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Another landmark Australian CBD hotel has been acquired by an Asian property group, with Hong Kong-listed Shangri-La Asia paying $352 million to fully own the Sydney’s Shangri-La Hotel in The Rocks.
<img src="/images/stories/2012/06/shangri-la_hotel.jpg" width="470">
The acquisition of the leasehold property follows the <a href="https://www.propertyobserver.com.au/leisure/malaysian-reit-pays-%24415-million-for-marriott-five-star-hotel-portfolio/2012061455118" target="_blank">Malaysia-listed Starhill Real Estate Investment Trust, paying $415 million</a> earlier this month for a portfolio of three five-star Marriott hotels – the Sydney Harbour Marriott, the Brisbane Marriott and the Melbourne Marriott.
Asian buyers have accounted for 93% of all hotel sales this year.
<img src="/images/stories/2012/06/shangri3.jpg">
The transaction, which is due to be completed by no later than July 31 consists of $330 million for the hotel and $22.4 million for for its net current assets (mostly cash).
Audited results for the year ending March 31 show the hotel made an after tax profit of $3.25 million.
Shangri-La Asia is owned by the billionaire Kuok family, which has interests in property, manufacturing and media via a substantial shareholding in the South China Morning Post and a stake in Hong Kong television group Television Broadcasts Limited (TVB).
Shangri-La Asia has managed the hotel for the Government Investment Corporation of Singapore since 2003.
The price paid for the Shangri-La Sydney is well above the $249 million paid for the Sydney Harbour Marriott Hotel at Circular Quay – both hotels have 563 rooms – with the sale price surprising the Sydney hotel market, reported the Australian Financial Review.
The 36-storey Shangri-La Sydney stands on Cumberland Street in The Rocks, with spectacular views across the harbour taking in the Sydney Harbour Bridge and Opera House.
<img src="/images/stories/2012/06/shangri4.jpg">
The sale price equates to $626,000 per room.
The hotel stands on land that is owned by the Sydney Harbour Foreshore Authority, which sold a 99-year leasehold over the site in 1988.
Sydney hotel occupancy rates are <a href="https://www.propertyobserver.com.au/leisure/hotel-occupancy-rates-to-reach-68-by-2014-with-perth-hotels-forecast-to-outperform-sydney-deloitte/2012052254785" target="_blank">forecast to rise to 88% by the end 2014</a>, a rise of only 2% from current levels, according to the Deloitte Access Economics Tourism &amp; Hotel Outlook report.
Shangri-La Asian operates 16 hotels globally with a collective 5,600 rooms.
Shangri-La Hotels are in Vancouver, New Delhi, Oman, Manila, Abu Dhabi (two hotels), Dubai (two hotels), Putrajaya and Kuala Lumpur (in Malaysia), Taipei and Tainan (in Taiwan); and Beijing, Changzhou.
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lschlesinger-FZcF9M3vE6

Sydney Shangri-La Hotel sells to Hong Kong Shangri-La Asia group for record $352 million

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Two out of the three commercial towers to be built at Lend Lease’s $6 billion Barangaroo South Sydney CBD harbourside project are more than 70% leased following agreements with Westpac and KPMG. 
Westpac has entered into an agreement with Lend Lease to take approximately 70% of the commercial floor space in the first tower to be constructed at development site. 
The bank will take 60,000 square metres in the Barangaroo building currently known as “C4” and expects to occupy the building from 2015. 
<img src="/images/stories/2012/06/barangaroo1.jpg">
Lend Lease has also entered into a lease agreement with accounting firm KPMG in the second tower, which is conditional on funding, which combined with Lend Lease’s own commitment to move its offices to the second tower will take up over 75% of commercial floor space. 
KPMG currently leases about 28,000 square metres in the KPMG Centre at 10 Shelley Street at King Street Wharf. 
KPMG is also expected to commence its move into the second tower in 2015. 
The lease agreements, which cover over 120,000 square metres of office space, represent Australia’s largest ever commercial leasing commitment for a single development. 
The lease agreements were foreshadowed by the Sydney Morning Herald’s Carolyn Cummins in September 2010. 
Westpac currently has offices in nine sites across Sydney’s CBD, and the new site will enable the group to consolidate into two locations – its existing head office at 275 Kent Street and the new Barangaroo building. 
The bank also announced that Lend Lease has agreed to purchase two Westpac-owned buildings at 182 George Street and 33-35 Pitt Street. 
"Bringing our Sydney CBD teams together in the landmark Barangaroo development and our nearby Westpac Place headquarters will enable our employees to benefit from an attractive, highly efficient and collaborative working environment in a vibrant financial services centre,” says Westpac CEO Gail Kelly. 
“This development will also be Australia's first large-scale carbon neutral community, which is important to Westpac given our position as a global leader in sustainability,” says Kelly. 
Commenting on the lease agreements, Lend Lease Group CEO and managing director Steve McCann says its ability to attract leading tenants like Westpac and KPMG “reflects the quality of what we are building at Barangaroo South”. 
“Today we have announced Australia’s largest ever commercial leasing commitment for a single development. 
“Our original assessment required only one commercial tower to be delivered in the first phase of the project, so we are very pleased to have leased two towers concurrently. 
“We are currently in detailed discussions with capital partners for the funding and development of the commercial towers at Barangaroo South. 
“The investors are engaged in exclusive due diligence before entering into binding commitments. In line with the Group’s strategy of investing alongside capital partners, Lend Lease intends to invest 25% of the equity in the first two towers.” 
 
<hr class="system-pagebreak">
 
“Construction works at Barangaroo South continue to progress well with the perimeter retention wall now complete and piling for the first commercial tower underway,” says McCann.
Barangaroo South will have about 330,000 square metres of office space upon completion.
There are plans for three commercial building known as C3 (49 storeys), C4 (42 storeys) and C5 (39 storeys), which are due to be completed in 2015 and 2016.
Colliers International alongside Jones Lang LaSalle and DTZ Australia have been appointed to assist Lend Lease on managing tenant interest and leasing at Barangaroo. 
DTZ international director of leasing John Hickey says demand from tenants has been incredibly strong and that pre-commitment leasing announcements and recent development approvals “will give a shot in the arm to the Sydney office leasing market”. 
Jones Lang LaSalle’s Australian head of leasing Kevin George says momentum in the Sydney office leasing market will now build following more certainty around the delivery of space in the 2015 timeframe, when Barangaroo South is completed. 
“We expect a surge of activity from medium to smaller tenants now that it is known who the anchor tenants for the first two towers of the development will be,” he says. 
“The interest in the Barangaroo development since the bid phase has been exceptional and we expect the completion in 2015 will coincide with an uptick in the financial services sector. 
Deloitte Access Economics projects that the finance and insurance sector in the Sydney CBD will grow by 1.9% in 2014 and 3.8% in 2015. 
“Already there are about 170,000 people employed in NSW’s finance and insurance services sector, representing over 40% of that industry in Australia,” says George. Mark Lacey, national director of office leasing at Colliers International, describes Barangaroo as a unique project combining a CBD location with parklands and waterfront access. 
“The compelling reasons why organisations will locate to Barangaroo are the large floor plates, the sustainability features of the precinct, the incredible amount of amenity that is being created for staff including retail and leisure activities around the waterfront and the new transport connections,” he says. 
“Tenants at Barangaroo will benefit in a way that is not possible elsewhere in the Sydney CBD by having this amenity on the doorstep of their work environment.”
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Westpac and KPMG to take up more than 70% in two of Lend Lease’s Barangaroo South towers 

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FKP’s $150 million Melbourne apartment project Aerial is running behind schedule and settlements will now occur in October, the diversified Queensland-based property group has revealed.
The project was due to be completed in the first quarter of the 2012-13 financial year, but settlements will now only occur in the second quarter.
“The external building company contracted to the Aerial project has now advised that practical completion will be delayed until September 2012, with settlements commencing in October 2012,” said FKP in a statement to the ASX.
The project is being built by Melbourne family-owned building firm Hanson Yuncken, which dates back to 1918 and has completed more than 4,500 projects.
Property Observer understands that weather and union issues may have contributed to the delay with Hanson Yuncken bringing across additional staff from NSW to get the project finished.
“FKP remains committed to delivering a high quality product to the market. Aerial is over 85% pre-sold,” says the developer.
“Given that Aerial will settle after the 2012 financial year, second half distribution is due to be paid, the board has deemed it appropriate to reduce the 2012 financial year second-half distribution from 1.9¢ per share as previously advised at the half year results announcement in February 2012 to 1.4¢ per share bringing the total estimated distribution for the 2012 financial year to 2.8¢ per share.”
FKP’s full-year profit guidance remains unchanged as stated in its half-year results.
The developer says it will deliver an underlying profit after tax in the range of $91.9 million to $104.3 million.
Aerial features 144 individual apartments with a selection of one-, two-, three-bedroom apartments as well as sub-penthouses and penthouses rising above Camberwell Junction.
Around 95% of the sales have been to local buyers, with a mix of owner-occupiers and investors purchasing the apartments.
Commercial retail space has been leased to audio retailer Bang &amp; Olufsen and Jetts Gym. The Meat &amp; Wine Company will lease heritage-listed English, Scottish and Australian (ES&amp;A) Bank building, which has been converted into restaurant space by architects Wood Marsh.
<img src="/images/stories/2012/06/aerial.jpg">
The series of striking, elliptical glass building was designed by architects Woods Marsh and includes two towers, the tallest rising 14 levels.
It is being developed on the former Henley Honda dealership site at the intersection of Burke, Camberwell and Riversdale roads.
In 2009 FKP successfully lobbied the Victorian Civil and Administrative Tribunal (VCAT) to boost the number of apartments in the project by 40% to 144.
FKP had to fight off local residents opposed to the development to win approval for the scheme.
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Completion of FKP’s apartment project Aerial in Camberwell Junction delayed

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Mining states Western Australia and Queensland have recorded the biggest rises in the percentage of households in mortgage stress, according to the results of the 2011 census.
The census reveals the percentage of households with mortgage repayments greater than 30% of household income – the widely accepted measure of mortgage stress.
In WA, this figure has risen from 7.8% to 10.2% of households in the space of five years, while the proportion of Queensland households in mortgage stress has increased from 7.7% to 9.7%.
WA now has the second highest proportion of borrowers in mortgage stress, behind NSW (10.5%), having surpassed Victoria (10.1%) since the 2006 census.
The biggest rise in mortgage repayments between 2006 and 2011 occurred in the Northern Territory – up $758 – followed by WA ($737).
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td valign="top" width="86">
State
</td>
<td valign="top" width="80">
Monthly mortgage repayment - 2011
</td>
<td valign="top" width="80">
Monthly mortgage repayment - 2006
</td>
<td valign="top" width="77">
Difference
</td>
<td valign="top" width="82">
% households with mortgage repayments greater than 30% of household income- 2011
</td>
<td valign="top" width="82">
% households with mortgage repayments greater than 30% of household income- 2006
</td>
</tr>
<tr>
<td valign="top" width="86">
NSW
</td>
<td valign="top" width="80">
$1,993
</td>
<td valign="top" width="80">
$1,517
</td>
<td valign="top" width="77">
$476
</td>
<td valign="top" width="82">
10.5%
</td>
<td valign="top" width="82">
9.6%
</td>
</tr>
<tr>
<td valign="top" width="86">
VIC
</td>
<td valign="top" width="80">
$1,700
</td>
<td valign="top" width="80">
$1,252
</td>
<td valign="top" width="77">
$448
</td>
<td valign="top" width="82">
10.1%
</td>
<td valign="top" width="82">
8.7%
</td>
</tr>
<tr>
<td valign="top" width="86">
QLD
</td>
<td valign="top" width="80">
$1,850
</td>
<td valign="top" width="80">
$1,300
</td>
<td valign="top" width="77">
$550
</td>
<td valign="top" width="82">
9.7%
</td>
<td valign="top" width="82">
7.7%
</td>
</tr>
<tr>
<td valign="top" width="86">
SA
</td>
<td valign="top" width="80">
$1,500
</td>
<td valign="top" width="80">
$1,018
</td>
<td valign="top" width="77">
$482
</td>
<td valign="top" width="82">
8.8%
</td>
<td valign="top" width="82">
6.9%
</td>
</tr>
<tr>
<td valign="top" width="86">
WA
</td>
<td valign="top" width="80">
$1,950
</td>
<td valign="top" width="80">
$1,213
</td>
<td valign="top" width="77">
$737
</td>
<td valign="top" width="82">
10.2%
</td>
<td valign="top" width="82">
7.8%
</td>
</tr>
<tr>
<td valign="top" width="86">
TAS
</td>
<td valign="top" width="80">
$1,300
</td>
<td valign="top" width="80">
$867
</td>
<td valign="top" width="77">
$433
</td>
<td valign="top" width="82">
7.5%
</td>
<td valign="top" width="82">
5.6%
</td>
</tr>
<tr>
<td valign="top" width="86">
NT
</td>
<td valign="top" width="80">
$2,058
</td>
<td valign="top" width="80">
$1,300
</td>
<td valign="top" width="77">
$758
</td>
<td valign="top" width="82">
7.7%
</td>
<td valign="top" width="82">
6%
</td>
</tr>
<tr>
<td valign="top" width="86">
ACT
</td>
<td valign="top" width="80">
$2,167
</td>
<td valign="top" width="80">
$1,500
</td>
<td valign="top" width="77">
$667
</td>
<td valign="top" width="82">
7.8%
</td>
<td valign="top" width="82">
6.5%
</td>
</tr>
<tr>
<td valign="top" width="86">
Nation-wide
</td>
<td valign="top" width="80">
$1,800
</td>
<td valign="top" width="80">
$1,300
</td>
<td valign="top" width="77">
$500
</td>
<td valign="top" width="82">
9.9%
</td>
<td valign="top" width="82">
8.4%
</td>
</tr>
</tbody></table>
Source: Census 2011 (ABS)
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Mortgage stress levels rise most since 2006 in WA and Queensland: ABS census 2011

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Eight mortgage brokers have been expelled by the Mortgage &amp; Finance Association of Australia (MFAA) over the course of the 2011-12 financial year.
This is double the number of brokers expelled in the previous year, with the majority of expulsions due brokers engaging in serious misconduct through submitting fraudulent loan applications to lenders.
“The numbers of expelled members are minuscule compared with our total number of 11,200 members, however the number is still double those expelled in the 2010 financial year,” says MFAA chief executive Phil Naylor. “The increased expulsions demonstrate the MFAA's determination to ensure the highest professional standards of our members, as well as a strict and independent disciplinary procedure and very high education standards,” he says. The MFAA has a set of disciplinary rules to deal with complaints of alleged misconduct against an MFAA member, initially involving an external investigating officer, who then may refer the matter to the MFAA Tribunal.
The MFAA Tribunal has the power to impose various sanctions on a member for misconduct, including expulsion from membership of the MFAA. Naylor says mortgage brokers are a vital channel for home loans, with a 42% share of the mortgage market.
“On this basis, we need to enforce strict rules on our members to ensure they deliver the best possible service and customer protection,” he says.
A list of expelled members is provided on the MFAA website.
Since 2008 the MFAA has been publishing reasons for its expulsion decisions.
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Number of expelled mortgage brokers doubles to eight in past year: MFAA

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Median monthly mortgage payments increased by $500 between 2006 and 2011, representing a 38% increase over this time frame, according to the 2011 census.
This is lower than the <a href="https://www.propertyobserver.com.au/landlords/renters-paying-50-more-a-week-in-rent-since-2006-with-increase-in-proportion-of-households-experiencing-rental-stress-abs-census-2011/2012062155220" target="_blank">50% increase in weekly rental payments</a> recorded between the two censuses.
The median monthly mortgage repayment in Australia was $1,800 in the 2011 census, compared with $1,300 in the 2006 census.
For 9.9% of households, their mortgage repayment was more than 30% of their income – the common definition of mortgage stress – up from 8.4% in the 2006 census.
<table cellpadding="0" cellspacing="0" border="0" style="width: 470px;"><tbody>
<tr>
<td width="319">
<a title="Measures the monthly amount spent on mortgage repayments for occupied private dwellings being purchased, including dwellings being purchased under a rent/buy scheme." target="_blank" href="https://www.censusdata.abs.gov.au/ausstats/abs@.nsf/Lookup/2901.0Chapter41802011">Mortgage monthly repayments</a>
</td>
<td width="104">
Australia
</td>
<td width="38">
%
</td>
<td width="101">
2006
</td>
<td width="38">
%
</td>
</tr>
<tr>
<td width="319">
Median mortgage repayments
</td>
<td>
1,800
</td>
<td>
--
</td>
<td>
1,300
</td>
<td>
--
</td>
</tr>
<tr>
<td colspan="5" width="602">
 
</td>
</tr>
<tr>
<td width="319">
Households with mortgage repayments less than 30% of household income
</td>
<td>
--
</td>
<td>
90.1
</td>
<td>
--
</td>
<td>
91.6
</td>
</tr>
<tr>
<td width="319">
Households with mortgage repayments greater than 30% of household income
</td>
<td>
--
</td>
<td>
9.9
</td>
<td>
--
</td>
<td>
8.4
</td>
</tr>
</tbody></table>
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Monthly mortgage repayments up 38% to $1,800 per month since 2006: ABS census 2011

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Median rental payments have risen by $95 per week between 2006 and 2011, according to 2011 census data released today by the ABS.
The represents a 50% increase over the five-year period.
Median national weekly rent is now $285 per week, compared with $190 in 2006.
The 2011 census also found that the proportion of households with rent payments greater than 30% of household income – the common definition of rental stress – rose slightly from 9.3% to 10.4%. 
<table style="width: 470px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="319">
<a href="https://www.censusdata.abs.gov.au/ausstats/abs@.nsf/Lookup/2901.0Chapter49902011" target="_blank" title="Records the weekly rent paid for an occupied private dwelling and includes dwellings being occupied rent free.">Rent weekly payments</a>
</td>
<td width="104">
Australia
</td>
<td width="38">
%
</td>
<td width="101">
2006
</td>
<td width="38">
%
</td>
</tr>
<tr>
<td width="319">
Median rent
</td>
<td>
285
</td>
<td>
--
</td>
<td>
190
</td>
<td>
--
</td>
</tr>
<tr>
<td width="602" colspan="5">
 
</td>
</tr>
<tr>
<td width="319">
Households with rent payments less than 30% of household income
</td>
<td>
--
</td>
<td>
89.6
</td>
<td>
--
</td>
<td>
90.7
</td>
</tr>
<tr>
<td width="319">
Households with rent payments greater than 30% of household income
</td>
<td>
--
</td>
<td>
10.4
</td>
<td>
--
</td>
<td>
9.3
</td>
</tr>
</tbody></table>
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Renters paying 50% more a week in rent since 2006 with increase in proportion of households experiencing rental stress: ABS census 2011

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The proportion of people living in detached houses has fallen by one percentage point between 2006 and 2011, with a shift towards more people living in units and townhouses, according to census data released today by the ABS. 
In total there are now 9,117,033 million private dwellings in Australia up from 8,426,559 private dwellings counted in the 2006 census. 
Of these private dwellings, 75.6% are separate houses, compared with 76.6% in the 2006 census, with proportional increases in the number of people living in a flat, unit or apartment and those living in a semi-detached, terraced house or townhouse. 
<table style="width: 470px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="317">
<a href="https://www.censusdata.abs.gov.au/ausstats/abs@.nsf/Lookup/2901.0Chapter29902011" target="_blank" title="This variable classifies the structure of private dwellings enumerated in the Census. The information is determined by the Census collector.">Dwelling structure</a>
</td>
<td width="104">
Australia
</td>
<td width="38">
%
</td>
<td width="104">
2006
</td>
<td width="38">
%
</td>
</tr>
<tr>
<td width="317">
Separate house
</td>
<td>
5,864,573
</td>
<td>
75.6
</td>
<td>
5,472,527
</td>
<td>
76.6
</td>
</tr>
<tr>
<td width="317">
Semi-detached, row or terrace house, townhouse etc
</td>
<td>
765,978
</td>
<td>
9.9
</td>
<td>
658,858
</td>
<td>
9.2
</td>
</tr>
<tr>
<td width="317">
Flat, unit or apartment
</td>
<td>
1,056,236
</td>
<td>
13.6
</td>
<td>
932,862
</td>
<td>
13.1
</td>
</tr>
<tr>
<td width="317">
Other dwelling
</td>
<td>
66,666
</td>
<td>
0.9
</td>
<td>
76,080
</td>
<td>
1.1
</td>
</tr>
</tbody></table>
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Proportion of people living in apartments and townhouses rises: ABS 2011 census

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The federal government has removed the contentious doubling of the foreign investors’ withholding tax from its planned series of budgetary changes.
Instead the government plans to reintroduce the tax increase as a separate bill in the next few days.
The tax is charged on income paid to foreign investors who invest in managed schemes, many of which fund large infrastructure and property projects in Australia.
The raising of the current rate of 7.5% to 15% was due to kick in on July 1.
Assistant Treasurer David Bradbury still expects to see the bill passed in time for the next financial year but admits that it “continues to be a matter where there is some contention”, the Australian Financial Review reports.
But he adds that the government believes there is still a “very strong case” in support of the tax increase.
“We think it is appropriate that we implement these changes,” he says.
The raising of the tax threshold has been <a href="https://www.propertyobserver.com.au/tax/treasurys-doubling-of-withholding-tax-flawed-and-economically-harmful-property-council/2012061955192" target="_blank">slammed by the Property Council of Australia</a> (PCA), developer Lend Lease and managed funds representative body the Financial Services Council over fears it will scare off foreign investors.
Yesterday the PCA criticised the decision of a House of Representatives Economics Committee backing the doubling of the withholding tax.
“By doubling our withholding tax rate, Australia reduces its ability to compete with the lower effective rates of other countries” says Property Council chief executive Peter Verwer.
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Government to introduce withholding tax increase as separate bill

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Strong apartment sales in two of its Perth projects have caused ASX-listed developer Finbar upgrade its profit forecast for the 2012 financial year ending June 30.
The developer now anticipates a full-year profit after tax of approximately $28 million, an increase of $4 million from previous guidance.
The $28 million profit figure would be a record for Finbar and 17% above the 2011 financial year profit of $23.5 million, also a record for the company.
Finbar says the higher-than-anticipated profit figure is “largely attributable to a strong level of sales and settlement conversions” achieved at its recently completed 18 on Plain and Fairlanes apartment projects, “along with the robust leasing take-up and valuation of the recently completed Fairlanes Office project, which the company has retained for investment income purposes”.
Fairlanes is a <a href="https://www.propertyobserver.com.au/developments/finbars-east-perth-project-fairlanes-complete-and-almost-sold-out/2012042954465" target="_blank">seven-level tower project worth $160 million on Adelaide Terrace in East Perth</a>, which was completed in April.
The project features 128 apartments and 7,000 square metres of office space.
Managing director Darren Pateman tells Property Observer all but one of the apartments has now sold. Prices paid in the development have averaged $850,000.
The $20.5 million 18 on Plain project was completed in February and features 29 apartments on Plain Street in East Perth as well as commercial and office space.
Pateman says all residential units in 18 on Plain have been sold, with two commercial lots remaining.
Prices for two-bedroom units averaged around the $650,000 mark.
The profit guidance update has been made without Finbar receiving or relying on any future revenue generated from its Pelago West, a 113-apartment project in Karratha, in the mining-rich Pilbara region, due to be completed in June.
First settlements on Pelago West are anticipated in July.
Revenue from this project is anticipated to be included in results for the first half of the financial year ending June 30, 2013.
“We are delighted to report such a strong financial performance to our shareholders. This result highlights our key focus of capitalising on our competitive advantages and building upon our strong WA market position in challenging economic times,” says Pateman.
“Finbar stands to benefit substantially from improving economic conditions and the realisation of our first investment in the Pilbara early in the next financial year.”
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Finbar upgrades profit guidance following strong East Perth apartment sales

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

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

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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.

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Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

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Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

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Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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Larry Schlesinger

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