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A Chinese buyer has paid $42.85 million for the Bridgepoint Shopping Centre in Mosman on the Sydney North Shore. The price reflects a yield of 8.2% on fully leased gross income of about $4.9 million per year.
It features gross lettable area of 6,752 square metres and is located on the corner of Military Road at Mosman Junction and Brady Street at Spit Junction. The centre is anchored by Franklins supermarket, Harris Farm Markets, Mosman Professional Centre and 34 specialty stores and serves a local community of about 27,000.
The shopping centre was sold by Lieve Li of Buckingham Real Estate on behalf of developer Frasers.
The shopping centre last changed hands in 1993 when it was sold to Singapore-backed Frasers Property Australia for $25.5 million.
It was marketed for sale in 2009 by Jones Lang LaSalle but failed to attract a buyer.
The shopping centre was developed by Brierley Investments' hotel business Austotel, which at one time counted Allan Bond as a 26% shareholder, in addition to Victorian poker machine king Bruce Mathieson.
Austotel was snapped up by Foster in 1998 for $300 million. Austotel owned 56 Australian hotels and 47 detached Queensland bottle shops.
According to the Australian Financial Review, the buyer also owns a bulky goods retail investment in Sydney.
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lschlesinger-FZcF9M3vE6

Mosman Bridgepoint shopping centre sells to Chinese investor

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CFS retail property trust will look to get the right mix of tenants in its DFO stores portfolio after posting a “solid” result for the 12 months to the end of June. 
The group reported profits of $532 million with net property income on its 29 retail properties up 13%. The assets have a total valued at $8.5 billion. More than three-quarters of its portfolio is made up of super-regional and regional shopping centres. 
The trust acquired four DFO retail outlets during the financial year in Moorabbin, Essendon, South Wharf and Homebush in Sydney at just under $500 million. 
Trust funder manager Peter Gorman says the focus during the forthcoming financial year will be on enhancing tenancy relationships, filling vacancies and getting the tenancy mix right. 
“More experienced managers who get their retail mix, marketing and customer proposition right, will be the winners in this cycle,” Gorman says.
Gorman expects challenging retail sales conditions to continue in the first half of the financial year driven by consumer caution, but that this will ease in the second half of the year with sales growth to start to improve as consumers increase spending 
The trust anticipates retail sales growth of 3% for the 2012 financial year. 
Commenting on the annual results managing director of property at Colonial First State Darren Steinberg says there remains demand for quality Australian shopping centres from offshore investors. 
He says the retail market has shown signs of recovery “reflected in firming investment metrics such as capitalisation rates”. 
CFS is currently developing Emporium Melbourne in the CBD at a cost of $1.12 billion. It is targeting an initial one year yield of greater than 6%. The project is expected to begin trading in 2013.
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CFS shops around for right retail mix

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The Shopping Centre Council of Australia and Westfield have come out in support of the Productivity Commission’s suggestions to relax zoning laws and allow more retail space.
Writing in the SCCA’s latest weekly newsletter, executive director Milton Cockburn says the commission’s recommendations regarding activity centres will lead to fairer competition.
“Its key point on planning is that ‘competition among retailers is most intense when they are geographically close’, and this is the essence of activity centres planning policies,” he says.
“The commission’s specific recommendations address the removal of unnecessary planning restrictions, particularly to facilitate all retail formats being able to locate within activity centres. If implemented these recommendations will lead to greater, and fairer, competition and we support them,” he says.
The SCCA also supports the commission’s stance on not proposing further retail tenancy regulation and that trading hours should be completely deregulated, allowing retailers to trade “when they feel it might be most profitable to do so”.
Westfield’s response was more general in nature with a spokesperson telling Property Observer that it “broadly welcomes the draft report and recommendations of the Productivity Commission in relation to the economic structure and performance of the retail industry”. 
In its second quarter Brisbane retail report, Colliers says the proposal to deregulate shopping hours in all states including on public holidays  “should benefit Queensland’s retail market significantly with the opportunity to extend trading hours” from the current restrictions. 
A spokesperson for Myer says the department store will not be commenting beyond what it said in its submission to the inquiry. 
In its submission, Myer complained that Australian retailers pay higher rents than retailers in all the other major countries in the world, in addition to significantly higher infrastructure costs and taxes.
“As a result, our cost of doing business is higher, and it is harder for Myer and other Australian retailers to compete on a world scale,” Myer’s submission says.
In its submission Westfield claimed the rents it charges tenants are fair.
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Big retailers get behind rezoning proposal

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Mortgage, insurance and credit card costs have risen by nearly double the rate of food, general housing bills, alcohol and tobacco over the past year, according to the ABS.
Mortgage payments and general insurance premiums have risen by 10.9% over the past year to June while food has increased by 5.8% and clothing by just 1.1%. Alcohol and tobacco costs rose 5.6%, and housing bills and education costs both increased by 5.8%.
Mortgage costs have outpaced insurance and credit card increases.
Overall the cost of living has increased by 4.5% over the past 12 months, easing up from 4.9% recorded in March.
For the June 2011 quarter, the cost of living increased by 0.9%.
According to the ABS, the inclusion of mortgage interest and consumer credit charges in the analytical living cost indexes have had a significant impact on employee households
Over the past 10 years living costs for households have risen by 40%.
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Mortgage bills and insurance pushing up cost of living

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Westpac is considering turning its mortgage lending franchise RAMS into a separate, fully serviced banking operation.
The bank has reportedly undertaking a trial among Westpac staff using the RAMS software platform to raise savings deposits.
Westpac acquired RAMS in 2007 for $140 million following a disastrous float on the ASX on the eve of the GFC.
Should Westpac move forward with its decision, RAMS would be able to raise deposits through its 92-strong franchise stores.
One analyst told the Australian Financial Review RAMS was looking to diversify its revenue base in the wake of NAB growing its UBank business.
RAMS was founded by John Kinghorn during the peak of the non-bank lending boom in the late 1990s and grew into one of the strongest brands alongside Aussie and Wizard.
In the wake of the GFC, John Symond’s Aussie mortgage broking business bought Wizard, and the Commonwealth Bank acquired a third of Aussie.
News of RAMS becoming a challenger bank brand comes as mortgage competition among the major banks heats up, with ANZ the latest major bank to cut interest rates on its fixed-rate mortgage products.
One-third of lenders on the Mortgage Choice panel have reduced interest rates on some or all of their fixed term home loans in the past week, some more than once.
The average three-year fixed-term interest rate (the most popular type) is now at its lowest level since October 2009, the mortgage broker says.
According to the MFAA the ban on exit fees is encouraging borrowers to switch to lenders, but only among the major banks.
The major banks hold 92.3% of the home loan market compared with 89.2% before the ban was announced.</body></html>

RAMS could become full bank

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Demand for housing in the key regional NSW markets of <a target="_blank" title="Wollongong" href="/news">Wollongong </a>and <a target="_blank" title="Newcastle" href="/news">Newcastle </a>appears to be slowing according to anecdotal reports from valuers at Herron Todd White.
Director of valuations Newcastle Leigh Mather disputes figures published in local papers claiming that prices are up 40% for the year to March.
Mather says HTW statistics show that while prices have risen marginally over the past six months, “sales numbers fell off the edge of the earth”.
“In the six months to March sales numbers halved for both houses and vacant land in Lake Macquarie, Port Stephens, Newcastle, Maitland and Cessnock.
“This is one example of statistics being out of step with actual reality. In our opinion sales numbers provide an accurate guide to the strength of the market,” Mather says. 
And while agents continue to spruik property investors, McLeish says the underlying story they are hearing is that prices have to be discounted for a house to sell. 
The median price for all sectors in the Wollongong Statistical District rose about 4% in the six months between December 2010 and June 2011, with standard dwellings rising to $449,000, according to local research group Iris.
Jon Butler from HTW Wollongong says despite this increase agents are reporting a general slowdown across the Wollongong market
“This is either due to a lack of demand from buyers, a lack of stock, or properties remaining longer on the market,” he says.
While sale prices remain healthy compared with 2008-09, Butler says properties appear to be remaining on the market longer, with “price reduction” wording being included in advertising material on properties listed above realistic market expectations.
According to Butler, the best-performing sector appears to be north of the CBD for standard dwellings, particularly around <a target="_blank" title="Balgownie" href="/news">Balgownie</a>, <a target="_blank" title="Towradgi" href="/news">Towradgi</a>, <a target="_blank" title="Woonona" href="/news">Woonona</a>, <a target="_blank" title="Bulli" href="/news">Bulli </a>and <a target="_blank" title="Thirroul" href="/news">Thirroul</a>.
“They offer good public transport links, proximity to the beach, many with ocean views,” he says.
Signs of a slowing market are being witnessed in south Wollongong.
“With more land planned for the West Dapto region, there could be an oversupply of land in the medium term if not released in a timely manner,” Butler says.
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Demand for housing in mining towns Wollongong and Newcastle sliding: HTW

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The vacancy rate in the inner-Brisbane retail market has fallen from 2.7% to 2.1%, with cafes, restaurants and other food retailers accounting for most of the new tenancies.
Across the CBD, the amount of space leased by cafes, restaurants and takeaway food vendors has grown by 8.5% to 52,700 square metres from 2009 to 2011 while the presence of other food vendors has grown by 13% from 14,600 to 16,500.
Savills attributed the increase in food retailers to an increasing workforce within the CBD and commitments being realised within new office buildings.
<img src="/images/stories/brisfoodretail.gif">
Source: Savills
At the same time, the amount of space leased to household goods retailers has dwindled from 21,600 to 14,500. 
Sales growth for household goods vendors has fallen 4.1% over the past year. 
Space occupied by clothing retailers have grown by a modest 3%.
The 500-metre-long Queens Street mall comprises the majority of the core market and is described by Colliers as one of the best-performing retail precincts in the country, with 70,000 daily visitors.
Currently the biggest inner-city project is the 7,000-square metre refurbishment of the Wintergarden Shopping Centre on the Queens Street mall, due to be completed next year.
Vacancies have also fallen across the Brisbane CBD from 5.2% in 2009 to 4.9% currently and are down marginally from 8.6% to 8.5% on the periphery.
Despite vacancies falling, CBD retailers across all categories are experiencing below trend sales growth with moving annual turnover of 2% compared to the five and ten year averages of 5% to 6.5%.
Department stores, which make up 41% of the core precinct, are generating yearly turnover growth of only 0.3%.
Clothing, footwear and personal accessories stories, which comprise almost a fifth (17.5%) of retail space, have experienced growth of 4.4% due to discounting of stock and increased sales turnover.
The addition of international retailers is also expected to heighten completion for prime space, according to Savills’ second-quarter Brisbane retail space.
Among the international chains currently scouting out space is fashion outlet Zara, believed to be considering setting up the in flagship Queen Street mall precinct or the 800-square-metre former Borders site on the corner of Albert and Elizabeth streets.</body></html>

Foodies show growing appetite for Brisbane CBD space

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About $40 million will be sought for the 35,000-hectare Uardry sheep farm near Hay, which produced “Hallmark”, the ram featured on the Australian shilling from 1938 to 1966.
The farm, located on the Murrumbidgee River in the NSW Southern Riverina, is being sold by the Black family, which has owned it for nearly 40 years.
The sales process is being managed by Bill Russell from property advisors Russell Harvey &amp; Co.
A sales agent is expected to be appointed shortly, with the sale expected to be finalised within the next six months.
The property includes 1,680 hectares of irrigation, with permitted capacity for expansion of a further 470 hectares, as well as farming and agricultural enterprises.
It produces annual revenue of $5 million and has an active client base of more than 350.
The farm sells more than 1,000 rams annually and exports to all major Merino-growing areas throughout the world.
In August this year, one of its Sims Uardry Poll rams was named Best Ram in the Shed in a field of 340 Merino and Dohne rams at the 2011 Hamilton Sheepvention
<img src="/images/stories/rams.jpg">
Managing director Graeme Black says the decision to sell Uardry was not taken lightly.
“We have always ensured that Uardry is at the forefront of the Australian sheep and wool industry and hope that it will continue to be so for many years to come.”
The Black family is in the process of selling all of its rural property and business interests.
In 2005 the Blacks secured $30 million for Yanga, an 80,000-hectare holding that sold to the state government after 86 years of ownership.
The property, near Balranald in the state's southwest, became a national park.
It had its original drop-log homestead, built after Yanga (then known as Tala) was acquired in the 1830s by William Charles Wentworth.
It was reputedly home to one of the first telephones in Australia, connected by Alexander Graham Bell's nephew between the homestead and the shearing sheds.
By the 1880s, it spanned 160,000 hectares and carried 150,000 sheep and 2,000 cattle. The property follows the Murrumbidgee River for 160 kilometres and includes a 17,000-hectare river red gum forest. Only about 10% of the land is cropped, with the rest in its natural state.
The Blacks retained a small parcel of Yanga.
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Pedigree Riverina Merino sheep station listed for a pretty shilling

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As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
 
Demand for rental accommodation in Brisbane has eased after spiking earlier this year due to the impact of the floods, according to research by the Real Estate Institute of Queensland. 
Vacancies across greater Brisbane increased to 2.7% in June 2011, compared with 2.3% in March 2011. 
The inner-city market remains tightly held with vacancies unchanged at 1.6% over this period. Beyond the five-kilometre inner-city ring, vacancies have increased from 1.9% to 2.4%, while in the outer suburbs the vacancy rate has increased to 3.1 from 2.7%. 
In September 2010, the REIQ calculated the greater Brisbane vacancy rate at 2.8% with vacancies at2.5% in inner-Brisbane and 2.6% in the rest of the city.
Following the floods, the state government estimated that about 28,000 Brisbane homes would need to be completely rebuilt following the floods, with many more uninhabitable for weeks or months after. 
About 20,000 were completely flooded, with a further 12,000 partially flooded. 
<table border="1" cellspacing="0" cellpadding="0" width="461"><tbody>
<tr>
<td width="197" nowrap>
VACANCIES AS AT END OF:
</td>
<td width="72" valign="top">
Sep-10
</td>
<td width="64">
Mar-11
</td>
<td width="64">
Jun-11
</td>
<td width="64" valign="top">
 
</td>
</tr>
<tr>
<td width="197" nowrap>
Brisbane SD
</td>
<td width="72">
2.8%
</td>
<td width="64" nowrap>
2.3%
</td>
<td width="64">
2.7%
</td>
<td width="64" valign="top">
 
</td>
</tr>
<tr>
<td width="197" nowrap>
Brisbane City
</td>
<td width="72">
2.6%
</td>
<td width="64" nowrap>
1.8%
</td>
<td width="64">
2.1%
</td>
<td width="64" valign="top">
 
</td>
</tr>
<tr>
<td width="197" nowrap>
Brisbane Inner (0-5km)
</td>
<td width="72">
2.5%
</td>
<td width="64" nowrap>
1.6%
</td>
<td width="64">
1.6%
</td>
<td width="64" valign="top">
 
</td>
</tr>
<tr>
<td width="197" nowrap>
Brisbane Remainder
</td>
<td width="72">
2.6%
</td>
<td width="64" nowrap>
1.9%
</td>
<td width="64">
2.4%
</td>
<td width="64" valign="top">
 
</td>
</tr>
<tr>
<td width="197" nowrap>
Brisbane Surrounds²
</td>
<td width="72">
3.0%
</td>
<td width="64" nowrap>
2.7%
</td>
<td width="64">
3.1%
</td>
<td width="64" valign="top">
 
</td>
</tr>
<tr>
<td width="197" nowrap>
Ipswich City
</td>
<td width="72">
2.3%
</td>
<td width="64" nowrap>
2.3%
</td>
<td width="64">
2.8%
</td>
<td width="64" valign="top">
 
</td>
</tr>
<tr>
<td width="197" nowrap>
Logan City
</td>
<td width="72">
2.3%
</td>
<td width="64" nowrap>
2.2%
</td>
<td width="64">
2.7%
</td>
<td width="64" valign="top">
 
</td>
</tr>
<tr>
<td width="197" nowrap>
Moreton Bay Regional
</td>
<td width="72">
3.8%
</td>
<td width="64" nowrap>
3.6%
</td>
<td width="64">
3.2%
</td>
<td width="64" valign="top">
 
</td>
</tr>
<tr>
<td width="197" nowrap>
Caboolture *
</td>
<td width="72">
4.9%
</td>
<td width="64" nowrap>
4.3%
</td>
<td width="64">
4.5%
</td>
<td width="64" valign="top">
 
</td>
</tr>
<tr>
<td width="197" nowrap>
Pine Rivers
</td>
<td width="72">
2.5%
</td>
<td width="64" nowrap>
1.5%
</td>
<td width="64">
2.5%
</td>
<td width="64" valign="top">
 
</td>
</tr>
<tr>
<td width="197" nowrap>
Redcliffe
</td>
<td width="72">
2.8%
</td>
<td width="64" nowrap>
4.6%
</td>
<td width="64">
2.8%
</td>
<td width="64" valign="top">
 
</td>
</tr>
</tbody></table>
Source: REIQ 
“There was a spike in demand for rental property earlier this year as both displaced owner-occupiers and renters tried to find alternate accommodation after the floods and cyclone,” says REIQ managing director Dan Molloy.
Molloy says the latest vacancy rates show that six months after the floods the southeast Queensland rental market is starting to return to a more balanced level of supply and demand in most areas. 
Vacancies are currently taking one to two weeks to relet in the inner suburbs, while other parts of Brisbane are taking a fraction longer, according to property managers at REIQ-accredited agencies.
On average, listings are receiving two to five applicants across the municipality. 
The municipalities surrounding Brisbane all recorded easing vacancy rates, with Moreton Bay the exception, thanks to a tighter rental market in Redcliffe. 
In the Pine Rivers area, vacancy rates are also tight at 2.5%, however many agents report an oversupply of stock due to new developments in the area. 
As at the end of June, Logan City continues to record the lowest vacancy rate in the Greater Brisbane region, despite an easing market. Agents are reporting lower enquiry levels, with rental listings taking between one and four weeks to let and attracting between two and five applicants. 
In Ipswich, where many rental properties were affected by flooding, agents are reporting improved market conditions. 
The increase in rental vacancies comes as property investors return to the Queensland market. 
During the June quarter the number of investment dwellings financed in Queensland increased 16%, with investors now accounting for 30 per cent of the market, according to the latest ABS figures. 
Outside of Brisbane, improvements made to flood-affected properties are not equating to higher asking prices, according to the REIQ. 
As a result, many agents reported listing times of two to four weeks.
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Brisbane rental market easing six months after floods

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ASIC has released proposals for modifying the training requirements for credit representatives who provide credit assistance to consumers on home loans. 
The proposals are aimed at addressing mortgage broking industry concerns about the cost of complying with the licensing regime while offering adequate protection for consumers. 
Figures compiled by Market Intelligence Strategy Centre revealed that the number of mortgage broking firms operating in Australia has contracted by 26% in the year to March 2011, with compliance costs and commission cuts key factors in this contraction.
Currently, credit representatives who provide “mortgage broking services” are required to obtain a Certificate IV in finance and mortgage broking, but have until June 2014 obtain the qualification.
The course costs about $2,000 and takes a week to complete.
The consultation paper proposes two possible modifications:
<ul>
<li>refining the definition of ‘mortgage broking’ in the regulatory guide, so that it is limited to providing credit assistance in the form of ‘suggesting’, where credit is secured by real property; and/or 
</li>
<li>allowing those falling within the definition of mortgage broking who provide services on behalf of a particular credit provider to undertake a proportion of the Certificate IV in finance and mortgage broking.</li>
</ul>
Depending on the feedback received, ASIC proposes to implement one or both of these approaches.
‘The proposals aim to reduce licensees’ compliance burden, while still ensuring a high standard of training for those who do play a significant role in such decisions,” says ASIC commissioner Peter Boxall. “Our proposed changes to the training requirements should enable representatives of credit providers who are providing mortgage broking services to focus on units of training most relevant to their roles,” he says. 
Industry participants have until September 16 to comment on the proposals, with a new regulatory guide covering training and competencies to be released in October.
The Mortgage and Finance Association of Australia requires all members to hold a Certificate IV in order to join or maintain membership.
As of July 1, 2012 the minimum MFAA membership educational requirement will be a diploma of financial services (finance and mortgage broking management).
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ASIC to ease mortgage broker requirements

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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