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SQM Research's top ten most discounted list features one new property this week - 17 Turner Drive Guilderton, Western Australia.
According to SQM the property first came onto the market in August 2014, with asking offers above $630,000. In February 2015 the asking price was dropped  $500,000, with a further $50,000 recently knocked off of the price.
The <a href="https://www.domain.com.au/17-turner-drive-guilderton-wa-6041-2011338769" target="_blank">home has three bedrooms</a>, one bathroom, double garage, generous sized timber deck, detached boat shed, alfresco dining area at the rear and stunning timber floorboards.
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mick.cee-iDmgDDAmu8

New entrant on SQM's top ten discounted properties list

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Office transactions in Sydney's Parramatta district came in at around $243 million in the 12 months to December 2015 according to the February office market briefing from Savills, down 63 percent from the previous year.
Savilss noted transactions in 2014 to December totalled $665 million, noting current figures are down on the five year average of $310 million.
The briefing said investment demand for A Grade stock in Parramatta remains strong, though limited opportunities currently exist for investors. 
"The increase in investment activity over the past four years has been largely due to the transaction of many of Parramatta’s prime buildings, as vendors seek to take advantage of sharpening yields and improved investment demand from local and foreign investors," it said.
"However, the 'Private Investor' purchaser category was the most active in the investment market for the 12 months to December 2015, purchasing 36 percent of the stock sold (or $86 million worth of office transactions). Similarly the 'Private Investor' category had the most transactions."
 
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Parramatta office buys down 63 percent in 2015: Savills

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Lendlease delivered profit after tax for the half year ended 31 December 2015 of $353.8 million, declaring earnings per stapled security of 60.9 cents, up 12 percent.
Compared to the corresponding period's profit after tax of $315.6 million the December half-year figures are up 12 percent.
Lendlease Group chief executive officer and managing director, Steve McCann said the development pipeline grew to $46.6 billion, with approximately 75 percent represented by urbanisation related projects.
"During the half we had strong sales momentum at residential projects at Victoria Harbour in Melbourne and Elephant &amp; Castle in London and we secured planning approvals for a new urban regeneration project in Chicago,” McCann said.
“In the last six months we have settled over 650 apartments, with non-settlement at less than 1 percent versus our historic average of less than 3 percent. We maintain a disciplined approach to delivery risk and pre sales.
“Our Australian Engineering business has secured a number of key contracts during the half including the Gateway Upgrade North and Kingsford Smith Drive in Brisbane and last week we were announced as preferred on the D9 Level Crossings Removal in Melbourne with our alliance partners... the business is well placed to secure a growing pipeline of infrastructure works.”
For the half year ended 31 December 20151:
Profit after tax of $353.8 million and earnings per stapled security of 60.9 cents, up 12 percent
Interim distribution of 30.0 cents per stapled security, unfranked.
Record pre sold revenue $5.4 billion2 across residential apartments and communities, up 49 percent
$46.6 billion estimated development pipeline end value, up 15 percent
$18.6 billion construction backlog revenue, up 19 percent
$22.0 billion funds under management, up 26 percent
Strong balance sheet with $1.6 billion of cash and undrawn facilities
Return on equity of 13.4 percent
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Lendlease half-year financials to December 2015 up 12 percent

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The top sale of the week was a five bedroom Clontarf family home, according to CoreLogic RP Data.
The property, <a href="https://www.domain.com.au/15-moore-street-clontarf-nsw-2093-2012513938" target="_blank">15 Moore Street, Clontarf, NSW</a>, sold for $4,100,000 through Guildea Residential Seaforth. 
 
TOP TEN
15 Moore Street, Clontarf, NSW, 5 bed, 3 bath, 2 car house, $4,100,000 Guildea Residential Seaforth
6/88 Beach Street, Coogee, NSW, 3 bed, 2 bath, 2 car unit $3,825,000 McGrath Estate Agents
29 Albion Road, Box Hill, Vic 6 bed, 3 bath, 5 car house $3,800,000 Ray White Blackburn
30 Ponsonby Parade, Seaforth, NSW 5 bed, 3 bath, 2 car house $3,700,000 McGrath Estate Agents
50 Nelson Road, Lindfield, NSW 4 bed, 2 bath, 2 car house $3,630,000 Chadwick Real Estate Killara
1604/81 Macleay Street, Potts Point, NSW, 3 bed, 2 bath, 2 car unit $3,400,000 Laing Real Estate Elizabeth Bay
10 Whistler Avenue, Unley Park, SA 4 bed, 2 bath, 2 car house $3,175,000 Harcourts Platinum 
72 Cascade Street, Paddington, NSW 4 bed, 2 bath, 1 car house $3,000,000 Phillips Pantzer Donnelley
247 Edgecliff Road, Woollahra, NSW 4 bed, 3 bath, 1 car house $2,975,000 Phillips Pantzer Donnelley 
10/50 Muston Street, Mosman, NSW 3 bed, 2 bath, 2 car unit $2,850,000 Marriott Lane Real Estate Crows Nest
 
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Clontarf family home leads CoreLogic RP Data's top 10 sales

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Brisbane house prices are predicted to increase by 5 percent over the next 12 months according to JLL, who believe the change in unit prices will remain flat over the 12 months.
The Brisbane Residential Market Report to December 2015 found the median house price is up 4.4% on the year and the median apartment price down 0.3% on the year and down 0.34% on the quarter.   
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The report noted listings are selling, with total house listings down 10.2%, new house listings down 1.1% on last year with total apartment listings down 1.7%. It found the Inner Brisbane region has shown the strongest price growth for houses, up 11.3% on last year to $938,000
"Southeast Inner Brisbane was up 5.3% to $733,000. Growth levels have been lowest for Caboolture, Ipswich City, Pine Rivers and Logan City, up between 2.2% and 5.0%. Ipswich City offers the cheapest median price at $327,000," the report found.
"For apartments, growth levels have been much lower, with Inner Brisbane unchanged over last year at $496,000. The strongest growth rates on substantial turnover have been in Southeast Inner Brisbane and Caboolture, at 4.7% and 6.0% respectively. 
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"The inner suburbs are most in demand, with median house prices above $800,000. This falls rapidly with distance from the CBD to around $550,000 10km or more from the city and $400,000 20km or more from the city."
Median Brisbane house prices showed the strongest quarterly growth to December 2015 nationwide with an increase of 4.4% according to new figures released by JLL.
  
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The median house price is up 4.4% on the year and the median apartment price down 0.3% on the year and down 0.34% on the quarter.
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Brisbane house prices forecast to increase by 5 percent, but no growth for apartments: JLL

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Some 11.4% of resold homes across Perth in the September 2015 quarter were sold for less than the previous purchase price, according to CoreLogic RP Data.
It was the highest proportion of loss-making resales since July 2012. 
The 11.4% of resales at a loss is up from just 5% 12 months ago. 
The Cottesloe and Peppermint Grove council areas recorded no resales at a loss over the quarter, while Serpentine-Jarrahdale (2.3%) was the only other region below 5%.
 The highest proportion of loss-making resales occurred in the Perth (37.1%), Mandurah (23.6%) and Nedlands (20%) council areas. 
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Mandurah, Nedlands and Perth highest WA loss making resale proportion: CoreLogic RP Data

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Queensland's Gold Coast recorded a preliminary clearance rate of 39.4 percent from a total of 59 auctions for the week ending 7 February, according to CoreLogic RP Data.
The Victorian region of Geelong posted a preliminary clearance rate of 76.9 percent from a total of 21 auctions and the Hunter region in New South Wales a preliminary clearance rate of 62.5 percent from a total of 52 auctions.
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Gold Coast posts clearance rate of 39.4 percent: CoreLogic RP Data

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Melbourne's Inner East recorded a preliminary clearance rate of 93.8 percent from a total of 19 auctions for the week ending 7 February, according to CoreLogic RP Data. 
The Outer East region had 40 auctions, with 30 reported results so far totalling a preliminary clearance rate of 83.3 percent.
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Melbourne's Inner East posts clearance rate of 93.8 percent: CoreLogic RP Data

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The combined capital city preliminary auction clearance rate for the week ending 7 February came in at 71 percent from 854 reported auctions, according to CoreLogic RP Data.
According to CoreLogic RP Data, all capital cities recorded a stronger preliminary clearance rate for the week ending 7 February than the end of 2015.
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Combined capital city clearance rate at 71 percent: CoreLogic RP Data

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The top sale of the week was a four bedroom waterfront home on the Swan River in the Western Australia suburb of Bicton, according to CoreLogic RP Data.
The family home at <a href="https://www.realestate.com.au/property-house-wa-bicton-120446069" target="_blank">2 Crewe Street, Bicton</a>, sold for $3,500,000 through William Porteous International Dalkeith.
 
Top ten sales
2 Crewe Street, Bicton, WA, 4 bed, 4 bath, 5 car house, $3,500,000  William Porteous International Dalkeith
26 Grandview Parade, Caringbah South, NSW  5 bed, 4 bath, 2 car house , $3,500,000, Belle Property  Cronulla
3 Rooke Street, Hunters Hill, NSW 4 bed, 2 bath, 2 car house $3,400,000 BresicWhitney Hunters Hill
19c/21 Thornton Street, Darling Point, NSW 3 bed, 2 bath, 2 car unit $3,250,000 McGrath Estate Agents
11 Norfolk Street, Paddington, NSW 3 bed, 2 bath, 2 car house $2,800,000 BresicWhitney Darlinghurst
2 Florence Street, Glen Waverley, Vic 4 bed, 2 bath, 2 car house $2,660,000 Jellis Craig Mount Waverley
134 Lagoon Street, Narrabeen, NSW 4 bed, 3 bath, 2 car house $2,650,000 Domain Residential NSW
4/125 Kurraba Road, Neutral Bay, NSW 3 bed, 2 bath, 2 car unit $2,560,000 McGrath Estate Agents
50 Brighton Street, Freshwater, NSW 5 bed, 3 bath, 1 car house $2,510,000 Ray White Freshwater
22 Sanders Parade, Concord, NSW 3 bed, 1 bath, 2 car house $2,500,000 Raine &amp; Horne Concord
 
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Bicton WA trophy leads CoreLogic RP Data's top 10 list

Abadeen has released the whole-floor penthouse crowning its recently completed <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences</a> development in Cremorne, bringing the near-300 sqm residence to market for the first time.

Occupying the entire top floor of the boutique Lower North Shore development, the penthouse includes 221 sqm of internal living and a 74 sqm wraparound terrace, with a prized north-facing aspect taking in views across Middle Harbour.

The residence has been completed and fully furnished following a collaboration between Abadeen Executive Chairman Justin Brown and internationally recognised interior designer Jack Freeman, Founder and Managing Director of FREEMAN &amp; CO.

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and Freeman approached the penthouse as a finished home, sourcing furniture, artwork, lighting and objects from Australia and overseas.

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Pieces from Parisian design house Pierre Augustin Rose sit alongside contemporary artworks and bespoke lighting, with Freeman drawing on recent visits to PAD Paris and Salone del Mobile Milano for the final collection.

Brown said the aim was to create a penthouse that felt more like a large-scale private home than a traditional apartment.

"The experience begins the moment the lift doors open. You're welcomed into an elegant dining room before the home opens into an extraordinary living space framed by sun-drenched harbour views.

"Every time someone walks through the front door they pause. It's not just the view, it's the incredible sense of space, the warmth created by the northern sunlight that fills the interiors, and the way every room connects so effortlessly.

"It has all the proportions of a luxury home, while delivering the effortless lifestyle and personalised experience of living in a world-class six-star hotel, combined with the simplicity and convenience of apartment living."

[smartcode_project:default project_id=114246 project_image_fid=378713]

A secure lift provides exclusive access to the penthouse level, opening to a dedicated arrival foyer and dining area before the residence expands into its main living and entertaining spaces.

Floor-to-ceiling glazing runs across the northern side of the home, connecting the interiors with the terrace and Middle Harbour outlook.

The penthouse also features a fireplace and substantial chef's kitchen, while the wraparound terrace has been designed to accommodate both everyday outdoor living and larger-scale entertaining.

[smartcode_project:default project_id=114246 project_image_fid=378720]

Freeman said the interiors had been deliberately kept restrained to complement the scale, natural light and outlook already established by the architecture.

"The penthouse is a serene study in quiet luxury," Freeman said.

"The interior pairs soft, sculptural forms with warm timber, pale stone and a restrained neutral palette. Curated artwork and metallic accents add depth, while abundant natural light creates a calm, effortlessly refined atmosphere. In my world, less is always more."

Freeman said the approach was centred around collecting individual pieces rather than simply decorating the apartment.

"Every material, every object and every piece of furniture has been curated with intention. I am a true believer in collecting versus decorating.

"The architecture already provided extraordinary natural light, remarkable volume and an uninterrupted connection to Middle Harbour. Our role was to complement those qualities with unique one-of-a-kind pieces of fine art and collectible design sourced from recent travels around the world."

[smartcode_project:default project_id=114246 project_image_fid=378694]

Among the collection are solid bronze sculptures by Lorenzo Quinn, alongside a curated crystalware collection and pieces sourced from international design fairs.

Park Residences sits opposite Cammeray Golf Club, Cammeray Croquet Club and Grand Slam Tennis Cammeray, around 300 metres from Neutral Bay Village and its established collection of restaurants, cafés and retail.

Brown said the combination of a whole-floor floorplan, northern aspect and proximity to Neutral Bay was becoming increasingly difficult to find on the Lower North Shore.

"Completed whole-floor penthouses with a sun-drenched north-facing aspect and sweeping Middle Harbour views are exceptionally rare," Brown said.

"Add a quiet position opposite golf, croquet and tennis facilities, a level walk to Neutral Bay Village and only minutes to the CBD, and you have a lifestyle that's incredibly difficult to replicate.

"This is a home that offers the privacy and generosity of a luxury residence together with the convenience of one of Sydney's best-connected harbourside locations."

The penthouse will be exclusively marketed by SRM Residential.

[smartcode_project_cta:default project_id=114246]

Joel Robinson

Abadeen unveils penthouse at Park Residences in Cremorne

New Brisbane developer Dalcott has unveiled Marrone, the first of three residential projects it is planning in and around Browning Street in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/marrone-south-brisbane-39-browning-street-south-brisbane-qld-4101">Marrone</a> will comprise 97 predominantly two- and three-bedroom apartments, with larger residences aimed squarely at the owner-occupier market.

The project will sit in a quiet pocket of South Brisbane between South Bank and West End, close to the restaurants, cultural attractions and riverfront amenity that have driven the suburb's continued transformation.

Dalcott is targeting buyers looking for more space and amenity than has traditionally been offered in the inner-city apartment market, particularly downsizers and professionals wanting to remain close to the city.

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Resident facilities will be concentrated around an extensive rooftop amenity offering, including a swimming pool, spa, infrared sauna, warm and cold magnesium plunge pools, private lounge, dining room and outdoor entertaining areas.

Dalcott Managing Director Lachlan Cottee said South Brisbane's combination of lifestyle, connectivity and established character had been central to the approach to Marrone.

“South Brisbane offers a combination of lifestyle, connectivity and character that’s difficult to replicate elsewhere in Brisbane,” Cottee said.

“Our focus has been on creating homes that feel connected to that environment while providing the level of design, functionality and quality that today's owner-occupiers expect.”

The residences will feature an expressive material palette. Italian Calacatta Viola marble, known for its deep burgundy veining, will be paired with aged brass tapware, Chestnut engineered timber flooring and Tuscan Oak joinery.

<img alt="Marrone" data-entity-type="file" data-entity-uuid="b8d833da-3b30-496a-ae30-07bdff371b50" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.35%E2%80%AFAM.png?VersionId=P6DAgOfaQzIXljKKK5j3e5NhWtrHIu9G" />

Bathrooms will feature Nara Japanese ceramics and glass bricks, while clay, walnut and brass lighting will be used throughout the apartments.

Dalcott has appointed Realm Projects, led by Managing Director Shane Foley, to handle sales and marketing following previous sold-out collaborations between the groups.

Foley said the Brisbane apartment buyer had become increasingly focused on the quality of the home itself rather than simply securing an inner-city address.

“We expect to see strong demand from buyers who still want all the advantages of inner-city living but aren’t prepared to compromise on the quality of their home,” Foley said.

“Many will be downsizers looking to leave behind the maintenance of a traditional family home without giving up the space they enjoy, while others are likely to be professionals wanting a residence that reflects the way they live today.”

“Marrone responds directly to that demand, with generous floorplans, exceptional resident amenity and a location that places some of Brisbane’s best dining, entertainment and cultural attractions within walking distance.”

<img alt="Marrone" data-entity-type="file" data-entity-uuid="61f7b22f-899e-4c0f-940a-7d3ab1bfb93a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.44%E2%80%AFAM.png?VersionId=PvN1JYxBgUpyCB7efKo52WGdSDs9nmim" />

Marrone will be the first project delivered as part of Dalcott's broader investment in the precinct.

It will be followed by La Terra, a boutique project comprising penthouse-style, single-level apartments on a northeast corner site with extensive resident amenity and city views.

Cottee said Marrone represented the first stage of the group's longer-term plans for the area.

Dalcott was established in 2025 by Lachlan Cottee and Ben Dalgliesh, combining development and construction capability under an integrated model and focusing on architecturally considered residential projects.

Marrone will initially be offered through a pre-release registration campaign ahead of its broader public launch.

Dalcott targets owner-occupiers with South Brisbane debut Marrone

Parnell Developments is the latest to seek significant uplift through the NSW Government's Housing Delivery Authority on a Strathfield site previously approved for a much smaller apartment development.

Parnell has sought approval for a 32-storey mixed use tower across&nbsp;<a href="https://www.apartments.com.au/new-apartments/7-lyons-street-strathfield-nsw-2135">3-7 Lyons Street and 18 Parnell Street</a>, a&nbsp;1,857 sqm site around 400 metres from Strathfield Station. The building would yield 160 apartments, 15 per cent of which will be dedicated affordable as per the government mandate for buildings seeking additional uplift.

Approved previously was a nine-storey building back in 2022 with just over 30 apartments. That approval came prior to the project being&nbsp;progressively reconsidered as planning policy shifted toward greater density around transport hubs.

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Turner has designed the latest building that would replace&nbsp;existing detached homes across the four lots.

The apartment mix comprises 22 one-bedroom apartments, 107 two-bedroom and two-bedroom-plus configurations, and 31 apartments with three or more bedrooms. The scheme also includes 203 car spaces across six basement levels and 58 bicycle spaces.

The proposal has been designed around a three-storey podium addressing Lyons Street, with the tower rising above and stepping toward its upper levels.

Turner said the podium was deliberately scaled to respond to the existing street, while the taller element has been designed as part of the emerging skyline anticipated around Strathfield Town Centre and the wider Homebush transport-oriented development precinct.

The Lyons Street frontage would have a more active, pedestrian-focused character, incorporating the commercial tenancy, landscaping and a brick-framed podium with an awning.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="14b20874-b8c3-4ac7-bc03-92be9a69fb78" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.48%E2%80%AFAM.png?VersionId=av.9TxtqIRTC6v3PkSuu1rL9rreWoe2h" />

Parnell Street, which faces the railway corridor, has been given a different architectural treatment, with double-height breeze blocks, landscaping and communal areas used to soften the interface with the rail infrastructure.

The tower itself uses curved and recessed facade elements, with wave-like indentations across the northern elevation breaking the building into three vertical forms.

A palette of grey concrete, brick and breeze blocks is complemented by clay and terracotta accents, while the upper tower adopts a lighter expression through articulated slab edges, vertical fins and recessed glazing.

Residents would have access to 467 sqm of communal open space spread across three levels. The ground floor would accommodate the more active resident areas, including barbecue and group gathering spaces and an internal communal room capable of being used for working from home.

A more passive viewing deck is proposed at level three, overlooking the ground-level landscaping and neighbouring tennis courts, while a rooftop "sunset deck" at level 30 would provide another social and relaxation space.

<img alt="Parnell" data-entity-type="file" data-entity-uuid="c3dce401-a80f-4682-8471-4caa01180880" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.34%E2%80%AFAM.png?VersionId=Xyo8JVqbOhSJXNy6Ih.1cHL.O6i0bGR." />

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Strathfield has been earmarked for substantial change through the Strathfield Town Centre planning work and the nearby Homebush TOD precinct.

Turner's report says the project has been designed to act as a transition between the existing low and mid-rise development surrounding the site and the taller built form expected to emerge across the town centre.

The proposal is being assessed as State Significant Development under the HDA pathway, alongside the concurrent request to amend the Burwood Local Environmental Plan.

First look: New apartment tower pitched for Strathfield Town Centre precinct

An $18 million penthouse has hit the market in Main Beach as construction tops out on La Mer, the $155 million apartment development rising just metres from the beach.

Spanning around 600 sqm across the top two levels of the 29-storey tower on Main Beach Parade, the four-bedroom penthouse is one of the latest eight-figure residences to test the upper end of the Gold Coast apartment market.

Its launch comes amid continued activity at the very top of the market, following the $30 million off-the-plan sale of a Burleigh Heads penthouse earlier this year, which surpassed the Gold Coast's previous $24 million apartment record set in 2023.

The <a href="https://www.apartments.com.au/new-apartments/la-mer-main-beach-3580-main-beach-parade-main-beach-qld-4217">La Mer penthouse</a> has been designed as a private residence in the sky, with 360-degree views spanning the ocean, Broadwater, hinterland and Gold Coast skyline.

[smartcode_project:default project_id=95606 project_image_fid=378731]

All four bedrooms have ensuites, while the ocean-facing master retreat occupies around half of the upper level and includes its own lounge, private balcony, two walk-in wardrobes and an oversized ensuite with a freestanding stone bath positioned to take in the views.

The residence also features a kitchen designed to accommodate a private chef, a 3.6-metre island bench, expansive butler's pantry, wine cellar and integrated bar.

[smartcode_project:default project_id=95606 project_image_fid=378732]

A rooftop pool and substantial outdoor entertaining area with its own kitchen sit above the residence, while a grand staircase connects the two internal levels. The penthouse also has its own express lift.

OTP Group Director James Elliott, who is marketing La Mer, said the penthouse was expected to appeal to high-net-worth buyers seeking either a permanent Main Beach residence or Gold Coast holiday home.

“The La Mer penthouse represents exceptional value, considering its quality design, size, privacy and location, not to mention the 360-degree views capturing the beach and Gold Coast Broadwater,” Elliott said.

“We’re anticipating interest from high-net-worth individuals and couples seeking a residence or holiday home in the sought-after village enclave of Main Beach, taking advantage of the unprecedented growth underway in the area and neighbouring The Spit.”

[smartcode_project:default project_id=95606 project_image_fid=378736]

La Mer is being developed by developer-builder ODUS and Nazero, in partnership with funder Metrics Credit Partners.

ODUS Director Byron Sakha said topping out the tower had provided the opportunity to release the project's most significant residence.

“We’ve worked with internationally-recognised studio Sici Design on the penthouse interiors, with a focus on ensuring it isn’t luxury for luxury’s sake. Every element has been thoughtfully designed to enhance quality of life for those who call it home,” Sakha said.

“The views are the hero of virtually every space, but we’ve given equal attention to the fittings and finishes, so every detail exudes elegance and refinement.”

Sici Design Founder and Director Maria Papadopoulos said the extensive views became an integral part of the interior design rather than simply something the residence was designed around.

“The views weren't something we designed around, they became part of the design itself, with the true luxury of La Mer in its feeling of peace, calm and wellbeing,” Papadopoulos said.

“Luxury isn't defined by how something looks, but how it makes you feel, and we believe a luxurious home should be beautiful to live in, not stressful to maintain.”

The interiors combine Austral Dream Dolomite natural stone and travertine with timber flooring and a restrained coastal palette.

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Designed by Plus Studio, La Mer is one of the more boutique additions to the rapidly changing Main Beach apartment market.

The tower comprises just 24 full-floor, three-bedroom plus multipurpose room apartments below the two-level penthouse, giving the project a considerably lower density than many of the larger towers being developed across the Gold Coast.

Residents will have access to a pool and spa, gym, sauna, barbecue facilities, private sun lounges, yoga lawn and outdoor beach shower.

The penthouse has been released as part of the final collection of residences at La Mer, with remaining apartments priced from $4.3 million.

Construction is expected to complete later this year, with a fully furnished display apartment now open on level four.

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ODUS releases $18 million penthouse crowning La Mer Main Beach

<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

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"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

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The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Michael Crawford

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