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Commercial property investors will be offered the opportunity to invest in a new $129 million unlisted property trust comprising office and industrial buildings in Adelaide and Melbourne created by Queensland-based A-REIT Cromwell Property Group.
Cromwell will seek to raise $77 million from investors for Cromwell Property Trust 12, which is contracted to acquire three assets from EPC Pacific, a direct property, investment and development division of the Pacific Group of companies.
The assets comprise an existing $25.5 million office building in South Melbourne, a $70.3 million office building under construction in Dandenong, Victoria to be leased to the ATO and a $32.3 million industrial building under construction in Direk, South Australia.
All three buildings are 100% leased with weighted-average lease expiries (WALEs) ranging from six years to 20 years.
The combined value is approximately $129 million, with the majority of the purchase price for the under construction assets payable as each is completed.
The launch of the new unlisted trust follows the successful completion of the Cromwell Box Hill Trust which closed early and oversubscribed in April 2013.
Cromwell anticipates strong demand from direct retail investors and financial advisors for the new Trust.
"The quality of the asset portfolio, size, and acquisition structuremake them ideal assets for a new unlisted property trust which will build on the success of Cromwell’s previous unlisted trusts," says Cromwell CEO, Paul Weightman.
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lschlesinger-FZcF9M3vE6

Cromwell launches new $129 million unlisted property trust

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First-home buyers will not reap any benefits from record low interest rates if developers don’t bring new stock to market, according to Yellow Brick Road’s Mark Bouris.
Bouris told David Koch on Sunrise that he hoped that in the current circumstances property developers would supply more new property to the market.
“If they do more developments there is more choice for people,” says Bouris.
“But if that does not happen, all that will happen is the prices will rise and the saving that new buyers would ordinarily get from an interest rate cut will be cancelled out because prices will adjust for it,” he says.
Overall, he expects little impact on the economy from the rate cut, commenting that since the GFC people “don’t actually go and spend the extra money they have in their pocket” so “we are not getting the stimulus in the economy we would ordinarily get”.
According to Bouris, the rate cut could spark a price boom, but not necessarily a transaction boom.
His advice to borrowers is to ask their banks what is the biggest discount they can offer them against their advertised rate.
“The rule thumb should be at least a 50 basis point discount with some lenders offering up to a full 100 basis point discount.
“But if you don’t ask you won’t get it.”
For those considering a fixed-rate home loan, he suggests they wait until the big banks bring out their next fixed-rate offerings – not to take up what they currently offer.
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House prices will rise unless developers bring new stock to the market: Mark Bouris

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The decision by the RBA to cut the cash rate to a new record low of 2.5% will have many borrowers re-assessing their current mortgage and pondering whether now might be right time to fix their home loan rate.
Mortgage comparison website <a target="_blank" href="https://Mozo.com.au">Mozo.com.au</a> has compiled a list of some key insights that will help guide your thinking on this issue:
<img alt="numberonejuly11" height="44" width="35" src="/images/stories/2013/07/NUMBERS/numberonejuly11.jpg"> Assuming all lenders cut rates by 25 basis points, the average variable rate for a typical $300,000 home loan will drop to 5.28% in August.  <img alt="numbertwojuly11" height="41" width="35" src="/images/stories/2013/07/NUMBERS/numbertwojuly11.jpg"> Even though variable rates are set to hit new lows this month, the top variable rate on the market is still likely to be at least 50 basis points higher than the lowest current fixed rate (3.99% one-year fixed rate from The Greater Building Society). <img alt="numberthreejuly11" height="46" width="35" src="/images/stories/2013/07/NUMBERS/numberthreejuly11.jpg"> We’d have to see two more 25 basis point cuts by the Reserve Bank before variable rates come close to matching the lowest fixed rates on offer. <img alt="numberfourjuly11" height="45" width="35" src="/images/stories/2013/07/NUMBERS/numberfourjuly11.jpg"> Given the widening gap between variable and fixed rates, it’s a great time to consider fixing or splitting your loan to take advantage of some of the low fixed rates on offer right now. <img alt="numberfivejuly11" height="38" width="35" src="/images/stories/2013/07/NUMBERS/numberfivejuly11.jpg"> However, fixing 100% of your loan may not be the best option for every borrower as it leaves you with less flexibility over your repayment and switching options. The ability to make extra repayments on fixed home loans can be limited and penalties generally apply to early loan payout. <img alt="numbersixjuly11" height="41" width="35" src="/images/stories/2013/07/NUMBERS/numbersixjuly11.jpg"> Splitting your loan by fixing half and keeping the other half variable allows you to take advantage of the record low fixed rates on offer right now while maintaining flexibility over the variable portion and hedging your bets on any further rate cuts.</body></html>

Six key insights for borrowers thinking of fixing their rate

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There is a likelihood that the Reserve Bank will cut the cash rate again this year – though not in September – and scope also remains for a further rate cut in February, according to Westpac economist Bill Evans.
Evans was the first economist to correctly tip the current easing cycle to begin in November 2011 and was also one of the first to forecast that the cash rate would fall below 2.75%, which it now has.
He is one of just two economists – the other being Richard Gibbs, head of economics at Macquarie Research – who see a terminal cash rate of 2% - 100 basis points below the emergency setting during the GFC.
In a note following yesterday’s rate cut and accompanying statement, Evans highlighted that the government had raised its unemployment forecast for 2013-14 from 5.75% to 6.25% and expects unemployment to remain at this level over the course of next year.
“We expect that the Reserve Bank feels the same way [about unemployment], although Friday's statement on monetary policy will only include growth and inflation forecasts.
“We expect the Bank would therefore have no hesitation in cutting rates again once more information is available on inflation which will print in late October and the response of business/consumers to the election result has been clearly signalled.
“We also believe that these dampening forces will be sustained through into early 2014 providing scope for another cut in February,” he says.
All 28 economists surveyed by Bloomberg following yesterday’s rate cut were in agreement that there won’t be a rate cut on September 3 – just four days before federal election.
However nine out 28 forecast one rate cut in the final quarter of the year including Bill Evans and NAB’s Alan Oster.
Macquarie Research's Richard Gibbs believes there will be two rate cuts before the end of the year.
ANZ economist Ivan Colhoun says the risks for interest rates remain for downward movement with the potential for two more rate cuts “from here, and again, little indication of any upward pressure on rates in the near term”.
Downside risks reflects ANZ’s “strongly-held view that mining investment will weaken significantly over the next 18-24 months and our less strongly held view that other parts of the economy will pick up sufficiently strongly so as to offset this effect”.
“The trend for the unemployment rate, job advertising and capacity utilisation confirm that at this stage, the improvement in the interest-sensitive sectors is not sufficiently strong.
“Based on the trend for these series, the pressure on Australia’s cash rates remains downward and there remains very little prospect of any rise in cash rates before 2015,” he says.
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Westpac’s Bill Evans sees two more rate cuts but all economists agree on no RBA move in September

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Australia Post may yet have to pay more than a peppercorn for its 999 lease over its historic North Melbourne premises. 
The "ridiculous" lease - as dubbed by city councillor Stephen Mayne - was revealed when the City Melbourne included a list of its current commercial leases in its draft 2013-14 budget.
Signed in 1882, Australia Post has paid no rent on the premises in more than 131 years, being only required to pay ‘one peppercorn if demanded’ as the original Victorian-era contract prescribes. 
The <a href="/news">1882 contract has no provision for a review of the rent</a>, which only expires in 2881. 
However, a spokesperson for the Melbourne City Council says that as part of the master planning for the future of the North Melbourne Town Hall Arts House, it intends to “commence discussions with Australia Post in the near future”. 
The original lease was signed following a grant of 2500 pounds paid “from the consolidated revenue of the colony to the mayor and councillors of the Town of Hotham in North Melbourne in order to erect a Town Hall, Court House, and Post and Telegraph office”. 
"The yearly rental was ‘one peppercorn if demanded’. There was no provision to review," reads the original agreement. 
The term “peppercorn rent” derives from such Victorian-era rental agreements, referring to a nominal payment necessary for the creation of a legally-binding contract. 
“The original lease covered additional areas, which are now shops leased by the City of Melbourne to tenants and Arts House spaces at the rear of the building," said a spokesperson for the City of Melbourne.
"These were surrendered when the Court House and lock-up on the site ceased being used for those purposes – per the condition of the original lease. 
"The Post Office does not have a right to sublet the shop for another purpose and should they vacate they would have to surrender the premises to the City of Melbourne." 
Councillor Stephen Mayne, who chairs the City of Melbourne’s finance and governance portfolio, says while the council is “not in the business of breaking commercial leases” the agreement is “absolutely ridiculous”. 
He said it would be good if Australia Post voluntarily agreed to look at options. 
“If an alternative venue for a post office could be found on Errol Street, it would certainly free up the old North Melbourne Town hall for greater community use.
“I did raise the issue socially with the new chairman of Australia Post, John Stanhope, at a recent Jazz Festival function and joked that we’d give him a 500 year extension for $100,000. 
“The renegotiation issue has not been formally raised with Australia Post but it is good to have these sorts of deals out in the open for public discussion,” he added.
 
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Australia Post's 999 year “peppercorn” lease in North Melbourne may yet be reviewed

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Small investor interest in Bankstown strata offices in Sydney's outer west growth corrider is rising according to Jared Harris, sales and leasing executive at Commercial Property Group.
"We have seen in the last quarter a lot more inquiry for investments in the sub $1 million dollar mark," he tells Property Observer.
"The majority of the inquiry is coming from mum and dad investors looking for opportunities for their self-managed super funds.
Last month the Bankstown-based commercial agency negotiated the sale of a 296 square metre office in the NAB building occupied by the Department of Housing at above 8.4% net return.
The sale price was $818,000 with the office currently rented for $69,535 per annum net plus GST.
A smaller 173 square metre office sold for $645,000, renting at $51,000 and returning around 7.9% net.
"We have another 334 square metres occupied by the same tenant that is due to settle at the end of the month at around the same rate of $3,500 per square metre.
"The building has a history of having little or no vacancy.
The success of these sales is sparking further listings in the building with three adjoining lots totalling <a href="https://www.commercial.net.au/sales/30,31-32-410-Chapel-Road-BANKSTOWN/1975163.aspx?pt=1&amp;s=578" target="_blank">284 square metres also now up for sale asking $994,000</a>.
Harris says he has also received a spike in inquiry for an office in the NAB building that is offered with vacant possession.
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SMSF demand for high-yielding Bankstown strata offices rising

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<img style="display: block; margin-left: auto; margin-right: auto;" alt="cbre-logo" height="97" width="200" src="/images/stories/2013/08/cbre-logo.jpg">
Neale Scott says he would invest a spare $750,000 in past property syndicators/A-REITS in today's market, in particular those that invest in assets above $10 million.
<img style="float: right;" alt="neale_scott_cbre" height="200" width="200" src="/images/stories/2013/08/neale_scott_cbre.jpg"><div>
 Name: Neale Scott Title: National Director - Capital Allowances Company: CBRE Location: Melbourne 
How long have you been in the industry?  Eleven years What’s happening in the area you specialise in? It is now a requirement that all quantity surveyors providing depreciation advice must be a registered tax practitioner. This has been a positive change for the industry, prior to this coming in there were a number of companies providing this advice that may not have had the suitable skills, knowledge and insurance to be doing so.
Describe the most interesting property you have worked on: There has been a few, most recently would have to the Woolworths - SCA portfolio transaction, it was large national portfolio with a tight deadline. All of which was achieved successfully.
What are the ingredients to being successful in your job? It's an interesting role, you need a construction background with knowledge of construction costs, combined with knowledge of the property market and lastly a knowledge of the Australian tax system and the ins and outs of depreciation. What aspects of your role do you enjoy the most? It is amazing how many people/companies don't maximize their depreciation claim. Introducing a client to potential depreciation benefits, or reviewing their existing depreciation schedule then showing the potential uplift in their claim is the best part of my job. Recently I was able to increase a total depreciation claim by 25% of the purchase price (over $15 million ) on a CBD asset and this is not an isolated case. What is the least understood aspect of depreciation from a commercial property investor’s point of view? The total depreciation claim is the total of your claim for depreciating assets(formerly plant) and eligible building (capital works) deductions.
By far the least understood aspect of depreciation is the revaluation of the depreciating assets component. It is so common when an asset is acquired for purchasers to take the vendors written down values, where is reality (unless stated in the contract of sale) the purchaser can revalue these assets to reflect that amount paid for them (an apportionment of the purchase price).
The uplift on these assets is generally substantial. To put this in a non-property context, if you purchased a car, would your opening value for depreciation be  purchase price or what the vendors written down value? Simple answer the purchase price. Whether it's carpet in a building or a car, they are both depreciating assets and their opening value should reflect the amount paid for the asset. Where would invest a spare $750,000? You can't go past property syndicators/REITS in today's market, in particular those that invest in assets above $10 million, with the cost of debt and the yields on offer for decent assets, not to mention the fantastic depreciation benefits.. It is too good an opportunity to miss out on. Which football team do you support? I am a keen Rugby Union supporter so the Melbourne Rebels. I also follow Collingwood, Melbourne Storm and Melbourne Victory in the other codes.
What’s your favourite app or techno gadget? I never leave home without my iPad these days. It is just so convenient to have notes, camera and photos all in one place when inspecting a property. Being on the road quite bit means google maps gets a fair workout. I also have a two and half year old daughter who loves the iPad so the Wheels on the Bus app is a must have!
How do you use social media? I think that LinkedIn is fantastic for establishing and building a network
<a href="https://www.propertyobserver.com.au/https://www.linkedin.com/pub/neale-scott/3/13a/945" target="_blank">Connect with Neale on LinkedIn</a>
</div>
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In profile: CBRE's commercial property tax specialist Neale Scott

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Increases in materials and labour costs are largely being absorbed by competitive tendering with builders pricing at low or even zero margins, according to the latest Review of Australian Construction Market Conditions report by buidling industry management consultants WT Partnership.
The graph below shows there has been little increase in tender prices submitted by builders despite costs rising. 
<img alt="CONSTRUCTION_CHARTS1" src="/images/stories/2013/larry_uploads/CONSTRUCTION_CHARTS1.jpg" width="470" height="420">
However, according to the report authors, with increases in the cost of building rising, "it is only a matter of time until the fierce tender price cutting seen over recent years relents or more contractors hit the wall".
"With the exception of South Australia and Tasmania, each of our offices expects that tender pricing will continue at competitive levels for the immediate future and that cost pressures will eventually come to bear next year and into 2015 when escalation in tender pricing will be trending at levels of around 3% to 4%, " says WT Partnership.
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Construction tender pricing not rising despite costs increasing for builders: Chart of the week

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Mutual lenders ME Bank and Heritage Bank have announced they will pass on the RBA's 25 basis point rate cut in full to their mortgage holders. 
ME Bank's standard variable rate drops from 5.63% p.a. to 5.38% p.a on August 23.
The rate cut ensures members of eligible super funds and unions will have access to mortgage rates currently more than 50 basis points lower than that of the nearest major bank.
Heritage’s standard variable interest rate will be reduced to 5.64% from August 16.
Heritage chief executive John Minz said passing on the 0.25 percentage point cut maintained Heritage’s competitive advantage against the big banks.  “In the current economic circumstances, cutting our rates is the right thing to do, both for our mortgage customers and for the economy as a whole.. “With the Federal election date now set and with interest rates at these record lows, the ingredients are there for a surge in economic activity in coming months, which will benefit the whole country. “As a customer-owned bank, we always strive to provide the most competitive interest rates we can," he says. 
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ME Bank and Heritage Bank pass on rate cut in full

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In a surprise move, Westpac has announced it will reduce its standard variable mortgage rate by 28 basis points  to 5.98% per annum.
The new rate takes effect from 19 August 2013.
It is the first lender to pass on more than the 25 basis points cut from the cash rate by the RBA today.
Both Commonwealth Bank and NAB have announced they will pass on the full rate cut, but with different start dates.
ANZ will only make its independent interest rate announcement on Friday, but is likely to pass on the full rate cut if not more - ANZ passed on 27 basis points in May.
<table cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="205">
Lender
</td>
<td valign="top" width="205">
New standard variable rate
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<td valign="top" width="205">
Effective date
</td>
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<td valign="top" width="205">
NAB
</td>
<td valign="top" width="205">
5.88%
</td>
<td valign="top" width="205">
August 12
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</tr>
<tr>
<td valign="top" width="205">
Commonwealth Bank
</td>
<td valign="top" width="205">
5.90%
</td>
<td valign="top" width="205">
August 14
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</tr>
<tr>
<td valign="top" width="205">
Westpac
</td>
<td valign="top" width="205">
5.98%
</td>
<td valign="top" width="205">
August 19
</td>
</tr>
<tr>
<td valign="top" width="205">
ANZ
</td>
<td valign="top" width="205">
6.13%
</td>
<td valign="top" width="205">
Friday August 9 announcement
</td>
</tr>
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ING Direct will also pass on the full rate cut as will Yellow Brick Road as has Heritage Bank.
Westpac's mortgage rate will reduce to 5.28% from August 19 for those entitled to a package rate discount of 5.28%.
The new rate takes Westpac’s home loan rates to their lowest level since October 2009.
Since November 2011, Westpac has cut its standard variable mortgage rate by 1.88 percentage points of 200 cut by the RBA from the cash rate.
<a href="https://homeloans.propertyobserver.com.au/home-loans/?utm_source=Property+Observer+List&amp;utm_campaign=76e226e607-June_21_1_29_2013&amp;utm_medium=email&amp;utm_term=0_a523fbfccb-76e226e607-245347537" target="_blank"><img src="/images/stories/2013/08/homeloancomparison.jpg" width="399" height="110" alt="homeloancomparison"></a>
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Westpac passes on 28 basis points to borrowers from August 19

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.

Joel Robinson

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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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Larry Schlesinger

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