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There have been some positive developments for the struggling Bridge Road discount fashion retail strip in Richmond with recent sales and leasing deals taking place.
In addition a trend of pop-up shops on short term leases to fill up vacant space on Bridge Road is also emerging.
However, some properties have changed hands at 30% plus discounts to previous sales prices while rental discounts of up to 30% remain on offer.
Last year Property Observer reported that <a target="_blank" href="https://www.propertyobserver.com.au/retail/melbourne-shopping-strip-bridge-road-richmond-has-highest-vacancy-rate-in-five-years/2012091656593">Bridge Road's vacancy rate has risen from 2.9%  to 11.5%</a> over the past two years having had the lowest vacancy rate of 11 suburban shopping strips five years ago.
Recently, Fitzroys senior associate James Gregson sold a substantial freehold at 113-115 Bridge Road to a local investor. The price was not revealed but it was advertised with $3.2 million hopes in April.
The fully refurbished property is leased to fashion retailer Witchery on the ground floor, and also includes two first floor apartments.
It is located on a site area of 268 square metres with two street frontages including a 10.53 metre frontage to Bridge Road.
Gregson said the purchaser realised the potential and significant upside in Bridge Road.
“There aren’t really any other key Melbourne retail strip locations in which you can get a 6%-plus return, leased to a national tenant with long-term development upside,” he said.
Another site, 656-658 Bridge Road, sold at auction for $1.905 million also through Fitzroys, a yield of around 5.2%. The site sold with its ground floor vacant and the first floor subject to a short term lease.
It previously sold for $2.75 million in November 2009 - a discount of 32% on the last sales price.
Gregson notes that leasing activity on Bridge Road had picked up, with a number of recent lettings including that of international cosmetics company L’Oreal.
Fashion retailer Romulus &amp; Remus signed up at 648 Bridge Road, and the old IGA site at 29 Bridge Road was also leased.
Agent James Lockwood said that although food tenant enquiry had pushed up total interest volumes, some rents had softened, with discounts of up to 20%-30% being offered.
Gregson along with Fitzroy's director Mitchell Humphreys, has also listed the iconic Groove Train restaurant at 314-316 Bridge Road.
The property is leased to Groove Train on a long-term lease and is expected to sell for in excess of $2 million.
Bec McHenry, founder of industry collective for pop-ups, PopUnion, says the Bridge Road strip has changed significantly over the last few years.
"It is no longer the fashion 'destination' it once was, and this has meant the rents are no longer at the level they once were.
"Therefore, traders and owners alike have had to come to terms with some harsh commercial realities in the face of these changes. 
"Not everyone has embraced the concept of pop-up though, and rightly so.
"In it's current form, short term leasing is difficult for agents to manage profitably.
"There is a a lot of work involved, and the gains minimal in comparison to long term leasing commissions. The reality is, pop-ups don't just pop up out of nowhere, and there are significant barriers to entry for property owners and managers when it comes to embracing short term tenants.
"In light of this, we are working hard through PopUnion, to streamline the processes associated with pop-ups so more agents/owners can activate them in their properties, making short term profits whilst remaining open to long term leasing opportunities."
A permanent pop-up shop is now in operation on Bridge Road with rotating tenants.
"The owner has embraced the pop-up concept, and now offers his shop out to short term tenants on a monthly rotation - not because he can't get a long term lease, but because he recognises the value of and demand for pop-up. A great example of how pop-up will endure beyond times of economic uncertainty," says McHenry.
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lschlesinger-FZcF9M3vE6

Some signs of life "pop-up" on Bridge Road as Witchery premises sold and leasing deals done

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With a 32% market share, the UK remains Europe’s largest retail investment market, according to a new report by Cushman &amp; Wakefield.
Retail property sales in the UK increased 14% in the second quarter of 2013 compared with the first quarter and are up 94% over the first six months of 2013 compared to 2012.  
<img alt="UK_retail" height="275" width="470" src="/images/stories/2013/larry_uploads/UK_retail.jpg">
Cushman &amp; Wakefield notes that overall it has been the largest markets boosting the sector’s numbers, led by the UK and Germany but with France, Sweden, Norway and Denmark all seeing a good increase on the first half of 2012.
More interestingly, notes the real estate group, "some markets which had been overlooked of late have also rallied well, with interest up in the first of the year in Greece, Ireland, Italy and Portugal for example and more deals expected in the short term here and in Spain as attractive pricing draws in investors."
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UK and German remains top European locations for retail property investment

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<img src="/images/stories/2013/07/wbplogo.jpg" width="250" height="65" alt="wbplogo" style="display: block; margin-left: auto; margin-right: auto;">
Justin Thomas says there have been significant changes in the retail property space with online shopping having a negative impact on strip shopping and a positive effect on warehousing.
<img src="/images/stories/2013/07/Justin-Thomasjuly31.jpg" width="120" height="120" alt="Justin-Thomasjuly31" style="float: left;">Agent: Justin Thomas Position: Commercial property valuer Company: WBP Property Group Office location: Melbourne
How long have you been in the industry?
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I completed my Bachelor of Business in Property Degree (Valuations) in 1998-2002, commenced as an assistant valuer in 2001 and became a Certified Practicing Valuer in 2004.  I have been based in Melbourne with the exception of a period spent in the UK from 2007-2009.
What’s happening in the area you specialise in?
I am currently involved in the retail, office and industrial sector, generally for mortgage security and family law purposes. There are significant changes in the retail space with online shopping having a negative impact on strip shopping and a positive effect on warehousing. There is an increase in requests for rental valuations due to an increasing gap between landlords and tenants, particularly in retail.
Describe the most interesting property you have valued?
It would have to be my involvement in a stamp duty valuation of an Oil Refinery in the United Kingdom and also my involvement in asset valuations of National Parks in Victoria (previous employment).
What are the ingredients to being successful in your job?
Dedication, commitment, good time management, adhering to deadlines/commitments, communication and having good social skills.
What aspects of your role do you enjoy the most?
Developing client relationships and assisting and developing staff and providing them with a platform to develop their skills and expertise as well as people management.
Where would you invest a spare $750,000?
Areas identified as principal activity centres in Melbourne’s 2030 vision whereby higher density mixed use development is encouraged through local council structure plans for future development.
Which football team do you support?
Essendon
What’s your favourite app or techno gadget?
Avid music fan so probably Shazam along with Urbanspoon and Melbourne Coffee Review.
How do you use social media?
Facebook socially, Linkedin professionally
 Twitter account: <a href="https://twitter.com/WBP_PropertyGrp" target="_blank">https://twitter.com/WBP_PropertyGrp</a>
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In profile: WBP Property Group commercial valuer, Justin Thomas

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Supermarket giant Woolworths has attributed some of the success of its Masters home improvement stores over the 2013 financial year to its sponsorship of Channel Seven's House Rules reality renovation show.
Woolworths recorded a 49.3% rise in sales across its 31 Masters stores over the 2013 financial year ending June 30.
DIY sales rose from $828 million in the 2012 financial year from 15 stores to $1.239 billion from 31 stores over 2013. These include sales through Danks hardware stores acquired by Woolworths which brought in $710 million.
The retailer opened 16 new Masters stores over this time frame as part of a bulky goods DIY store battle with bitter rival Bunnings, owned by Wesfarmers, the owner of Coles.
A further 18 Masters stores are due to be opened in the 2014 financial year.
"Our major sponsorship of Seven's House Rules program in May and June 2013 in conjunction with our 'Masters Price Rules' advertising campaign - our largest advertising campaign to date - has provided national exposure to our brand and has returned positive results," says Melinda Smith, director of Masters.
A <a target="_blank" href="/news">second season of House Rule</a><a target="_blank" href="/news">s</a> is planned.
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House Rules sponsorship delivers returns for Woolworths' Masters DIY stores

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Vendors will continue to have the upper hand in the Perth residential market due not enough new houses being built to satisfy the city’s growing population.
As a result of the supply of housing not keeping up with demand property market researchers MacroPlan Dimasi forecast Perth’s residential vacancy rate to tighten further from its current 2% over the next 12 months with the pace of residential sales to increase and asking rents to increase.
The report, prepared for WA-based Otan Funds Management, notes that there were around 8,200 dwellings on the market in March 2013 as opposed to a market equilibrium position of around 12,000 listed dwellings.
“This indicates a strong sellers’ market that has not been seen since the severe dwelling shortage of mid-2006,” say report authors Stuart McKnight and Andre Marcelino.
The graph below prepared by MacroPlan Dimasi shows that average days on market have fallen from around 80 as of December 2011 to just under 60 at the same time as residential listings have fallen steadily since March last year.
<img alt="macroplan1" src="/images/stories/2013/larry_uploads/macroplan1.jpg" width="470" height="252">
Also since March last year, sales volumes have been increasing steadily with dwelling prices recovering over the past two years.
<img alt="macroplan2" src="/images/stories/2013/larry_uploads/macroplan2.jpg" width="470" height="253">
The news is not good for those renting with vacancy rates stayed at a low 2% against a market equilibrium point of 3.5%, resulting in increases in the median rents of houses and units. 
The report highlights the high population growth statistics for Western Australia, where the population expanded by 3.47% in the 12 months to December 2012 with no Australian state having achieved such a high growth rate in the past 30 years;
Over 2012, the state’s resident population grew by 83,031 people, with much of this growth in Perth, where the city’s population has reached 1.9 million residents – a decade ago there were less than 1.5 million residents.
“Most of these people migrated from overseas and an increasing number of people have moved from other areas of the country,” say MacroPlan Dimasi report authors Stuart McKnight and Andre Marcelino.
The report says that over the last decade, population growth in Western Australia had been underscored by record mining investment forecasts.
The report forecasts population growth from the mining industry in Western Australia to peak in 2015, at approximately 37,600 persons, supported by the need for a 20,000 plus construction workforce and also to replace a wave of retirements within the industry – a direct result of the ageing demographic of the Western Australian mining workforce.
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Perth housing now strongest vendors' market since 2006: MacroPlan Dimasi

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A 24% slump in dwelling approvals and a 12% fall in detached housing approvals was recorded in Victoria in June with suggestions that changes to the first home buyer grant and stamp duty concessions may have resulted in some new housing developments being pushed back to await larger handouts.
The $7,000 first-home owner grant available for both new and existing homes was scrapped on June 30 and replaced with the $10,000 first-home owner grant only available for those buying or building a new home including those bought off-the plan. Stamp duty concessions for properties valued under $600,000 increased from 30% to 40% available to new and established homes.
The graph below shows how first-home owner applications for new homes has fallen as buyers awaited the bigger incentivew with the corresponding drop in approval numbers:
<img alt="building_approvals_westpac_chart" height="325" width="470" src="/images/stories/2013/larry_uploads/building_approvals_westpac_chart.jpg">
The slump in building approvals highlights how changes to first-home buyer grants can artificially shift the dynamics of a housing market, though it should be noted that in trend terms the Victorian unit market has been declining for 11 straight months - indicating a longer pattern of correction - while approvals for private sector houses rose 0.9% in June in trend terms and have risen for five months.
Westpac senior economist Matthew Hassan notes that excluding the Victorian figures, total dwelling approvals would have risen 0.7% with detached housing approvals up 3.4%.
“Some of this may be due to state government policy changes - in particular, some projects may have been delayed to take advantage of the first home buyer bonus for those buying newly built dwellings and a 10% increase in the stamp duty concession offered to first home buyers, both of which kicked in from July 1,” says Hassan.
There were more solid rises in dwelling approvals in NSW (+6.7%) and Qld (+7%) where a $15,000 first-home buyer incentives have been in place for some time.
Apart from Victoria, the other notable weakness in the data was the 12.2% decline in unit approvals over June.
While traditionally a more volatile sector, dependent on the timing of approvals for larger inner city developments, Hassan points out that when drilling down into the data, the decline was concentrated in medium to low rise rather than high rise - suggesting the fall does is not simply due to a 'lumpy' pipeline of large projects.
HIA senior economist, Shane Garrett, notes both trends in the building industry body’s downbeat response to the June figures.
“We continue to see weakness in segments of the market like multi-units as well as in regions like Victoria and Tasmania. As long as this weakness persists, there is no prospect of a broad-based recovery occurring,” warned Shane Garrett.
Commonwealth Bank economist Michael Workman says that despite the fall in June, the monthly average for approvals since the beginning of the year is still 13,300 approves, which annualises to 160,000 approvals – the bank’s target for 2013 approvals and construction.
Workman also notes that Victorian approvals are falling from previous highs, but more broadly says the current upswing in approvals, and construction, looks set to be “relatively mild compared to previous ones which came with considerably more stimulus to FHBs than the current cycle”.
But even this mild upswing should have some wider economic benefits.
“If maintained, it will be about a 10% increase in national approvals over 2013…which would add about 0.5 percentage points directly to GDP growth through higher construction.
“The big box retailers would then gain from selling more white goods, entertainment items, furniture, hardware and gardening gear,” he says.
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Change in first-home buyer grants a factor in Victorian dwelling approvals slump: Westpac

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Regardless of whether you view housing as overvalued or not, it is unlikely there will be sustained in growth in asset values above 7% per year over the next few years, says RBA governor Glenn Stevens.
In a speech to a luncheon in Sydney today, Stevens re-affirmed there was scope for further monetary policy easing if necessary, casting doubt over the progress of the economy transitioning from mining to non-mining sectors.
"In brief, business capital spending outside the resources sector has been subdued; housing investment likewise has been on the low side.
"There is ample scope for both to rise.
"This is by no means a certainty though and while there are signs of an increase in dwelling investment getting under way, a stronger trend in non-resources business investment looks like it is a while off yet," he said in a speech called 'Economic Policy after the Booms' to the Anika Foundation Luncheon.
He also highlighted the lower value of residential property today than during the GFC and that growth in asset values was unlikely to return to what it was before the financial crisis.
“One's assessment of prospects for consumption will be driven mainly by one's assessment of the outlook for income, but will also be affected by expectations about asset values and in particular one's view on whether housing prices are overvalued,” said Stevens.
“Those who think they are will be drawn to the conclusion that a number of additional years of flat or declining real per capita asset values lie ahead, for non-financial assets at least; those who are not so worried about housing prices may expect that stronger growth, in real per capita terms, might occur.
“Either way, however, it would seem unlikely that we could bank on a resumption of sustained growth in assets, in real per person terms, of 7% per year over the next few years.
“It follows that the saving rate is unlikely, any time soon, to decline back to where it was in 2005.”
The 7% figure relates to a chart included in the presentation showing trend growth for non-financial assets (the gold line) and the dip that has occured since the onset of the GFC:
<img src="/images/stories/2013/larry_uploads/RBA_chart.gif" width="470" height="381" alt="RBA_chart"> 
Stevens also highlighted that the RBA would be monitoring the changes in the make-up of investment portfolios in light of lower interest rates and the shift to riskier assets.
“One of the things we have been watching for as we have been reducing interest rates has been an indication of savers shifting portfolios towards some of the slightly more risky asset classes, as that is one of the expected and intended effects of monetary policy easing.
“There are clearly signs of policy working in this respect, though not, to date, by so much that we see a serious impediment to further easing, were that to be appropriate from an overall macroeconomic point of view.”
<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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RBA boss Glenn Stevens dampens expectations for strong house price growth

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Building approvals for new houses and apartments fell 6.9% over June to 12,778 units on a seasonally adjusted basis according to the ABS - well below market expectations.
It follows a 1.1% fall in May, but a 9.1% rise in April.
ANZ had forecast a 4% monthly rise over June with the market tipping a more modest 2.5% gain.
"Low interest rates, strong population growth and pent-up demand are supporting a strengthening in housing activity in Australia and we expect this to continue," said ANZ ahead of the June numbers.
Approvals for private sector houses fell 1.2% over June to 7,926 dwellings, though still up 9.9% on figures from a year ago.
Approvals for private sector apartments - the more volatile of the two building sectors - fell 12.6% over June to 4,543 dwellings and down 37.4% compared with a year ago.
Despite the monthly fall, private sector house approvals are still trending up while unit approvals have flatlined:
<img src="/images/stories/2013/larry_uploads/bulding_approvals.jpg" width="470" height="181" alt="bulding_approvals">
<img alt="unit_approvals" height="204" width="470" src="/images/stories/2013/larry_uploads/unit_approvals.jpg">
Dwelling approvals increased in June in the Australian Capital Territory (2.7%), Western Australia (1.8%), New South Wales (1%), Tasmania (0.9%), South Australia (0.8%) and Queensland (0.1%) but decreased in the Northern Territory (-10.9%) and Victoria (-1.2%) in trend terms. In trend terms, approvals for private sector houses increased for the six consecutive month in June.
Of the states and territories, South Australia (2.6%), Western Australia (1.5%), New South Wales (1%) Victoria (0.9%) and Queensland (0.6%) all experienced rises in private sector house approvals.
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Building approvals disappoint with unexpected 6.9% fall in June

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Victorian planning minister Matthew Guy has approved plans for a 37-level hotel and residential development in the Digital Harbour precinct of Docklands.
The precinct takes in a block of land bounded by Dudley Street, Wurundjeri Way, LaTrobe Street and Harbour Esplanade, next to the NewQuay precinct of Docklands and the undeveloped E-Gate precinct.
The approved development at 238 Harbour Esplanade (pictured below) - on the corner of Dudley Street and Harbour Esplanade - will comprise 360 apartments, a 4.5 star 176 room hotel with a 200 seat restaurant, swimming pool, gym, conference centre and 255 car spaces.
<img alt="docklandsjuly30two" height="300" width="470" src="/images/stories/2013/07/docklandsjuly30two.jpg">
The complex has been designed by architects Moull Murray and will cost around $300 million.
Development rights for the 4.4 hectare northern precinct of Docklands were acquired by Digital Harbour (Holdings) in December 2000.
The Liberman family through its company JGL Investments is the major shareholder represented by Paul Abrahams, one of five directors representing the shareholders of Digital Harbour.
The other directors are Russell Nisbet, representing the shareholding of his family company Serene Gold, David Napier, representing the shareholding of his family company Forty First Natro: Michael Kohn representing the shareholding of his family company Mat-Tastic and Andrew Schwartz, a shareholder and one of the founders of real estate investment firm Qualitas.
Andrew Schwartz is the managing director of Digital Harbour.
A re-worked $1 billion master plan with a proposal for eight new buildings with a shift away from having a more commercial focus to a “village” feel with residential towers, shops and the now approved hotel development, was submitted in February.
An earlier master plan for the precinct approved by Matthew Guy in July 2011, indicated plans for a 34 level hotel and residential apartment tower.
Completed buildings include the Life.Lab building, at 198 Harbour Esplanade, completed in 20008, a strata titled building incorporating 60 office units, three home offices and 35 serviced apartments and three other commercial buildings.
Announcing approval of the development, the planning minister said it would add to the “high quality residential and hotel accommodation offered by Melbourne and is a huge boost for the northern end of the Docklands precinct”
“This proposal will complete the Dudley Street/Harbour Esplanade gateway of Docklands and build on the precinct’s services and public spaces in this growing neighbourhood.
“It reflects the next stage in the evolution of this waterfront precinct and reinforces its role as a place for economic investment, a tourist draw card and a great place to live.
“I have approved plans that will ensure the development meets high quality urban design standards including active street levels and an open space plaza which will link Docklands to E-Gate across Dudley Street.”
It follows yesterday’s announcement of an $18 million new park and community oval as part of stage one of a four part plans to improve community infrastructure in Docklands.
Located at the far end of Docklands Drive, close to the Bolte Beach, it will create a 3.7 kilometre running and walking track, comparable to the Royal Botanic Gardens’ ‘Tan’, which is 3.87 kilometres long.
Stage two will deliver new netball courts and barbeque facilities, stage three will see the private sector developing waterfront land parcels and stage four are plans to build a light weight, cycling and walking bridge across Victoria Harbour.
“The Coalition Government is serious about putting the community heart into Docklands, and nothing will better achieve this than the development  of open public spaces,” said Victorian premier Denis Napthine.
“The new Western Park is budgeted, planned and paid for and will commence construction within the next nine months. It will bring the western end of the Docklands precinct to life and turn unused, windswept space in to a  fantastic new sporting and community hub,” says Napthine.
Western Park will feature a football oval overlaid with two soccer pitches, a community pavilion for spectators, children’s playground and  new exercise circuit.
When finished, Docklands is expected to have attracted in excess of $17.5 billion of private investment and be home to an estimated 20,000 people with 60,000 resident workers.
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Matthew Guy approves 37-storey hotel and apartment tower at Digital Harbour in Docklands

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Macquarie's share of Aussie Home Loans' mortgage book has almost quadrupled from just 1.4% of all settled loans by value in the 2012 financial year to 6.4% in the 2013 financial year just passed.
This equates to year-on-year growth of 383% and is part of a bigger picture of Macquarie's return to mortgage lending.
Aussie Home Loans founder  and executive chairman John Symond said Macquarie's growth was a not a a unique story with many of its lenders experiencing portfolio share growth.
Homeside (a NAB product offering) settled 15.6% of our total settlements this year, up from 12.3% last year, and the Commonwealth Bank (which owns 80% of Aussie) also grew it share from 18.2% last year to a 20.5% share this year.
A spokesperson for Aussie told Property Observer Macquarie has aggressively grown share in several brokers channels including Aussie's through "competitive pricing and business development manager (BDM) support".
Apart from Aussie Home Loans, Macquarie distributes its mortgages through AFG, Vow Financial, Mortgage Choice and Mark Bouris’s Yellow Brick Road after it formed a mortgage distribution alliance with the franchise group in November last year.
Overall, Aussie recorded settlements for the 12 months to June 30 up 8% cent on last year with all states and territories recorded strong lending growth.
Aussie's West Australian business recorded a substantial 26% gain on last year’s result.
Aussie’s total portfolio stands at $47.3 billion at the end of 2013 financial year, up from $43.2 billion in June 2012.
Including the National Mortgage Broker (nMB) portfolio, which Aussie acquired a year ago, it ended the year at $56.4bn.
 
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Aussie records 383% growth in Macquarie loans sold through its brokers

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

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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.

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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.

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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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