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The Melbourne office market looks set to continue to strengthen over the next three years, with more than 70% of the 260,000 square metres of new CBD office space scheduled to be completed during the next two and a half years already pre-leased.
This strong forecast follows a six-month period from January to June 2011 when <a target="_blank" title="Melbourne office market" href="https://www.propertyobserver.com.au/victoria/melbourne-leads-commercial-boom-as-foreign-investors-step-in/2011081051102">the Melbourne office market demonstrated the highest level of net absorption nationally</a>, according to Colliers latest Melbourne office research and forecast report.
The market recorded net absorption of 55,000 square metres, 22% higher than the long-term average of 45,000 square meters.
Colliers forecasts the Melbourne office vacancy rate to increase from 5% to 5.5% by July 2012 when new supply starts coming onto the market. It is then expected to decline to 3.9% by July 2014.
Strong tenant demand and limited contiguous options fuelled rental growth over the 10 months to July 2011, with a 9% growth in net effective rents for prime assets and 13% growth for secondary assets.
In the six months to July 2011, growth moderated, with premium net effective rents increasing by 2.5%, A-grade net effective rents remaining stable and B-grade net effective rents increasing by 1.9%.
Demand for office space from finance and insurance Services drove demand during the first half of 2011, with total white collar employment growth in the Melbourne CBD up 1.9% above the long-running average of 1.8%.
Over the second half of the year demand for office space from the real estate services sector, manufacturing and utilities is expected to be strong, with these sectors all forecast to grow by between 4% and above according research by Deloitte Access economics.
No new office supply is expected to be delivered in 2011.
In 2012 an additional 131,000 square metres in office space is expected to be delivered, with 70% already pre-committed. This includes:
<ul>
<li>The refurbishment of 555 Bourke Street adding 20,172 sqm with 6,000 square metres pre-committed so far by law firm Holding Redlich 
</li>
<li>The completion of 357 Collins Street will inject 30,364 sqm into the CBD with the CBA leasing 8,431 square metres and Service Stream leasing 7,500 square metres. 
</li>
<li>The ATO is expected to relocate to 735 Collins Street in 2012. This building is almost fully pre-committed, with only 2,850 square metres vacant. 
</li>
<li>The Goods Shed South at 731 Bourke Street in Docklands will also be completed in 2012, with Pearson Publishing pre-committed to it, leaving only 1,800 square metres vacant 
</li>
<li>The final two buildings to be completed in 2012 are 990 La Trobe Street, with full occupancy by Melbourne Water, and 850 Collins Street with 62% pre-committed by Aurecon. </li>
</ul>
Looking ahead to 2013, three buildings totalling 132,000 square metres are likely to be completed, with the majority (78%) pre-committed, leaving prospective tenants with limited options for new, quality office space. 
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lschlesinger-FZcF9M3vE6

Melbourne office market to remain strong until 2014: Colliers

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The spring selling season has been given a boost, with official ABS figures showing a 1.4% increase in the total value of owner-occupied housing commitments (excluding alterations and additions) on a seasonally adjusted basis for July.
This is the fourth straight month that demand for owner-occupier mortgages has risen, with the value of mortgages reaching $14.37 billion in July compared with $14.17 billion in June and $14.15 billion in May.
The banking sector accounted for more than 92% of all owner-occupier mortgage lending in July.
The value of renovation activity dropped marginally in July falling from a seasonally adjusted $389 million in June to $382 million.
The topsy-turvy demand for commercial finance continued with the value of total commercial finance commitments up 6.1% in July after a 6.1% fall in June.
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Owner-occupier mortgage value rises for fourth straight month

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The <a target="_blank" title="Bank blacklist" href="https://www.propertyobserver.com.au/news/bank-s-blacklist-bans-finance-for-373-buildings/2011091251504?source=flicker1">reported refusal by a major bank to provide financing for housing developed through the government's National Rental Affordability Scheme</a> has been slammed by charity group Mission Australia. 
“It would be a shame if this is true re: NRAS properties,” Mission Australia CEO Toby Hall has tweeted. 
A document leaked to The Age revealed that one of the four major banks will not provide financing to more than 300 apartment projects, including developments associated with the federal government's NRAS. 
The scheme aims to provide housing for low- and moderate-income households at least 20% below the prevailing market rates. 
Investors who buy properties that form part of the scheme receive tax-free incentives for 10 years, provided they continue to comply with conditions relating to tenant eligibility and rent discounts. 
Mission Australia provides a range of affordable and social rental housing for low-income households through its MA Housing Initiative, with rents charged at a 25% discount to market rates. 
The charity group manages 1,500 properties throughout Western Sydney, in the Mid North Coast of NSW, Footscray and Narre Warren in Victoria and in Hobart, Tasmania.
Under the NRAS scheme, the government plans to support up to 35,000 new dwellings in the years up to 2014-15, with a further 15,000 dwellings to be supported beyond 2014-15.
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Charity slams bank blacklist of affordable homes

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The expert knowledge of mortgage brokers has been highlighted after it has emerged that one of Australia’s big four banks will not provide funding on more than 300 residential projects. 
The bank, which has not been named, circulated a blacklist of apartment projects to mortgage brokers in late 2010, including 146 projects in Victoria, 100 in New South Wales and the ACT and a 127 in Queensland. 
Reasons for not providing mortgages include the type of building, the quality of construction or because of investors turning over units in the building too quickly. 
Mortgage Choice and the Mortgage and Finance Association of Australia have highlighted the value of the market knowledge of mortgage brokers, including being aware of lending restrictions and other pitfalls. 
“One key reason why over 40% of all new home loans in Australia are sourced through mortgage brokers is that they provide a service one lender cannot – a broad knowledge of our ever-changing market across a wide range of lenders,” says Mortgage Choice spokeswoman Kristy Sheppard. 
Phil Naylor, chief executive of the MFAA says an MFAA-approved broker “can save you time and money, provide you with greater choices and help you avoid pitfalls”. 
“Our brokers are also backed by industry education and an accreditation process, so you know you’re getting expert guidance,” he says. 
While she is unaware of the blacklist, Sheppard tells Property Observer she is aware of mortgage insurers refusing to insure home loans for units within buildings that they already have exposure to, once that exposure reaches a certain point. 
Mortgage brokers told The Age banks have an “exposure limit” and would stop financing loans in apartment complexes when between 15% and 25% of the total number of apartments had been financed by one lender.  The CBA says it keeps a ''watch list'' of developments that required extra care for credit and valuations, while NAB says it does not keep a blacklist and judges each application on its merits. Westpac and ANZ have not commented on whether they keep a “blacklist”. 
<a target="_blank" title="Blacklist" href="https://www.propertyobserver.com.au/news/bank-s-blacklist-bans-finance-for-373-buildings/2011091251504?source=flicker1">The blacklist </a>includes a development in Forster tagged with “No lending. Refer to credit hotline,” and one in Pymble, on Sydney’s North Shore, due to the developer having difficulty obtaining an occupation certificate. 
Blacklisted buildings in Melbourne include an office conversion into one-bedroom units on Flinders Street because its bedrooms had no windows and one on King Street, barred because its “poor location” made it ineligible for residential loans. 
Buyers’ agent Catherine Cashmore from JPP Buyer Advocates says anyone buying a blacklisted apartment without a “subject to finance” clause in the contract faces the risk on defaulting on the sale and losing their deposit. 
According to Michael Chan from Shape Home Loans the big four banks are growing more reluctant to finance apartments of less than 50 square metres due to the flood of smaller apartments coming onto the market in Melbourne.
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Mortgage brokers help avoid blacklist finance knockbacks: Industry

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With an uptick in buyer activity expected in the spring selling season, the Commonwealth Bank says it will beat the advertised home loan rates of its three major bank competitors – ANZ, Westpac, NAB – until the end of September.
The offer from the Commonwealth Bank applies to advertised rates only and to customers who borrow a minimum of $100,000.
Its Home Loan Guarantee campaign runs until the end of September and is available for both new customers and existing customers who take out new borrowings of $100,000 or more.
It follows the bank cutting interest rates by up to 0.16% for its one- and three-year fixed-rate home loans last week and a raft of fixed rate cuts by other lenders over the past few months. 
“Throughout the traditional spring home buying season, Commonwealth Bank will be talking directly to customers to share with them tips on how to save money and reduce the term of their loans,” says Michael Cant, the bank’s executive general manager for retail products.
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CBA says it will beat competitors' mortgage rates

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Listed property group GPT has offered to sell its half stake in Sydney’s iconic MLC Centre to co-owner QIC.
In its 2010 annual results, the group’s share of the 67-storey, Harry Seidler-designed building was valued at $368.7 million, with the value written down by $22 million due to façade restoration work.
GPT has also sought submissions from commercial real estate firms to take it to market, should Queensland-based QIC choose not to buy its stake.
GPT is a tenant in the building, occupying the 52nd floor. It has recently renovated its own space as a demonstration for potential new tenants.
One of the tower’s major tenants – law firm Freehills, which occupies 20,000 square metres of space – is planning to move to a new $800 million office tower on Castlereagh Street being developed by Grocon, the Australian Financial Review reported.
The MLC Centre was built by Lend Lease in 1978. GPT bought a 20% share in 1990.
In 1996 GPT increased its share by 15% and QIC bought a 25% stake following MLC selling a 40% interest in the building.
In 1997, GPT and QIC picked up the remaining 40% held by MLC to become equal owners of the building.
Its share of the MLC Centre is part of GPT’s $2.7 billion office portfolio, which includes the Citigroup Centre and Australia Square in Sydney and 818 Bourke Street in Melbourne and the Melbourne Central Tower.
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GPT to sell stake in Sydney's MLC tower

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An uptick in home buyer activity in spring is likely, according to RP Data head of research Tim Lawless.
“With interest rates looking stable and economic growth showing some improvement we may gradually see some improvement in housing finance numbers which ultimately points to an improvement in transaction volumes which were tracking about 17% below the five year average nationally in June,” Lawless writes on the RP research blog.
“We are likely to see more new listings enter the market as we move into spring, so an uptick in buyer activity would be a very welcome event for anyone looking to sell their home.”
Lawless says housing finance commitments are a good indicator of buying intentions and points to a recently released set of ABS data that shows an improvement in housing finance values from recent lows.
“Owner-occupier loans are up 5.9% between March and July of this year, while investor loans are up 3.1% between the April low and July this year,” Lawless says.
More recent indications of an improvement in the housing market have come from the August mortgage approvals from mortgage broker AFG, which come out one month ahead of official ABS data.
AFG recorded a 21% surge in mortgage approvals in August, with investors and first-time buyer numbers on the increase.
While August figures are typically stronger than previous months, AFG’s August 2011 figures trended well above seasonal expectations.
Lawless says an increase in investor activity is another indication of an improving market.
“Investor loans have shown a greater level of decline compared with owner occupiers, which is typically the case when market conditions move out of the growth phase; investor numbers tend to taper as capital growth leaves the market,” he says.
“Higher yields, more stock to choose from and improved buying power hasn’t been enough to attract a large number of investors back into the market.”
Currently, the owner occupier market is more active than investors, with the value of owner occupier loans commitments (excluding re-financing) down by 1.6% over the 12 months to July and investor loans are down 9.0%.
“Investors now equate to 38.2% of the value of all housing finance commitments excluding loans being refinanced,” Lawless says.
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Spring to bring more housing market activity: RP Data

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Gains made on property investments held by self-managed super funds are likely to come under greater scrutiny following plans for a new ATO benchmarking report.
The tax office has set up a working group to look at ways to gather and publish annual details of the average investment return and operational costs based on the size of the SMSF, assistant tax commissioner Stuart Forsyth has revealed.
A by-product of this project would be a crackdown on those SMSFs avoiding paying tax on the any gains they have made on their investments – including any gains on property they hold within their fund.
Property is a growing component of SMSF portfolios, with DIY funds investing $500 million more in real estate in the March quarter than they did in the previous quarter, according to official ATO figures.
According to Multiport, which administers around 1,400 DIY funds, 16% of their portfolios are made up of property assets.
The increasing scrutiny of DIY super funds comes as the sectors continue to grow, with $3 billion added over the March quarter taking the total investments held by 7,500 funds to $418 billion.
Details of the working group were revealed by Forsyth in an interview with the Australian Financial Review.
Forsyth says the working group might look at segmenting funds based on their account balance with $50,000 to more than $10 million.
It follows warnings by Forsyth that SMSFs faced heavy tax penalties for failing to lodge annual tax returns on time.
The Association of Superannuation Funds of Australia has expressed concerns at the broad approach of the proposal.
“What is very important is the ability to compare like with like and it must include all fees, such as audit fees and advice fees, and it must be net returns,” says ASFA chief executive Pauline Vamos
In 2010, the Cooper review of the superannuation called for improvements to the level of quality information due to the size of the sector which includes 460,000 funds and is now worth around $1.4 trillion.
For more about SMSFs investing in property, see our e-book 16 questions self-managed super fund trustees should ask before investing in property.
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Tax Office to look more closely at SMSF property investment

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The Western Sydney residential development of Bunya Estate will be the first “broad-acre” site and the first location in Sydney to gain access to the government’s high-speed fibre optic National Broadband Network.
The 5,280-hectare development near Doonside extends from Quakers Hill to Leppington and will feature approximately 730 new homes in the new suburb of Bungarribee when completed.
Final Bunya land lots in stage one were released by Landcom in June, with 69 of the 75 released now sold. Prices start at $310,000, plus a $20,000 Housing Affordability Fund discount for eligible purchasers, and homes range in size from 420 square metres to 547 square metres.
A display home centre featuring designs from Allcastle Homes, Champion Homes, Eden Brae Homes and Wisdom Homes was opened in July.
Doonside railway station is approximately 500 metres from the northern end of the project.
The announcement of NBN access at Bunya Estate Minister was made by Broadband Minister Stephen Conroy, who says it is the first new broad-acre development to get the NBN in all dwellings.
“Local residents in the Bunya estate can receive fibre-based telephone and high speed internet services over the NBN by contacting a retail service provider of their choice. It will be the first of many such sites and our local community is very excited,” says Ed Husic, Chifley MP.
The federal government is also supporting the release of more affordable homes in this estate through a $7.5 million Housing Affordability Fund grant.
According to the Daily Telegraph, just a handful of homes have been completed to date, with families due to start moving in at the end of the month.
The Bunya Estate announcement follows the launch of the NBN in Kiama Downs and the township of Minnamurra in August, about 120 kilometres south of Sydney.
Armidale in NSW, the whole of Tasmania, parts of Brunswick in Melbourne; and parts of the Townsville suburbs of Aitkenvale and Mundingburra were the first to receive access to the NBN.
Midway Point, an outer suburb of Tasmania, was the first location to get NBN access in August last year.
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Inner-Brisbane unit sales up 15%

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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