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An Asian investor has paid $1.45 million at auction for the premises of a jewellery store on the ground floor of the Fender Katsalidis-designed Hero building on Little Collins Street.
The sale price equated to a yield of 6.2% for the 50-square-metre retail shop at 144 Little Collins Street, leased to Pilkington Jeweller on a monthly lease.
The property was marketed for auction by Josh Rutman, Ed Wright and Mark Wizel of <a href="https://www.propertyobserver.com.au/trends/cbre-embraces-flexible-working-space-in-sydney-office/2013031259832" target="_blank">CBRE</a> City Sales on Friday March 22.
The Hero apartment building is the former 1948-built Russell Street Telephone and Exchange Post Office building, which was transformed into inner-city apartments above retail by Fender Katsalidis with the addition of six floors, added in 2001.
It is considered one of the best examples of the transformation of a former public building into inner-city apartments.
Rutman tells Property Observer the auction drew over 150 spectators, with five genuine bidders pushing the property from an opening bid of $1,000,000 all the way to the final sale price of $1,450,000.
"This reflected a yield of 6.2% and an exceptionally strong rate of $29,000 per square metre over building area, a record for the building," Rutman says.
"This is the second sale of a retail investment property by CBRE City Sales this week and highlights the continued investor demand for well-located ground floor CBD retail properties.
"Despite negative commentary about the state of the retail climate these properties continue to achieve premium prices when marketed strategically by an agent to the marketplace," says Rutman.
CBRE City Sales also sold the 75-square-metre premises of Trend Cafe at 377 King Street for $900,000 at a yield of 6.5%.
"Investor demand for well-located retail continues to remain strong which is being mainly driven by the low interest rate environment and improved sentiment levels due to the improved residential property and share markets," says Rutman.
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lschlesinger-FZcF9M3vE6

Asian investor pays $1.45m for retail premises in Fender Katsalidis-designed Hero building on Little Collins Street

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Westfield  Group  has sold half of its interest in six Westfield regional malls in Florida to O’Connor Capital  Partners for US$1.283  billion. 
O’Connor’s investment will represent a 49.9% interest in this portfolio, which has a gross value of US$1.283  billion.  
Westfield will remain as property, leasing and development manager on terms consistent with the Group’s other joint ventures. 
“This agreement carries on the Group’s strategy of introducing joint venture partners into our assets globally as well as disposing of non-core assets,” says Westfield Group co- chief executive officer Peter Lowy. 
Westfield will realize approximately US$700 million in net proceeds from the transactions. 
The transactions are subject to financing and other customary closing conditions and are expected to close in the second quarter 2013. 
Founded in 1983, O’Connor Capital Partners is a privately held, independent manager, owner, operator and developer of real estate.
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Westfield sells half interest in six Florida malls for US$1.28 billion

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Australia’s peak mortgage industry body, the MFAA has cancelled the memberships of 1,100 mortgage brokers for failing to meet new education requirements.
The terminated brokers failed to obtain a Diploma in Financial Services (Finance/Mortgage Broking Management) or equivalent qualification necessary to become MFAA Credit Advisers.
This constitutes more than 10% of the MFAA’s 11,000 strong member base.
It almost cancels out the 1,295 new members who joined the industry body over the 12 months to June 2012, the most recent MFAA annual report revealed.
In May 2012 the MFAA extended deadline for completing the diploma from June 30 2012 to January 31 2013.
The MFAA introduced the higher educational requirement in 2009.
Brokers need to obtain the qualification in order to continue membership with MFAA and use the accreditation of now being an MFAA Credit Adviser. 
“All members have been reminded of this required standard many times over the last 12 months, following the MFAA National Board's decision to actively demonstrate that members have high standards of professionalism and qualifications with consumers and regulators,” the MFAA said. "We are very pleased that more than 88% of our members are now qualified to use the new accreditation MFAA Credit Adviser, with expectations that many of those whose membership has been terminated will seek to have it reinstated within the next two months by providing evidence of the required education qualifications, “ said CEO of the MFAA, Phil Naylor. "It is very important that the sector, which now delivers more than 40% of mortgages in Australia, continues to show leadership in professional education, standards and compliance, negating the need for any further government intervention and regulation.
"With this sector providing home loans worth more than $100 billion this year, MFAA Credit Advisers are now a very important part of the financial services sector and MFAA members can now confidently display and promote their qualifications to their clients.
"I thank all of our members who have attained the new standard and accreditation and urge those who have been slow off the mark to get their diplomas as soon as possible to regain their membership status", he says.
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MFAA cancels memberships of 1,100 mortgage brokers

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The Australian Tax office will use new data-matching technology to closely scrutinise residential and commercial property sales to ensure tax payers paid the correct amount of tax.
Around 10.4 million taxpayers will face scrutinise over their property dealings with the ATO’s high tech computer systems gathering real property transaction details from state revenue offices and relevant state government land and property departments
The ATO will be keen to get maximum value out of the data-matching technology, which cost $800 million to implement over a seven year period.
"No one should underestimate the sheer volume of data the ATO now collects and with the ever-increasing sophistication of techniques to analyse and 'slice-and-dice' that data, the tax affairs of Australians will come under closer scrutiny," wrote <a target="_blank" href="https://www.propertyobserver.com.au/tax/ato-data-matching-targets-property-deals/2013011458733/Page-2">tax writer Terry Hayes</a> in January.
Last year the technology was used to match more than 649 million transactions, the Australian Financial Review reported.
The ATO will be assisted in efforts by the banks, including all the major banks and banks that service the wealthy investor market like Deutsche Bank and HSBC.
The ATO will be looking for offshore bank accounts, which may show that may show property and other hidden income for the 2009, 2010 and 2011 tax years.
“Our traditional sources of data include investment income information from banks, financial institutions and investment bodies, employment information and welfare payments.
“We obtain data from banks that identifies credit and debit card sales made by Australian businesses. This data is matched against taxpayer records to identify those people deliberately under-reporting or omitting income,” said the ATO.
In September last the ATO provided some insights into the scope of its data-matching capabilities.
“We match this data with our own information to detect those who may not be correctly disclosing all of their income.
“We also undertake large scale activities involving information exchange with other government agencies.
“We also have an agreement with Medicare Australia who provide data to enable us to administer the 30% health insurance incentives rebate, and have online access to information held by the Australian Securities &amp; Investment Commission (ASIC) and banking transactions captured by AUSTRAC.
Property investors with links to the horse racing industry were placed on particular notice:
“As well we undertake data matching projects relating to particular risks, issues or industries. For example, these could include scrutiny of property sales to detect capital gains issues or payments made to those involved in the horse racing industry,” said the ATO as part of the same statement.
The tax office will also target around 21,000 contractors who provide services to local councils using its data-matching technology to collect relevant information from local government authorities in Queensland, NSW, Victoria and Tasmania.
The ATO will also check the around 1.8 million records from Centrelink and Veterans’ Affairs, to confirm claims for dependant tax offsets made by people who received tax-free pensions or benefits in the 2011 or 2012 income years.
 
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Taxpayers face ATO “data-matching” crackdown over residential and commercial property sales

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Limited expansion of the Australian banking sector relative to other first world countries post-GFC protects it from further possible corrections, says RBA assistant governor Malcolm Edey.
Speaking in Melbourne on Friday, Edey noted that there were "certainly elements of bubble-like behaviour in the few years leading up to the <a target="_blank" href="https://www.propertyobserver.com.au/trends/australia-escaped-the-gfc-through-saving-and-hard-work-not-luck-mark-bouris/2012081956097">GFC</a>" and seen in some countries where the financial sector became too big relative to the size of its economy.
But this had not occured in Australia, where the banking sector funds more than 90% of <a target="_blank" href="https://www.propertyobserver.com.au/news/westpac-lead-the-big-banks-below-5-on-nfixed-home-loans/2013020659208">home loans</a> and where more than 80% of the mortgage market is held by the big four banks.
Edey gave as an example a number of countries decimated by the collapse of their banking sectors (and where property markets collapsed as well) notably, Ireland, where the the total assets of the Irish banking system peaked in 2009 at a ratio of nine times its annual GDP as well as Iceland, where the ratio peaked at seven times its GDP and to a lesser extent, but still above historical norms, the UK, where the peak was around a ratio of five to one, and in France at a ratio of four to one.
"In Australia the banking sector did expand relative to the economy, but it remains significantly smaller than many others. On the rough metric of banking assets to GDP, Australia's ratio is about two, which is well within the international range and well below those in the euro area, the UK and Japan," he said.
"So to the extent that any generalised financial overhang exists, it is less likely to be a problem here than elsewhere.
"That said, attitudes to risk and debt accumulation in the Australian household sector have clearly changed. Saving rates are up, the appetite for new debt is down, and attitudes to both the level and composition of household saving have become more conservative," said Edey.
He presented the following chart, which shows the modest size of the Australian banking sector relative to other countries, but also that corrections have occured in some of the worst-hit economies of Ireland and Iceland.
<img alt="rbamarch25one" height="397" width="470" src="/images/stories/2013/03/rbamarch25one.gif">
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Australia's "small" banking sector protects it from risk of bubble corrections: RBA

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A Gold Coast-based mortgage debenture fund that raised money from small investors and lent it on to residential and commercial developments including the $1 billion Maddison Estate project promoted by celebrity gardener Jamie Durie, two Olympians and a Kelly Slater wave pool company is now in the control of administrators.
The directors of property developer and fund manager LM Investment Management (LMIM) have placed the company in the hands of voluntary <a href="https://www.propertyobserver.com.au/industry-news/administrators-find-%24108-million-black-hole-in-wickham-securities/2013013059033" target="_blank">administrators</a> warning investors it is in “imminent jeopardy of being unable to meet creditor obligations” in a statement which has since been removed from the website.
John Park and Ginette Muller of FTI Consulting were appointed voluntary administrators.
One of its mortgage funds has as its flagship investment project the 800-lot <a target="_blank" href="https://www.maddisonestate.com.au/">Maddison Estate on the Gold Coast,</a> which was set to feature parks and gardens designed by celebrity gardener Jamie Durie, who also fronts the development's marketing website.
The Gold Coast Bulletin reported in January that tree clearing and demolition on the site had been completed with civil construction work set to begin bringing forward the release of 29 lots.
It was designed to eventually cater for 3,500 residents with a mix of townhouses and apartments as well as shops and restaurants.
Land is advertised for sale starting from $205,100 with house and land packages starting from around $430,000 for a four-bedroom on a 320 square metre block.
Home builders assigned to the project are <a href="https://www.propertyobserver.com.au/land/metricon-australia-s-largest-home-builder-for-second-year-running-hia/2012092656811" target="_blank">Metricon</a>, Clarendon Homes, Plantation Homes and Ausbuild.
The project was promoted with other celebrity endorsements including a Sam Riley swim school, a Natalie Cook beach volleyball centre and a Kelly Slater-designed continuous-wave pool.
A creditors meeting is set for April 2 at Sofitel Gold Coast Broadbeach with the administrator expected to investigate the value of the fund's property loans including it's exposure to Maddison Estate.
 
<img src="/images/stories/2013/03/lmimmarch25one.jpg" width="470" height="304" alt="lmimmarch25one">
In barely readable small print at the bottom of the website it says: "Delivered on behalf of investors in the LM Managed Performance Fund" with a link to the LMIM website.
The LMIM website says the fund aims to deliver returns of between 3% and 5% above Central Bank rates - returns of between 6% and 8%.
Investors in the fund have a 60% exposure to Maddison Heights through a $234 million second mortgage with a smaller first mortgage to Suncorp.
The first 29 lots had a September 2013 completion target.
The Prodap report for the fourth quarter of 2012 recorded just 23 vacant land sales in Pimpama with Gold Coast land sales at <a target="_blank" href="https://www.propertyobserver.com.au/land/stockland-exposed-as-gold-coast-house-and-land-activity-falls-to-worst-level-in-30-year-low-prodap/2013020659196">30 year lows.</a>
The site was purchased for $89 million prior to the GFC, when the market was at its peak.
LMIM joins a growing list of mortgage funds that have run into financial trouble including <a href="/news">Victorian-based Banksia</a> (in October) and <a href="https://www.propertyobserver.com.au/residential/provident-capital-receivers-terminate-two-mortgage-funds-with-poor-initial-returns-for-investors/2012121758532" target="_blank">Provident Capital </a>(in July).
Managing director Peter Drank said (in a statement since removed from the website) that LMIM had “responded appropriately to the circumstances it faced” following Trilogy, a property focused fund management group based in Brisbane, taking control of  its LM Wholesale First Mortgage Fund in November last year.
“We have been on the receiving end of Trilogy’s relentless ten month campaign of alarming and misleading statements to our domestic and international advisers and investors. This has impacted the liquidity of our funds, and therefore investors’ interests," said Drake in a statement since removed from the website.
“This campaign has been magnified by the additional impact of the strong Aussie dollar (particularly against Sterling), resulting in excess margin requirements for the funds very recently.”
 
<hr class="system-pagebreak">
“Had we not acted, this perfect storm of impacts meant we may have been unable to meet our obligations, and hence the appointment.”
“The funds will continue to be managed in accordance with their governing documents and the applicable Corporations Act and Trustee Law. The FTI team will be working with LM’s senior investment personnel to optimise outcomes for all stakeholders.
“The ultimate aim of the voluntary administrator is to manage and resolve a solution over a period of time," said Drake.
A further statement on the website that the "proactive approach by the board to officially bring in independent financial advice across the company and the funds" has also been removed with FTI Consulting taking control of the business, reported Fairfax.
In March, the ABC's Four Corners program reported that investors, many of them pensioners had lost around $15 billion over the past five years by investing management investment funds offering high returns.
LMIM operates a number of closed mortgage funds with money from investors invested in a portfolio of Australian registered first mortgages over commercial, residential, industrial, retail and vacant land.
Investments in LMIM mortgage were marketed extensively via financial planners.
The ABC reported that LMIM had borrowed $250 million to fund the Pimpama development with a very large second mortgage making up 62.5% the assets of the LM Managed Performance Fund, which has grown to more than $240 million.
“FTI Consulting will conduct a review of the business and all of the LM funds and will update unit holders as a matter of priority,” said voluntary administrators John Park and Ginette Muller.
LMIM claimed to have $3 billion in funds under management with investors in 73 countries, according to the Gold Coast Bulletin.
Property Observer requested a copy of the LM First Mortgage Income Fund financial report on its website, but received replies saying that it was “experiencing a higher than usual number of queries.”
A second email said: “LM has appointed a Voluntary Administrator.  Until such time as the Administrator has conducted their initial investigation, we are unable to provide you with a copy of this report.” 
 
 
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Jamie Durie's garden designs wilt as Gold Coast mortgage fund manager LM Investment Management placed in voluntary administration

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Economists are unanimous that the Reserve Bank will leave the cash rate unchanged on April 2.
All 27 economists polled by Bloomberg expect the cash rate to remain unchanged at 3%.
The odds of a May rate cut also look slim with 18 out of 27 expecting no change on May 7.
NAB chief economist Alan Oster is the only major bank economist tipping a rate cut on May 7.
The polling was carried out on March 15.
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All economists agree on no April cash rate cut: Bloomberg

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The big four banks – Commonwealth Bank, Westpac, NAB and ANZ – have more room to move on mortgage rates then their regional banking rivals, a new paper published by the RBA suggests.
The paper prepared as part of the RBA’s March quarter bulletin highlights a tougher funding environment for regional banks compared with the major banks – though overall funding costs have eased across the sector as interest rates have fallen.
“For the regional banks, the evidence suggests that the overall increase in funding costs since the onset of the global financial crisis has been larger than the increase in funding costs experienced by the major banks,” write Benn Robertson and Anthony Rush in their paper Developments in Banks’ Funding Costs and Lending Rates.
Both work in the RBA's Domestic Markets Department.
“A large portion of this increase has been driven by the substantial shift in the composition of regional banks’ funding liabilities away from securitisation and towards relatively more expensive deposit funding, as well as an increase in the cost of their deposits and wholesale debt funding," they write.
Robertson and Rush also report that new mortgage customers were been able to get greater discounts last year compared with existing borrowers.
“During 2012, the average interest rate on outstanding variable-rate housing loans rose by about 40 basis points relative to the cash rate. This increase is consistent with the overall increase in banks’ funding costs
“By contrast, the average interest rate on new variable-rate housing loans increased by around 35 basis points relative to the cash rate, reflecting a small increase in the average size of discounts offered by banks to new customers, as competition for mortgage lending remained strong throughout the year.”
The paper reports that the absolute cost of issuing both secured and unsecured long-term wholesale debt has fallen over the past year, largely reflecting the decline in benchmark rates.
“In early 2013, spreads on the major banks’ unsecured bonds fell to their lowest level since late 2009.
The paper also reveals that all banks in Australia have increased their reliance on deposits.
However, the regional banks still require around 10% of their funding from securitisation – though down from the more than 25% allocation pre-GFC.
“The increase in the share of funding sourced from deposits over recent years has occurred across all types of banks in Australia.
“This trend has been most pronounced for the regional and other smaller Australian-owned banks, with their share of funding sourced from deposit liabilities doubling since 2007.
“Prior to the global financial crisis, these institutions used securitisation more heavily as a form of funding.
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Better funding environment for major banks than regionals: RBA

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Shopping centre landlords have been placed on notice by retail king Solomon Lew that his Premier Investments group will close more stores in 2013 unless rents are adjusted in line with shopping centre performance.
His warning came as the group, which leases hundreds of stores for brands like Just Jeans, Smiggle and Portmans, announced a defiant 20% rise in net profit to $46.5 million for the six months to January 26.
Premier Investments CEO Mark McInness said this result had been achieved in “challenging” retail conditions and that there remained “severe pressure facing all retailers”.
Premier closed 14 loss-making stores over the reporting period made up of six Jay Jays stores, one Smiggle store, two Portmans stores, three Just Jeans stores and one Jacquie E store.
“Further store closures will occur if the rents expected by the landlords are not in line with the performance of the centre and the market generally,” said McInnes.
He added that store rental negotiations continue to be a focus for improved profitability.
Premier opened six new Peter Alexander stores and 14 Smiggle stores in Australia and New Zealand over the reporting period. It has plans to open between two and five Smiggle stores over 2013 with two confirmed for second half of the year. There are also plans for six new Peter Alexander stores in the second half of 2013.
McInnes’s comments come as shopping centre anchor tenants continue to agitate for lower rents while shopping centre landlords suggests anchor tenants should be doing more to bring in customers.
Department store giant Myer reporting better than expected interim profits last week and that it had successfully renegotiated new leases for a number of stores.
Fellow department store group David Jones, which reported a <a target="_blank" href="https://www.propertyobserver.com.au/retail/david-jones-considers-development-of-flagship-sydney-and-melbourne-stores/2013032059988">13.5% drop in interim profits earlier this week</a>, said it would examine its store portfolio with six store leases in “less robust demographic locations” set to expire in the next five years.
In response to suggestions that shopping centre landlords would come under pressure from department stores to renegotiate leases, <a target="_blank" href="https://www.propertyobserver.com.au/retail/myer-and-david-jones-need-to-pull-their-weight-shopping-centre-council-of-australia/2013031359871">Shopping Centre Council of Australia executive director Milton Cockburn</a> hit back, saying department stores aren’t holding up their end of the bargain as anchor tenants.
"It’s fair to say that over the last few years the department stores haven’t been pulling their weight in attracting foot traffic to shopping centres in the way anchor tenants are supposed to do,” he told Property Observer.
The six month results for Premier Investments suggest Lew and McInnes did a good job keeping rents in check, with just a 1.3% rise in the cost of renting shop space.
The results show that operating lease rental expenses increased from $87.7 million in the first half of 2012 to $88.9 million in the first half of 2013.
Lease costs as a percentage of sales fell marginally from 20.2% to 20%.
Premier also reported a 51% growth in internet sales.
In its investor presentation, Premier highlighted an upgrade program for 50 stores including selected Portman, Jay Jay and Jacqui E.
Its Australian store portfolio has 110 Smiggle stores, 89 Dotti stores, 91 Portmans, 200 Just Jeans stores, 82 Jacqui E stores and 188 Jay Jays stores.
It will pay shareholders a dividend of 19 cents on May 17.
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Solomon Lew and Mark McInnes say landlords must cut rents or more stores will close

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Australia's competition watchdog will not oppose the Commonwealth Bank's acquisition of John Symond's Aussie Home Loans.
The bank, Australia's biggest mortgage lender, already owns a third of the mortgage broking franchise business, which it acquired in August 2008.
It proposed in <a href="/news">December last year to lift its stake to 80%</a> with the right to subsequently move to 100% ownership.
The remaining 20% is held by founder John Symond.
A spokesperson for Aussie said the agreement was always for the Commonwealth Bank to acquire "80% now with a transition to 100% in four years".
"Effectively the ACCC decision has given the green light for that to happen," the spokesperson added.
Following a two month review, the Australian Competition and Consumer Commission said in a statement it would not oppose the Commonwealth Bank of Australia’s proposed acquisition of the remaining 67% of the issued capital in Aussie Home Loans. 
"In reaching its view, the ACCC took into account the competitive constraint arising from the presence of a number of alternative suppliers of home loan products and mortgage distribution services," said ACCC chairman Rod Sims.
"While Aussie Home Loans franchisee brokers will still wish to offer home loans from a range of lenders, Commonwealth Bank is likely to have the ability and incentive to increase the volume of, for example, 'white label' home loan products (financed by Commonwealth Bank and rebranded as Aussie Home Loans) supplied through the Aussie Home Loans network," said the ACCC.


"However, the ACCC concluded that this would not give rise to a substantial lessening of competition; Aussie Home Loans brokers make up only around 6% of Australia’s mortgage brokers, and there are many other distribution channels through which lenders can access brokers and borrowers. 

The ACCC said it consulted widely with a range of interested parties, including bank and non-bank lenders, mortgage aggregators, broker head groups and industry bodies in making its decision.


Aussie Home Loans operates a franchise network of around 750 mortgage brokers which distribute home loan products and retail products from bank and non-bank lenders.
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ACCC gives green light to Commonwealth Bank to buy all of John Symond's Aussie Home Loans business

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

Joel Robinson

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

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

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

Maréa Residences brings parkside apartments to Coolangatta

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

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>.

Larry Schlesinger

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