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Insolvency firm TPH Insolvency has leased the lower ground floor in heritage-listed History House, the Sydney headquarters of the Royal Australian Historical Society (RAHS) on Macquarie Street, designed by renowned 19th century architect George Allen Mansfield. 
The firm, set up this year by former SV Partners executive director Tim Heesh, will pay net rent of around $50,000 per annum at the 133 Macquarie Street address. 
This equates to around $350 per square metre per annum over the 140 square metre office space directly across the road from the Sydney Botanical Gardens. 
Ground floor space in the building is currently advertised for rent at $70,000 per square metre through Jeremy Piggin, office leasing director at Ray White Commercial who also negotiated the lease of the lower ground floor space. 
TPH Insolvency has taken up a one year lease with a one year renewal option. 
The office space has direct street entry and parking at the rear of the building. 
“The opportunity to occupy space with such historic, old world charm created a strong level of interest for this property from a wide variety of businesses,” says Piggins. 
“History House is one of CBD’s finest heritage buildings. The building offers additional well-proportioned Victorian rooms for functions and board meetings for members and tenants.” 
History House is believed to have been built around 1872 after being designed by George Allen Mansfield, who designed a number of Sydney institutions such as Royal Prince Alfred Hospital. 
“Originally a gentlemen’s residence, the house was used as a boarding house for many years before being purchased during the 1920s by distinguished surgeon Dr George Bell,” says Piggins. 
“The RAHS, which was founded in 1901, did not acquire History House until 1970. The house is now protected by a permanent conservation order and classified by the National Trust.”
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Insolvency firm leases ground floor in Sydney’s History House on Macquarie Street

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The Melbourne and Perth office markets are forecast to deliver the strongest returns to commercial property landlords over the next two years with both capital values and rents rising, according to the March quarter NAB Commercial Property survey.
An overall improvement in commercial property sentiment is noted in the report with gains in the office, retail and industrial sub-indexes.
The overall NAB Commercial Property Index rose 9 points in in the March 2013 quarter from -17 to -8 and is forecast to return to positive territory (optimists outnumbering pessimists) in the third quarter of 2013 with strong gains forecast in 2014 and 2015.
Apart from Queensland, where a softer resources market is likely having a negative impact on sentiment in the state, sentiment improved in all states, with the biggest movement in Victoria which is now expected to surpass WA in the next one to two years as the most optimistic state.
Whilst retail property recorded the biggest improvement in sentiment, it remains in negative territory (-27) with CBD hotels the only commercial property sector currently with a positive reading, though sharply down from +58 points in the December 2012 quarter to +6 in the March quarter.
<img src="/images/stories/2013/nab_comm_prop_index_2.jpg" width="470" height="279" alt="nab_comm_prop_index_2">
The outlook is brightest for office property with capital values expected to rise by 2.1% by March 2014 and 3.9% by March 2014.
Capital offices values in Victoria – predominantly the Melbourne CBD - are forecast to rise by 2.7% over the next 12 months and then by 4.2% over the following 12 months to March 2015.
Over this two-year time frame, Melbourne office rents are forecast to rise by a cumulative 5%.
In WA, office values – predominantly the Perth CBD – are forecast to rise by 3.5% over the next 12 months and then by 5.6% over the following 12 months to March 2015.
Perth rents are expected to rise by a cumulative 9% over the next two years.
There will also be strong gains in Sydney office values – 2.5% to March 2014 and 4.1% to March 2015 – but rents are expected to fall by 1.4% over the two-year period.
<img src="/images/stories/2013/NAB_comm_prop_index.png" width="470" height="281" alt="NAB_comm_prop_index">
These forecasts are based on the expectations of 300 commercial property agents, developers, fund managers, owners and investors with the report compiled by NAB chief economist Alan Oster together with NAB colleagues Robert De Iure and Dean Pearson.
As the outlook improves, more property developers surveyed reported plans to start new projects or developments in the near-term as fewer property professionals identified debt/equity funding as a problem.
Consumer confidence continues to be noted as the main challenge facing property firms in the next year but concerns about stock availability and the upcoming federal election are also growing.
Other key findings of the report:
<ul>
<li>Modest growth in retail capital values to resume in the next two years.</li>
<li>Gross rents fell in all markets over the quarter but at a slower rate.</li>
<li>Rents fell most for retail (-1.6%), with the best returns reported for industrial (-0.4%).</li>
<li>Expectations have strengthened, with industrial rents to grow 0.9% in the next year and 1.9% in the next two years.</li>
<li>Office rents are tipped to rise 0.4% and 1.5%, while retail rents are predicted to fall -1% and -0.1% in this period.</li>
</ul>
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Perth and Melbourne office markets have the brightest prospects as commercial property sentiment lifts: NAB Index

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Consumer sentiment fell “sharply” and against expectations in the week following the RBA’s decision to cut the cash rate to a 53-year-low of 2.75% with budget concerns the primary reason for confidence slipping.
The Westpac Melbourne Institute Index of Consumer Sentiment fell by 7% from 104.9 in April to 97.6 pushing it back into a range where pessimists outnumber optimists for the first time since October 2012.
“It is the lowest read since August 2012. Over the last two months the Index has fallen by 11.7% to fully reverse the promising 9.0% increase we saw in February and March,” says Westpac chief economist Bill Evans.
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.
“Households recognise the significance of the rate cut for housing activity along with evidence that a patchy upswing in dwelling prices is under way,” says Evans.
He says the 11.2% increase in May “redressed the sharp fall in the Index in April when respondents were unnerved by media coverage which included speculation that rates might be going up.
“It is better to assess the move in this survey as back to around 1.5% above the average level for the previous 6 months when there was a sustained positive response to the implications of lower rates for purchasing dwellings,” he said.
Looking at the overall result, Evans says the “remarkable aspect of this result is that it is the first read of the Index since the Reserve Bank cut the cash rate by 0.25% on May 7.
“Absent any other major influences, we would have expected a solid boost to the Index following that rate cut,” he says.
The drop in sentiment has been attributed to concerns about the Federal Budget with the May survey including a special Budget question with 44% of respondents assessed that the Budget would make them worse off with only 5.4% seeing it as improving with the balance of responses neutral.
“We have been conducting this separate Budget question since 2010 and this response is by far the most negative,” he says.
The survey of 1,200 Australians was conducted in the week from May 13 to May 18 with the budget announcement of a forecasted $18 billion deficit in 2013-14
Evans says the results of the latest survey confirm “our reasonable assumption that this weakness in confidence is being driven by a sharply negative response to the Budget”.
He tips a rate cut in June with the cash rate to hit 2% in the first quarter of 2014.
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Budget woes sees consumer sentiment fall to lowest level since August 2012, but housing sentiment lifts: Westpac index

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A 158-square-metre office suite in Museum Towers, a mixed-use 35 storey office and residential tower on Castlereagh Street in the CBD has been listed for sale with $695,000 expectations as demand for larger Sydney strata offices from self-managed super fund investors rises.
The office suite includes a car park at <a href="https://www.realcommercial.com.au/property-offices-nsw-sydney-500660111" target="_blank">267 Castlereagh Street</a> with owners and tenants also having access to an indoor pool and a roof-top deck.
Museum Towers dates back to the 1930s with a decorative red-brick façade featuring four floors of office suites and 120 apartments.
According to Knight Frank, the Sydney CBD Strata office market recovered strongly in 2012 after bottoming out in 2011, with SMSF investors leading the charge.
The total volume of sales increased by 45% over this period with $136.5 million transacting despite only a modest rise of 3.1% in the total number of sales.
Capital values also showed a limited increase of 1.7% to a current total market average of $5,122 per square metre.
Knight Frank city sales executive, Andrew Palmer says there has been a significant increase in the volume of sales experienced in Sydney CBD Strata Office sales, specifically among owner occupiers, across the last calendar year despite a tightening and slowdown in the delivery of new quality stock to the local market.
In particular, the core CBD precinct attracted strong interest with average capital values increasing by 15.6% on 2011 figures.
“Predominantly the key factors for driving this significant increase in sales in 2012 are improved investor sentiment and the cost of debt continuing to fall with the cash rate now at its lowest level over 50 years. In 2012, we entered into a perceived low point of the property cycle with interest rates dropping and confidence returning in the market,” says Palmer.
“This sharp spike in sales can also be attributed to the change which took place 18 months ago in SMSFs. Investors began taking advantage of favourable tax benefits on offer with much of this increased activity during 2012 generated by SMSF’s and this in turn has pushed prices steeply up in the core precinct.
“There has also been noticeable change in buyer interest from sub 100 square metre office spaces which accounted for almost three quarters of all sales in 2011 to a strong movement back to larger office spaces, 101 square metres plus.
"This is indicative of Australian business downsizing post GFC and business becoming more confident and beginning to expand again in 2012,” he says.
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Castlereagh Street office suite listed for $695,000 as SMSF investors return to Sydney strata office

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The Reserve Bank has noted strengthening conditions in the housing market, but it remains worried about demand for home loans, says Westpac chief economist Bill Evans.
Evans said the primary reason for the rate cut in May was a “surprise low print for inflation in the March quarter” as well as a “downbeat assessment of business conditions”.
But, he says the RBA board also “takes considerable notice of credit growth” qualifying its statement that housing loan approvals are improving with the comment that “credit growth remains subdued to date” along modest growth in business debt.
“This failure of credit growth to support optimism around the housing market is a very important observation,” says Evans.
“It is repeated in the final paragraph of the ‘Considerations for Monetary Policy’ section and provides an important condition which the Bank is likely to require before it declares victory in its objective of boosting the housing market.
“We have seen other comments from Bank officials pointing out that any sustained boost to housing activity and house prices would need to be supported by a marked improvement in credit growth.
“Of course to date this improvement has been missing mainly because existing borrowers continue to pay down debt,” says Evans.
Evans is sticking with his expectation, post the May rate cut, that the cash rate will fall to 2%, as well as a June rate cut, but with some degree of uncertainty on the timing.
“We were also sufficiently encouraged, particularly around the Governor's statement that implied there was more scope to ease policy, to expect a follow-up move in June
“Accordingly, while we are confident about our medium term view that the cash rate will eventually reach 2%, the choice of a June or later date for the next move is highly subjective.
“We are comfortable to reserve any decision to push back that call until we see Australian dollar and capital expenditure evidence over the next week," he says.
The government’s capital expenditure plans are to be released on May 30, which Evans says are “so important for the bank's overall plan to rebalance investment towards non-mining activities".
Evans is tipping a cash rate of 2% by the March quarter of 2014.
ANZ economist Justin Fabo has a 25 basis point rate cut “pencilled in” for later this year.
“Combined with our subdued outlook for overall business investment, however, and an expectation that the currency is likely to remain elevated for a while yet, our view is that the cash rate is still more likely than not to be lowered a little further,” he says.
CommSec economist Savanth Sebastian says the RBA has “made it clear that it is not done cutting rates” though it is unlikely that multiple rate cuts are on the cards.
“Certainly with inflation well contained and expected to be within the target 2% to 3%band over the next couple of years policymakers can rest easy while maintaining an easing bias,” he said.
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Subdued home loan growth a worry for RBA with 2% cash rate still on the cards: Westpac’s Bill Evans

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Speciality store vacancy rates in the Brisbane CBD are tightening as global brands like Zara, Topshop and Gap arrive on Queen Street Mall, says Jones Lang LaSalle (JLL).
The Brisbane CBD retail vacancy rate fell 0.4 percentage points over the second half of 2012 to be 3.7% as of December 2012 and, anecdotally, according to JLL, has edged further down in 2013.
The pedestrianised shopping strip crept up two places to be named the <a target="_blank" href="https://www.propertyobserver.com.au/retail/brisbane-s-queen-street-mall-climbs-into-list-of-world-s-ten-most-expensive-retail-rental-spaces/2013051461337">ninth most expensive retail space in the world</a> at $US739 per square foot per annum (about $A8,024.25 per square metre).
In its May update, Jones Lang LaSalle notes that there appears stronger signs in 2013 that general demand is improving in the Brisbane CBD retail market.
The graph below shows Brisbane CBD vacancy rates trending down, against the national trend:
<img alt="brisbane_CBD_vacancy_rates" height="382" width="470" src="/images/stories/2013/brisbane_CBD_vacancy_rates.jpg">
According to JLL, "leasing activity among food-based retailers has long been the primary source of demand in the market, but it now appears activity is improving among fashion-based retailers".
"A number of international retailers have, or are in the process of, entering the market, which is one driver of activity.
"Many of these retailers are implementing a large-format model and this ‘big box’ demand is creating a number of redevelopment opportunities in and around the Queen Street mall to accommodate these tenants, including Zara, Topshop, Gap and Hollister.
"As well as new mass market brands, the expansion of luxury brands in Brisbane continues, particularly along Edward Street, with Ermenegildo Zegna leasing 220 square metres at 155 Edward Street," says JLL.
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Brisbane CBD retail vacancy rate tightens as global brands hit Queen Street Mall: Chart of the week

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<img src="/images/stories/2013/02/collierslogo.jpg" width="470" height="94" alt="collierslogo">
Colliers International’s Darrell Irwin says the market he specialises in has seen an improvement in activity due to low interest rates.
<img style="margin: 5px; float: left;" src="/images/stories/2013/05/darrellirwin.png" width="200" height="200" alt="darrellirwin">Agent: Darrell Irwin
Position: Director, Special Projects - Queensland
Company: Colliers International
Office location: Brisbane
How long have you been in the industry?
Too long… 23 years. I’ve worked in 'in house'  roles with developers including Robina Land Corporation as development manager and as external consultant to Stockland on the North Lakes project. I’ve also worked with QIC on Robina and Blue Care on its property portfolio.
What’s happening in the area you specialise in?
There has been an improvement in activity due to low interest rates, improving demand for built product and land price adjustment which makes projects feasible after a number of years of difficulty stacking up new projects.
Describe the most interesting property you have leased:
Couran Cove Resort  on South Stradbroke Island, due to the complexity of the development and its Town Planning approvals and the identities involved, both the owner and his representatives and the potential buyers.
What are the ingredients to being successful in your job?
Hard work, patience, credibility… and a good sense of humour. My background working on successful Master Planned communities, such as Robina and North Lakes has assisted me in having a good understanding across all segments of the property market, residential, retail, office, industrial.
What aspects of your role do you enjoy the most?
Dealing with people and the variety of the work across different sectors of the property market.
Where would you invest a spare $750,000?
For the more entrepreneurial…Vacant development land at Coomera or Hope Island.
For the more conservative… residential within 10kms of Brisbane CBD, near water, transport, schools OR shops, or ideally proximity to  all of these.
Which football team do you support?
Gold Coast Titans and Queensland Reds
What’s your favourite app or techno gadget?
New iPad which is a recent acquisition to store and present with whilst on a recent property marketing trip to China.
How do you use social media?
Facebook and LinkedIn - my wife is a social media guru and dragging me up to speed.
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In profile: Colliers International's director of special projects Darrell Irwin

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Stockland has raised $400 million from institutional investors to help fund the growth of its retail property development business.
Recently appointed managing director Mark Steinert announced a new strategic direction for the A-REIT earlier this month including increasing its exposure to the retail property sector to between 50% to 70% of total assets.
It currently has a portfolio of 41 retail centres (valued at around $5.5 billion)  with plans to increase this to a portfolio worth around $7.5 billion by 2018.
Domestic and offshore nvestors purchased 103.1 million securities at $3.88 each at a 2.5% discount to the May 21 closing price with the placement oversubscribed
“By completing the placement we have raised capital to fund the initiatives highlighted in the strategic review," said Steinert.
“We welcome the confidence investors have shown in Stockland's new strategic direction, as demonstrated by the strong level of support for this placement.
“The proceeds will help fund our $1.5 billion accretive retail development pipeline, with projects in strong trade areas," he said, with yields of between 7% and 8% targeted.
“The $116 million redevelopment of our Hervey Bay Shopping Centre is a good example of our reinvestment strategy as it will reflect a pre-AIFRS (Australian Equivalent of International Financial Reporting Standards) yield of 7.5% and an incremental internal rate of return of 13.8% upon completion.”
The proceeds will also be used for the repayment of debt, reducing Stockland's balance sheet gearing by approximately 3%.
The placement was fully underwritten by UBS AG, Australia Branch.
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Stockland raises $400 million from institutional investors to grow malls business 

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The Coalition currently has no plans to remove negative gearing tax breaks used by a third of Australian property investors if it wins power in September.
Even if removing negative gearing were recommended as part of a broader White Paper tax review, it would only seek a mandate to change tax rules as part of a second term election campaign.
A story on thewest.com.au claiming shadow treasurer Joe Hockey would review negative gearing tax breaks for property investors as part of an incoming Coalition government tax review, has been rubbished by his spokesperson, Tony Ritchie, who is demanding a retraction.
“Tony Abbott was clear last Thursday night, saying if a Coalition Government is elected it 'will consult with the community to produce a comprehensive white paper on tax reform'.
“'We’ll finish the job that the Henry review started and this government squibbed. We want taxes that are lower, simpler and fairer and will take proposals for further tax reform to the following election.'
“Mr Hockey nor the Coalition has identified any particular tax that will be reviewed.
“If the White Paper makes recommendations the Australian public will be asked to give a second term Coalition a mandate before any taxation reform is undertaken.
“There could be no fairer or transparent system,” said Ritchie.
At the same time incumbent federal treasurer Wayne Swan has ruled out making any changes to negative gearing telling reporters in Adelaide today the government had “ruled out any change to the existing arrangements" in its response to the Henry report.
The recently published <a target="_blank" href="https://www.propertyobserver.com.au/landlords/two-thirds-of-property-investments-negatively-geared-ato-figures/2013043060891">ATO annual report</a> revealed that around two-thirds of Australia’s 1,811,174 property investors - 1,213,597 taxpayers –  using negative gearing provisions to claim losses on their investment properties for the 2010-11 tax year up from 1,110,290 who claimed losses in the 2009-10 tax year.
The average loss recorded for negatively-geared property investors was $10,947 in 2010-11, up from $9,132 in 2009-10.
<a href="/news">Investment adviser Scott Pape</a> stirred up a hornet's nest of responses from readers when he suggested that the government didn't have the "ticker" to remove negative gearing tax breaks.
Now he can add a likely Coalition government to his list.
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No plans for Labor or Coalition governments to abolish negative gearing 

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“Strengthening conditions in the housing market” were noted by RBA board members at the May monetary policy meeting, where the cash rate was cut to a record low of 2.75%.
However, members also noted that, “thus far, credit growth had remained subdued”.
The key phrase in the minutes is that the RBA board decided that “some of the scope” to ease policy should be used at the May meeting, implying that scope still remains for further easing.
“[The board] judged that a further reduction in the cash rate was appropriate to encourage sustainable growth in the economy, consistent with achieving the inflation target,” read the minutes.
The minutes note improvement in dwelling buying conditions, rising dwelling prices and a pick-up in new dwelling investment.
"Indicators of consumer sentiment were above average levels, with reported buying conditions for dwellings and motor vehicles at relatively high levels," read the minutes.
"Dwelling prices were around 4% above their trough in mid 2012, and auction clearance rates had increased.
"New borrowing for housing had also picked up, while forward-looking indicators and the Bank's business liaison suggested that demand for new housing was improving – notwithstanding a decline in building approvals in the March quarter – with enquiries from prospective purchasers and visits to display homes increasing.
"New dwelling investment had increased since the middle of the previous year, with members observing that approvals for higher-density dwellings had increased, while approvals for detached dwellings had been flat over this period."
Looking ahead, the RBA board expects “moderate growth in dwelling investment” along with growth of resources exports and a pick-up in consumption offsetting “the slowing in overall business investment, given the peak in the mining investment boom along with the effects of fiscal consolidation and the high level of the exchange rate”.
The decision to cut the cash rate was taken despite the household sector responding to low interest rates with overall economic growth “expected to be somewhat below trend for a while” and the inflation outlook “revised down slightly”.
“Increasingly, the household sector had shown signs of responding to these low rates: wealth had been bolstered by higher equity and dwelling prices; measures of consumer confidence were above average; housing and personal loan approvals had been rising, although credit growth remained subdued to date; and dwelling construction activity was growing.
“At the same time, however, conditions in the business sector, as assessed in surveys, generally had remained below average, possibly in part because the exchange rate had remained high despite lower export prices and interest rates,” read the minutes.
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Scope for more rate cuts as RBA notes conditions “strengthening in housing market”: May minutes

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

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.

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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

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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.

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[smartcode_project_cta:default project_id=152737]

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Larry Schlesinger

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