<html><body>
Perth-based residential developer the Satterley Property Group is reportedly courting Australand with a view to acquiring its WA and Victorian residential land assets.
It follows GPT formerly withdrawing from talks to acquire the non-residential assets of Australand for $3 billion earlier this week and <a target="_blank" href="/news">US-private equity firm Blackstone</a> reportedly pulling out of talks to acquire the entire Australand business.
Satterley would need to find another developer or investor wanting to take on the NSW and Queensland residential assets as Australand reportedly wishes to sell its residential business in one transaction, according to the Australian Financial Review’s Street Talk column which has been following the situation with virtual daily updates.
Australand has three residential estates under development in WA and seven in Victoria, it’s most recent launch being Greenvale Gardens, 20 kilometres north of Melbourne.
Satterley Property Group was founded by Nigel Satterley in 1980 and specialises in large residential master-planned developments.
It has 19 projects in Perth, three in regional WA, one in Cairns and three in Victoria, having recently committed to a $100 million master-planned community in Point Cook.
It reported 200 residential lot sales in March.
A price tag of $900 million is anticipated for Australand’s residential business with the division having a book value of $600 million.
Australand’s commercial and industrial property businesses are valued at around $3 billion with the group rejecting a reported $2.9 billion bid from GPT.
The Australand share price has rallied since falling about 5% following GPT’s formal withdrawal.
It is now trading at $3.54 up 19 cents from Tuesday.
The sale of Australand is being driven by majority shareholder, Singapore-based CapitaLand, which is seeking to offload its 60% stake in the developer.
</body></html>

lschlesinger-FZcF9M3vE6

Satterley eyeing up Australand WA and Victoria residential assets: StreetTalk

<html><body>
An undercurrent of activity suggesting improved confidence appears to be emerging in the Melbourne new housing market.
A number of Melbourne apartment developers are reporting strong sales in the first quarter of the year on the back of continued investor demand while a modest recovery appears underway for Melbourne’s struggling house and land market.
Researchers Oliver Hume report there is now a Melbourne apartment development pipeline of 35,700 units. 
It finds that 27 new projects have launched in the first three months of the year.
According to Oliver Hume, there are 290 active projects across Melbourne with 22,850 units under construction, the Australian Financial Review recently reported. 
Despite the seeming glut of projects, developers appear confident that investors will be buoyed to buy off the plan spurred on by low interest rates and improving confidence about the housing market. 
The most recent Westpac-Melbourne Institute index report showed that sentiment about the housing market defied the overall drop in consumer confidence with the ‘time to buy a dwelling’ sub-index lifting 11.2% in May to be up 20.7% over the past 12 months.
In <a href="https://www.propertyobserver.com.au/victoria/developer-offers-olive-branch-after-selling-out-south-yarra-development/2013031259839" target="_blank">March property development group Little Projects</a> reported that it had sold all 388 apartments in its ILK South Yarra development just as the building topped out at 24 storeys. 
Lend Lease reported last month that it had sold 75% of the first stage of its redevelopment of the former channel nine studios in Richmond.
Lend Lease’s Ben Coughlan says there has been an even split between investors and owner occupiers in the development.
In February, Mirvac  reported that it has sold just over half of the 205 apartments in its Array residential tower in Melbourne's Docklands following six months of marketing them off the plan. 
<a href="https://www.propertyobserver.com.au/developments/platinum-at-southbank-secures-200-odd-sales-ahead-of-official-launch-platinum-salvoproperty/2013052361602" target="_blank">Salvo Property Group </a>managed around 200 off the plan sales in its Platinum 52-level apartment building to existing clients and overseas buyers, set for construction in Melbourne's Southbank, ahead of its official launch.
Asked about headlines suggesting an oversupply of Melbourne apartments, chief executive Mario Salvo noted "we are almost halfway in our sales and we haven't had a retail launch."
"Why should I feel there is oversupply?
"I don't see the gloom."
In Melbourne’s struggling land market, the March quarter National Land Survey Program (NLSP) produced by Charter Keck Cramer and Research Four, shows signs of a fledgling recovery, albeit from a very low base.
“Melbourne new land market looks like it will see an increase in the volume of lot sales for the March 2013 quarter, said Research Four. 
“Performance is patchy but at an aggregate level is slowly increasing.” 
 
<hr class="system-pagebreak">
The recovery in Melbourne comes on the back of national land prices have bottomed out.  
Melbourne median lot price are now $199,000 compared to a peak of $222,000 in June 2011.  
Lot sales continued to decline in the major Melbourne centres but at a much slower pace in the last six months following a dire September quarter which <a href="https://www.propertyobserver.com.au/land/one-in-three-melbourne-residential-lots-being-returned-to-developers-by-building-firms-report/2012112958179" target="_blank">found that 30% of Melbourne greenfield</a> land had been returned by building companies to developers. 
Charter Keck Cramer director Robert Papaleo told a Urban Development Institute of Australia (UDIA) breakfast last week that the performance of Melbourne's greenfield market in the March quarter of 2013 “has improved slightly from its cyclically-low through late 2012”. 
While the Melbourne market remains “far weaker than its peak in 2009-10” he says the Melbourne greenfield market is “now showing tentative signs of moving into an early-recovery phase through the second half of 2013”. 
“The extent of recovery however will remain modest in the near term, Papaleo says. 
“Consumers of new land in Melbourne's growth corridors, which includes first-home buyers as well as upgraders, are still demonstrating subdued confidence because of weaker economic conditions across Victoria and associated job uncertainty. 
Papaleo pointed out that Melbourne had up until two years ago led the nation in terms of the production of greenfield lots and new housing. 
"Results from the National Land Survey Program showed that Melbourne achieved a share of more than 40% of all greenfield lot sales across the major capital cities in 2009-10 but the latest March 2013 quarter survey highlighted that Melbourne's share had fallen to 15%." 
"Significantly, despite its longstanding position of dominance, Melbourne's most recent sales performance now ranks as fourth highest behind Perth, Sydney and South-East Queensland." 
"Signs of impending recovery include the reduction of lot prices to meet customer expectations as well as further recent reductions to already-low interest rates and the re-alignment of the first home buyers grant by the Victorian Government to the construction of new homes. 
"These factors should lead to moderately higher sales activity through the second half of 2013,” he says. 
According to Papaleo, the greatest impediment to recovery remains “confidence in the Victorian economy and employment uncertainty over the near term". 
In response to the downturn, the National Land Survey Program found that the development industry response has resulted in lower lot, fewer and smaller new stage releases and innovations to housing design to maintain affordability. 
A number of large master planned projects are expected to be launched through 2013 and 2014 following a long planning lag. 
These types of projects should lift over sales activity but could “cannibalise opportunities for smaller developments”.
</body></html>

Undercurrent of confidence in Melbourne new housing and apartment markets

<html><body>
US unlisted property trust Hines Global REIT has acquired the commercial office tower in Laing O'Rourke's 'McLachlan &amp; Ann' mixed-use development at 825 Ann Street in Brisbane’s Fortitude Valley for $124,667,820.

The sale was negotiated by Jones Lang LaSalle’s Geoff McIntyre and Seb Turnbull.
McIntyre said the sale of 825 Ann Street was the largest near city transaction for 2012/2013 setting a new benchmark for the Brisbane near city market.  
“Importantly, 825 Ann Street is the fifth $100 million plus transaction to occur in Fortitude Valley, further cementing the precinct as a core investment market and Brisbane's premier near city office market.”
“The entire McLachlan &amp; Ann (M&amp;A) development consists of an 11 level office tower with ground floor retail (being 825 Ann Street), a retail strip fronting the corner of McLachlan and James Streets, and a residential apartment development consisting of over 200 apartments.
"The completion of 825 Ann Street will see Fortitude Valley reach a total size of 460,000sqm (37% of the total near city market*) and is now a market of critical mass,” said Turnbull.
McLachlan &amp; Ann has a minimum targeted 5 Star NABERS energy rating for the base building.
Hines Global REIT was launched in August 2009 and has a US$2.4 billion portfolio of investments in 17 locations in the US, the United Kingdom, Poland, Russia and Australia.
Its other Australian acquistions are 100 Brooks Street, leased by engineering Bechtel in Fortitude Valley and 144 Montague Road, leased by engineering firm Ausenco.
It forms part of the Hines property development and management group founded by Gerald Hines in 1957.
</body></html>

US-based global fund buys Laing O'Rourke Fortitude Valley office tower for $124.6 million

<html><body>
Centuria Property Funds has sold ‘Health House’ at 87 Mitchell Street in the Darwin CBD for $19.15 million.
Located within the core of Darwin’s CBD, the prime commercial office building was acquired by the Centuria Diversified Direct Fund in 2001 for $9.5 million.
This represents annual growth of around 6.2%, excluding the cost of significant refurbishments and other building management costs.
Centurial Propety Funds is the unlisted property management and property syndicate arm of ASX-listed Centuria.
“Vacancies of A Grade office space in Darwin’s CBD are among the lowest in Australia and we expect them to reduce further as Darwin’s economy is boosted with the injection of $4.4 billion from the private sector for large scale resource projects," says Jason Huljich, CEO of Centuria Property Funds.
“The sale of 87 Mitchell Street represents an opportunity for our buyer to capitalise on the significant resource-stimulated growth in Darwin. It also supports Centuria’s primary strategic focus, which is the acquisition of larger, higher grade assets in major metro cities throughout Australia.”


Constructed circa 1986, Health House is fully leased by the Northern Territory Government’s Department of Health, which recently exercised its two year option to extend its lease until December 2017.
The property comprises five levels of office accommodation with basement car parking for 41 vehicles, three partially undercover spaces and 12 on grade parks located at the rear of the property. 

Since its acquisition, Centuria has made significant refurbishments to the building.
Between 2004 and 2006, the exterior façade underwent a complete architectural upgrade, in addition to the installation of air conditioning and the upgrading of the bathroom amenities. Other upgrades including the installation of low energy lighting in common areas helped lift its NABERS Energy rating from 4 to 4.5 stars.


The sale of the Health House was handled by Knight Frank agent Matthew Knight, together with KG Young &amp; Associates PTY LTD agent Keven Young. 

</body></html>

Centuria doubles money with Darwin office building sale

<html><body>
East Brunswick pizzeria 400 Gradi has leased space in Drapac group's refurbished former Carlton &amp; United brewery laboratory site at 200Victoria Street in Carlton for a second eatery.
The office component of the building is leased by Victoria's Environment Protection Authority and in keeping with the role of its government tenant, is one of the most environmentally sustainable in Victoria with a coveted 6 star Green Star status awarded by the Green Building Council of Australia.
It also has a 5 star NABERS energy and 4.5 star water rating.
Drapac Group, founded by property developer Michael Drapac, acquired the building for $5.25 million in 2006 and refurbished and added two levels to it in 2009, with designs from architects Peddle Thorp.
The new pizzeria '90 Secondi' will operate from a 186 square metre ground floor shop.
The rent has not been disclosed but market rent is around $500 to $700 per square metre per annum.
The owner of 400 Grandi and 90 Secondi is Giovanni ''Johnny'' Di Francesco is one of only two Melbourne pizzaiolo’s to be internationally accredited to make authentic Neapolitan pizza.
“90 Secondi will be more a cafe pizzeria rather than a restaurant pizzeria - more modern and a little more casual,” Di Francesco said.
The lease was negotiated by CBRE retail services team of Zelman Ainsworth and Max Cookes.
"It was critical we found a café that complemented a building of this quality with a 6-star green star design and provided additional amenity to our current tenants – 90 Secondi fit this requirement perfectly,” Drapac’s Costa Alexiou said. 
The new pizzeria 90 Secondi has also committed to a lease at CBUS’s newest project at 700 Bourke Street, Docklands.
Recent leasing deals in trendy Carlton include  famed Italian cafe Brunetti relocated from its 27-year home at 194-204 Faraday Street, Carlton to its birthplace at 380 Lygon Street.  
“We have noticed a huge increase in the level of enquiry across all our retail leasing campaigns in both the CBD and suburban locations,” said Ainsworth.
</body></html>

Authentic Neapolitan pizza comes to Drapac's six-star green building on Carlton's Victoria Street

<html><body>
Some people find it hard to part with their cars or houses.
For 82-year-old Frank Lowy it’s selling multi-million dollar shopping centres.
Speaking at today’s Westfield AGM, a somewhat reflective Frank Lowy spoke of the sales of shopping centres in the group’s global portfolio which did not meet its new returns criteria.
“Sometimes it isn’t an easy decision to sell these centres because typically the sale of an asset results in earnings dilution during the period of time that it takes to redeploy the proceeds of sale,” said Lowy.
Recent shopping centre sales include half shares in Westfield Downtown, Westfield Pakuranga and Westfield Shore City in Auckland.
Addressing shareholders, Lowy highlighted again that retail sales growth remained “subdued” in Australia and that the trend is continuing in 2013 given low levels of consumer confidence “which have existed for some time”.
Despite these conditions, he said the Australian business was performing well with productivity “remaining high”.
Lowy said the group would continue to develop to offer “very different kinds of shopping centres then we have traditionally developed”.
This includes changing the design to reflect a mix of local and international retailers with a focus on luxury brands, fine foods and casual dining.
It will also look to develop its digital business strategy to better connect retailers and consumers.
At the AGM institutional investors voted emphatically in favour of the remuneration report after earlier concerns were expressed by two US proxy investor groups over the combined $18 million pay packages for <a href="/news">Westfield co-chief executives Steven and Peter Lowy</a>.
The Australian Shareholders’ Association had also urged shareholders to vote against the total remuneration packages.
</body></html>

Selling shopping centres isn’t easy: Westfield’s Frank Lowy

<html><body>
The latest ABS construction data indicates the peak in resources investment in Western Australia appears to have passed, says ANZ economist Justin Fabo.
But he says mining-related activity is still rising in Queensland "consistent with our expectation based on ANZ’s major projects pipeline".
Morgan Stanley is forecasting a <a target="_blank" href="https://www.propertyobserver.com.au/office/perth-and-brisbane-office-vacancy-rates-forecast-to-double-over-next-three-years-as-mining-boom-demand-fades-morganstanley/2013052961758?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus">doubling in the vacancy rate in Perth and Brisbane </a> over the next three years on the back of an expected 40% drop in leasing demand from tenants related to the resources investment cycle.
Fabo’s comments follow the release of ABS March quarter construction work done data, with estimates of a 2% slump over the March quarter with the value of engineering work done down 2.5%.
<img height="319" width="470" src="/images/stories/april23tivoli/state_by_state_construction_data.jpg" alt="state_by_state_construction_data">
“The peak in mining investment in Western Australia appears to have passed, with engineering construction in that state noticeably lower over the past two quarters, albeit still at a high level.
“In contrast, mining investment appears to still be rising in Queensland which is consistent with our expectation based on ANZ’s major projects pipeline,” he said.
Fabo says aggregate private engineering construction had risen very strongly largely due to the mining investment boom but appears to have peaked last year.
“At the same time, the recoveries in private residential and non-residential building remain very gradual to date, with falls recorded in the first quarter,” he says.
</body></html>

Mining investment has peaked in WA, but still rising in Queensland: ANZ

<html><body>
Black clouds are gathering over the Perth and Brisbane CBD office markets with Morgan Stanley warning of a doubling of vacancy rates over the next three years as demand for office space from tenants tied to the mining investment boom wanes.
Based on the assumption of a 40% decline in engineering and construction investment tied to resources and gas projects, Morgan Stanley research analysts Lou Pirenc, Todd McFarlane and John Meredith forecast the Perth vacancy rate to increase from a current 6.5% to 17.5% by 2016.
Under the same conditions the Brisbane CBD office vacancy rate is set to rise from 12.9% to 22.7% by 2016.
There could also be significant rises in vacancy rates in the Sydney and Melbourne CBDs, which also have a large proportions of their white collar work force tied to the mining investment boom.
But not to the same extent as in Perth and Brisbane.
Morgan Stanley forecasts the Sydney CBD office vacancy rate to rise from 9.5% to 15.1% and Melbourne’s CBD office vacancy from 8.6% to 14.4%.
<img alt="morgan_stanley_forecasts1" height="296" width="470" src="/images/stories/april23tivoli/morgan_stanley_forecasts1.jpg">
These forecasts factor in the impact of other industries growing to offset some of the slowdown in the resources investment sector.
According to Morgan Stanley, the peak in mining-related investment may have been in 2012.
The gloomy forecasts are based on assumptions around the impact of the mining boom in Perth and Brisbane, which have been a “robust source of white collar employment growth over the past decade”.
“We believe the associated unwind in investment in the coming years will adversely affect CBD office demand particularly in the resource-exposed CBDs of Perth and Brisbane,” say the Morgan Stanley analysts.
They estimate that more than a quarter (27%) of Perth CBD workers and a fifth (18%) of Brisbane CBD workers are directly or indirectly employed from the resource investment cycle.
“Ceteris paribus (all things being equal), if we assume a 40% decline in engineering and construction related investment tied to resources and oil &amp; gas in the next three years (a realistic scenario according to our developers &amp; contractors research team), it suggests Perth’s office vacancy moves from 6.5% to 17.5% and Brisbane’s office vacancy nearly doubles to nearly 23%.
“On the basis of our analysis, we have downgraded our office rent forecasts by 5% to 13% in resource-exposed CBD’s and fine-tuned other markets,” they say.
The expectations factor in the proportion of people in mining sectors that directly rely on mining investment.
For example of the 74,019 people employed nationally in ‘Exploration and Mining Support Services’, 97% directly rely on mining investment.
The figure is 36% for the 28,223 people working in iron ore mining.
In the construction services sector, 13% of the 664,198 people employed (86,000) directly rely on mining investment as do 9.5% of the 688,117 who work in Professional, Scientific and Technical Services, around 65,000 people.
“From the impacted industries, we have analysed the current employment levels in each state that relate to each of these sectors.
“Whilst in an absolute sense, NSW and Victoria have a higher number of employees in these industries, they represent a much smaller proportion of the total workforce (15% and 17% respectively) compared to Queensland and WA (18% and 27% respectively).
“We then estimate what percentage of each of these industries’ employment base is within the CBD.”
“By applying the reduced resources investment scenarios and applying this to each impacted industry, and reducing its CBD employment base, we then make a basic assumption of how this will flow through to reduced floor space demand in each  CBD office market, and what that means for vacancy compared to current vacancy levels.”
</body></html>

Perth and Brisbane office vacancy rates forecast to double over next three years as mining boom demand fades: Morgan Stanley

<html><body>
The total value of construction work done fell by an estimated 2% to just over $51 billion in the March quarter on a seasonally-adjusted basis, according to the latest ABS data.
This was well down on expectations of a 1% rise over the quarter, according to a Bloomberg survey of 17 economists.
The latest ABS figures show falls in all sectors led by a 2.5% decline in the value of engineering work done, some of which would be tied to the slowdown in the mining sector.
The value of residential construction work done fell 1% while the value of non-residential construction work done fell 1.2% with the total value of building work (residential and non-residential) down 1.1% to $20.2 billion.
Trend estimates show a 0.4% decline over the quarter for all construction work done.
Taking a longer term view, the value of construction work done is up by a marginal 0.2% when comparing the March 2013 quarter with March 2012 quarter on a seasonally-adjusted basis and up by 2.9% using trend estimates over this period.
On a state-by-state basis the strongest growth trends are in Queensland and the Northern Territory.
Construction work done Queensland has risen for fourteen quarters and for eight quarters in the Northern Territory.
Construction work done in Victoria has risen for three quarters
Construction work done in Western Australia has fallen for three quarters.
Construction work done in New South Wales has fallen for one quarter.
</body></html>

Value of construction work done falls by unexpected 2% in March quarter led by engineering slump: ABS

<html><body>
Momentum is building in the residential construction sector with new home sales rising to their highest level since December 2011.
New home sales rose 3.9% over April to be well above 6,000 sales, according to the Housing Industry Association's latest survey of Australia's largest volume builders.
It follows a similar strong rise in March of 4.2%.
Detached house sales increased by 9.1% in Victoria, 9% in Western Australia, 8.1% in New South Wales, and 2.7% in South Australia. Detached house sales fell by 1.8% in Queensland.
The last time sales were this high was in December 2011 as the graph below shows:
<img alt="hia_sales_april" height="258" width="470" src="/images/stories/april23tivoli/hia_sales_april.jpg">
The rise in April was driven by a 6.7% lift in detached house sales, which was experienced across all states covered by the survey, bar Queensland.
In contrast, multi-unit sales fell by 9.4%.
“Overall, recent developments in new home sales are encouraging. In particular, the important detached house segment of the market continues to climb out recent record lows, and this improvement has largely been broad-based across the states,” says HIA senior economist, Shane Garrett.
“While multi-unit sales have softened over recent months, the gains made over the course of 2012 have not been eroded. A broader look at the situation shows that the volume of sales in the three months to April this year is still 51.7% higher than trough experienced a year earlier.
“We do, however, need to be considering the longer term prospects of a recovery in residential construction beyond 2013.
“The economy is amidst a transition away from growth driven by mining and related investment and the consensus aspiration is for residential dwelling investment to fill the ensuing hold. While we share this aspiration, we don’t have strong evidence that this will actually be achieved.
“There are still major obstacles to recent improvements in residential construction developing into a sustained recovery. Households remain cautious and are still using lower interest rates to hasten debt repayment rather than engage in spending. On the other side of the housing ledger, home builders and residential developers are facing tight credit conditions, hampering the number of projects that proceed to sale and building commencement.
“For a recovery to be of the duration and magnitude required not only by the economy, but by Australia’s housing needs, governments of all levels, led by the federal government, need to take decisive policy action to address these obstacles,” he says.
</body></html>

Victoria, WA and NSW lead April new home sales rise to highest level since December: HIA

Joel Robinson

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

<main data-perf-region="main">
Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

Larry Schlesinger

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News