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The fate of Foster’s century-old Carlton and United Brewery building remains up in the air following the brewery’s acquisition by SABMiller for just under $11.5 billion.
The red-brick brewery complex covers more than 10 hectares of prime inner-city land on the banks of the Yarra River in Abbottsford and is just three kilometres from the Melbourne CBD.
The land is estimated to have a value of about $100 million.
Abbotsford is currently home to luxury residential developments projects including Hamton’s Haven on the River project scheduled to commence construction in late 2011 and Salta Property’s Green Square project – both on Victoria Street.<a href="https://www.propertyobserver.com.au/developments/trenerry-abbotsford-development-brings-residential-to-the-riverfront/2011091451544" target="_blank"> The Trenerry development</a>, on the banks of the Yarra, is slated to be complete in mid-2013.
A report carried out by investment bank Merrill Lynch in June last year found that Fosters could save between $150 million and $200 million a year on 55 million cases of beer produced at Abbotsford by relocating to a new brewery.
The savings would come from reduced electricity, water, labour, packaging and freight costs on each case of beer produced at the century-old brewery.
The CUB building has been home to Carlton &amp; United Breweries since 1904, when the beer-maker relocated from Swanston Street. The building is not heritage listed.
Graham Mackay, chief executive of SABMiller, says a decision on the building has not yet been made.
“To be quite blunt, if you're going to knock down Abbotsford brewery then you've got to build a new one,” he says.
Fosters has already sold off some parts of the brewery complex.
In 2007, Fosters completed a sale and leaseback agreement of 10 properties adjacent to the Abbotsford brewery site for $41 million to a joint venture comprising DPF, a managed fund of Charter Hall and the Perth-based Wyllie Group.
The sale included buildings used predominantly for offices, visitors and display centre together with open car parks used to accommodate staff working at the brewery.
The initial lease agreement was for 10 years with subsequent five- and seven-year options.
Charter Hall sold its 50% stake to the Wylie Group in 2009 for $18.3 million.
CUB’s former Swanston Street location in Carlton is currently the site of <a href="https://www.propertyobserver.com.au/commercial/it-s-becoming-easier-to-be-green-as-more-embrace-sustainable-commercial-design/2011072150878" target="_blank">Grocon’s $6 million “Pixel” building</a>, Australia’s first carbon-neutral office block.
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lschlesinger-FZcF9M3vE6

Buyer has no draft plan yet for Carlton and United Brewery site

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Owner-occupier demand for new housing is picking up while investor demand has shrunk, according to NAB’s September quarter survey of residential property. 
The increased participation from owner-occupiers comes as house prices fell 2.4% over the quarter, while gross rents rose just 0.7%. 
Demand from owner-occupiers increased by 6% over the September quarter to account for 52% of total demand while investor demand dropped to just 24%, after falling to 28% in the June quarter and 34% in March.
<img src="/images/stories/nabept281.gif">
According to NAB, the drop in investor demand is consistent with “recent data showing a slowdown in housing lending for investment purposes”. 
The drop in demand for new housing from investors is in line with declining expectations, with survey particpants (estate agents, owners, investors, etc) now expecting investors to account for about 25% of the market over the next 12 months, with owner-occupier demand expected to be up around the 50% mark. 
The shares of first home buyers and overseas buyers in the market were broadly unchanged at 17% and 6% respectively over the September quarter is expected to remain broadly unchanged over the next 12 months.
<img src="/images/stories/nabsept282.gif">
Overall, the NAB Residential Property Index – a measure of house price and rental expectations - fell to 14 points in September following a five-point drop in June. 
However, the index conceals considerable variation among the states, with conditions identified as being much weaker in Queensland, Victoria and SA/NT. 
NSW and WA bucked the national trend and managed to produce small index gains. 
Looking ahead, expectations have weakened relative to the last survey with the national index expected to be softer on the back of weaker house price expectations in Victoria and a more subdued outlook for rents in all states, bar NSW.
Survey respondents identified tight credit conditions as their most “significant” concern in the September quarter - a result that was consistent among all the states - but seen as being a “very significant” constraint in SA/NT and WA. 
Housing affordability replaced rising interest rates as the next biggest constraint on new property developments in September, with these concerns also assessed as  “significant” and slightly more so than in June. 
Housing affordability concerns were most prevalent in Victoria, which is consistent with HIA data showing that Melbourne was the least affordable place in the country to purchase a home during the June quarter.
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Owner-occupier demand rises while house prices drop 2.4%: NAB

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Borrowers might consider holding off taking out fixed-rate mortgages as further cuts may be in the pipeline, according to Channel 9 finance expert Ross Greenwood.
Speaking during his regular Today Show segment, he said fixed-rate mortgages could get even cheaper.
According to Greenwood there is probably a window of opportunity between now and the end of the year to lock in at cheaper fixed rates and it may not be today.
He says banks have access to cheaper funding and are able to pass this on to borrowers.
Mortgage broker The Loan Market Group says enquiries for fixed-rate loans have increased to 30% of all enquiries from virtually “non-existent” levels at the start of the year.
Loan Market chief operating officer Dean Rushton tells Property Observer it is seeing “lenders acting quite aggressively with fixed rates”.
“It’s basically routine now to see a new weekly leader in fixed rate pricing. It will likely remain a competitive product for the next several months as the banks seem to be determined to battle it out in this space,” Rushton says.
“With the prospect of a rate rise still a few months away we’ll continue to see the major banks competing for fixed rate products.”
Yesterday <a target="_blank" title="Westpac cuts mortgage rates" href="/news">Westpac cut its one- and three-year fixed-rate mortgages</a>, a day after the<a target="_blank" title="Greater Building " href="/news"> Greater Building Society cut its fixed rates</a> under those of some of the major banks.
Westpac is offering a three-year fixed-rate mortgage rate of 6.44% while the Greater is offering a rate of 6.35%.
Currently the cheapest three-year fixed- and variable-rate mortgages as listed by mortgage comparison website RateCity.com.au are:
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td valign="top" colspan="2" width="295">
Three-year fixed rate
</td>
<td valign="top" colspan="2" width="321">
Variable
</td>
</tr>
<tr>
<td valign="top" width="147">
AMP
</td>
<td valign="top" width="147">
6.29%
</td>
<td valign="top" width="158">
Illawarra Home Loans
</td>
<td valign="top" width="164">
6.68%
</td>
</tr>
<tr>
<td valign="top" width="147">
ME Bank
</td>
<td valign="top" width="147">
6.35%
</td>
<td valign="top" width="158">
Loans.com.au
</td>
<td valign="top" width="164">
6.69%
</td>
</tr>
<tr>
<td valign="top" width="147">
ECU Australia
</td>
<td valign="top" width="147">
6.35%
</td>
<td valign="top" width="158">
Newcastle Permanent
</td>
<td valign="top" width="164">
6.74%
</td>
</tr>
</tbody></table>
Source RateCity.com.au
Mortgage broker Mortgage Choice says there has been a significant increase in the percentage borrowers taking out fixed-rate mortgages, with the proportion rising from 3.67% in September 2010 to just over 14% in August.
Spokeswoman Kristy Sheppard says every interest rate reduction brought out by a major bank puts pressure on the other lenders to re-examine their rates.
“I hope rates continue falling to historic lows, for borrowers' sakes. We'll simply have to wait and see if this happens,” she says.
Fixed-rate loans as a % of our new loan approvals
<img src="/images/stories/mcsept28.gif">
Source: Mortgage Choice
According to mortgage comparison website RateCity.com.au, about 70% of lenders have cut their fixed rates recently.</body></html>

Fixed-rage mortgages could get even cheaper: Ross Greenwood

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A leading housing academic has taken a swipe at Australian property investors and warns that drastic tax changes are needed to prevent the “landed gentry” from making housing affordability even worse.
Ian Winter, executive director at Australian Housing and Urban Research Institute, says the upcoming Canberra Tax Forum should consider measures to limit negative gearing and replace the stamp duty tax system.
He says the “fair go” of the Australian housing market has disappeared.
“Property has become a speculators’ picnic, with homes treated more like share portfolios than as a basic human need,” he says writing for academic commentary website <a href="https://theconversation.edu.au/" target="_blank">The Conversation</a>. 
Winter warns the current imbalance in the housing market calling Australia “a nation of landlords and renters rather than a nation of home owners”.
“With 22% of Australians owning 55% of the homes across our capital cities, the landed gentry are on the rise,” he says.
According to Winter reforming the tax regime as it applies to housing has the potential to improve the lives of many Australians.
“If we get the settings right we can do some good,” he says.
Measures that could work have already been identified in the Henry Tax Review.
These include limiting negative gearing provisions and replacing state-levied stamp duties with a broad-based land tax.
“Limiting negative gearing provisions for residential landlords would likely see an increase in the supply of private rental accommodation from equity investors, such as superannuation funds,” he says.
“Henry’s proposal to replace stamp duty with a broad-based land tax levied on an individual rather than aggregate basis could also see prices drop by up to 10%.”
But he warns that getting the tax changes wrong could make things with the “current generations of wealthy property owners will be responsible for leaving behind a housing system far worse than the one they inherited”.
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Housing academic says 'landed gentry' destroying 'fair go'

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Australian citizens who own property in Greece could be forced to pay up to $2,000 a year in taxes, following the passing of a new, hugely unpopular property tax measure.
The new tax law, narrowly passed by the Greek Parliament (154 votes to 143) yesterday, requires that anyone who owns property in Greece will be forced to pay an annual tax levy of €1,000 to €1,500 a year.
The tax, set to begin in 2014, will be included in power bills, and failure to pay will result in the electricity being cut off.
Those who are unemployed will not have to pay the tax as long as they earn less than €12,000 a year ($16,500) and their home is not worth more than €150,000 ($205,000).
About 70% of Greeks own their own homes and have over €400 billion ($553 billion) invested in property, greater than the country’s sovereign debt of €350 billion ($480 billion).
Australia has one of highest population of Greek immigrants – the 2006 Census records 109,980 Greece-born migrants, and 365,145 people of Greek ancestry.
The measure is part of the Greek government’s efforts to reduce its debt burden and help convince the International Monetary Fund and European Union that it should receive an €8 billion loan needed to pay salaries and stave off bankruptcy.
The measure is hugely unpopular with reports that thousands of people are protesting in Athens, including Ministry of Finance employees outside their own offices.
Greece will receive a further $11 billion in bail-out money next month, without which it would entirely run out of money.
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Owners of Greek property hit with new tax from 2014

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Strong housing demand in South Australia is expected to wane due to a likely slowdown in jobs growth, according to Westpac’s September Coast-to-Coast report. 
“While the fundamentals for South Australia housing demand and consumption are somewhat supportive, partial data indicates momentum is waning,” the report says.
“Specifically, although the SA unemployment rate has, as yet, not followed the national series higher, employment growth has slowed markedly through mid-2011.” 
Furthermore, the report notes that the state’s population growth moderated through 2010 to about 1% annually, below the1.5% national growth. 
While the report forecasts demand for housing to drop, it notes that dwelling investment was one of the “hotspots of the second quarter in South Australia, rising by 13% on the back of double-digit gains for new housing and alterations and additions”.
<img src="/images/stories/westpacsept28.gif"> 
 Source: Westpac
Over the year, housing investment is up 12% in South Australia, compared with a broadly flat outcome for the nation as a whole. 
“The strength of housing demand is quite a contrast to the recent growth in SA household consumption which was weak in the second quarter ( down 0.4%) and is little changed over the year – compared to 3.2% annual growth for the nation as a whole,” the report says. 
Of particurlar concern for Westpac going forward is a lack of major infrastructure projects planned for the state. 
“While the immediate outlook for investment activity is positive, the absence of material planned (or even mooted) projects is a serious concern. 
“Yes it is true that the Olympic Dam expansion may happen (at some point), but other than that there is little else on the horizon – that certainly gives cause for concern.”
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Strong housing demand in South Australia won't last: Westpac

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Westpac is the latest lender to cut its fixed mortgage rates.
The bank has cut the three-year fixed rate on its Premier Advantage Package by 15 basis points to 6.44% per annum.
In addition, Westpac has also cut one and two-year fixed-rate loans by 20 basis points to 6.49% for customers taking out the Premier Advantage Package.
The new rates apply for loans of at least $150,000.
As part of its spring promotion, Westpac is also offering a 0.8% per annum off the variable rate on a new variable rate home loan of at least $500,000 for customers that qualify for the Premier Advantage Package.
Yesterday, the <a target="_blank" href="/news">Greater Building Society cut its one-year fixed-rate mortgage</a> to 5.94% and also reduced its three-year fixed home loan rate to 6.35% per annum.
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Westpac cuts fixed mortgage rates

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A 2.6-hectare block of land in Port Douglas that was due to be developed by the late Gold Coast property developer Brian Ray has been listed for sale.
The land, which is approved for the construction of 23 strata-titled villas or homes, was to form the third and final stage of Ray’s upmarket Niramaya Resort (formerly called Bale resort).
It includes a central lake, utilities, landscaping and roads and is being marketed by Port Douglas agent Tony McGrath from Tony McGrath Real Estate.
The marketing material notes its listing was to finalise Bale Resorts Ltd holdings in Port Douglas.
Niramaya Resort  was developed by MFS Bale, a joint venture partnership of Brian Ray’s Ray Group and Queensland property and financial services business MFS (later re-named Octaviar).
MFS collapsed in January 2008 owing creditors $2.8 billion.
Brian Ray and his wife, Kathy, died when their plane crashed during a snow storm about five kilometres from the Mount Hotham airport in July 2005.
At the time of his death he was worth a reported $130 million and counted Kerry Packer, Gerry Harvey and John Singleton among his friends.
His most well-known development was the $1 billion Salt Village resort on the north coast of NSW developed in partnership with Octaviar.
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Final piece of the late Brian Ray's Port Douglas dream for sale

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A combination of falling vacancy rates as well as positive rental growth will attract investor capital into North Sydney offices for the remainder of 2011 and 2012, according to a new report by CBRE. 
The commercial district, separated from the Sydney CBD by the Harbour Bridge, attracted four major transactions totaling $275.3 million from investors in the year until September 2011. 
CBRE senior director Simon Fenn says the deals demonstrated improved market sentiment and equated to the highest level of sales volume for the north shore market since the 12 months to December 2008. 
Major transactions have included US-based Pramerica’s acquisition of a 50% share in The Ark for $113.5 million and the Australian Catholic University acquiring NCR House for $57.3 million.
 
Fenn says both investor and owner-occupier interest for north shore commercial assets has increased. 
Further evidence of improving market sentiment is the number of commercial assets coming to market in the second half of 2011, most notably Northpoint at 100 Miller Street, North Sydney, which is being formally marketed for sale for the first time.” 
Alongside increasing investor appetite for North Sydney offices, leasing activity has also picked up. 
CBRE senior director Tom Bartlett said the rekindling of the leasing market coupled with a current lack of new supply would ensure that the North Sydney office market dipped below 9.0% vacancy by the end of this year. 
“With vacancy in the CBD forecast to continue contracting, North Sydney is once again set to benefit from the overflow of tenants given the market’s comparable location,” he says. 
“Tenant demand has strengthened significantly in 2011 with a number of major lease deals evidencing the market recovery.” 
Among the larger North Sydney deals of the year, Gallaher Bassett re-committed to 3,920 square metres at 201 Miller Street, Seek Limited have taken over 2,721 square metres at 80 Pacific Highway and Tenex have moved into the top two floors of The Ark comprising 2,260 square metres. 
In addition, Cardno has relocated its NSW headquarters from Gordon to The Forum at 203 Pacific Highway, St Leonards, taking up the top four floors. 
 
Total vacancy across the north shore continued to trend downwards in 2011, with North Sydney and neighbouring Crows Nest/St Leonards recording vacancy rates of 9.2% and 12.5% respectively as at July 2011. 
CBRE forecasts indicated the total vacancy on the north shore will average 8.6% between 2011 and 2015. 
According CBRE research analyst Alex Bedrossian there are a number of potential developments in the pipeline which would reinforce the north shore’s position as the main commercial alternative to the CBD. 
There were currently three major development sites in North Sydney that could potentially deliver over 100,000 square metres of new office space over the next five years. 
“While development activity in Chatswood is expected to remain limited as a result of higher vacancy rates, a 31,000 square metres development in Crows Nest / St Leonards is also set for completion by 2015,” Bedrossian says.
Picture courtsey of Tourism New South Wales
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Investors returning to North Sydney offices: CBRE

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If the Commonwealth Bank thought no one would notice it raising interest rates on Melbourne Cup Day last year, a new survey has given it a harsh reality check.
Almost a year on borrowers continue to vent their anger, rating the bank the worst home loan provider out of over 200 providers, following a survey of 23,000 Australians by finance comparison and reviews site Mozo.
The decision to push up rates by 0.45% (almost double the official RBA increase of 0.25%) as the nation stopped to watch the famous rate was described at the time by federal Treasurer Wayne Swan as “cynical”.
Commonwealth Bank customers surveyed by Mozo gave the bank a dismal home loans rating of 5.9 out of 10, down from 6.7 in 2010.
The major banks topped the list of worst home loan provider with CBA followed Westpac (6.2/10) and NAB (6.4/10).
The CBA’s overall satisfaction rating fell to 6.8 below that of bitter rival NAB, which improved from 6.9 to 7.1, the best of the major banks.
The Mozo survey is likely to prickle the nose of incoming CBA chief executive Ian Narev, who takes over the reins from Ralph Norris on December 1.
Last year Norris lost $7 million in pay after the CBA dropped to the bottom of the benchmark Roy Morgan customer satisfaction ratings.  
The Greater Building Society, <a target="_blank" href="/news">which yesterday cut its fixed mortgage rates</a>, and ME Bank were voted best home loan provider and runner-up respectively, with the two providers trading places on last year’s inaugural standings.
Customers praised both institutions for choosing not to raise home loan rates above last November’s official cash rate increase, awarding home loan ratings of 9.4 and 8.8 out of 10 respectively.
ING Direct was voted Australia’s Best Bank for the second year running for its consistently competitive online savings, everyday banking and mortgage products. Australia’s favourite bank also picked up Best Bank Accounts and Most Trusted Bank awards.
Australia’s mutual societies increased their average overall satisfaction rating from 8.1 in 2010 to 8.2 in 2011 against a backdrop of declining satisfaction in banking providers overall. Customers rated mutual societies better than the banks on the key measures of service, trust, price and features, and equal to the Big 4 for convenience.
Rohan Gamble, managing director of mozo.com.au, says customer satisfaction is driven by actions not marketing.
“The NAB’s axing of penalty fees, ING Direct’s consistently competitive interest rates and the Greater’s commitment to people before profits have made them the big winners in customer satisfaction.”
 
Australia’s Best Banking Providers                        Australia’s Worst Banking Providers
1. Greater Building Society                  9.2                      1. GE Money                   4.3
2. Victoria Teachers Credit Union    9.1                      2. Citibank                       4.4
3. ING Direct                                              8.9                      3. Homeside                    4.8
4. Police Credit                                          8.7                     4. American Express      5.6
5. QANTAS Staff Credit Union            8.6                      5. Aussie                          6.2
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CBA customers still smarting over Melbourne Cup rate rise

Sydney developer&nbsp;<a href="https://www.apartments.com.au/developers/central-element">Central Element</a>&nbsp;is doubling down in Drummoyne, lodging plans for a boutique apartment development on St Georges Crescent, only one-kilometre down the road from its first Drummoyne development, Bianca.

The new project at 15A-21 St Georges Crescent,&nbsp;a&nbsp;1,701sqm north-facing site overlooking Iron Cove, will have 45 apartmnts across 10 levels. Eight of the units will be dedicated to affordable housing.

The site sits within walking distance of Drummoyne Village, Birkenhead Point, ferry services and the Bay Run, and offers harbour views towards the Sydney Harbour Bridge and CBD skyline.

Designed by MHN Design Union, the development will deliver a mix of one, two and three-bedroom apartments, alongside resident amenity including a gym, landscaped communal open space and three levels of basement parking.

The project has been lodged under the NSW Government's Low and Mid-Rise Housing reforms, with Drummoyne Village identified as a town centre capable of accommodating additional housing supply.

Central Element acquired the site earlier this year as part of its continued expansion across Sydney's eastern suburbs, lower north shore and inner west.

The developer's current pipeline includes luxury apartment projects Pearl Bondi and a separate development on Lamrock Avenue in Bondi, a residential project in Barry Street, Neutral Bay, and a mixed-use seniors living community in Greenwich.

Central Element Managing Director Nathan Chivas said the project would address a shortage of new owner-occupier housing opportunities in Drummoyne.

"While we're seeing a significant shift across Canada Bay as major infrastructure investment, population growth and planning reform drive a new chapter for the region, in suburbs like Drummoyne there remains a genuine shortage of new boutique luxury housing opportunities for owner occupiers," Chivas said.

"Sites of this nature are increasingly difficult to secure, particularly those that combine a north-facing aspect with direct water outlook. Our St Georges Crescent project responds directly to the market demand, offering a level of exclusivity, outlook and lifestyle in the highly sought after suburb."

The development application has been lodged with the City of Canada Bay Council, with the project expected to launch to market in early 2027.

&nbsp;

Joel Robinson

Central Element seeks second Drummoyne apartment development

The NSW Government has unveiled plans that could deliver around 1,300 new homes across Nowra and Kiama, continuing its push to unlock housing in well-located regional centres along the South Coast.

The proposals, now on public exhibition, would pave the way for around 830 homes in Nowra and a further 450 homes in Kiama, while also introducing affordable housing requirements and increased building heights in key locations.

The larger of the two proposals is centred on Nowra, where the NSW Government is seeking to rezone land within the Mandalay and Riverfront precincts.

The Mandalay sub-precinct, located close to Shoalhaven Memorial Hospital, Nowra Library and the city's aquatic centre, could accommodate around 530 new homes. Around 30 per cent of housing delivered on Homes NSW-owned land would be dedicated to social and affordable housing, equating to roughly 100 homes. Building heights would increase from the current two-storey limit to between three and six storeys.

A separate rezoning proposal for the Nowra Riverfront Precinct would unlock a further 377 homes while creating stronger connections between the Shoalhaven River and the CBD. The plans include building heights ranging from five to 12 storeys, floor space ratios of up to 2:1 and a requirement for two per cent affordable housing.

Together, the two proposals would deliver more than 900 homes across the broader Nowra area, reinforcing the city's role as one of regional NSW's key growth centres.

The housing push builds on previous infrastructure commitments in the Shoalhaven, including government funding aimed at supporting thousands of future homes in West Nowra through upgrades to water and wastewater infrastructure.

Further north, the NSW Government is also progressing plans for the former Kiama Depot site, a two-hectare parcel near Kiama's town centre.

The rezoning proposal would transform the former industrial site into a residential community capable of delivering up to 450 homes. Buildings would range between six and eight storeys, with at least 10 per cent of homes allocated as affordable housing. The proposal also includes approximately 600 parking spaces and improved walking and cycling connections.

Planning Minister Paul Scully said the proposals are designed to increase housing supply in locations close to jobs, transport and services.

"For too long, families have struggled to find somewhere to live, and activating underutilised sites allows us to deliver the new homes these families need," Scully said.

"The Minns Labor Government is getting on with the job of unlocking well-located sites close to transport, jobs, and town centres and building the homes our communities need.

"These rezonings are about removing barriers to housing delivery and making sure land is put to better use so more people can find a place to call home within the communities they choose."

The latest rezonings form part of the Minns Government's broader strategy to accelerate housing delivery across NSW, particularly in established centres where existing infrastructure can support additional population growth.

Community consultation on the proposals is now underway, with feedback set to inform the final planning controls before the rezonings are determined.

Around 1,300 new homes earmarked for Nowra and Kiama as NSW Government pushes housing supply

<a href="https://www.apartments.com.au/developers/mrcb">MRCB International</a> has commenced construction on its latest Gold Coast apartment development, Maris, on the site of the former Sundale Motel in Southport.

The start of construction by <a href="https://www.apartments.com.au/builders/binah-constructions">Binah</a> follows an exceptionally strong sales campaign, with more than 90 per cent of apartments sold since launch. Every purchaser has been local, an&nbsp;indicator of confidence in both the development and Southport's evolution into a thriving CBD.

<a href="https://www.apartments.com.au/new-apartments/maris-southport-20-queen-street-southport-qld-4215">Maris</a> will deliver 192 residences across 20 levels. The project forms part of MRCB's Australian and New Zealand development pipeline now exceeding $1.6 billion in gross development value, alongside a growing portfolio of projects globally.

[smartcode_project:default project_id=134403 project_image_fid=350663]

The company also commenced construction on its $600 million 26 Vista residences in Surfers Paradise last year, following strong sales momentum, with over 70 per cent of residences sold.

Maris has been designed to meet evolving buyer demand, offering architecturally designed layouts suited to long-term liveability. The approach reflects a growing preference for quality and adaptability among Gold Coast buyers.

Positioned next to the Broadwater in the <a href="https://www.apartments.com.au/developments/southport-qld-4215">Southport</a> CBD, Maris sits directly opposite the Broadwater Parklands light rail station and within easy reach of retail, dining and lifestyle precincts, placing residents at the centre of one of the Gold Coast's most connected and rapidly maturing urban centres.

[smartcode_project:default project_id=134403 project_image_fid=372756]

Maris will offer a full suite of resort-style residential amenities, including a pool, gym and sauna, along with a rooftop level featuring decks, lounges and dining and yoga areas that command sweeping views across the Broadwater and out to the ocean.

Binah, a New South Wales headquartered company co-founded by Amen Zoabi and Khalil Hafza in 2008, has expressed its excitement at establishing its first partnership with MRCB.

Binah's Managing Director Khalil Hafza said partnering with MRCB on Maris is a significant moment for Binah.

"MRCB's financial strength and a track record that speaks for itself give this project a solid foundation, and this marks the beginning of what will be a long and successful relationship.

"With the right people, systems and partnerships behind it, Maris is set to become a significant addition to the Gold Coast's premium residential market."

[smartcode_project:default project_id=134403 project_image_fid=350664]

MRCB International CEO Ravi Krishnan said the project's progression to construction reflects both sustained demand and tightening conditions across the apartment sector, as well as MRCB's continued confidence in the Gold Coast market.

"Commencing construction at Maris is a significant step and reflects the depth of demand for quality apartments in well-connected urban locations," said Krishnan.

"Across Southeast Queensland, new apartment supply remains constrained, particularly in established precincts with infrastructure and amenity already in place. Projects like Maris are increasingly critical in meeting that demand, especially on the Gold Coast and in the city's CBD precinct."

[smartcode_project:default project_id=134403 project_image_fid=372761]

Krishnan said Southport's ongoing transformation, supported by infrastructure investment and long-term planning, was underpinning renewed buyer confidence.

"We're seeing a clear shift back towards well-located urban centres where infrastructure, connectivity and amenity are already established," said Mr Krishnan. "Southport is evolving into a more mature CBD environment, and that is being reflected in buyer behaviour."

Construction at Maris is anticipated to be completed in 2029.

[smartcode_project_cta:default project_id=134403]

Construction commences on MRCB’s $200m Maris Residences in Southport

Moonee Valley Park’s latest residential release <a href="https://www.apartments.com.au/new-apartments/the-eveline-at-moonee-valley-park-moonee-ponds-100-thomas-street-moonee-ponds-vic-3039">The Eveline</a>, has achieved a new benchmark for off-the-plan apartment sales in the suburb, with the sale of The Alexandra penthouse selling for $5,435,000.

Positioned on the top floor of a 16-level residential building, the three-bedroom, three and-a-half-bathroom penthouse features uninterrupted city skyline views across the future Valley racetrack.&nbsp;

The landmark sale comes as momentum at the precinct continues to build, with the Moonee Valley Racing Club progressing works on its new racetrack ahead of the 2027 Cox Plate. The transformative development will see MVRC reimagine the beloved Valley as a vibrant year-round entertainment and lifestyle destination.

Alongside a world-class racing experience, the historic precinct will be activated with events, hospitality and public green spaces designed to attract broader audiences, while breathing new life into one of Melbourne’s most iconic destinations.&nbsp;

[smartcode_project:default project_id=142519 project_image_fid=372786]

Development partners <a href="https://www.apartments.com.au/developers/hamton">Hamton Property Group</a> and Hostplus have delivered five residential stages over the past four years, the most recent in November 2025 with Trackside House and Stonepine House. The flourishing community is now home to almost 500 families.&nbsp;

The latest residential release, The Eveline, has recorded strong demand since launching publicly last July, securing more than $200 million in sales to date, satisfying its pre sales hurdle for construction to commence.&nbsp;

Hamton Founder and Executive Chairman, Paul Hameister OAM said, the sales&nbsp;team have been overwhelmed by demand for these unique homes in this unique project.

"Buyers continue to be predominantly hyperlocal and attracted by the 40 hectare botanic masterplan in Melbourne’s inner north west," Hameister said.

[smartcode_project:default project_id=142519 project_image_fid=372788]

Hamton’s Sales and Marketing Director Fergus Humphries said the team has achieved more than 70 sales over the past eight weeks, including the penthouse purchase by a local buyer.

"These results reinforce that, even in a challenging market, purchasers continue to be drawn to quality projects that offer more than just a home, they offer a lifestyle.”

Designed by Cera Stribley, the penthouse has been created with entertaining in mind, spanning close to 400 sqm of indoor and outdoor living space, including multiple terraces designed to capture sweeping views across Melbourne’s skyline, the new Valley racecourse and sunset views over Moonee Ponds.

Moonee Valley Park is one of Melbourne’s largest urban renewal projects, transforming the iconic racecourse site into a vibrant mixed-use neighbourhood integrating homes, parklands, retail, racing and community amenities.

[smartcode_project_cta:default project_id=142519]

Moonee Valley Park penthouse sets suburb record as sales surge clears construction benchmark

A company linked to one of Australia's largest privately owned cattle businesses has lodged plans for a new residential tower in <a href="https://www.apartments.com.au/developments/newstead-qld-4006">Newstead</a>, continuing the rapid transformation of one of Brisbane's most sought-after, inner-city precincts.

Bottletree Holdings, an entity associated with Stanbroke Managing Director Brendan Menegazzo, has submitted a development application for a 28-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/9-longland-street-newstead-qld-4006">9 Longland Street</a>, a site that made headlines last year when it changed hands in an off-market transaction that reportedly set a benchmark land rate for the suburb.

The proposal would replace an existing two-storey commercial building on the 1,510 sqm corner site with a Bureau Proberts-designed tower comprising 76 apartments, ground-floor retail, office space and a suite of resident wellness amenities.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="c710a836-568e-4382-bc91-3c34b8e80a8b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.41.45%E2%80%AFAM.png?VersionId=Vy.mQWBc7GA_a.vIBdxKqRC9XGjWalo2" />

According to planning documents lodged with Brisbane City Council, the development would comprise a mix of 36 two-bedroom apartments, 24 three-bedroom apartments and 16 four-bedroom residences, positioning the project firmly at the premium end of the market. The apartments would sit above a podium containing retail and commercial space, with three levels of communal recreation facilities spread throughout the tower. The proposal also includes 198 car spaces and 95 bicycle spaces.

Bureau Proberts has drawn heavily on Newstead's industrial heritage in developing the architectural response.

"Occupying a prominent corner in the heart of Newstead, the proposal draws from the area's industrial lineage of robust brick warehouses to deliver a distinctly contemporary response," the architects said in the design statement.

"It is conceived as a subtropical sanctuary and elevated private retreat embedded within one of Brisbane's most vibrant lifestyle precincts."

The design seeks to reinterpret the traditional Queensland vernacular through wraparound verandahs, deep shading elements and permeable facades that respond to Brisbane's subtropical climate.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="25524f59-395c-4825-8fad-9b639822fa8a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.09%E2%80%AFAM.png?VersionId=dlWlbpCc_g3Y6yTLGqRVKvGJvO2ubMJ3" />

Planning documents describe the building as embodying the principles of "buildings that breathe", a design approach increasingly favoured in Brisbane's apartment market as developers focus on natural ventilation and outdoor living spaces.

The tower itself would rise above a heavily landscaped podium designed to reference the woolstore architecture that helped define Newstead and neighbouring Teneriffe for generations. At ground level, fine-grain retail tenancies would activate Longland Street, Wyandra Street and the existing Wyatt Street laneway, further extending the pedestrian network that has become a hallmark of the Gasworks precinct.

The application notes that more than 54 per cent of the site would be dedicated to landscaping and deep planting, while approximately 1,750 sqm of communal recreation space would be delivered across multiple levels.

<img alt="Planning" data-entity-type="file" data-entity-uuid="fed3b189-1054-4b68-af5f-b0befc4a66e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.19%E2%80%AFAM.png?VersionId=gqeE3cjsbnLAfeTUKA1HtPZfqDs6S4Xa" />

Bottletree paid $22 million for the 1,510 sqm development site, equating to more than $14,500 per sqm, a reflection of the strong demand for development opportunities in Newstead. The suburb continues to attract both developers and buyers, underpinned by the ongoing evolution of the Gasworks and Teneriffe precincts into some of Brisbane's most sought-after lifestyle destinations.

Brisbane City Council's Sustainable Growth Strategy and Inner City Strategy both identify Newstead as a priority growth precinct capable of accommodating additional housing density due to its proximity to employment hubs, public transport and lifestyle infrastructure.

The proposed tower joins a growing pipeline of high-end apartment developments in the suburb. Fortis recently launched <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a>, a 65-apartment owner-occupier-focused development on Kyabra Street, while Consolidated Properties Group is preparing to launch <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a 227-apartment waterfront project on Skyring Terrace.

Meanwhile, builder-developer BPG is planning its own Newstead project on Maud Street, comprising just over 100 apartments and more than 1,380 sqm of dedicated wellness and resident amenity spaces, further highlighting the shift towards lifestyle-driven apartment developments in Brisbane's inner-city market.

Larry Schlesinger

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