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Westfield newest mall, Westfield Sydney and one of its older malls, Westfield Liverpool, were the top performing shopping centres in the Westfield Retail Trust over 2012, the trust's annual review has revealed.

The trust comprises 47 malls, 38 in Australia and nine in New Zealand and generated $20.9 billion in sales for the 12 months to December 31 last year with a <a href="/news">2% rise in earnings.</a>

Without any major new international brands to tempt shoppers, Westfield Liverpool on the outer western outskirts of Sydney managed 7.8% growth in annual sales, which reached $470 million over 2012.

The centre, built in 1971, has been extended and redeveloped three times in its life, firstly in 1991, again in 1993, and more recently in 2006, offering 85,000 square metres of retail space and 342 stores.

[smartcode_project:default project_id=6201]

At the glitzy end of town, Westfield Sydney on Pitt Street Mall, which was completed in April last year, generated 5.7% growth in sales, which reached $837 million in 2012, helped by its mix of international retailers including Gap and <a href="companies/zara" target="_blank">Zara</a>.

Westfield Sydney is the jewel in the Westfield crown standing on Australia’s most expensive retail strip and one of its biggest stores with 167,000 square metres of retail space built at a cost of $1.34 billion.

By comparison, Fountain Gate mall in Melbourne, the biggest in the group at 175,000 square metres, generated just 0.4% growth in sales. Sales may have been impacted by a $170 million face lift, which was only completed in September last year.

Sales at Westfield Bondi Junction in Sydney's eastern suburbs fell 0.6% to $961 million.

[smartcode_project:default project_id=7758]

Westfield’s top 10 performing Australian malls by sales growth in 2012

<table border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="130">
			Store
			</td>
			<td valign="top" width="73">
			State
			</td>
			<td valign="top" width="103">
			Retail space

			(sqms)
			</td>
			<td valign="top" width="97">
			Sales growth in 2012
			</td>
			<td valign="top" width="110">
			Total sales
			</td>
			<td valign="top" width="79">
			Yield
			</td>
		</tr>
<tr>
<td valign="top" width="130">
			Liverpool
			</td>
			<td valign="top" width="73">
			NSW
			</td>
			<td valign="top" width="103">
			85,000
			</td>
			<td valign="top" width="97">
			7.8%
			</td>
			<td valign="top" width="110">
			$470 m
			</td>
			<td valign="top" width="79">
			6.25%
			</td>
		</tr>
<tr>
<td valign="top" width="130">
			North Lakes
			</td>
			<td valign="top" width="73">
			QLD
			</td>
			<td valign="top" width="103">
			61,000
			</td>
			<td valign="top" width="97">
			5.9%
			</td>
			<td valign="top" width="110">
			$390 m
			</td>
			<td valign="top" width="79">
			6.25%
			</td>
		</tr>
<tr>
<td valign="top" width="130">
			Westfield Sydney
			</td>
			<td valign="top" width="73">
			NSW
			</td>
			<td valign="top" width="103">
			167,000
			</td>
			<td valign="top" width="97">
			5.7%
			</td>
			<td valign="top" width="110">
			$837 m
			</td>
			<td valign="top" width="79">
			5.29%
			</td>
		</tr>
<tr>
<td valign="top" width="130">
			Plenty Valley
			</td>
			<td valign="top" width="73">
			VIC
			</td>
			<td valign="top" width="103">
			54,000
			</td>
			<td valign="top" width="97">
			5.4%
			</td>
			<td valign="top" width="110">
			$312 m
			</td>
			<td valign="top" width="79">
			6.50%
			</td>
		</tr>
<tr>
<td valign="top" width="130">
			Innaloo
			</td>
			<td valign="top" width="73">
			WA
			</td>
			<td valign="top" width="103">
			47,000
			</td>
			<td valign="top" width="97">
			5.3%
			</td>
			<td valign="top" width="110">
			$294 m
			</td>
			<td valign="top" width="79">
			7.00%
			</td>
		</tr>
<tr>
<td valign="top" width="130">
			Carousel
			</td>
			<td valign="top" width="73">
			WA
			</td>
			<td valign="top" width="103">
			82,000
			</td>
			<td valign="top" width="97">
			4.7%
			</td>
			<td valign="top" width="110">
			$569 m
			</td>
			<td valign="top" width="79">
			5.75%
			</td>
		</tr>
<tr>
<td valign="top" width="130">
			Figtree
			</td>
			<td valign="top" width="73">
			NSW
			</td>
			<td valign="top" width="103">
			22,000
			</td>
			<td valign="top" width="97">
			4.1%
			</td>
			<td valign="top" width="110">
			$175 m
			</td>
			<td valign="top" width="79">
			7.50%
			</td>
		</tr>
<tr>
<td valign="top" width="130">
			Doncaster
			</td>
			<td valign="top" width="73">
			VIC
			</td>
			<td valign="top" width="103">
			123,000
			</td>
			<td valign="top" width="97">
			3.8%
			</td>
			<td valign="top" width="110">
			$339 m
			</td>
			<td valign="top" width="79">
			6.50%
			</td>
		</tr>
<tr>
<td valign="top" width="130">
			Whitford City
			</td>
			<td valign="top" width="73">
			WA
			</td>
			<td valign="top" width="103">
			78,000
			</td>
			<td valign="top" width="97">
			3.0%
			</td>
			<td valign="top" width="110">
			$456 m
			</td>
			<td valign="top" width="79">
			6.75%
			</td>
		</tr>
<tr>
<td valign="top" width="130">
			Helensvale
			</td>
			<td valign="top" width="73">
			QLD
			</td>
			<td valign="top" width="103">
			45,000
			</td>
			<td valign="top" width="97">
			2.5%
			</td>
			<td valign="top" width="110">
			$339 m
			</td>
			<td valign="top" width="79">
			6.50%
			</td>
		</tr>
</tbody></table>
Source: Westfield Retail Trust Annual Review 

Westfield Retail Trust reported $20.9 billion in annual retails sales last year from its portfolio of Australian and New Zealand malls as part of annual results recently released.

It reported speciality retail sales of $9,852 per square metre from its 38 Australian malls and NZ$8,520 in speciality sales from its nine New Zealand malls.

The 47 malls are valued at $12.6 billion.

In total the portfolio offers 3.7 million square metres of gross lettable retail space with a 99.5% occupancy rate and 12,342 retail outlets.

The return on its portfolio is 5.9% in Australia and 7.5% in New Zealand with a total average yield of 6%.
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lschlesinger-FZcF9M3vE6

Westfield top 10 malls: Westfield Sydney shines but Bondi Junction disappoints

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Improving market sentiment, low interest rates and appealing yields were some of the factors that propelled Centuria to set up a listed property trust under the leadership of former Mirvac boss Nick Collishaw, says Centuria chief executive John McBain.
Collishaw was appointed to head up the new business division earlier this month and will <a href="https://www.propertyobserver.com.au/industry-news/former-mirvac-boss-nick-collishaw-to-establish-listed-property-funds-business-at-centuria/2013031259838" target="_blank">begin with Centuria on May 1.</a>
McBain says Centuria is currently working very hard sounding out institutional investors and has offers out in the market for a “few hundred million dollars of real estate” which will form the core of the new listed trust.
While it’s too early to say what the exact composition of the trust will be, McBain says it will be diversified to some extent but with a very clearly defined strategy.
“It won’t be a blancmange,” he tells Property Observer with a launch date pencilled in for later this year.
McBain says the ASX-listed business, which already has a $1 billion plus unlisted property funds arm led by Jason Huljich and an Asian wholesale investment division led by Chong Woon Pin in Singapore, was always looked at adding a third arm to its strategy - when the listed property trust sector became a good value proposition.
He says the availability of assets at appealing yields compared to interest rates, the recovery of net tangible asset values and the availability of equity for new transactions motivated Centuria to set up its A-REIT, led by Collishaw.
“We have raised $170 million this year and are one of the more active and larger property fund managers,” says McBain.
Its most recent syndicate investment, the 175 Castlereagh Street fund, closed over-subscribed with initial distributions starting at 9%.
Centuria Property Funds acquired the CBD office building for $56 million in January.
“We felt there was plenty of scope for other things. We have one of the larger property teams on eastern seaboard, and we rate them highly," says McBain.
“The general popularity of A-REITS has recovered and we believe there is space for one more in the sector.
“That’s not just my opinion, but the market opinion regarding the sector.
“We are taking advantage of the conditions, but then it’s down to property skills.”
McBain said getting Collishaw on board was a natural fit.
“He is a friend and someone we can work with. He was very easy to approach.”
“The listed property trust will be Nick’s show.”
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New Centuria listed property trust to take advantage of improving A-REIT conditions: CEO John McBain

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There are still plenty of full office floors available for lease in the Melbourne CBD according to the latest figures compiled by Savills.
The real estate group counts 76 full office floors available for lease in February, unchanged from January.
At the same time last year, there were 61 floors available for lease.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/04/chartoftheweekapril3.gif"><img src="/images/stories/2013/04/chartoftheweekapril3thumb.gif"></a>
Savills says new office developments and government staff cuts in the central Melbourne precinct are behind the high number of prime full floors currently available for lease.
However, the group says the increased availability has sparked a recent spike in enquiry for full floors as tenants look to "take advantage and secure prime opportunities in a tenant’s market". 
Savills’ divisional director o office leasing, Phillip Cullity, says tenants are now increasingly aware that opportunities to secure the best space in the best location occurred in a market where total vacancy levels were on the rise.
"And tenants who have done their research will also realize that a rising total vacancy rate doesn’t necessarily mean a consequent rise in the number of full floors available. For example we now have vacancy at around 7% and 76 vacant floors but when full floors peaked at 88 in July last year the vacancy rate was just 5.6%.
"At the same time they realise that regardless of market phases there will always be competition for quality space and that’s why we are now seeing this upturn in interest from larger tenants.
 "Why wouldn’t you consider your options when you have historically high number of options at a time when there are very competitive rents and the likelihood of equally attractive incentives," he says.
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Still plenty of full office floors available for lease in Melbourne CBD: Chart of the week

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The Redcape Hotel Group has earned around $10 million following the sale at auction of six Coles-leased hotels and stand-alone Liquorland bottle shops in Queensland.
All sold at prices above book value at yields starting from 7.38%.
All of the properties are backed by long team leases to Liquorland Queensland, a wholly owned subsidiary of Coles.
The highest price was achieved for the Mansfield Hotel and First Choice Liquor in Townsville, which sold for just over $4 million at a yield of 8.21%. 
Also sold was the Ant Hill Hotel and Liquorland at Mareeba in the Atherton Tablelands ($1.75 million at 7.7% above book value) as well as the Commonwealth Hotel and Liquorland at Innisfail south of Cairns for $1.75 million. 
The three bottleshops are all located in and around Cairns -Liquorland Woree (just over $600,000), Liquorland Southside at Woree ($620,000 – 6.9% above book value) and Liqorland Coastwatchers at Trinity Beach ($890,000).
The campaign was steered by CBRE Hotels director Joel Fisher and Billy Holderhead of Burgess Rawson.
<a target="_blank" href="/news">Trevor O’Hoy</a>, the former CEO of brewing giant Foster’s, is the non-executive chairman of Redcape.
 
 
 
Mr Fisher said three of the buyers had come from the Melbourne bidding room with the other three buyers from the Sydney bidding room. However, there was active bidding from all locations.
 
He added that the strength of the Coles tenancy covenant combined with the improving sentiment in the hotel investment sector had underpinned significant interest in the sales campaign.
 
“Coles is Australia’s second largest hotel operator with around 100 hotel venues across the country,” Mr Fisher said.
 
“Given the security of the lease covenant we fielded strong interest from passive investors, not just from Queensland but from right across the country, with all of the properties offering long lease terms and guaranteed future rental growth, well above inflation.”
 
All of the properties are backed by initial long term leases (most of which commenced in 2006) with options. Mr Fisher said the lease terms included very favourable rent increases of 4% annually and all properties boasted good underlying property values.
 
One of the leading assets in the portfolio was the Mansfield Hotel and First Choice Liquor in Townsville, which sold for just over $4 million at a yield of 8.21%.
 
 
Also sold was the Ant Hill Hotel and Liquorland at Mareeba in the Atherton Tablelands ($1.75 million at 7.7% above book value) as well as the Commonwealth Hotel and Liquorland at Innisfail south of Cairns for $1.75 million.
 
The three bottleshops are all located in and around Cairns -Liquorland Woree (just over $600,000), Liquorland Southside at Woree ($620,000 – 6.9% above book value) and Liqorland Coastwatchers at Trinity Beach ($890,000).
 
Mr Holderhead added; “The long term leases and the blue chip tenancy covenants set these assets apart from other recent hotel offerings, with the opportunity to purchase a long term cash flow with fixed increases of 4% per annum, backed by one of Australia’s largest companies, not often seen in the investment market.”
 
“In this instance, investors were given the opportunity to buy well established, highly successful hotels and bottle shops which provide long term, fixed rental cash flows above inflation backed by Australia’s 2nd largest hotel operator.
 
“There is a flight to quality in the current market and we are fielding strong demand for assets in this price range of $1m - $6m which offer highly secure income streams and quality lease covenants such as these.”
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Redcape nets $10 million from sale of portfolio of Queensland pubs and liquor stores

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Reservoir real estate agent Robert James Marshall, who failed to submit trust account records to Consumer Affairs Victoria, has been suspended for a year, reprimanded and fined $1,500.
Marshall operated Partners Real Estate in Blake Street.
His suspension is until 26 February 2014.
According to Consumer Affairs, Marshall "failed to lodge trust account paperwork for six years despite repeated requests and warnings".
"His licence will be cancelled if he fails to lodge all outstanding audit reports and accounts with the director of Consumer Affairs Victoria by 30 June 2013.
"The tribunal imposed a condition on Mr Marshall’s licence to stop him receiving trust money or opening, operating or maintaining a trust account.
"VCAT found that Mr Marshall contravened the Estate Agents Act 1980 by failing to:
<ul>
<li>have trust accounts audited within three months after 30 June each year</li>
<li>keep signed copies of audit reports and make them available upon demand</li>
<li>provide documents and answer questions as required."</li>
</ul>
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Melbourne estate agent suspended following trust account act breaches

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A stately, beautifully restored five-bedroom property in Chelmer, Brisbane was the top selling property over the past weekend, according to RP Data.
Built in 1893, the house at <a href="https://www.realestate.com.au/property-house-qld-chelmer-113164031" target="_parent">11 Lama Street </a>is one of Chelmer's oldest.
It sold for $3.06 million having previously sold for $600,000 in 2002.
It has been fully restored and remastered and in the words of selling agent James Curtain from Place Estate Agents Bulimba "now stand as an inspiring piece of real estate that effortlessly combines old world character and modern convenience".
Five of the bedrooms are en suite with bathrooms featuring Calcutta Italian marble and French Limestone flooring.
It has two gas fireplaces, a temperature controlled wine cellar and 50,000 litres of concrete underground tanks.
The 10 most expensive sales over the March 26 - 28 weekend were:
 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/11_lama_street_chelmer_qld_4068/3853051">11 Lama Street, Chelmer, QLD, 4068</a>, five-bedroom house, sold at auction on March 27 by Place Estate Agents Bulimba for $3.06 million 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/71_bay_street_mosman_nsw_2088/4477146">71 Bay Street, Mosman, NSW, 2088</a>, four-bedroom house, sold prior to auction on March 28 by Mcgrath Estate Agents for $2.28 million 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/45_cowper_street_randwick_nsw_2031/5748302">45 Cowper Street, Randwick, NSW, 2031</a>, five-bedroom house, sold prior to auction on March 27 by Goodyerdonnelley Woollahra for $2.225 million 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/16_avoca_street_randwick_nsw_2031/5737919">16 Avoca Street, Randwick, NSW, 2031</a>, seven-bedroom house, sold at auction on March 26 by N G Farah Kingsford for $1.67 million 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/42_cecil_street_paddington_nsw_2021/5263526">42 Cecil Street, Paddington, NSW, 2021</a>, three-bedroom house, sold prior to auction on March 26 by Di Jones Woollahra for $1.44 million 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/70_livingstone_avenue_pymble_nsw_2073/5642219">70 Livingstone Avenue, Pymble, NSW, 2073</a>, five-bedroom house, sold on March 26 by Century 21 Cordeau Marshall for $1.42 million 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/111_oberon_street_randwick_nsw_2031/5759092">111 Oberon Street, Randwick, NSW, 2031</a>, three-bedroom house, sold at auction on March 27 by Coogee First National for $1.415 million 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/5_admiralty_drive_alexandra_headland_qld_4572/2506636">5 Admiralty Drive, Alexandra Headland, QLD, 4572</a>, five-bedroom house, sold at auction on March 30 by Century 21 On Duporth for $1.4 million 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/19_manchester_street_hawthorn_vic_3122/11192727">19 Manchester Street, Hawthorn, VIC, 3122</a>, three-bedroom house, sold at auction on March 27 by Jellis Craig Boroondara for $1.339 million 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/9_warrington_avenue_epping_nsw_2121/2265938">9 Warrington Avenue, Epping, NSW, 2121</a>, three-bedroom house, sold at auction on March 30 by Mcgrath Epping for $1.295 million
Source: RP Data  
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Restored Brisbane beauty in Chelmer tops RP Data top ten sales

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Neil Proudlove says individual personalities involved can also have a significant impact on the outcome of retail property transactions.
<img style="margin: 5px; float: left;" alt="proudloveone" height="200" width="200" src="/images/stories/2013/04/proudloveone.png">Agent: Neil Proudlove
Position: Regional director - retail investments
Company: CBRE
Office location: Sydney
How long have you been in the industry?
Nearly 30 years in total, the first 10 working in the UK and the past 20 here in Australia.
What’s happening in the area you specialise in?
For most of my business life I have specialised in retail property - ranging from asset valuation, portfolio management, agency (selling and buying), development and asset repositioning, including significant tenant leasing deals.
Describe the most interesting property you have sold/leased/developed:
Every deal is interesting in that in retail property, they are all unique - differing parties wanting differing legal and commercial outcomes and very often, the individual personalities involved can also have a significant impact on the outcome.
What are the ingredients to being successful in your job?
Market knowledge is important, but so is an ability and desire to listen to what others are saying to you. In commercial real estate agency you also need to have a high degree of commitment, patience and perseverance. The process is generally a measured marathon, rather than a speedy sprint! 
What aspects of your role do you enjoy the most?
People – I entered into the real estate market not because I like ‘bricks and mortar’ but because  of the individuals and ‘characters’ that fortunately are still found everywhere in the market. It is a special sector of the business world to work in. 
Where would invest a spare $750,000?
In the education of my four children – I could think of no better investment than trying to help those I love have the best start my wife and I could give them for their future. 
Which football team do you support?
I am Welsh, so rugby union rather than ‘football’ is my real passion. However, I worked in Liverpool in the UK for three years and not only grew to love the people and their positive outlook, but also have a soft spot for Liverpool FC – a soccer club with wonderful heritage and passionate supporters.
What’s your favourite app or techno gadget?
Up until last week I was a Blackberry user – am now just getting used to an iPhone 5.
How do you use social media?
Poorly at present, but something I need to get ‘up to speed with’ rapidly, not only for work, but also to make sure I can be ‘friends’ with my children!
LinkedIn account: <a target="_blank" href="https://www.linkedin.com/pub/neil-proudlove/4/905/5a2">Connect with Neil here</a>
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In profile: CBRE retail investments specialist Neil Proudlove

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The Reserve bank has left the door open to further rate cuts if needed.
"The inflation outlook, as assessed at present, would afford scope to ease policy further, should that be necessary to support demand," said RBA governor Glenn Stevens as part of his monetary policy decision statement.
"At today's meeting, the Board judged that it was prudent to leave the cash rate unchanged. The Board will continue to assess the outlook and adjust policy as needed to foster sustainable growth in demand and inflation outcomes consistent with the target over time."
Much will depend on the performance of Australian dollar and the non-mining sectors of the economy:
"While the near-term outlook for investment outside the resources sector is relatively subdued, a modest increase is likely to begin over the next year," he said.
Further on Stevens said:
"There are a number of indications that the substantial easing of monetary policy during late 2011 and 2012 is having an expansionary effect on the economy.
"Further such effects can be expected to emerge over time. On the other hand, the exchange rate, which has risen recently, remains higher than might have been expected, given the observed decline in export prices. The demand for credit has also remained low thus far, as some households and firms continue to seek lower debt levels," he said.
<a target="_blank" href="/news">Economists polled by Bloomberg</a> don't expect another rate cut until June at the earliest.
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"Scope" for further rate cuts if needed: RBA

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With the prospect of securing fixed rate offerings below 5%, one in three new home loan borrowers who used an AFG mortgage broker fixed their rate in March. 
The AFG Mortgage Index, published today, shows that 29.6% of all new home loans were fixed, compared with 24.1% in February and 16.3% in January. 
The March figure is the highest proportion ever recorded by <a href="/news">AFG</a>, which bills itself as Australia's largest mortgage broker. 
AFG also recorded its best March on record processing $3.18 billion of home loans, 8.6% higher than in March 2012, and beating its previous record month of March 2009, when it processed $3.15 billion. 
“We have seen an unprecedented surge of borrowers wanting to lock in rates. With many commentators believing the interest rate cycle is at the bottom, borrowers have responded by fixing rates of less than 5% that have been widely on offer,” said Mark Hewitt, general manager of sales and operations at AFG. 
“These rates are very low by historic standards and it makes sense to lock them in while they are still available.” 
AFG’s mortgage sales growth was largely driven by first-home buyers in WA and investors in NSW. 
The AFG Mortgage Index shows the continuing weakness of first-home buying activity in NSW, where only 4% of new borrowers are <a href="/news">first-home buyers</a>, and Queensland, where just 5.1% of new borrowers were first-home buyers. 
These figures compare with 15.3% for SA, 18.3% for Victoria and 22.9% in WA.
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A record one in three borrowers fixed their home loan in March: AFG

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As expected, the Reserve Bank has left the cash rate unchanged at 3% following its monthly monetary policy meeting today.
All 28 economists polled by Bloomberg ahead of the Easter long weekend tipped the cash rate to remain unchanged.
This is the third straight meeting the RBA has left the benchmark interest rate unchanged and at its lowest setting since the GFC.
“The latest <a href="/news">housing market indices from RP Data and Rismark International,</a> which showed another rise in dwelling values across the capital cities in March, would have provided further reassurance to the Reserve Bank that the previous rate cuts are taking affect,” commented RP Data national research director Tim Lawless.
“Based on RP Data's index to the end of March, capital city dwelling values have risen by 4.7% since bottoming out in May last year, with every capital city housing market recording a rise in home values.
“Rents and investor yields are also rising, as are transaction volumes.  Pretty much every market indicator is pointing to a further recovery in the housing market; clearance rates are higher, homes are selling faster and vendors are discounting their prices by less.
“The broad based recovery in housing market conditions, together with the strong labour market data for February, high consumer confidence and an improving share market, are all factors that are likely to keep interest rates at their current setting,” says Lawless.
With no rate change in five months (December 2012), Alex Parsons, CEO of financial comparison website RateCity.com.au, said this could signal the end of the interest rate downward cycle.
“While we are still seeing some fixed home loan rates falling, their descent has slowed significantly, which could also be a sign of lenders expecting funding pressure to stabilise or lift in the near future.
“For instance, the average three-year fixed rate fell by 0.56 percentage points in the six months to October 2012, and in the past six months it fell by 0.36 percentage points, according to RateCity’s database of more than 100 lenders,” Parson said.
“Since the Reserve Bank began lowering the cash rate in November 2011, borrowers with a typical $300,000 mortgage are paying $266 less in monthly repayments.”
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RBA leaves cash rate unchanged at 3% in April

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

Joel Robinson

Maréa Residences brings parkside apartments to Coolangatta

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

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

IN BRIEF

<ul>
	<li>
	Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.
	</li>
	<li>
	Construction on The Waterline is complete, with the first residents expected to move in from mid-October.
	</li>
	<li>
	Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.
	</li>
</ul>

<hr />
Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.

Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.

[smartcode_project:default project_id=113271 project_image_fid=366708]

Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.

“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.

“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.

“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”

[smartcode_project:default project_id=113271 project_image_fid=366709]

The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.

The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.

Each residence also has three secure basement car spaces and additional storage.

“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.

“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”

<img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" />

Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.

Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.

Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.

“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.

“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.

“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”

Sky Homes are priced from $3.65 million.

Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.

Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.

Harbour Shores is being marketed by Colliers International.

[smartcode_project_cta:default project_id=113271]

Lewis Land opens sky home display as The Waterline completes at Harbour Shores

St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.

The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.

Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.

It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.

<img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" />

The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.

The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.

The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.

<img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" />

Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.

The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.

The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.

Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.

The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.

<img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" />

&nbsp;

The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.

Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.

Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.

<a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a>

Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.

Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.

Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.

<a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station">First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</a>

&nbsp;

Larry Schlesinger

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