at 250 Queen Street.
The 420 square metre floor sold for $1.85 million through Kliger Wood Real Estate, representing around $4,404 per square meter.
Selling agent, Grant McKenzie says the sale represents an indicative yield of 7.46% based on the current rent for a whole floor in the building.
The property was sold with a lease in place consisting of $138,000 net rent per annum on a four year lease with a four year renewal option and 4% annual rental increases.
<a target="_blank" href="https://www.propertyobserver.com.au/office/small-business-snapping-up-melbourne-cbd-strata-offices-for-as-little-as-%2495000-dtz/2012121358460">Last year Property Observer reported</a> that strata office space in the Melbourne CBD was being acquired by small businesses as their business premises for as little as $95,000, according to property services group DTZ.
A 2012 Urbis Melbourne strata office market report calculated that there are some 1,800 strata units within the Melbourne CBD, with an average sales turnover approaching 130 units per annum – this represents 7% per cent of total stock.
The report notes that prior to 2000, the market was characterised by the creation of strata units from the conversion of older, conventional office buildings, with few purpose built facilities.
Sales completed towards the end of last year include an office-warehouse property on Ricketts Road in Mount Waverley, which sold through Crabtrees Real Estate sold for $1.26 million in November.
The site has a total building area of 695 square meters inclusive of 191 square meters of air-conditioned offices.
It was purchased by owner-occupiers and brickwork specialists, Byrne Construction Systems.
The property is part of a commercial strata development located within close proximity to the Monash Freeway.
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Melbourne CBD strata offices continue to be snapped up.  

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A mortgage war between the four major banks and the smaller banks is looming as APRA figures show regional banks Bendigo &amp; Adelaide Bank and Suncorp along with investment bank Macquarie Bank and mutual bank Members Equity Bank competed strongly for new mortgage customers in 2012.
This week Westpac signalled its intentions by becoming the first major bank to currently offer a <a target="_blank" href="https://www.propertyobserver.com.au/news/westpac-lead-the-big-banks-below-5-on-nfixed-home-loans/2013020659208?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">fixed-rate home loan below 5%</a>, while its subsidiary brands RAMS and St George have also cut their fixed-rate offerings.
Fairfax economic commentator Michael Pascoe told David Koch on Sunrise this morning that all a customer had to do was walk into his or her bank, show a loan approval from a lender like ME Bank offering a lower variable rate, and the bank would match it or beat it – echoing similar sentiments made by Business Spectator’s Robert Gottliebsen.
Pascoe says variable mortgage holders should not be paying an annual interest rate of more than 5.5%.
Tim Brown, CEO of mortgage aggregator VOW Financial, which has 600 mortgage broker members, told Property Observer recently that he expected banks to launch their discounted mortgage offerings over the next two months as they looked to improve their mortgage settlement numbers ahead of reporting season.
But he says it is possible to get a discount of up 100 basis points just by shopping around.
“Some of these discounts are advertised, but the bigger ones are a negotiation dependent on the standing of the borrower,” he says.
Property Observer's analysis of APRA banking figures for the 2012 calendar year reveals that Bendigo &amp; Adelaide Bank and Suncorp increased their owner-occupier home loans books by more than $2.5 billion each, achieving annual growth rates of 19.4% and 12% respectively.
This compares with average industry mortgage growth for owner-occupier lending over 2012 of just 4.1%, according to RBA figures.
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Source: APRA * Commonwealth Bank and Bankwest figures combined from November 2012, Bankwest mortgage book around $38 billion.
The January 2013 competition index compiled by mortgage broker AFG reveal that Suncorp, in addition to performing well in its home state with 8.2% of the Queensland market and ranking as the fifth biggest lender, also performed strongly in NSW (sixth biggest lender with 9% of the market) and with some success in WA (eight biggest with 3.1% of the market) and Victoria (seventh biggest, with 2.8% of the market).
The APRA figures also show that Macquarie Bank was another stand-out home loan provider over 2012, with the fastest-growing home loan book of all bank lenders.
Over 2012, Macquarie doubled its owner occupier mortgage lending book from $1.55 billion to $3.17 billion as it returned  strongly to mortgage lending following its post-GFC exit.
Macquarie also teamed up with <a target="_blank" href="/news">Mark Bouris’s Yellow Brick Road franchise venture in November</a> to provide wholesale funding for its mortgage lending.
Another strong performer was mutual bank Members Equity (ME) Bank, which provides discounted home loans to eligible super fund and union members.
ME Bank currently offers a standard home loan rate to members of 5.88% compared with an average standard variable home loan rate of 6.42% offered by the major banks and is one of a number of lenders offering a one-year fixed rate at 4.99%.
Among the major banks, NAB was a strong performer, growing its home loan book by nearly 10% - more than double the average industry growth rate.
NAB offers the lowest standard variable rate of the major banks at 6.38% and has maintained this ranking for the past 43 months as part of a pledge to customers.
ANZ managed to growt its mortgage book by 6%, but both the Commonwealth Bank and Westpac – the two biggest home loan providers in Australia – grew at well below the industry average.
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Mortgage war looms as smaller banks show they are more than willing home loan providers: APRA figures

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GPT is reportedly looking to sell its half-share in the super-regional Erina Fair Mall on the Central Coast, according to the Australian Financial Review.
The mall is considered one of the retail jewels on the central coast, about an hour's drive from Sydney.
<img alt="erina" height="314" width="470" src="/images/stories/2013/02/erina.jpg">
GPT’s half-share in the 113,700-square-metre centre was valued at $392.9 million as of June 30, 2012, and it will reportedly be seeking around $400 million.
It paid in excess of $80 million to acquire its half share of the mall in June 1992 from the Capita Statutory Fund.
The mall is jointly owned by the Australian Prime Property Fund Retail (APPRF) and is managed by Lend Lease.
It was built in 1987 and is the largest mall on the central coast.
<img alt="erina1" height="195" width="470" src="/images/stories/2013/02/erina1.jpg">
In 2003, GPT and APPRF spent a combined $210 million on a redevelopment of the centre including adding a Coles supermarket and creating a homewares precinct.
A further refurbishment was completed in 2009. 
The mall has an occupancy rate of 99.8%, with annual sales turnover of $626.9 million, putting it among the top 15 malls in Australia.
A spokesperson from GPT said it could not confirm the AFR report, but said GPT had advised the market last June of its strategy to “reweight the retail portfolio to 50% and increase the weighting in office and logistics &amp; business parks to 35% and 15% respectively".
“This is being done through a combination of organic means, actively managing our portfolio and through selective acquisitions.
“The GPT Group has implemented a number of initiatives in line with this strategy including the divestment of 50% interests in shopping centres at Woden in Canberra and Casuarina in Darwin, the divestment of Jindalee and Aspley Homemaker Centres in Brisbane and the acquisition of two logistics facilities in Sydney, one in Melbourne and an agreement to develop a new logistics facility for the Toll Group in Brisbane.
“GPT continues to review opportunities to deliver on our strategy,” says the spokesperson.
The cash injection from the sale of the mall will also firm up the GPT balance sheet as it considers a fresh bid for Australand’s commercial assets and investment business.
GPT's offer of $3 billion for Australand’s investment property portfolio and commercial and industrial business - but not its residential business - in mid-December 2012 was <a href="https://www.propertyobserver.com.au/australian-capital-territory/australand-rejects-gpt-offer/2012121358470" target="_blank">rejected by Australand.</a>
According to the AFR, the marketing and sale of the mall is being handled by Jones Lang LaSalle’s shopping centre specialist Simon Rooney.
The mall is tenanted by Myer, Kmart, Target, Big W, Best &amp; Less, Woolworths, Coles and Aldi plus over 300 specialty stores an eight screen Hoyts Cinema.
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GPT puts half-share in Erina Mall on Central Coast up for sale: Reports

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The Edwardian-era building that houses the Elephant Backpacker, across the road from Flinders Street Station, has been sold to an owner-operator for a price in excess of $6.6 million plus GST.
<img alt="elephant" height="353" width="470" src="/images/stories/2013/02/elephant.jpg">
The freehold building, formerly called Ackmans Building, was built in 1910, around the same time as Flinders Street Station (1909) was constructed.
Heritage website <a target="_blank" href="https://www.walkingmelbourne.com/">walkingmelbourne.com.au</a> describes the building as a “classically inspired Edwardian building featuring Federation free-style motifs”.
It most likely bears the name of former pawnbroker-turned-retailer Henry Ackman, who ran a department store called Ackman's Monster Emporium on Smith Street in Fitzroy.
Located on the corner with Degraves Street, the property incorporates the ground floor entrance foyer and basement area together with three upper levels that are serviced by a single lift and stairwells.
The sale price included the business itself.
In May last year a historic <a href="https://www.propertyobserver.com.au/leisure/art-nouveau-backpackers-hostel-on-spencer-street-sells-for-%241075-million/2012051154659" target="_blank">1913-built Art Nouveau backpackers' hostel on the corner of Flinders Street and Spencer Street</a> sold for $10.75 million with an expected yield of more than 8%. 
The new owner of Elephant Backpackers operates a hostel in the Melbourne CBD and plans to continue operating the 240-bed backpacker hostel.
It currently generates an annual cashflow from accommodation and related services afforded to backpackers and travellers of around $1.4 million.
The building extends 45.6 metres along the eastern side of Degraves Street, the popular laneway and eating strip, which runs all the way to Flinders Lane.
It includes part ground floor and three upper floors measuring 2,141 square metres on a site measuring 584 square metres.
The sale does not include the shopfronts that run the length of the hostel that extends down Degraves Street, which are separately titled.
It was sold via an expressions of interest campaign by Kliger Wood agents Grant McKenzie and Russell Meerkin, who said it had attracted a significant number of offers.
“The vendors of the freehold and business are based interstate so the accommodation business has been operated efficiently prior to the sale under management,” says McKenzie
“The location of the building is the key factor, as it abuts Degraves Street probably the city’s most dynamic laneway and cafe precinct.
“In addition, the building itself is relatively under-developed.
“The basement for instance is used only as a resident communal kitchen for backpackers, as a laundry facility and break-out area.
“It could in future be utilised as a bar or restaurant and could also provide direct pedestrian access under Flinders Street to the Station and on across the River to Southbank.
“Two of the upper levels provide older style accommodation with a mix of single and double rooms, with dormitories offering four to six bed accommodation," he says.
“The third level has been extensively renovated as 18 flash pack rooms, 11 with en suites inclusive of shower, basin and toilet with three eight-bed dormitories and another two six-bedroom dormitories.
Subject to the owner obtaining the necessary permits and planning permission, the building has the potential to have additional floors added.
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Melbourne backpackers' hostel building the Elephant with faded Edwardian charm sells to owner-operator

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

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“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

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[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

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Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

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[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.

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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.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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Larry Schlesinger

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