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Promoters of investment properties will have to meet new standards of best practice, following the release of a new ASIC consultation paper.
The regulator wishes to ensure that there is accuracy and balance in the advertising of investment products and has proposed good practice guidance covering:
<ul>
<li>the nature of the product </li>
<li>returns, benefits and risks</li>
<li>warnings, disclaimers, qualifications and fine print </li>
<li>fees and costs </li>
<li>comparisons </li>
<li>past performance and forecasts</li>
<li>use of certain terms and phrases</li>
<li>the advertisement’s target audience </li>
<li>consistency with disclosure document</li>
<li>photographs, diagrams, images and examples </li>
<li>the nature and scope of the financial advice service </li>
</ul>
“The objective of our guidance is to help promoters and publishers present advertisements that are accurate, balanced and that help consumers make decisions that are appropriate for them,” says ASIC chairman Greg Medcraft.
“We would like those preparing advertising to actively work to present a balanced understanding of the product or service, including its risks. It is also important they take into account the kind of audience likely to see the advertising, according to the medium they are using. They should ensure that advertising is not targeting an audience for which the product is unlikely to be suitable.”
The release of the consultation paper – due to be implemented in January 2012 – comes a day after the release of draft legislation aimed at giving ASIC more power to ban financial planners and requiring them to sign a fresh contract with their clients every two years.
ASIC is seeking feedback from investors, consumers and other interest parties on its advertising proposals by October 25.
Research carried out by ASIC among 1,000 Australian investors, including property investors and self-managed super fund holders, found them heavily influenced by the media.
According to ASIC, 44% of the investors who had used or would use media-based information sources to make an investment decision said they did or would use these media sources for both investment information and to seek investment opportunities and advertisements
Furthermore, it found that investors “were attracted and/or influenced by product advertising and, for some investors, the frequency and format of the advertising acted as a proxy for quality”.
ASIC presented five hypothetical investment advertisements to investors. The two that received the most interest used the words “secured” and “capital guaranteed”.
“We encourage the financial services industry to strive to do more than simply meet the minimum requirement of not being misleading or deceptive,” the consultation paper reads.
“Rather, we encourage industry to actually take a role in ensuring that advertising helps investors and consumers to make decisions that are appropriate for them.”
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ASIC warns property spruikers about dodgy advertising

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A new alfresco restaurant, café and shopping hub will form part of investment group <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/chatswood-office-tower-refurbishment-to-appeal-to-larger-tenants/2011080150988">F</a><a target="_blank" title="Chatswood office redevelopment" href="https://www.propertyobserver.com.au/new-south-wales/chatswood-office-tower-refurbishment-to-appeal-to-larger-tenants/2011080150988">KP’s refurbishment of a 15-storey commercial building in Chatswood on the Sydney North shore</a>.
The outdoor piazza to be called The Avenues will be developed outside 465 Victoria Avenue in the western precinct of Chatswood bordering Railway Street, Brown Street and Victoria Avenue and is due for completion in mid-2012. 
It will contain seven retail spaces ranging in size from 61 square metres to 255 square metres totalling about 1,100 square metres of retail space as well as public seating, grassed areas and open spaces. 
About 360 square metres of space on the mezzanine level inside the building is also zoned for potential retail use. 
A spokesperson for the project says FKP will be seeking retail rents in the region of $750 per square metre. 
Restaurant operators are expected to take up the bulk of the retail sites. 
The spokesperson says obtaining pre-commitments for the office tower will be key to attracting restaurateurs. 
The Avenue will provide a pedestrian thoroughfare to the Chatswood Rail Interchange, which services about 70,000 commuters a day and is also situated near “Eat Street” on the other side of Railway Street. 
“Eat Street” includes the Bavarian Bier Café, Mamak Malaysian Restaurant and the Three Beans Café.
Noteworthy nearby restaurants include Fook Yuen Chinese Restaurant, Rocket Modern Australian, and Fiorenzoni Italian. 
A rotunda will be built on the corner of Railway and Brown Streets aimed at attracting a signature restaurant and possibly a wine bar catering for office workers on weekdays and residents and families on weeknights and weekends. 
Other developments in the area include three towers called The Metro Residences featuring 553 apartments, which are about to be built above the Interchange in a $500 million complex called The Metro Residences. This will bring a further 1,500 people to enliven the precinct from day to night, and add to the activity generated by Willoughby Council’s $200 million entertainment quarter called The Concourse which will open in September.</body></html>

New alfresco dining precinct planned for Chatswood

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Singaporean funds have continued to flow into Australian commercial property, with private investment firm Nadathur Fareast buying Tourast Corporations’ Constellation Hotels business, which includes management of over 60 hotels in Australia and New Zealand.
The sale price has not been disclosed.
The portfolio includes Chifley, Australis Resorts and Hotels, and Country Comfort brands. The company also operates the Sundowner Motels brand and includes six hotels in New Zealand.
Singapore funds have invested heavily in Australia commercial property this year, with real estate trust <a href="https://www.propertyobserver.com.au/news/singapore-commercial-trust-to-invest-in-sydney-tower/2011070750733" target="_blank">K-REIT spending $150 million in July for a 50% stake in the 8 Chifley Street, Sydney office tower</a>, currently under construction.
Touraust Corporation chairman and founder Darryl Courtney-O’Connor says the sale has secured a “strong future for Constellation Hotels, its people, brands and unique business platform”.
 He says the deal with Nadathur Fareast is the best way to maintain Constellation Hotel’s successful Australian operation while optimising growth of the business throughout Asia Pacific. 
“Constellation Hotel’s ambition is now to meet the increasing demand for new generation hotels in lively destinations across the region by replicating the successful brands, operational platforms, loyalty systems and culture developed on Australian soil.” 
Courtney-O’Connor founded Constellation Hotels 25 years ago. 
Constellation Hotels CEO John Wooller and his executive team will continue to manage the business, the Australian Financial Review reported.
Nadathur Fareast manages an investment portfolio of about $600 million and was founded by NS Raghavan, co-founder of US-based IT consultants Infosys Technologies.
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Singaporean private equity firm buys Constellation hotels

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Investors poured more than $2 billion into Australian commercial real estate over the June quarter, accounting for a quarter (24%) of all Asia-Pacific transactions, according to research by CBRE.
About 30% of Australian commercial property was bought by offshore funds over the three-month period – double the long-term average.
The Canada Pension Plan Investment Board’s purchase of half of the 92,000-square- metre Northland shopping Centre in Melbourne at the end of May for $455 million accounted for almost a quarter of the total investment in Australian commercial assets and was also the biggest Pacific commercial transaction of the year.
Offshore funds continue to flow into Australian commercial property in the third quarter of the year, with <a href="https://www.propertyobserver.com.au/office/overseas-investors-buy-anz-sydney-headquarters-for-refurbishment/2011082851315" title="Overseas investors buy ANZ headquarters" target="_blank">Boston-based international real estate advisor Pembroke Real Estate, on behalf of an affiliate, buying 20 Martin Place, Sydney from ANZ for about $95 million</a>.
<img src="/images/stories/asiapacaugust30.gif">
Investment in the pacific region (including New Zealand) surged by 228%, albeit coming off a low base following a slow start to the year, while activity in Asia fell by 52%.
Overall, the Asia Pacific region registered just $9 billion worth of commercial transactions, a quarter-on-quarter drop of 52% as investors turned more cautious following the earthquake and tsunami in Japan and the economic picture worsened in the United States and Eurozone.
The drop would have been significantly greater were it not for Singapore-based Mapletree Investments spending $2.25 billion to acquire Festival Walk shopping mall in Hong Kong at the end of July, the largest commercial deal in the city's history.
Over the period Australia overtook Japan as the most heavily traded office market, accounting for 25% of all transactions by value. In total more than 50 office transactions took place over the period, with an average value of $80 million.
According to CBRE regional director for institutional investment properties Rob Sewell, the Sydney office market had been the subject of particularly keen investor interest.
“Buyers are keen to enter this sector now in order to capitalise on rising occupier demand for premium office space and the anticipated rental growth predicted to take place over the next few years,” Sewell says.
“Looking ahead, we expect foreign investors will be looking to further increase their presence in the Pacific region, especially at the quality end of the market, with investors turning to Australia and New Zealand as safe havens amid rising global volatility. Capital is currently seeking out high quality assets in prime locations with superior tenants and a lease length which offers security of income.” 
“Core Australian property assets are providing some outstanding defensive characteristics with the promise of very good upside income and growth. With Australian 10 year bonds currently yielding around 4.5% there is a much wider spread for core investors with returns of nearly 5% above the risk free rate. This represents quiet a compelling investment case.”
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Offshore funds investing heavily in Australian commercial property

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Struggling shopping centre owner Centro has produced statutory net profits of $2.7 billion after preparing its accounts on a “one-off” liquidation basis.
Underlying profit for the year ending June 30 was $14.6 million, compared with $173.8 million for the previous financial year.
The group stresses the importance of the restructuring of the business by December 15 to meet its debt obligations.
Failure to restructure as proposed on August 9 would most likely result in Centro being placed in the hands of external administrators, the group says.
Under the restructuring proposal Centro Properties Group will be wound up, with the remaining Australian assets held by subsidiary Centro Retail Trust and other unlisted Centro funds amalgamated into a new listed property trust.
Centro chairman Paul Cooper says: “The need to restructure Centro by 15 December 2011 is essential. This is the maturity date for our $2.9 billion senior debt and, as highlighted by Centro’s negative net equity position, there will be insufficient assets to repay this debt at maturity.”
The restructure plan will return 5¢ per security in cash to security holders.
Centro CEO Robert Tsenin says the restructure is “the only feasible prospect of delivering any value to security holders”.
“The alternative is likely to be external administration in which circumstances Centro security holders are expected to receive nothing”.
Centro has been in trouble since December 2007 when it ran into trouble refinancing about $1.3 billion in debt.
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Centro says it must restructure or fail

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Having survived a hedge fund management takeover bid, Charter Hall Office REIT is now the subject of a $1.7 billion offer from a Macquarie Group-led consortium of “global institutional investors”.
The offer follows soon after the listed property trust posted net annual profits of $69.4 million in the 12 months to June 30, compared with a $90.7 million loss in the previous 12 months.
The offer equates to $3.52 per unit and is subject to a number of conditions being met, including the consortium reaching agreement with Charter Hall on the “appropriate terms” that the existing management team continues to manage the trust.
The Charter Hall Office REIT share price closed at $2.90 on August 26 – a 27% discount to its net tangible assets.
Directors of the REIT received the conditional, non-binding proposal following the close of trading on August 26. The offer excludes the 13% of the REIT held by Charter Hall.
Macquarie has also requested a six week period to undertake due diligence of the REIT’s Australian assets.
Another condition is that the REIT concludes the sale of its US assets.
The $3.52 per unit offering includes $1.13 in expected capital earnings from divestment of its US assets.
Directors will now undertake discussions with Macquarie with the aim being to decide whether to grant the investment bank due diligence access.
On July 27, shareholders voted against a resolution to replace the management of the REIT following a campaign from three US hedge funds.
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Macquarie offers $1.7 billion to buy Charter Hall Office REIT 

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New South Wales and Western Australia have led a second consecutive month of declining new detached home sales in July. 
Detached new house sales fell by 11.2% in NSW while Western Australia suffered a 12.7% drop, according to the July HIA - JELD-WEN survey of residential builders. 
Across the nation, new homes sold in July dropped by 8% following a decline of 8.7% in June. Sales of units increased by 1%.
Detached new house sales fell by 7.8% in Victoria, 8.5% in Queensland and by 1.5% in South Australia.
<img src="/images/stories/hiaaugust29.gif">
“The July sales result reinforces the marked deterioration in new home building conditions that is so glaring in mid-2011,” says HIA chief economist Dr Harley Dale. 



“The weak environment is actually good news for new home buyers,” he says. 



“A competitive building market, less pressure on skilled trades, and steady interest rates combine to mean that if you're in a financially sound position to do so, now is a particularly good time to build a new home.” 
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NSW and WA lead nationwide drop in new house sales

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Self-managed super funds continue to invest in property, according to latest research by the Australian Tax Office.
Over the March quarter SMSFs invested an additional $500 million in direct real estate.
This increase coincides with the appeal of DIY super funds continuing to grow, with $3 billion added to SMSFs over this period, taking the total invested to $418 billion held by 7,500 funds.
The growing appeal of property follows new rules introduced in July last year that have made it easier for SMSF to borrow to invest in property.
The popularity of SMSF loans has spurred mortgage broker Mortgage Choice to review whether to add self-managed super fund loans to its product offering.
Mortgage Choice CEO Michael Russell says a sub-committee is investigating the risks and opportunities of offering the product and will report back to the executive over the next two weeks.
Currently three banks – St George, Commonwealth Bank and Westpac – offer SMSF loans.
Russell says the mortgage broker will tread cautiously: “It is a relatively new concept and we have not done SMSF lending before, so it is a new product to a borrower that we have never lent to before.”
A number of mortgage brokers already offer SMSF loans with industry body the Mortgage and Finance Association of Australia, arguing that there is “no evidence of any abuse which requires regulatory intervention”.
Mortgage brokers require a financial services licence (in addition to a credit licence) to be able to offer advice on SMSF loans.
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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SMSFs' investment in property continues to grow

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Sydney’s undersupply of housing is forecast to double to 80,000 by 2014, according to the Urban Taskforce. 
The organisation, which represents building developers, is forecasting this increase on the back of what it calls “NSW’s plummeting rate of building approvals”. 
According to ABS statistics, during the June quarter Victoria approved 19,000 new homes, while NSW approved just 10,000. 
Urban Taskforce chief executive Aaron Gadiel estimates a current 46,000-home deficit, up from a deficit of 36,000 homes in 2009. 
According to Gadiel, NSW already produces less new housing than any other state or territory per head of population, with the ABS figures suggesting NSW’s performance relative to other states and territories is getting even worse. 
“NSW’s private sector home approval rate is plummeting at more than three times the national rate and the value of approved new business premises is in free fall,” Gadiel says. 
“We’ve now seen three straight months of data where the NSW private sector home approvals have trended down by more than 4% a month.
“Since March, that’s added up to a 12.6% decline in new private sector home approvals.” 
Gadiel says this is more than double the rate of decline suffered by Victoria in the same three months – 5.6% – and more than three times the rate of decline seen in Western Australia, at 3.2%. 
“And it contrasts with Queensland’s improvement, in trend terms, over the same period – by 0.7%.”
Gadiel says NSW’s problems aren’t just confined to new housing. 
“The value of non-residential building approvals in NSW has fallen by 57% since March,” he says. “In the same period, Victoria’s has increased by 5%.”
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Sydney's housing shortfall to double by 2014: Urban Taksforce

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Homeloans Limited, Australia’s only listed non-bank lender still writing new mortgages, has recorded strong growth in lending volumes over the 2011 financial year, though profits after tax are down. 
Lending volumes of Homeloans-branded mortgage products increased 21% over the year ending June 30, 2011. 
During this period Homeloans recorded statutory net profit after tax of $9.2 million, down 25% from the previous corresponding period result of $12.3 million. 
Homeloans executive chairman Tim Holmes described the result as “pleasing” during a “very challenging operating environment”. 
“It is particularly pleasing that we have been able to grow lending volumes of our own branded product by 21% over a 12-month period which has seen housing credit growth rates fall to 25-year lows and the level of competition for mortgage lending intensify significantly,” he says. 
The lender expects the challenging market conditions to persist over at least over the first half of the new financial year but maintains a positive outlook. 
“We will continue to explore opportunities to grow our distribution and broaden our product range and focus on strengthening our position as a genuine alternative to the major banks. Our resolve has not wavered,” Holmes says. 
RHG is the only other listed non-bank lender, but now operates a closed mortgage book. 
It recorded profits after tax of $74 million for the June 30 financial year.
RHG holds the mortgage book of RAMS Home Loans, whose brand and franchise network was purchased by Westpac soon after a disastrous float in October 2007 on the eve of the GFC. 
Non-bank lenders have struggled to compete with the major banks since the GFC which led to securitised funding – the lifeblood of non-bank lenders – drying up. 
Before the GFC, non-banks held about 20% of the market. Currently their market share is less than 2%.
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Profits down but volumes up at Homeloans Pty Ltd

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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