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The sales price achieved by Charter Hall Office REIT for NCR House at 8-20 Napier Street, North Sydney. The sale represents a market cap rate of 8.75% and a capital value of $5,390 per square metre. Settlement is expected in September 2011.  The net sale price is in line with the June 2011 book value of $57 million and represents a $6.1 million or 12% gain, on cost and a 10% internal rate of return per annum since acquisition of the property 10 years ago. The sale was brokered by Simon Fenn, senior director at CB Richard Ellis.
 
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The initial yield achieved on a prominent sandstone building in Rose Park in Adelaide acquired at auction by a local owner-occupier for $1.325 million. The 550-square-metre site is at 62 Kensington Road and includes nine on-site car spaces as well as rear lane access. The single-level building has a gross lettable area of approximately 189 square metres. CB Richard Ellis’ Will Brown and Ben Younger steered the auction campaign on behalf of a local Adelaide investor who had owned the property for almost 20 years.
 
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The price retail entrepreneur Brett Blundy’s investment company, <a target="_blank" title="Brett Blundy buys on Mornington Peninsula" href="https://www.propertyobserver.com.au/news/brett-blundy-buys-mornington-peninsula-bulky-goods-centre/2011072650917">BB Retail Capital, paid for a bulky goods centre on Melbourne’s Mornington Peninsula</a> from Mirvac. The centre has 32,000 square metres of gross lettable area and is located at 29 Mornington Peninsula. The Savills valuation for Mirvac reflected a 9.75% cap rate. The Peninsula Lifestyle Centre is located on the corner of Nepean Highway and Bungower Road in Mornington, about 15 minutes south of the Frankston CBD.
 
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The total area of office units 4 and 5 at 19 Trenerry Street, Weston in the ACT, bought by Racing and Sports Property Trust at auction. Racing and Sports Property trust spent $907,500 on the units, equating to $3,276 per square metre. One of the units is tenanted by Teachers Credit Union on a three-year lease, the other is vacant. The property was marketed by Michael Heather, associate director of CBD sales at Colliers International. 
 
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The size of Hunter Valley vineyard Windsor’s Edge <a target="_blank" title="Hunter Valley vineyard sells to Chinese investor" href="https://www.propertyobserver.com.au/rural/windsor-s-edge-vineyard-bought-by-chinese-investor/2011072450894">bought by a Chinese investor for $2.7 million</a>. The property sold through Cain Beckett at Jurd’s Real Estate. Windsor's Edge is a small family-operated resort with cellar door at Pokolbin in the centre of the Hunter Valley vineyards. The land is adjacent to the Vintage Resort golf development, on the corner of a major tourist route.
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lschlesinger-FZcF9M3vE6

Commercial hammer prices

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The gross rent per square metre that environmentally friendly bed and bath company Eco Downunder will pay to lease a 67-square-metre shop at 565 Military Road in Mosman from a private investor. The three-year lease term was negotiated by Tom Doran from Doran Commercial.
 
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The amount of fully fitted-out office space that Bank of Queensland has leased over three levels at 144 Edward Street in the Brisbane CBD. The three-year deal, commencing in August 2011, was negotiated by David Goldfinch, Savills Queensland associate director of office leasing. The new lease coincides with the expiry of Bank of Queensland’s lease at 259 Queen Street. The price is undisclosed, but market sources say it is around the $550 per square metre mark. In April this year, AGL Energy paid $769 per square metre to lease 550 square metres of office space at the same address.
 
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The gross rent that the Australian Institute of Management will pay to lease 744 square metres of office space at Childers Square, 14 Childers Street, in Canberra. The five-year deal was negotiated by Michael Ceacis, associate director of government services on behalf of the Amalgamated Property Group, and has a start date of September 1, 2011. Other tenants in the building include NAB, Bureau of Meteorology, Commonwealth Ombudsman, Legal Aid, and Sparke Helmore Lawyers.
 
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The size of an office that graphic designer Fluency and MW Creative have leased at 205/206 441 Elizabeth Street, in Surrey Hills, Sydney. The one-year lease term was negotiated by Kylie Doust from DB Property on behalf of Laoutaris Holdings.
 
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The gross rent per square metre that education provider HBA Learning Centres will pay to lease a 96.1-square-metre office at 275 Alfred Street in North Sydney from Fivex Commercial Property. The two-year lease term was negotiated by Laura Hilder from Aspace Estate Agents.
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Commercial leasing: Watch this space

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<img src="/images/stories/250-m.gif"><div>The sum total of investments to be made in the Perth and Melbourne CBD office markets by listed US developer Brookfield Office. Brookfield will acquire a 50% interest in the BankWest Tower. The building, which is 87% leased with BankWest as the anchor tenant, is located on the corner of St Georges Terrace and William Street in Perth CBD. Brookfield will also buy the 20-storey, 46,000-square-metre Southern Cross West office tower bordering Bourke and Little Collins streets in the Melbourne CBD. The BankWest Tower acquisition is subject to Foreign Investment Review Board approval.</div>
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<div>The price paid for a <a href="https://www.propertyobserver.com.au/commercial/fashion-royalty-boosts-queen-street-s-leasing-pedigree/2011062250571" title="Fashion royalty brings Queen Street pedigree" target="_blank">retail space on 84 Queen Street, Woollahra</a>. The property was sold by Ben Vaughan from Laing &amp; Simmons Woollahra in conjunction with John Knott from Richardson &amp; Wrench Commercial at auction. The shop, on one of Sydney’s most prestigious and tightly held shopping streets, was the home of antiques retailer Howell &amp; Howell for 30 years.</div>
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The price paid by Eltura Services for a food preparation facility at 6-8 Commercial Road, Marleston, in Adelaide’s inner west. The property includes cool rooms, freezer and commercial kitchen space plus storage area. The sale was negotiated by Colliers agent Justin Fried.
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<div>The amount of money coal mining executive <a href="https://www.propertyobserver.com.au/new-south-wales/redfern-proving-magnetic-for-coal-execs/2011062250564" title="Redfern proves magnetic for coal execs" target="_self">Peter Bond from Linc Energy spent on the 125-year-old former Redfern post office</a>, at 113 Redfern Street, Sydney. Bond acquired what is now an office building as an investment property. The building sold through McGrath agents Paul Ephron and Ben Forsyth. It was recently sold by publicist Max Markson, who had used the heritage property as the base for his publicity business Markson Sparks. Markson had bought it from Sorin Dascalu &amp; Associates in 2006 for $1.9 million. The 480-square-metre building was built in 1882.</div>
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The price achieved by CB Richard Ellis agent Rem Rafter for a 3,682-square-metre industrial property at 45 Wises Road, Maroochydore on the “difficult” Sunshine Coast on behalf of privately held Tichborne Pty Ltd. The company bought the property from the developer in 2000 for $1.6 million. Rafter says the deal has been struck at a yield of 8%. The property has been acquired by an unnamed Sunshine Coast investor in an off-market sale. The Australian Post currently leases a 1,100-square- metre warehouse on the block of land as a delivery centre and holds the lease until December 2012 at an annual net rental of $240,000 with a five-year option to renew.
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The amount of space bicycle retailer 99 Bikes has leased at 1 Capital Place, Kawana Business Village in Kawana Waters on the Sunshine Coast for its latest store. The eight-year lease with a further seven-year option was secured at a rental of approximately $77,605 per annum gross in a deal negotiated by Hayley Donnelly of Savills Sunshine Coast. The brand 99 Bikes is 50% owned by Flight Centre. Capital Place was developed by the Pellicano Group and features total retail space of 6,000 square metres.
 
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The price per square metre that community care group Anglicare Australia has paid to lease 760 square metres of office space in ACTEW House at 221 London Circuit, in the Canberra CBD. A five-year lease agreement was negotiated by Michael Ceacis, associate director of government services at Colliers on behalf of The Molonglo Group. The building has been the subject of a recent major refurbishment, including the facade.
 
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The length of the lease signed by Kmart Tyre &amp; Auto Service for 570 square metres of retail space at 2 Kembla Street, Fyshwick in the ACT. The deal was negotiated by Colliers agents Shelley Thomson and Peter Triantafillopoulos on behalf of Graham Rumble. Kmart Tyre &amp; Auto Service will pay $175 per square metre to lease the corner position in the industrial suburb nine kilometres southeast of the Canberra CBD. The retail space was previously tenanted by car manufacturer Subaru.
 
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The gross per square metre price that Next Telecom will pay to lease a 297-square-metre office suite at 9 Help Street, Chatswood in Sydney. The telco has signed a three-year lease agreement with a three-year renewal option. The deal was negotiated by commercial agent Michael Vanstone from Hartigan Bolt on behalf of Centuria Property Funds. 
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The <a href="https://www.propertyobserver.com.au/commercial/former-owner-jumps-at-opportunity-to-buy-back-friendly-inn/2011082251247" title="Friendly Inn sells" target="_blank">price paid by publican Peter Thompson to acquire the 1890s Friendly Inn Hotel in Kangaroo Valley</a> in the NSW Southern Highlands at auction. The 14,440-square-metre property last sold for $3.367 million in August 2005 and has been in receivership since April 2011. It was marketed by Joel Fisher, Glenn Price, Greg Haines and Dugald Parsons from CBRE Hotel on behalf of receivers PKF Chartered.
 
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The yield achieved on an industrial property at 72-74 Oatley Court, Belconnen in the ACT sold to Golbay Pty Ltd at auction. The 647-square-metre site comprises a single-storey service trades’ development containing two units, which are both leased on five-year leases until 2014. The campaign was steered by Michael Heather from Colliers on behalf of receivers PPB Advisory.
 
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<img src="/images/stories/10m.gif"> 
The amount<a href="https://www.propertyobserver.com.au/commercial/bunnings-shells-out-for-big-prawn-site-but-has-no-plans-for-its-renovation/2011081851207" title="Big Prawn sold" target="_blank"> Bunnings paid for the iconic Big Prawn and accompanying 2.5-hectare site in Ballina</a>. It last traded in 1999 at $3.6 million. It cost $500,000 and took six months to erect in 1989-90. It had been listed through Michael Shay at LJ Hooker and North Coast Commercial Real Estate agent Troy Outerbridge.
 
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<img src="/images/stories/1point02m.gif">The price paid for a vacant childcare centre previously licensed for 30 places in Matraville, Sydney that sold under the hammer through Paul Hunter of Cushman &amp; Wakefield.  The centre is located at 36 Moorina Avenue in Matraville, in the eastern suburbs of Sydney. It was purchased by a private owner-operator. The property was sold on behalf of receivers and managers appointed by the mortgagee.
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<img src="/images/stories/383.jpg"><div>The difference between the total value of<a href="https://www.propertyobserver.com.au/commercial/after-a-year-of-few-sales-perth-cbd-office-market-heats-up/2011071750826" title="Perth CBD office sales" target="_blank"> Perth CBD office sales </a>clocked up to date this year and the value during the same period in 2010. For the year to date a total of $533 million worth of transactions have taken place in the Perth CBD, compared with just $150 million in the first six months of 2010. Major deals include Stockland selling a 50% holding in the 52-level BankWest Tower on St Georges Terrace for $130 million to joint owner Brookfield Prime Property Fund.</div>
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The passing yield on a medical centre in Golden Grove in Adelaide’s north east bought by a private investor for $4.2 million. The 1,139-square-metre property at 205 The Golden Way is a fully leased medical complex. The sale was negotiated by CB Richard Ellis’s Ben Younger and Alistair Laycock on behalf of Impact Investment Corporation.
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<div>The price an investor paid for the 7<a href="https://www.propertyobserver.com.au/commercial/hoppers-crossing-7-eleven-sells-for-%243.49-million-with-nine-bidders-missing-out/2011072050862" title="7-Eleven sales" target="_blank">,451-square-metre 7-Eleven retail site at Edensor Park</a> on the corner of Cowpasture and Elizabeth roads at auction on July 20. The property was one of five Victorian properties sold at auction by Jones Lang LaSalle. They were marketed by Jones Lang LaSalle agents Steve Bolton and Ben Galanos. The Edensor Park has guaranteed annual rent of $210,000 and has a passing yield of 6%.</div>
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The amount an owner-occupier developer has paid for an industrial property at Cockburn Central, south of the Perth CBD. The property is a vacant site at lot 801 on Hammond Road and measures 12,734 square metres. Greg O’Meara from Colliers negotiated the sale on behalf of the vendor Baxter Hill, a division of the Victoria Costa Group of companies.
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The passing yield on a 1,352-square-metre single-storey commercial building on the corner of Leeton and Mildura streets, Fyshwick, ACT. The building was sold for $3.45 million by Jim Shonk and Michael Heather from Colliers on behalf of PPB Advisory to a local syndicate. This property was listed as “an attractive investment with a good lease covenant and the potential to vary the purpose clause to permit residential”. The current tenant is Australian Technology Information, which has leased the building until June 30, 2015 with a three-year renewal option.
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The price paid for a 5,411-square-metre industrial site comprising two warehouses at 715 Ingham Road, Mount St John in Townsville. The property was sold to primary producers from Mareeba in far north Queensland by Ray White Commercial Townsville director Graeme Russell. The property contains two showroom warehouses with long-term leases to Gleeman Truck Parts and Boltmasters. The current net rental income is $293,230 per annum, providing a yield of around 8%.
 
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The yield achieved on the sale of 2,400-square-metre shop in the Stables Shopping Centre on Childs Road in Mill Park, Melbourne. The shop sold ahead of auction for $3.25 million in a deal negotiated by Billy Holderhead and Jamie Perlinger from Burgess Rawson in conjunction with Michael Ryan and Fred Nucara from Beller TBM Commercial. The shop is tenanted by second-hand retailer Savers. Net rent is about $369,000 per year.

 
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The amount Adelaide-based developer Prime Space Projects paid for two adjoining commercial buildings at 358-374 Wickham Street in Brisbane’s Fortitude Valley. The two buildings occupy a site a total site of 2,139 square metres and were purchased from Brisbane’s De Pasquale family. The buildings feature a combined net lettable area of 2,601 square metres, with Lexus and Godfreys the major tenants. The off-market transaction was negotiated by Peter Chapple and Greg Harris of Savills. Prime Space Projects plans to redevelop the site.
 
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The price achieved at auction for a<a target="_self" title="Hoppers Crossing loses some of its bounce" href="https://www.propertyobserver.com.au/commercial/retail/hoppers-crossing-loses-some-of-its-bounce/2011080351017"> 90-square-metre shop located at 266 Derriumt Road, Hoppers Crossing</a> in Victoria. There was just one bidder for shop three, tenanted by Noodle Land at a yield of 7.9%. The retail spot was marketed by Billy Holderhead and Jamie Perlinger from Burgess Rawson and brings in annual net rental income of just under $50,000.
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The amount Fender Geophysics will pay per square metre (gross) in one year plus a one-year option lease agreement for a 40-square-metre office at <street><address>283 Alfred Street</address></street> in <place>North Sydney</place>. The agreement was negotiated by Mitchell Woods from Aspace Estate Agents.
 
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The length of a new lease agreed to by XtremeHobby.com.au for <street><address>241 Ferntree Gully Road</address></street>, in Mt Waverley in <city><place>Melbourne</place></city>’s eastern suburbs. The 1,000-square-metre showroom will be used as exhibition space for remote-controlled model aeroplanes and helicopters. The deal was negotiated by Lynton Williams from Savills on behalf of a private <city><place>Melbourne</place></city> investor.
 
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The combined size of the office and warehouse at <street><address>18 Allworth Street</address></street>, Northgate in <city><place>Brisbane</place></city> that aircraft cabin cleaning service Broadlex Air Services will lease for three years. The deal was negotiated by Steve Black of Ray White Commercial Pine Rivers. The property has an estimated net rent of $70,000 a year.
 
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The street number on the 
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<street style="outline-style: none; outline-width: initial; outline-color: initial;">Princes Highway</street>, <city style="outline-style: none; outline-width: initial; outline-color: initial;">St Peters</city>
</address> in <city style="outline-style: none; outline-width: initial; outline-color: initial;"><place style="outline-style: none; outline-width: initial; outline-color: initial;">Sydney</place></city> where Perla Mar will rent a 55-square-metre showroom and warehouse. The food importer will pay $247 gross per square metre. The three-year lease was negotiated by CB Richard Ellis agent Viktor Desovski on behalf of Rocca Building NSW.
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Commercial leasing: watch this space

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The size of a Goodman Group-owned office and warehouse leased by a transport company in Port Melbourne in one of the biggest leasing deals in the area during the past two years. The property, store F at 467 Plummer Street, has been leased for three years with the deal negotiated by Ashley Buller and Lincoln Reynolds of Jones Lang LaSalle at $70 per square metre.
 
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The gross amount skin health products provider Gojo Australasia will pay per square metre to lease a 72-square-metre office at suite 106/460 Pacific Highway in St Leonards on the Sydney north shore. The lease term is two years plus a one-year option. The deal was negotiated by Trent Stephens from Raine &amp; Horne Commercial North Sydney on behalf of Toferp Pty Ltd.
 
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The size of an office suite at 276 Pitt Street leased to real estate firm Maestri Tower Investment Group for $558 per square metre. The deal was negotiated by John Skufris from Ray White on behalf of the Abrams Family.
 
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The total value of a leasing deal for two industrial warehouses on Mullers Road in Greenacres in Adelaide in a deal arranged by David Ludlow and Todd Grima from CBRE on behalf of Dettorre Investments. Adelaide All Star Cheerleading has leased 120a Mullers Road for a period of three years while Skye Shopfitters and Skye Interiors has leased 120b Mullers Road for five years. Both warehouses have a net letable area of 345 square metres.
 
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The cost per square metre that Identify Recruitment will pay to lease a 56-square-metre office at 46 Market Street in the Sydney CBD. The financial services recruiter will lease from Telado Pty Ltd on a three-year deal negotiated by John Skufris from Ray White.
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The size of an industrial site in Dry Creek, Adelaide acquired by earth-moving supplier Mirtom. The corner site at 2 Duncan Road was acquired at auction for $1.2 million and includes a 1,347-square-metre office and warehouse. CB Richard Ellis’ Todd Grima and David Reid steered the auction campaign on behalf of Brunt Investments. The property is 10 kilometres north of Adelaide’s CBD.
 
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The amount north Queensland-based investors paid for an industrial parcel in Townsville with established tenants. The 5,411-square-metre site at 715 Ingham Road, Mount St John, was sold to primary producers from Mareeba by Ray White Commercial Townsville director Graeme Russell. The current net rental income is $293,230 per annum, providing a yield of about 8%.
 
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The yield achieved following the sale of a retail complex at Emerald in central Queensland for $2.95 million. The property on the corner of Egerton Street and Anakie Street at Emerald was sold to Sunshine Coast-based company LRBA by Ray White Commercial Maroochydore principal David Smith. The four tenancies in the complex are paying annual rent totaling almost $240,000 all on long-term leases. The retail complex comprised of a net lettable area of approximately 860 square metres.
 
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The premium to book value achieved by Charter Hall’s Diversified Property Fund following the sale of Spinifex House, an office block on 46-50 Kings Park Road, West Perth to a private syndicator for $28.25 million. The sale equates to $6,900 per square metre. The sale was negotiated by Peter Agostino and Andrew Woodley Page of CBRE.
 
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The price achieved for an industrial warehouse at Moorabbin in the southeast of Melbourne. The property on land of 833 square metres was sold by Ray White Commercial Oakleigh agents Ryan Amler and John Servinis to an owner-occupier. It is located at 10 Hewitt Street in an industrial precinct.
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Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

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One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

Joel Robinson

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more international and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

Larry Schlesinger

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