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News that Myer has been successful in renegotiating rental agreements for some of its department store leases has re-ignited debate about the balance of power between shopping centre landlords and retail tenants.
In better-than-anticipated half-year results released last week, <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">Myer confirmed that "proactive lease negotiations"</a> had yielded results amid reports that it and fellow department store giant David Jones would consider closing more stores if rents were not reduced.
Last week, David Jones opened its latest store in the redeveloped <a target="_blank" href="https://www.propertyobserver.com.au/retail/zara-opens-in-melbournes-highpoint-mall-as-amancio-ortegas-wealth-hits-%2457-billion/2013031359801">Highpoint Shopping Centre in Maribyrnong</a> alongside global retailer Top Shop, with Zara opening its outlet this week.
Shopping Centre Council of Australia executive director Milton Cockburn hit back saying department stores hadn't been pulling their weight in attracting foot traffic to shopping centres in the way anchor tenants are supposed to do.
The latest Sitting Tenant Renewal Report prepared by consultants Leasing Information Services (LIS) reveals that its not just the likes of Coles, Woolworths, David Jones and Myer that have bargaining power when it comes to lease renewals.
Shoe retailer Hype DC managed to secure a 40% discount on its Westfield Bondi Junction lease when it negotiated its renewal in September 2011.
The reduction in annual rent from $340,000 to $200,000 a year was for its 86 square metre shop in the Sydney Eastern suburbs mall.
According Peter Pitt, a director of Hype DC, the retailer was paying “way above market rent” in its previous tenancy agreement with Westfield.
“It’s one of the few mistakes we’ve made in leasing over the years,” he tells Property Observer.
When the Bondi Junction store came up for renewal, Pitt said they negotiated the discount on the basis that they would leave unless Westfield agreed to lower their rent.
“They understood that the market is the market” says Pitt of Westfield, who he describes as a “very professional landlord”.
The substantial discount highlights the challenges faced by smaller retailers and the importance of finding out what other retailers are paying for an equivalent space.
Pitt said they were able to compare what other tenant were paying using information provided by LIS.
Tenants can also access leasing information from the NSW leasing register. All leases of three years or more are required to be registered.
Hype DC also secured a 44% discount off its shop lease in the Westfield <a href="/news">Chatswood</a> on Sydney's north shore.
Pitt says this reduction was due to relocating to a smaller shop in the mall and was around the same rate per square metre that it was previously paying on its bigger shop.
Hype DC operates 17 stores across NSW, 13 in Victoria, 10 in Queensland and one each in Perth and Adelaide.
Data from the LIS report suggests the trend whereby Queensland shopping centres are retaining tenants at higher rates, whereas NSW is fairly stagnant.</body></html>

lschlesinger-FZcF9M3vE6

David can slay Goliath with retail lease discounts of 40% possible

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The Reserve Bank expects the housing construction sector to pick up further over 2013 alongside an improvement in buyer interest in some states, minutes of the March monetary policy meeting released today reveal.
At the March 5 meeting, the RBA decided to leave the cash rate unchanged at 3% as "global economic conditions continued to be more positive" and signs that "dwelling investment was growing and it was likely to continue to do so at a moderate pace in the period ahead".
The minutes record that members "observed that dwelling construction activity had picked up further in the December quarter".
“Forward-looking indicators such as building approvals pointed to further growth in construction in the months ahead.
“The increase in approvals had been geographically widespread and the Bank's liaison with builders also suggested there had been an improvement in buyer interest in some states.
“Overall, recent housing market developments pointed to a further moderate increase in dwelling construction in the period ahead," says the minutes.
The minutes also note continued high household savings rates and "borrowing restraint" while "households' net wealth had risen recently with the recovery in asset markets"
"Debt-servicing capacity had also been boosted by lower interest rates, which had helped to keep housing loan arrears and other aggregate measures of financial stress low, despite the unemployment rate recording a modest rise over the past year," say the minutes.
In attendance at the monetary policy meeting were RBA board members Glenn Stevens (chairman and governor), Philip Lowe (deputy governor), Martin Parkinson PSM (secretary to the Treasury), John Akehurst, Jillian Broadbent AO, Roger Corbett AO, John Edwards, Heather Ridout and Catherine Tanna.
Others present were Guy Debelle (assistant governor, financial markets), Malcolm Edey (assistant governor, financial system), Christopher Kent (assistant governor, economic), Jonathan Kearns (head, economic analysis department), Anthony Dickman (secretary) and Peter Stebbing (deputy secretary).
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RBA expects further “moderate” growth in new dwelling construction: March minutes

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Westpac has ended its 4.99% two-year fixed-rate offer less than two months since becoming the first major bank to offer a sub-5% fixed-rate home loan this year.
It is also the first major bank in two years to lift its fixed-rates - an indication that the bank does not expect many further near-term cuts in the cash rate.
From tomorrow (March 20), the bank’s two-year fixed-rate offer will increase by 30 basis points to 5.29% under its package home loan offering.
For non-package home loan customers, the two-year fixed rate increases from 5.19% to 5.49%.
The bank’s other fixed rate products have not changed.
<a href="https://www.propertyobserver.com.au/news/westpac-lead-the-big-banks-below-5-on-nfixed-home-loans/2013020659208" target="_blank">Westpac introduced its 4.99% offer on February 7</a> – a 40 basis point reduction and the bank's lowest two-year fixed rate offering since September 2009.
The other major banks continue to offer a two-year fixed rate of 4.99% as well as a number of smaller lenders.
Loan Market corporate spokesperson Paul Smith says that after months of speculation it appears that fixed rate products have reached their lowest point and that they will rise as funding volatility and improvements in the Australian economy prompt higher fixed interest rates.
“While there remains a downward outlook on variable rates, fixed interest rates are now likely to rise and soon intersect with standard variable rates. For many home owners, the window to lock in a fixed rate that’s lower than a variable one is closing fast,” he says.
According to Smith, this is the beginning of a shift in the mortgage market as the banks and lenders react to the improvements in the domestic economy and the limited movements of the RBA.
“There’s certainly still scope for the RBA to lower the cash rate in the coming months, as some sectors are still lagging whilst others are showing steady improvement.”
“If lenders start to increase the rates of their fixed products, they’re likely not anticipating the same downward pressure from the market to drop their variable rate interest rates. We could be moving to the point in the interest rate cycle where variable rates are lower than fixed rates.”
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Westpac lifts fixed rates above 5% with more lenders set to follow

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Smaller banks and non-bank lenders may be able to compete more effectively with the major banks in the mortgage market on the back of improving securitisation markets.
Securitisation, where home loans are packaged together and sold to institutional investors, was a cheap source of wholesale funding for many non-bank lenders prior to the GFC, but the market virtually froze following the crisis with many lenders unable to fund new loans as a result.
In a speech in Sydney this morning, assistant RBA governor Guy Debelle noted the issuance of securitised mortgage debt “has picked up of late and spreads have tightened considerably following the earlier sizeable tightening in covered bond spreads”.
<img alt="rbamarch19one" height="403" width="470" src="/images/stories/2013/03/rbamarch19one.gif">
“Encouragingly, recent issuance has been completed with little or no support from the Australian Office of Financial Management (AOFM) due to strong private investor demand, and primary market spreads are at their tightest level since 2007.
Since September 2008, the AOFM has acted as a cornerstone investor in residential mortgage-backed securities in an effort to encourage competition in the mortgage market.
“This spread tightening will lower the cost of mortgage lending for small banks and non-bank lenders who rely on securitisation for a large part of their funding,” said Debelle.
In February, <a href="/news">Bendigo and Adelaide Bank</a> launched an $850 million residential mortgage-backed securities (RMBS) offer, backed by prime residential mortgages, at 95 basis points above the one-month bank rate.
Bendigo and Adelaide Bank managing director Mike Hirst said this was the best-priced securitisation offer since the GFC.
In his address in Sydney, Debelle noted an overall improvement in global debt market compared with a year ago.
“This time last year, debt markets globally weren't in great shape, though the local market wasn't faring too badly.
“A year on, global debt markets are in a much better position, with issuance strong across most parts of the market, spreads considerably lower and the absolute level of yields very low by historical standards,” said Debelle.
<img alt="rbamarch19two" height="596" width="470" src="/images/stories/2013/03/rbamarch19two.gif">
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Cheaper securitisation to lower mortgage lending costs for small banks and non-banks: RBA

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The Asian arm of Australian developer and construction group Leighton has won a $656 million contract to expand the railway infrastructure in Hong Kong.
Hong Kong is one of the world’s most sought after and actively traded property markets with mainland developer China Overseas Land &amp; Investment saying today that it is aiming for at least HK$100 billion ($12.3 billion) in <a href="https://www.scmp.com/business/companies/article/1194114/china-overseas-aims-hk100b-property-sales-2013">Hong Kong residential property sales</a> this year.
The contract (Contract 1112) with the MTR Corporation, operator of Hong Kong’s metro and railways, is to construct extensions to Shatin to Central Link (SCL) line.
The project will connect several existing railway lines to form two strategic railway corridors and includes significant modification works to an existing MTR station, platforms, tunnel box and approach tunnels.
<a href="https://www.propertyobserver.com.au/queensland/infrastructure-creates-jobs-and-capital-growth-terry-ryder/2013031859926?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=upperright">In his column today, hotspotting.com.au’s Terry Ryder</a> writes that the "greatest creator of capital growth is infrastructure" on the back of new investment in plans to build a rail link and export port infrastructure tied to the new Queensland mining boom province, the Galilee Basin.
The Hung Hom Station and Stabling Sidings Contract 1112 is the seventh contract in the past three years to be awarded to Leighton Asia by the MTR Corporation.
Construction works are scheduled to begin immediately, with an expected completion date in 2018.
Leighton Asia will also design and build a new hospital in Tin Shui Wai as part of a $370 million contract.
 
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Leighton wins Hong Kong transport infrastructure project

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Non-bank lender Resi has added a wealth management arm to its mortgage lending business via a joint venture agreement with Shartru Wealth Management.
The agreement will see qualified advisers work alongside Resi’s existing mortgage specialists, to provide financial advice to Resi clients include those that are buying property using their self-managed super fund.
The chairman of Shartru is former Liberal leader, Dr John Hewson , who says a growing number of Australians using self-managed superannuation funds (SMSF), is one example of how the need for high quality advice is growing.
“With around 75% of SMSF trustees not using a financial adviser to help with their investment strategy, we believe there is a looming crisis in Australia.   We also see this as a real opportunity for our joint venture.
“Many are not adequately insured and may be retiring without a properly diversified investment portfolio.  We know that many of these Australian are favourable to property investing, so we will be building on this to give clients a more balanced asset allocation and portfolio,” says Hewson.
Resi offers a <a target="_blank" href="https://www.resi.com.au/products/home-loans/smsf-loan">specialist SMSF loan</a> that allows borrowers to use their SMSF to invest in residential property. It has an interest rate of 6.44% with a maximum loan-to-value ratio of 70% and a maximum loan size of $2 million.
Resi Financial Services began as a pilot program in its Sutherland office in Sydney in February 2013 and will now be rolled out to the network over the next 12 months.
Angelo Malizis, CEO of Resi, says the company recognised that providing a more holistic service would be beneficial for its franchisees and their customers. 
“We understand the value of sound financial advice and this is something we have been planning for some time. 
“Buying a home is the largest financial decision most people will make in their lifetime. 
"It makes sense for home buyers to consider their broader financial goals and practical needs, so they can ensure their home loan fits their financial position now and in the future,” he says.  
“It also benefits our franchisees, as many customers prefer the convenience of using one provider to manage all their investments needs.” 
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Resi taps into property appetite of SMSF investors with financial advice partnership

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The reduction in the cash rate has had the expected effect of pushing up asset prices and improving confidence in the housing market, assistant RBA governor Philip Lowe said in a speech today.
Lowe also said the overall rise in the household savings rate from “zero to around 10%” since the mid-2000s was a key factor in keeping the domestic economy in balance in light of the mining investment boom.
“In general, the initial responses to a loosening of monetary policy would be expected to include stronger asset prices, improved conditions in the housing market, a lift in consumer confidence and a lower exchange rate,” Lowe said in an address to the Australian Industry Group 13th Annual Economics Forum.
“Much of this does appear to be occurring.
“Nationwide measures of house prices have increased by around 4% since mid last year, after having declined for around 18 months.
“Home lending approvals and auction clearance rates have both risen.
“Equity prices are up over 20% since the middle of last year. And the level of consumer confidence is now well above its long-run average level.
“Despite what one often hears, households do appear to be feeling better about both their finances as well as Australia's medium-term prospects,” Lowe said.
These remarks follow a <a href="https://www.propertyobserver.com.au/residential/not-all-australian-property-markets-in-the-same-boat-says-rba-as-vendors-adopt-more-realistic-expectations/2013031459882" target="_blank">speech by assistant RBA governor Christopher Kent last week</a>, where he noted that low interest rates have been supporting the established housing market, and prices have been moving higher in many residential markets across Australia, though they remain below earlier peaks in most markets.
Lowe said the decision by Australian households to increase their savings was the “second broad factor” (the other being the flexible exchange rate) that has “helped maintain domestic balance during the once-in-a-century investment boom”.
Since the mid-2000s, the household sector net saving ratio has risen from around zero to around 10%.
“In today's money this represents about an additional $90 billion that is saved, not spent, by households each year.
“Now I know that this increase in household savings has not been universally welcomed by the retail sector.
“It has caused difficulties for some businesses, including those that based their business models on a continuation of the earlier trends.
“But consider how the economy might have looked over the past few years had households spent an extra $90 billion each year.
“It is likely that there would have been significant overheating. The exchange rate would have been higher. There would have been more borrowing from the rest of the world. And both inflation and interest rates would have been higher. I suggest that these are not developments that would have been warmly welcomed by most in the community,” he said.
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Housing, mortgage market and consumer confidence all responding to rate cuts: RBA's Philip Lowe

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The Queensland government has officially renamed its $15,000 first-home owner construction grant (FHOCG) the 'great start grant' without noting the irony.
Just 126 first-home buyers have taken advantage of the <a href="https://www.propertyobserver.com.au/queensland/the-%2415000-queensland-first-home-owner-construction-grant-what-first-home-buyers-need-to-know/2012091156510" target="_blank">FHOCG </a>since it was launched on September 12 last year, replacing the $7,000 first home-buyer grant that was available to first-time buyers of both new and existing homes.
Last week Terry Ryder launched a scathing attack on the <a href="/news">Queensland government’s first-home buyer incentives</a> calling them a “new definition of insanity”.
“The government’s solution is to keep the scheme unchanged but to rebrand it.
“I’m an optimist by nature but I despair of politicians ever understanding real estate or implementing measures that genuinely help the industry.
“The Queensland flop continues a long history of failure by government grant schemes for housing. Despite the low success rate, governments continue to offer small sums of money to first-time buyers and wonder why it never works," Ryder wrote.
The <a href="https://greatstartgrant.osr.qld.gov.au/index.php" target="_blank">great start grant </a>is available for first-home buyers buying or building a new home valued under $750,000.
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Queensland $15,000 first-home buyer construction grant gets new name after less than “great start”

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The premises of waterfront restaurant Renzo’s Bar in Melbourne's Docklands has been listed for sale with the agents marketing it expecting a price in excess of $3 million. 
Docklands may have a number of empty stores but traffic is expected to grow in the area over the next few years. 
The precinct is following in the footsteps of nearby <a target="_blank" href="/news">Southbank</a> which took five to 10 years to develop, says Colliers International's Daniel Wolman, who has the listing. 
“I think this end is taking a bit longer… but it’ll soon be up and running,” he says. 
“Things just take time.”
He said the waterfront views and foot traffic from workers in nearby offices, including from ANZ's flagship Collins Street building, make the location unique.
Renzo’s Bar has resided at this location for about a decade and will continue to lease the space until 2020.
The property brings in net income of about $240,000 per annum.
The restaurant space has so far attracted the attention of Asian investors as well as some <a target="_blank" href="https://www.propertyobserver.com.au/retail/docklands-restaurant-james-squire-sells-with-9.3-yield-as-investor-appetite-for-melbourne-eateries-grows/2012032153940">local restaurateurs</a> who are keen to further their fortune in the same location.
“There was quite a bit of interest, a lot from people who have been successful in the area," says Wolman.
The 195 square metres of indoor restaurant space and 83 square metres of outdoor space is on the ground floor of the 23-level Arkley building.
The 176-apartment building at was the first to be constructed at NewQuay in 2000 and contains 1,900 square metres of retail and restaurant space.
Other eateries on the NewQuay promenade include Italian restaurant Medici, Indian restaurant Bhoj, Turkish Mecca Bah, and Man Mo offering Chinese-Malay cuisine.
The second round of offers for the restaurant premises closes this week.
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Docklands restaurant Renzo's Bar listed with $3 million hopes

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More signs of the health of the residential property market have emerged with the number of days taken to sell a house declining noticeably in Sydney and Melbourne.
Sydney houses took 43 days on average to sell for the week ending March 17 compared with 50 days for the week ending March 10 - a week faster, according to the latest weekly market update for Sydney from RP Data.
The <a href="/news">number of days to sell a Sydney unit</a> fell from 38 to 34 days.
Over the same time frame the number of days to sell Melbourne houses fell from an average of 71 days to 64 days -also a week faster - and from 67 t0 57 days for Melbourne units - a week and a half faster.
There were also smaller improvements in time on market (TOM) figures in Brisbane (81 days compared with 83 days) and Perth (63 day compared with 65 days).
RP Data compiles time on market figures based on the average number of days between when a property is first listed for sale and the contract date.
<img alt="rpdatatommarch19" height="361" width="470" src="/images/stories/2013/03/rpdatatommarch19.gif">
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Houses selling a week faster in Sydney and Melbourne: RP Data

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

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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