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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

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

Sherpa Group has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at Flourish Soleira in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with Flourish Amargo, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Joel Robinson

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

[smartcode_project:default project_id=426 project_image_fid=360299]

The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

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What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

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Elevated amenity anchors daily life at Aeris, Melrose Park

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

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"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

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After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

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Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

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Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

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Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

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ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

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Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

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From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

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Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

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Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

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Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

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Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

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The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

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The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

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The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

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Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Larry Schlesinger

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