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The recent release of the Banking Royal Commission's final report - which will lead to an overhaul of Australia’s financial services industry - is the latest in a series of events that have impacted the property sector over the last few years.  

The slowdown of foreign investors in the residential market, tightened lending conditions and a significant drop in house prices nationally in addition to a loss of consumer confidence have all had a significant impact on the local property market.

All these factors combined have left many uncertain of what lies ahead for the market, particularly in the lead up to the federal election later this year. Urban.com.au asked Leonard Teplin of Marshall White Projects  to share his insights into what buyers can expect in 2019 below;

Urban.com.au: What are your observations on the state of the market prior to the release of the Hayne report, particularly with regard to the uncertainty around what the outcomes and recommendations would be?

Leonard Teplin: Late 2018 certainly saw a great deal of trepidation from buyers about what the report would hold and how it would affect their ability to get credit. Some purchasers, in particular first home buyers, have held off on applying for credit until the report findings were announced. However early signs in 2019 show that, downsizers and local investors have increased their rate of enquiry and want to take advantage of low interest rates and stable house prices while they can.

U: Now that the report has been released and a series of recommendations made, what effect will these have on the market? Do you think confidence will return? Will lending become even tighter with more hoops for purchasers to jump through?

LT: Now that the commission has been finalised and the recommendations made, buyers have clearly started to feel more at ease as they start to see some consistency returning to the finance sector. There may be some precariousness ahead of the federal election, this is always the case pre-election, but we have already seen confidence begin to build back up and it will continue to do so in the coming months.

In terms of lending I don’t think there’s any more hoops purchasers can jump through, and the commissioner was cognisant of this by not making the recommendation for further lending restrictions. If anything I think the recommendation to implement a regulator that oversees APRA will see it loosen its control over banks and we will hopefully see a softening of restrictions later in the year.

U: How much do you think the upcoming Federal election and both parties' policies will focus around the recommendations from the report? 

LT: It would be political suicide for either party to go against the recommendations of the report, and given the current state of the market and all the changes that have occurred over the past few years there’s no doubt it will be a platform of the election for both parties. Affordability, housing supply, liveability and credit supply are the main issues on many people’s minds at the moment, and each party will need to address these concerns.

U: Which cross-section of the market do you think will most benefit from the banking shake up?

LT: Hopefully we will start to see local investors and second home buyers start to secure credit more easily, which will in turn decrease the pressure on the rental market by providing more supply. Until now this sector has been scrutinised by banks and passed up in favour of first home buyers or wealthy downsizers, which has seen a huge gap in the market and a decrease in supply that caters to this integral middle market.

U: Looking ahead what are your predictions over the next 12 months for the market?

LT: We will start to see a return to the norm as confidence from buyers continues to firm, which will be accompanied by more buying activity and a steady (if minimal)  increase in house prices. Savvy developers will continue to focus on lifestyle-driven projects that provide buyers an all-inclusive living experience with retail and hospitality venues either incorporated within the building or close by. There will also be an increase in developers looking outside the residential market with a rise in retirement and independent living.
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Laurence Dragomir

Marshall White's Leonard Teplin on the Banking Royal Commission wash up

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An innovative partnership involving government, the property industry and philanthropists is transforming Melbourne City Missions’ Frontyard Youth Services into a world-first 24/7 service via an $8 million redevelopment of its King Street base. Melbourne City Mission, the Victorian Government, The Peter and Lyndy White Foundation (amongst other philanthropists), and the Property Industry Foundation have banded together to turn the dream into a reality.

Located at 19 King Street, Frontyard represents Victoria’s largest early intervention and crisis service for young people who are experiencing, or are at risk of homelessness. The new facility will include new and expanded support services, including two floors of crisis accommodation for young people who are currently sleeping rough in the city and onsite mental health, drug and alcohol and disability expertise.

Through this unique partnership a large consortium of consultants and suppliers from within the property industry foundation are donating their services and resources to the Frontyard redevelopment.

The pro-bono consultant team includes <a href="/developers/urbis">Urbis</a>, Ashurst, Case Meallin, Slattery, <a href="/architects/fk-australia">Fender Katsalidis</a>, NDY, Wood &amp; Grieve Engineers, Hendry Group, Equitable Access Solutions, Irwinconsult, and <a href="/builders/built">Built.</a>. Suppliers who have generously donated materials to this project include Harvey Norman, Highbury Plumbing, Haydens Ceiling and Paritions, Signorino Tiles and Taubmans Paint.

Urbis Regional Director Peter Small is one of the industry professionals who decided to throw his hat into the ring and dedicate his time pro-bono to the initiative.

With a career spanning 40 years in providing statutory and strategic planning advice across sectors, Peter is passionate about helping our country’s at-risk and homeless young people and was eager to be part of this project when approached by the Property Industry Foundation. Peter joined the project as the lead planning consultant and has been involved in the project from early conceptual stages.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/pete-small-cv.jpg" rel="gallery-all" title="Peter Small"><img alt="" class="image-article-full-width-580px" height="703" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/pete-small-cv.jpg?itok=pDKInEHT" title="Peter Small" width="580"></a>

<figcaption>Peter Small</figcaption></figure><blockquote>
"The initial concept in the Frontyard redevelopment involved added additional floors, but we soon realised that there were too many complex legal and planning issues. In the second evolution of the proposal, we strategically designed the redevelopment to focus on an internal refurbishment and upgrades to the façade.

This meant there were enough exemption provisions and the project did not require a planning permit for the works, which The City of Melbourne also concluded. This allowed the redevelopment to start as soon as possible, without the delays and fees in getting a planning permit.

In the last 20 years, our industry has been thriving with plenty of companies making a good return, employing a lot of people and paying a good amount of taxes that go back into the community. But we can always do more, especially as we are the industry that can physically build facilities that support at-risk and homeless young people.”

- Peter Small,  Regional Director at Urbis
</blockquote>

Peter has been a long-time supporter of the Property Industry Foundation and currently sits on the foundation’s Beneficiaries Review Committee. He is a strong advocate of the property industry giving back to the community, particularly to the issues of youth homeless, which the industry can tangibly support.

The Property Industry Foundation is a forum and philanthropic focal point for the property and construction industry. Over the last 21 years, PIF’s corporate donors and thousands of people from across the industry have donated their time, skills and money to rebuild the lives of young people who do not have a safe and secure place to live.
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Property Industry bands together for world first youth homeless centre

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Last week, GURNER™ unveiled the first designs its most ambitious project to date - the $550m '<a href="/buildings/saint-moritz-st-kilda-14-16-the-esplanade-st-kilda">Saint Moritz</a>' - located on a high-profile 6,000 sqm site at 14-16 The Esplanade, once occupied by the the Saint Moritz Ice Rink.

Now home of the Novotel Hotel the site will be transformed into three, ultra-luxurious 8-storey towers comprising 120 apartments in total as part of a vision for creating "the world’s most exclusive and opulent residential addresses, featuring amenities for residents that exceed standards set in the most luxurious hotels in the world." 

GURNER™ has engaged Fender Katsalidis and Koichi Takada Architects to amend the permitted plans for the site, which has a long history on Urban.com.au - we <a href="/news/a-new-beginning-for-st-kildas-novotel">first reported on plans</a> for the site four years ago to the day.

Fender Katsalidis will assume the role of lead architect for the development while Koichi Takada Architects is responsible for the design of one of the three buildings, providing the development with design diversity.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/novotel_redevelopment.png" rel="gallery-all" title="Render of previous permitted development for the site. Image: Metier3"><img alt="" class="image-article-full-width-580px" height="367" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/novotel_redevelopment.png?itok=JcZ-x8W0" title="Render of previous permitted development for the site. Image: Metier3" width="580"></a>

<figcaption>Render of previous permitted development for the site. Image: Metier3</figcaption></figure>Under revised plans for the site, the number of apartments has been reduced from 240 down to 120 across three buildings - up from the permitted two - set amongst oasis-style landscapes designed by Jack Merlo.

The first of the three buildings, Pacific House, is set to launch to the public in June this year, and will feature 45 residences with an average price-point of $4m and interiors by David Hicks.

A $30 million 650sqm penthouse will sit atop Pacific House complete with two private pools, seven bedrooms, a seven car private garage with direct access lift, four living rooms, in-home sauna, gym and 150sqm outdoor terrace offering panoramic views of the bay stretching to the city skyline.

The double-storey penthouse was recently snapped up by a high-profile Melbourne family and in the process has smashed Melbourne’s price record for the most expensive apartment sale. The sale, contracted off-market prior to the development’s public launch has achieved an unprecedented rate of $40,000 per square metre. The price is 20 per cent higher than the previous Melbourne record and is the second highest in Australia, second only to the $40m record price achieved for an apartment in Sydney.

According to GURNER™ founder and director TIm Gurner, they are currently designing another penthouse in the second building that will be priced in the vicinity of $25m to $30m in response to the successful sale and demand for such a unique offering.

This will be launched as part of the ‘Penthouse Collection,' comprising ten residences across the three buildings priced from $5million up to $25million-plus. 

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/in22_-_bld_a_-_penthouse_pool_terrace.jpg" rel="gallery-all" title="The pool terrace of the $30m penthouse. Image: GURNER™"><img alt="" class="image-article-full-width-580px" height="348" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/in22_-_bld_a_-_penthouse_pool_terrace.jpg?itok=Y-jE2kjJ" title="The pool terrace of the $30m penthouse. Image: GURNER™" width="580"></a>

<figcaption>The pool terrace of the $30m penthouse in Pacific House. Image: GURNER™</figcaption></figure><blockquote>
We believe the luxury end of the market has been waiting for something like this to come along, with significant depth and demand for the right project offering the right level of luxury.

Our vision for Saint Moritz was to reimagine luxury living in Australia, looking to the world’s most iconic luxury waterfront developments to create something that will never be repeated again.

This is without a doubt the most ambitious and luxurious development we have ever created and I will ensure personally that every miniscule detail of this project is delivered to far exceed expectations.

Karl Fender describes the design as ‘invisible design’ - a timeless masterpiece, with curves inspired by the sand and waves of the bay that will stand the test of time.

(The) penthouse has been designed to be the best in Australia and arguably one of the best in the world.

We initially designed the penthouse with a floorplan of over 1,300sqm and an even bigger price-tag however the early feedback we have received from our local and international clientele was that a penthouse of this size would be too big even for them.

We had no intention of selling the prized penthouse until the launch, but once word got out we were swamped with interested buyers – all local Melbourne identities who quickly realised this will be Melbourne’s and arguably Australia’s best residential address. 

We had five interested buyers and two quickly became very competitive. We worked with the successful buyer to design and customise the penthouse with them before formalising the sale – a process that has now been completed.

- Tim Gurner, GURNER™ founder and director
</blockquote>
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GURNER™ reimagines luxury living in St Kilda with sale of $30m penthouse

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Local developer Beulah International recently settled on all apartments at their now complete Hallmark development in Ivanhoe - defying market trends,.

Located on Norman Street in Ivanhoe, the development was designed by Fender Katsalidis, comprising a range of one, two, three and four bedroom apartments. Featuring an exterior based on classical proportions, the project combines travertine and bronze, ensuring it fits in seamlessly and contributes to the character of Ivanhoe .

Despite the ongoing concerns surrounding the industry, 100 per cent of the luxury residences were settled within two weeks of the settlement date, with more than 50 per cent settled prior to the scheduled settlement day.

Funded locally by NAB, the project has now been fully repaid, with more than 80 per cent of bank debts paid before settlement day, highlighting Beulah’s ability to secure and repay debt early when many are facing their own challenges doing so.

Urban.com.au spoke to Beulah International Managing Director Jiaheng Chan about the project's success and Beula International's view of the current market conditions.

Urban.com.au: What do you attribute the success of Hallmark to in the current property climate? Does this reinforce the strength of the Beulah International brand? 

Jiaheng Chan: Great design and delivery. Even when our homes are priced at a premium compared to nearby properties, our purchasers and the wider market see the value of our property. We believe our property's enhanced value also lifts that of the surrounding area bringing benefit to our neighbours. 

This reinforces our brand as a trusted and financially strong developer that continues to deliver, taking design and liveability seriously.

U: What do you believe developments need to succeed in a tighter lending environment but also to attract prospective purchasers, particularly when there is so much competition?

JC: Developers need to remain financially strong and importantly, place a continued focus on great design-led homes. Being in the midst of uncertainties, this will allow developers to maintain the ability to deliver in tough market conditions. 

U: What do you think the effects of the Banking Royal Commission report will have on the market and the way you approach developments?

JC: We are yet to see how the recommendations in the report will be adopted by the government and the market, but we will continue to monitor the progress of this and adapt accordingly.

U: Do you see the success of Hallmark as a sign of confidence in the luxury end of the market and how does this influence your thinking on future projects?

JC: We certainly observed that the luxury end has its challenges too. Australia's population continues to grow and owner-occupiers in all sectors are still looking for homes. 

We see the success of Hallmark as a sign of confidence, particularly with regards to our ethos that good design matters. It reinforces that our commitment to deliver design-led homes and spaces to our residents is the right direction for Beulah.

U: And finally what are your expectations over the next 12 months?

JC: Things are changing daily so it's difficult to predict. With the changing residential market condition, we have prepared for multiples scenarios. We are cautiously optimistic about the next 12 months in the residential space and are prepared to weather the storm with the homes and spaces we are offering the market. 

We are also excited to venture into the commercial office, retail and hotel sector with each having its own changing and vibrant market dynamics.
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Beulah International's Jiaheng Chan discusses the success of Hallmark Ivanhoe in light of current market conditions

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Developer Riverlee has achieved a major milestone at its $450 million Seafarers Place development on the Yarra's Northbank, with the restoration of the last-remaining original electric crane in Melbourne now complete. The restored crane forms a key pillar in Riverlee's plans for the mixed-use project which has been designed by architects Fender Katsalidis in tandem with landscape architects Oculus. 

With a construction start date of Q1 2020, Seafarers Place will upon completion, comprise 145 luxury residences, a 5-star hotel, a 1000-seat function centre set within the shell of the former Goods Shed No.5 and a 3,500 sqm public park.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/seafarers_place.jpg" rel="gallery-all" title="Artist's impression of Seafarers Place. Image: Riverlee"><img alt="" class="image-article-full-width-580px" height="361" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/seafarers_place.jpg?itok=aDeFa6dv" title="Artist's impression of Seafarers Place. Image: Riverlee" width="580"></a>

<figcaption>Artist's impression of Seafarers Place. Image: Riverlee</figcaption></figure>According to Riverlee, it's passion for successful urban renewal meant it was important that the mixed-use development was sympathetic to the wharf’s industrial past. As such, Riverlee undertook a collaborative process to restore the 1948 crane, which which was recognised in 2002 for its historical significance to Victoria, forming part of the most intact cargo berth in the Port of Melbourne from the pre-containerisation era.

The crane has been carefully restored by Maritime contractor Freyssinet working with Lovell Chen to ensure structural integrity. Detailed preservation methodology and processes were implemented to ensure that any repair works undertaken were well considered and provided optimum preservation outcome for the heritage crane. This was achieved with input from Riverlee, the City of Melbourne, Department of Planning, Department of Treasury and Finance and Heritage Victoria

Originally located on the west end of Goods Shed No. 5, Riverlee opted to relocate the restored crane to the eastern end to provide improved public access, and to integrate it with the proposed Seafarers Rest Park. 

The wharf, which dates back to the immediate post-war era, has also undergone significant refurbishment as part of the project, paving the way for construction to begin in earnest.

<h2>What they say...</h2>

<blockquote>
We are excited to bring the rich history of the site back to life as much as possible and in particular, the restoration of the crane was so important to both Riverlee and the various partners involved.

The crane demonstrates what a lively area the wharf once was in the mid-1900s, and alludes to a similar atmosphere that is about to come to the new Northbank precinct.

We look forward to continuing to tell the story of the site’s historical relevance and reference its history throughout our project.

- David Lee, Riverlee Development Director
</blockquote>
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Riverlee restores Melbourne's last remaining original electric crane

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As excavation gets underway at Anzac Station as part of the Melbourne Metro Rail Project, the Andrews Government has also announced the beginning of soil testing to help inform the detailed Business Case for Melbourne Airport Rail Link.

The Melbourne Airport Rail Link (MARL) will extend from the CBD to Melbourne Airport via Sunshine and form the north-western section of the Suburban Rail Loop.

Geotechnical drilling is the latest stage of preliminary works for the project and will be used to establish ground conditions and soil quality. The investigations involve drilling boreholes up to 25 centimetres in diameter and 45 metres deep to collect soil and rock samples.

Rail Projects Victoria, which will oversee delivery of MARL, is undertaking the investigations at six sites around the M80 Ring Road in Tullamarine and near the Maribyrnong River to guide further planning of the preferred Sunshine route. Each investigation is expected to take two weeks to complete.

The works will inform the Business Case currently being prepared which will include assessment of design and construction options for the new rail line, with further testing set to occur later this year.

The Andrews Government has committed up to $5 billion to build the link, with the Federal Government  also committing funding to the project. The total cost of the project will be determined in the full Business Case and is estimated in the range of $8-$13 billion.

Construction of Melbourne Airport Rail Link is scheduled to start in 2022, subject to required approvals with construction expected to take up to nine years.

A market-led proposal dubbed AirRail Melbourne is being assessed by the Government in parallel to the Business Case being prepared. AirRail Melbourne claims construction could be brought forward to 2021 under their proposal.

Meanwhile, Premier Daniel Andrews and Minister for Transport Infrastructure Jacinta Allan visited the future Anzac Station site on St Kilda Road today, where excavation on the 300-metre-long, 30-metre wide, and 22-metre-deep station box is ramping up.

Temporary closure of St Kilda Road between Dorcas Street and Kings Way/Toorak Road West will occur on Monday 4 February, from 1:30am-5:00am, to relocate large construction equipment.

An acoustic shed will be built over the northern section of the Anzac Station site in mid-2019 to contain dust and noise as hundreds of workers remove around 400,000 tonnes of rock and soil to build the new station.

According to the State Government, suitable topsoil and excavated material will be re-used wherever possible in collaboration with community groups, local government and industry. This includes rehabilitating old quarries, improving public open space and supporting other suitable construction projects.

<h2>What they say...</h2>

<blockquote>
We’re not wasting a minute building the Metro Tunnel – excavation is now underway at every station and the massive tunnel boring machines will be digging under Melbourne by the end of the year.

The Metro Tunnel will create space to run more trains, slash travel times, and connect areas such as Domain and Parkville to the network for the first time.

- Premier Daniel Andrews
</blockquote>

 

<blockquote>
Whether it’s the Airport Rail Link, the Metro Tunnel, removing level crossings or planning for the Suburban Rail Loop – we’re getting it done. 

The Metro Tunnel will not only deliver more trains more often – it will create thousands of local jobs and kick-start the careers of hundreds of young Victorians.

We’ve made sure the Airport Rail Link will benefit all Victorians – delivering a new super-hub at Sunshine and paving the way for fast rail to the regions.

It will deliver wider benefits beyond simply moving tourists and business people between the CBD and the airport. It will help us transform the way people live, work and travel right across Victoria.

- Minister for Transport Infrastructure Jacinta Allan
</blockquote>

Lead image: AirRail Melbourne + Cross Yarra Partnership
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Drilling underway for Airport Link as excavation commences at ANZAC Station

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Stonnington Council has voted in favour of a $300 million office project in <a href="/new-apartments/south-yarra-vic-3141">South Yarra</a> being developed by local developer Goldfields. Located at <a href="/developments/south-yarra-vic-3141">627 Chapel Street</a>, the 24-storey tower will comprise 24,000 sqm of office space in addition to an expansive as ground floor retail offering.

627 Chapel Street - as it is currently known - has been designed by <a href="/architects/cox-architecture">COX Architecture</a> to set a new benchmark in contemporary and innovative workplace design. It would rise directly opposite the under construction <a href="/buildings/capitol-grand-241-toorak-road-south-yarra">Capitol Grand</a> which is fast making its presence felt on the South Yarra skyline. 

The development of an office building on the site seeks to contribute to a more diverse mix of uses within the Forrest Hill Precinct. This represents a strong departure away from the predominantly residential development witnessed in recent years, and aligns with Stonnington Council’s vision for a truly mixed-use precinct as set out in Chapel reVision Structure Plan 2013-2031. 

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/181210_v01_hero_p.jpg" rel="gallery-all" title="627 Chaepl Street has been approved by Stonnington Council. Image: Supplied"><img alt="" class="image-article-full-width-580px" height="889" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/181210_v01_hero_p.jpg?itok=Z6YgBK_s" title="627 Chaepl Street has been approved by Stonnington Council. Image: Supplied" width="580"></a>

<figcaption>627 Chapel Street has been approved by Stonnington Council. Image: Supplied</figcaption></figure>According to Goldfields, 627 Chapel Street heralds "a new era for South Yarra," by responding to the changing demands of the growing precinct, in addition to prospective tenants searching for an innovative workplace environment which includes restaurants, cafes, multiple green spaces, state of the art end-of-trip facilities, a concierge and a business lounge.

<blockquote>
Our unique lifestyle approach to 627 Chapel Street will create the best Melbourne CBD fringe office development and workplace offering. 627 Chapel Street sets the scene for future-focused business and will attract progressive occupiers with progressive needs. The building is self-sustaining, connected, impeccably designed and integrated with personal lifestyle amenities – all key factors that will bring this building, and precinct, to life.

- Marco Gattino, Managing Director of Goldfields
</blockquote>

Goldfields expects construction to begin on 627 Chapel Street in mid-2019, with an expected two-year build. You can read more about the design of 627 Chapel Street in our piece from <a href="/news/goldfields-and-cox-reboot-627-chapel-street">June last year</a>.
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Goldfields' office development at 627 Chapel Street approved by Stonnington

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This morning, City of Melbourne Lord Mayor Sally Capp joined PDG Corporation’s Managing Director, Vince Giuliano at the former Munro site located adjacent to the Queen Victoria Market, to announce that demolition works onsite have commenced in earnest.

With builder Hamilton Marino at the helm, the City of Melbourne is starting construction on significant new community facilities, interconnecting laneways and a hotel and residential development adjacent to the iconic Queen Victoria Market market. The historic Mercat Cross Hotel facade on the corner of Queen and Therry streets will be retained, restored and integrated into the new development.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/munro_site_demo.jpg" rel="gallery-all" title="Demolition progress onsite at the Munro site. Image: Urban forum member redden"><img alt="" class="image-article-full-width-580px" height="435" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/munro_site_demo.jpg?itok=9845an6g" title="Demolition progress onsite at the Munro site. Image: Urban forum member redden" width="580"></a>

<figcaption>Demolition progress onsite at the Munro site. Image: Urban forum member redden</figcaption></figure>The City of Melbourne entered into an agreement with developer PDG Corporation after Council acquired the site in 2014, to develop a 120-place childcare centre, 56 affordable housing units, a community centre and kitchen and 500 basement car parks for market customers with an end value of $70 million. This will assist in making the market more accessible for shoppers and freeing up the current surface car parking site for a new ‘Market Square’.

The community component of the project has been designed by Six Degrees Architects who say it has been designed as an exemplar council development, with high ESD values and an exceptional emphasis on consultation with users and stakeholders. 
PDG will develop the balance of the site with a 40-storey residential tower accommodating 360 units and an 80-room hotel. According to architects Bates Smart, the tower has been designed to "maximise direct solar access and to provide natural ventilation to all apartments, thereby creating a model for high quality inner-city living within Melbourne."

Bates Smart took inspiration for the building’s façade from the fine grain texture of the market’s historic sheds and stalls providing the development with an appropriately contextual response.

<blockquote>
QVM Residences has been designed to be one of Australia’s most sustainable mixed-use developments. It will include a boutique hotel, fine grain retail and a limited number of apartments for sale.

The development draws on values of sustainability, health and modern design with the market’s legacy and Melbourne’s laneway culture serving as major points of inspiration. The result is a singular lifestyle offered to future residents, who will enjoy an incredible selection of vegetables, produce, delicacies and bespoke offerings at their door.

- PDG Corporation
</blockquote>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/project-detail-gallery-qvm04.jpg" rel="gallery-all" title="Artist's impression of the Munro development. Image: PDG Corporation"><img alt="" class="image-article-full-width-580px" height="412" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/project-detail-gallery-qvm04.jpg?itok=xKprE1zf" title="Artist's impression of the Munro development. Image: PDG Corporation" width="580"></a>

<figcaption>Artist's impression of the Munro development. Image: PDG Corporation</figcaption></figure>The City of Melbourne will decide on the course of action to take with regard to the $250 million redevelopment of the Queen Victoria Market, following a series of recommendations put forward in a report prepared by the 'People's Panel.' The 40-person People's Panel comprises market traders, customers and local residents selected during an independent selection process. 

The City of Melbourne's Future Committee at its 10 December 2018 meeting resolved to request that management progresses seven recommendations, analyses three recommendations and refers a further three to QVM Pty Ltd for consideration.

<blockquote>
A report will now be prepared for a Council meeting in the first quarter of 2019 including analysis of the provision of market infrastructure at G Shed, car parking for vans, buses and large vehicles as well as further investigation of the minority report. 

In addition to the 500 car parks in Munro, management will investigate an additional 500 car parks in the precinct with the current at grade car park to become an open space once transitional parking there is no longer required.  The report will also consider implications to the Implementation Framework and Business Case.

- City of Melbourne
</blockquote>

The People's Panel Report can be viewed <a href="https://www.melbourne.vic.gov.au/SiteCollectionDocuments/qvm-peoples-panel-report.pdf">here</a>.

<h2>What they say...</h2>

<blockquote>
We’re expecting 24,000 new residents in this area by 2040 so it’s essential we provide more community facilities and pedestrian friendly spaces to meet the needs of the growing population as well as encouraging more people to come to the market precinct.

We’re delivering a new network of interconnecting laneways featuring retail stores, cafes and restaurants. The popular street art precinct in Blender Lane will remain and the new community facilities will better connect the market precinct to the city.

We purchased this site from the Munro family five years ago to protect the market from inappropriate development and prevent a supermarket or large chain stores being built in direct competition to fresh food offerings of the Queen Vic Market.

We’ve made sure the Mercat Cross Hotel is incorporated as a central feature within the community facilities and the iconic sign and balcony will be a tribute to the site’s history

- Lord Mayor Sally Capp, City of Melbourne
</blockquote>

 

<blockquote>
PDG is delighted to achieve a significant milestone on this highly anticipated and vital project. The end result will be an exemplary mixed-use development that provides tremendous benefits to the community.

In collaboration with the City of Melbourne, we are now able to continue advancing Melbourne’s premier mixed-use project – a development that will be leading-edge for sustainability and liveability next door to Victoria’s most beloved and visited icon, Queen Victoria Market.

- Vince Giuliano, PDG Corporation Managing Director
</blockquote>

 Lead image: Original image courtesy of PDG Corporation
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Demolition in full swing at City of Melbourne's 'Munro site'

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The 2019 Asia Pacific Architecture Forum has just been announced and will explore new thinking coming out of Asia and showcase architecture’s pivotal role in everyone's lives. From regional and metropolitan Australia to NZ, Thailand, Hong Kong and beyond.

An initiative of State Library of Queensland and Architecture Media, the 2019 Asia Pacific Architecture Forum will return to Brisbane from 13 to 26 March, 2019 - the event will be held at the State Library of Queensland in March.

The program features a range of free and ticketed events, including exhibitions, installations, symposia, an awards evening, lectures and workshops, which will engage architecture and design professionals, educators and enthusiasts. The Architecture Symposium, a one-day headline event, and the Australian Library Design Awards and Conference, showcasing the best in contemporary library design, will be held at State Library of Queensland.

Some major events as part of the Forum include:

<ul>
<li>The Architecture Symposium (featuring speakers like James Grose from BVN, Elva Tang from Henning Larsen and Alan Kueh from (AK+) Archipedia)</li>
	<li>Home: a suburban obsession (an exhibition tracing South East Queensland homes and their stories in the 60s and 70s)</li>
	<li>The Tapestry Design Prize for Architects (briefed by MONA's David Walsh)</li>
	<li>Micro Histories Exhibition (artworks and artefacts from the Museum of Brisbane paired with some of the city's most interesting buildings</li>
</ul>
2019 Speakers are:

<ul>
<li>Cameron Bruhn | Brisbane</li>
	<li>Yarinda Bunnag | Thailand</li>
	<li>James Grose | Sydney</li>
	<li>Sheng-Yuan Huang | Taiwan</li>
	<li>Eleena Jamil | Malaysia</li>
	<li>Alan Kueh | Singapore</li>
	<li>Kevin O'Brien | Brisbane</li>
	<li>Boonserm Premthada | Thailand</li>
	<li>Elva Tang | Hong Kong</li>
</ul>
The full program of events will be announced in the coming months. For more information, visit <a href="http://aparchitectureforum.com/">aparchitectureforum.com</a>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/image_07.jpg" rel="gallery-all" title="The Wine, Ayutthaya Project by Boonserm Premthada"><img alt="" class="image-article-full-width-580px" height="494" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/image_07.jpg?itok=GgYUO36r" title="The Wine, Ayutthaya Project by Boonserm Premthada" width="580"></a>

<figcaption>The Wine, Ayutthaya Project by Boonserm Premthada</figcaption></figure><h2>What they say...</h2>

<blockquote>
State Library of Queensland is pleased to continue our partnership with Architecture Media to deliver this vibrant program of exhibitions and events, which highlights the importance of architecture in our region.

Over the years this world-class event has attracted high-calibre international architects and designers to State Library, and this year we have speakers from Thailand, Malaysia, Taiwan, Singapore, Hong Kong and New Zealand. We are excited to facilitate the sharing of knowledge and stories which will inspire possibilities and creativity in architecture.

Our international visitors will have the opportunity to see how Queenslanders lived half a century ago – it’s essential to understand the past when imagining the future.

- Vicki McDonald, State Librarian and CEO
</blockquote>

 

<blockquote>
Returning for its fourth edition, the Asia Pacific Architecture Forum has established itself as a vital event, connecting Australian practitioners with influential architects and thinkers from across the region. As the world gets smaller and an ever increasing number of Australian architects, designers and planners practice abroad, engagement with our wider region has never been more important.

- Katelin Butler, Architecture Media editorial director
</blockquote>

Lead image: Field Office Architecture
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Brisbane to host Australia’s fourth Asia Pacific Architecture Forum

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MAB’s recently completed commercial development - CubeOne - has attracted local business owners seeking to capitalise on the building's central location, excellent transport links and Narre Warren's thriving commercial precinct. According to MAB, the Narre Warren business precinct is within Australia’s 12th fastest growing city, with a projected population increase of almost 200,000 by 2041. 

Located at 55 Victor Crescent in Melbourne's South-East, the $10m building has been designed by architects Watson Young to accommodate 5,000 sqm of strata office space across four-storeys, while promoting walkability and a sense of community.

CubeOne features 40 strata office suites upwards of 45 sqm capable of accommodating a 300 strong workforce, in addition to a standalone restaurant tenancy,156 secure carparks, and expansive landscaped areas.. An illuminated external façade provides businesses with a strong visibility.

Danny Lavigne, Managing Director of Blynx Insurance Services, is one of the first businesses to move into CubeOne. Lavigne’s company services many of those who live in the local area, taking advantage of the proximity to Fountain Gate Shopping Centre, the City of Casey Municipal Offices and nearby walking trails and cycle tracks.

Ashwin Pandit, owner of Mocha Mojo Café &amp; Lounge in Berwick, is another local business owner who made the decision to purchase into CubeOne. He was looking to expand his business, opening a new site close to his existing cafe to minimise commuting hours and mobilise existing staff. His new café, Butlers Kitchen at CubeOne, will open early 2019 and includes an outdoor seating area, capable of hosting up to 100 patrons.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/mab_cube-2.jpg" rel="gallery-all" title="The four storey building offers 5,000 sqm of strata office space in Melbourne's South East. Image: MAB"><img alt="" class="image-article-full-width-580px" height="355" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/mab_cube-2.jpg?itok=_cbtWFSS" title="The four storey building offers 5,000 sqm of strata office space in Melbourne's South East. Image: MAB" width="580"></a>

<figcaption>The four storey building offers 5,000 sqm of strata office space in Melbourne's South East. Image: MAB</figcaption></figure><h2>What they say...</h2>

<blockquote>
CubeOne follows a trend in commercial property developments decentralising Melbourne and providing businesses with affordable commercial offerings, reduced travel time and greater work/life balance.

We’re seeing record sales at CubeOne because of a growing need for spaces outside the central city where small business owners can invest in their own premises in an environment that is conducive to a modern, mobile and integrated lifestyle.

With limited CubeOne suites remaining, we’re seeing interest from a range of small businesses including accountants, medical professionals and investors who wish to own their own office and take greater control of their business investments.

- Michael Martin, Director Business Parks at MAB
</blockquote>

 

<blockquote>
Business is booming in the South East and there’s not many office spaces that provide a high-quality and affordable offering. The office space is not only a great environment for employees and clients, but I have confidence there’s a huge business opportunity in the area, which is why I chose to invest, rather than lease.

I think CubeOne will provide greater control over the future of my venture and we’ve got the capacity to grow and accommodate another 10 staff. It was essential to have a space that would provide future expansion and flexibility over time, that was convenient for employees to commute to and would be attractive to future employees looking for greater work, life balance. 

CubeOne certainly gives us all of that, allowing us to avoid the daily city traffic grind and we have all the amenities like parkland, cafes and secure parking right on our doorstep.

- Danny Lavigne, Managing Director of Blynx Insurance Services
</blockquote>

 

<blockquote>
With the local economy growing and not many business park cafes catering to the growing number of local office workers, I jumped at the chance to invest.

- Ashwin Pandit, owner of Mocha Mojo Café &amp; Lounge in Berwick
</blockquote>
</body></html>

MAB’s CubeOne attracts businesses to Narre Warren’s burgeoning commercial hub

Lewis Land's latest apartment release within its <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan is targeting one of the Gold Coast's fastest-growing buyer groups, with almost a third of apartments at Solis priced below $1 million.

The seven-storey building at Biggera Waters will comprise 91 apartments, including 24 one-bedroom residences starting from $778,000, a price point Lewis Land says is aimed squarely at first home buyers struggling to enter the Gold Coast market.

<img alt="Harbour Shires" data-entity-type="file" data-entity-uuid="e7486e37-22f6-4c92-b212-9b0622070b8f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.34%E2%80%AFAM.png?VersionId=W8MJwJUCf6HkIyl_EVSksnd.QI6MZryY" />

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the developer deliberately allocated a significant proportion of the project to more affordable apartment types.

"First home buyers have been priced out of many parts of the Gold Coast, and we saw a clear opportunity to address this and play our part in a longer-term housing solution," Long said.

"That's why 24 of the 91 apartments being delivered at Solis have been designed and priced for the city's next generation of homeowners, quality one-bedroom apartments, half of which include an additional multipurpose room to maximise space and flexibility.

"This approach places 30 per cent of apartments in Solis under $1 million, and with close proximity to Harbour Town's future light rail extension connecting residents to the city's major employment and knowledge hubs, it's a win for buyers looking to secure their first property."

<img alt="Sores" data-entity-type="file" data-entity-uuid="550526d3-73ba-4710-9739-c5f4294a30ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.29%E2%80%AFAM.png?VersionId=cQQdXHt9wS0UXwZEm5Py5bH_3kAmzyhu" />

Designed by BDA Architecture, Solis will deliver a mix of one, two and three-bedroom apartments, with residences ranging up to 232 sqm. Apartments feature generous balconies and contemporary finishes, while residents will have access to Harbour Shores' lagoon pool, clubhouse, tennis court, gym, yoga studio and sauna.

The focus on first home buyers resonated with purchaser Holly Humphreys, who said she and her boyfriend spent more than a year searching for their first property before shifting their attention from houses to apartments.

"We fell in love with the first house we bid on and got our hopes up, but after repeated knockbacks we learned not to get too attached," Humphreys said.

"We offered at the high end of price guides, but sales kept going even higher. That's where we really struggled and we needed to re-evaluate our budget and our expectations. Standalone houses were off the table, and we pivoted to apartments and townhouses."

Humphreys said it was encouraging to see developers recognising the growing demand from first home buyers.

"There's a growing number of young buyers looking to enter the market earlier because they understand that getting in now can make a real difference as prices continue to rise," she said.

"It's fantastic to see a developer recognise this and then actively take measures to deliver an apartment with us in mind."

Solis is the first development planned within the second stage of the Harbour Shores masterplan, with early works expected to commence in September 2026.

[smartcode_project_cta:default project_id=113271]

Joel Robinson

Lewis Land targets first home buyers at latest Harbour Shores release, Solis

Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

[smartcode_project:default project_id=114246 project_image_fid=370116]

Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.

"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."

The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.

KOYO penthouse headlines Abadeen's $19.25 million EOFY sales flurry

The City of Sydney has approved plans for <a href="https://www.apartments.com.au/developers/billbergia">Billbergia Group</a> and Metrics Credit Partners’ $3.5 billion Castlereagh Place project in the heart of the Sydney CBD

The towers will be among the tallest in <a href="https://www.apartments.com.au/developments/sydney-nsw-2000">Sydney</a>'s CBD, with more floors than any other residential tower in the city.&nbsp;

The 6,000 sqm site was acquired by the joint venture partners in 2024. It is the largest amalgamated land parcel in the Sydney CBD and comprises eight individual sites fronting Castlereagh, Pitt and Liverpool Streets.&nbsp;

<a href="https://www.apartments.com.au/new-apartments/castlereagh-place-sydney-324-348-pitt-street-sydney-nsw-2000">Castlereagh Place</a> will transform an underutilised city block into a landmark mixed-use destination, anchored by two 82-storey towers comprising 607 luxury residences above an 8-level podium housing a 209-room luxury hotel. A 1,000 square metre civic park on ground level features a curated mix of food, beverage and retail.

The plans have been refined over the past year to rebalance the residential and hotel offering, and reconfigure the retail footprint to create a stronger, more dynamic dining experience.

A three-level flagship building on the prominent corner of Pitt and Liverpool Streets will be the gateway to the Castlereagh Place lifestyle precinct. Set to become a Sydney icon, the building is capable of housing multiple hospitality venues.

“Castlereagh Place is designed to be the City's next great urban oasis - an energetic mixed-use precinct that pulses with life, day and night,"&nbsp;said Joseph Kinsella, Group Director of Billbergia.

"It will bring the vibrancy of places like Barangaroo and Darling Quarter into a more accessible, central destination at the very heart of Sydney."

Kinsella said the project will build on&nbsp;Sydney’s growing laneway culture with the City’s largest network of new activated lanes - an expanded, next-generation take on precincts like Angel Place, Palings Lane and Ash Street in Wynyard.

[smartcode_project:default project_id=134477 project_image_fid=374401]

Castlereagh Place has been designed by architects <a href="https://www.apartments.com.au/architects/fjc-studio">fjcstudio</a> in collaboration with Trias Studio, Aileen Sage and Polly Harbison Design, joint winners of an international design competition in 2018.&nbsp;

Signature design elements from the original scheme remain unchanged, while the public domain has been significantly enhanced, delivering 60 per cent more open-to-sky space.

Pedestrian access will also be enhanced through new laneways linking Pitt, Liverpool and Castlereagh Streets, drawing people into a new civic park with outdoor seating, landscaping and integrated public art.

With activated laneways supported by strong hospitality offerings, Castlereagh Place is tipped to become a vibrant new dining destination in the heart of Sydney’s CBD.

It marks the largest undertaking to date for the Billbergia and Metrics Credit Partners partnership. Together they are developing other underutilised Sydney sites into mixed-use precincts, including the $2.2 billion Concord Central and the $1.3 billion Chatswood Grand Residences.

Metrics Managing Partner and Group CEO Andrew Lockhart said Castlereagh Place is a landmark project that will redefine Sydney’s skyline.

"As the tallest residential high-rise development, the revitalised site will offer panoramic views across the CBD and surrounds. We are excited to partner with Billbergia to reinvigorate an underutilised site and create a sophisticated and contemporary mixed-use offering situated in the heart of Sydney.”

Total apartments within the towers have increased to 607 dwellings, with a focus on larger floorplans. Aligned to growing market demand, Castlereagh Place now comprises 299 three-plus-bedroom apartments, 198 two-bedroom units and 110 one-bedroom configurations.

[smartcode_project:default project_id=134477 project_image_fid=374402]

Resident amenities will include an exclusive residents club containing a gym, rooftop pool, dining rooms, co-working spaces, library, golf simulator, games room, cinema room, and access to an exclusive concierge service. There will be around 500 basement car spaces below the towers.

The development will also include a state-of-the-art wellness centre, set to feature a bathhouse with magnesium pools, hot/cold plunge pools and premium amenities.

&nbsp;

According to fjcstudio, the towers will feature distinctive yet elegant architectural design reflecting Sydney’s geometry and urban character, with a network of through-site links and intimate public spaces activating the streetscape.

"Castlereagh Place is a city-making project of significant scale and ambition," said Richard Francis-Jones, Design Director at fjcstudio.

"It will create a rich urban complex of public open spaces, landscaped gardens, and vibrant laneways. Defining these new public spaces and the important streetscape of Castlereagh Street is a sequence of fine-grained, diverse retail and hotel architecture designed in collaboration with Aileen Sage, Polly Harbison Design and Trias.

“Rising above the tree-lined, human-scale streetscape are two slender residential towers that will transform the city skyline and look towards the Harbour, Hyde Park, and the Royal Botanic Garden.”

Demolition and early construction works have commenced onsite at Castlereagh Place.

[smartcode_project_cta:default project_id=134477]

Billbergia, Metrics, approved for $3.5 billion Sydney skyscrapers

International developer&nbsp;<a href="https://www.apartments.com.au/developers/spg-land">SPG Land</a> is preparing to re-launch its long-awaited $1.5 billion <a href="https://www.apartments.com.au/new-apartments/paradiso-place-surfers-paradise-103-ferny-avenue-surfers-paradise-qld-4217">Paradiso Place</a> development at Budds Beach, bringing a new price point to the Surfers Paradise apartment market.

The developer will release one-bedroom apartments from $825,000 and two-bedroom apartments from $1.24 million in the three-tower development.

According to Urbis, the starting price for the two-bedroom apartments is more than $400,000 below the weighted average sale price for comparable two-bedroom apartments in Surfers Paradise during 2025, which was pinned at $1.7 million.

&nbsp;

Urbis reported quarterly average sale prices for new two-bedroom, two-bathroom apartments ranged from around $1.2 million to $1.7 million throughout 2025, peaking in the December quarter.

[smartcode_project:default project_id=106566 project_image_fid=185853]

Paradiso Place is now moving into its formal sales campaign, with a limited early-release opportunity available ahead of the public launch.

The development will comprise 845 apartments across three towers rising 40, 41 and 44 storeys from a 1.15-hectare site spanning an entire city block. The towers will sit above a new retail precinct.

"Paradiso Place represents a rare opportunity in today's market, offering premium apartments at a price point that is significantly more competitive than anything else currently available," SPG Land Sales Director Brad McMahon said.

"When you look at comparable new developments across Surfers Paradise, Main Beach and the Southern Beaches precinct, buyers are typically paying hundreds of thousands more for a similar product.

"The scale of this project and the developer-builder construction model allows us to unlock efficiencies that smaller developments simply cannot achieve. We are passing those benefits directly to buyers, while still delivering a five-star residential experience with an unmatched lifestyle."

[smartcode_project:default project_id=106566 project_image_fid=374280]

Each of the three towers designed by Rothelowman will have its own podium, connected by an elevated skybridge network to create a beachside village for residents. The resident amenity has been designed to rival a five-star hotel, with private dining rooms, resident lounges and entertainment spaces.

McMahon said the pricing strategy was a deliberate response to the current market.

"What Paradiso Place offers is a unique balance, genuine value within a premium market. Buyers are not compromising on quality, design or amenity, they are gaining access to it at a more competitive price point at a time when prices across the Gold Coast continue to reach new highs."

[smartcode_project:default project_id=106566 project_image_fid=362498]

Located around 100 metres from the beach and within walking distance of the Surfers Paradise North light rail station, Paradiso Place occupies one of the Gold Coast's most tightly held beachfront precincts.

Construction is continuing to progress, with eight of the project's 112 foundation piles now complete. Excavation has also commenced on the first diaphragm wall panel, with the first concrete poured on 15 June, marking a key milestone in the project's early works program.

[smartcode_project_cta:default project_id=106566]

SPG Land launches $1.5 billion Paradiso Place at attractive price point

Luxury developer-builder <a href="https://www.apartments.com.au/developers/lowe-living">Lowe Living</a> has achieved a new Victorian benchmark for an off-the-plan apartment, with the sale of two penthouses at its ultra-exclusive Maison Savoy development in Brighton.

The two penthouses achieved a combined sale rate of $49,926 per sqm. Both transactions eclipsed the previous identified Victorian off-the-plan price-per-square-metre benchmark, set by the 449 sqm apartment at Como Toorak, which sold at $46,659 per sqm.

[smartcode_project:default project_id=140818 project_image_fid=366473]

<a href="https://www.apartments.com.au/new-apartments/maison-savoy-brighton-150-esplanade-brighton-vic-3186">Maison Savoy</a>, Lowe Living's redevelopment of the former Brighton Savoy Hotel on absolute beachfront land at 150 The Esplanade, Brighton, has gained significant momentum since launching just eight weeks ago. Around 30 per cent of the project's 19 residences have already been secured, generating approximately $45 million in sales.

"Securing two of the three penthouse sales at this stage, within eight weeks of launching to market speaks to the confidence our clients place in Lowe Living," Lowe Living co-founder Emma Lowe said.

"They know we'll be with them through every stage of the journey, and that assurance is something we've worked hard to earn and never take for granted."

[smartcode_project:default project_id=140818 project_image_fid=366474]

Lowe said Maison Savoy was conceived as a genuine alternative to a prestige Brighton home, combining house-scale proportions with the convenience, security and lock-up-and-leave appeal of apartment living.

Lowe Living co-founder Tim Lowe said the early sales success demonstrated the resilience of Melbourne's prestige market and highlighted the growing demand for house-sized apartments among ultra-high-net-worth buyers.

"The Melbourne market has definitely been tested in recent years, with interest rates and global economic factors all creating a period of uncertainty across the real estate sector. The sales success at Maison Savoy however demonstrates that confidence remains exceptionally strong at the top end of the market.

"The prestige market is being driven by long-term lifestyle decisions rather than short-term market sentiment, which continues to create a level of certainty that befits an absolute beachfront property in a blue-chip location like Brighton.

"Brighton's fundamentals remain among the strongest in Melbourne, with limited new supply, enduring demand from an overwhelmingly local owner-occupier market, and a rare combination of beachfront amenity and proximity to the CBD."

[smartcode_project:default project_id=140818 project_image_fid=374378]

According to Cotality, Brighton remains one of Melbourne's most tightly held prestige suburbs, with an average ownership tenure of 15.3 years for houses and 12.3 years for units, while more than 73 per cent of homes are owner-occupied.

Tim Lowe said selling two of the project's three penthouses so early in the campaign was an uncommon result.

"This sales result is a reflection of quality and understanding the local market. It's incredibly rare to transact the penthouses so early in a sales campaign in any project so to have sold two of the three penthouses at Maison Savoy so soon after launch, all in-house without any external sales agency appointed, is reflective of our careful consideration of our buyers' needs and lifestyle.

"This is knowledge that is accumulated not just from data and demographic analysis, but via a deeply embedded understanding of how this type of buyer wants to live and feel in their home. We pride ourselves on getting to know our clients personally, and over the last 10 years we have been able to refine our product offering by talking one-on-one with our clients about their design and floorplan preferences.

"Being a fully integrated developer-builder with an in-house design and sales team allows us to lead every part of the process and ensure the highest quality of product and service at every touchpoint. It's a really important part of our DNA and the recent sales success at Maison Savoy indicates that our clients and purchasers are resonating with this point of difference.

"It reinforces that demand remains strong for thoughtfully designed residences that offer rarity, lifestyle and long-term value in tightly held locations, which ultimately validates Maison Savoy's positioning as creating a new benchmark for house-scale, wellness-led apartment living on Brighton's beachfront."

&nbsp;

[smartcode_project:default project_id=140818 project_image_fid=366480]

The residences at Maison Savoy start from 295 sqm, with most enjoying uninterrupted views across Port Phillip Bay. The project sits moments from the Brighton Bathing Boxes, Royal Brighton Yacht Club, Middle Brighton Baths and Church Street's retail and dining precinct.

A key feature of the development is its private residents-only bathhouse, curated by the founder of Aurora Spa &amp; Bathhouse and modelled on traditional European bathing rituals and the award-winning Sorrento bathhouse.

The wellness offering includes a hydrotherapy pool, salt room, sauna, steam room, cold plunge pool, foot activation zone and a Vichy rainfall bed, one of only a handful in Australia. Residents will also have access to a Technogym studio, lounge spaces and a dedicated concierge service offering everything from morning coffee delivery and restaurant bookings to dry cleaning and home coordination.

"Wellness-led design has become a defining factor for luxury buyers," Emma Lowe said.

"Purchasers increasingly value homes that enhance wellbeing through thoughtful design, private amenity, privacy and liveability."

The penthouse purchasers are now undertaking a bespoke customisation process curated personally by architect Pete Kennon and the Lowe Living team, one of the developer's signature service offerings.

Construction on the $160 million transformation of the former Brighton Savoy Hotel site commenced last month, with completion expected in early 2028. The project has secured funding from NAB alongside development partner Monark.

Just one penthouse remains available, along with a limited number of two and three-bedroom residences starting from $3.75 million.

Lowe Living currently has eight projects on the market across Melbourne and recently celebrated its 10th anniversary, having grown a $1 billion development pipeline alongside a $350 million construction pipeline.

&nbsp;

[smartcode_project_cta:default project_id=140818]

Laurence Dragomir

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Laurence Dragomir

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Developments

New apartments

New townhouses

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