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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
</td>
<td valign="top" width="205">
Effective date
</td>
</tr>
<tr>
<td valign="top" width="205">
NAB
</td>
<td valign="top" width="205">
5.88%
</td>
<td valign="top" width="205">
August 12
</td>
</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
</td>
</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>
</tbody></table>
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

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

Joel Robinson

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more international and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

Larry Schlesinger

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