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Changes in consumer spending patterns since 2007 appear to have hurt retailers, such as department stores, apparel and discretionary retailing, according to Savills research.
The Australian Sub Regional Shopping Centres report says consumer spending has impacted tenants in regional and some sub regional shopping centres though some sub regional shopping centres have been immune from this.
The ABS turnover statistics in the accompanying table show strong growth over a long period in most of the retail categories found at a sub regional shopping centre. Supermarkets have been enjoying strong turnover growth as have their associated liquor stores.
Discount department stores dealing in electronics, household goods including furniture and discount clothing have also enjoyed strong turnover growth. Associated specialty stores such as a chemist, a take away food store, a bakery, a newsagent and other local service providers such as a dry cleaner may be found in the tenancy mix.
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The structural issues facing retail are more formidable but not insurmountable. Savills expects the retail sector to evolve to take advantage of the structural issues rather than be over-run by them.
The ageing of the population will continue to create challenges for retailers as they jockey for the dollars of retirees. Retirees can be expected to prefer services over goods and will not necessarily continue to dwell in their traditional catchment areas.
Internet retailing has already changed the face of retailing for certain categories of goods and will no doubt continue to evolve and challenge more categories over time. New business models are establishing themselves.  
 
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Consumer spending habits and their impact on sub-regional shopping centres

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The first residents have started moving into Radius Apartments in Brisbane’s Woolloongabba, with the newly completed development also starting to operate as serviced accommodation.
The mixed-use project by Majella Property Developments at 44 O’Keefe Street comprises 91 apartments with a mix of 35 one-bedroom and 56 two-bedroom units. It is also being operated by Oaks Hotels &amp; Resorts as Oaks Woolloongabba.
Majella chief executive officer Sebastian Monsour said the larger size of the apartments and the overall quality appealed to buyers.
“On average, the apartments are larger than those in other new residential developments selling for similar prices within Brisbane city and fringe suburbs. This has proven very popular with potential buyers as they consider it better value for money,” Monsour said.
The one-bedroom apartments range in size from 79 sqm to 98 sqm, while two-bedroom apartments ranging from 99 sqm to 133 sqm. Apartment pricing ranged from $357,000 to $569,000.
Two commercial tenancies have also sold in the commercial space.
Majella Group founder Professor Frank Monsour said, “Brisbane City Council’s Urban Renewal Brisbane program has ensured that Woolloongabba has undergone unprecedented revitalisation.”
The launch of Oaks Woolloongabba was the tenth Brisbane property for Oaks Hotels &amp; Resorts with a room inventory of more than 1,400 rooms.
Radius was constructed by Queensland’s Tomkins Commercial &amp; Industrial Builders.
<img src="/images/2016/09/19/WOLRooftop.jpg" alt="" width="749" height="499">
The complex is built on Woolloongabba’s highest point at 44 O’Keefe Street and offers views of the city.
Designed by Elizabeth Anderson of Hayes Anderson Lynch Architects, Radius Apartments features a rooftop sky deck with city views, a 20-metre swimming pool, gardens and barbecue facilities.
Majella Property Developments will soon be lodging its development application for the proposed redevelopment of the heritage-listed Broadway Hotel site at Woolloongabba featuring 280 apartments and a three-level commercial and retail podium.
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New apartment project in Brisbane's Woolloongabba welcomes first residents

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The Colombian Hotel, an eastern Sydney partygoer favourite, has sold for an undisclosed sum after a marketing campaign by Ray White Hotels which drew more than 80 enquiries.
The three-level hotel, a former Westpac Bank before its conversion into the popular Colombian Hotel by McHugh Holdings, enjoys great street presence by virtue of its Oxford St and Crown St corner location. It is open from 9 pm to 6 am and features poker machines and drag shows.
The selling agents were Ray White Hotels’ Andrew Jolliffe and Gerry Quinlan. Jolliffe, who in the past 12 months has sold the neighbouring Woollahra Hotel, Dolphin Hotel, Four in Hand Hotel, Light Brigade Hotel and Paddington's Royal Hotel, said he was not surprised by either the price achieved or competitive nature of the sale process. 
"In a low interest rate cycle, the opportunity to invest in hard yielding A grade property assets complete with upside triggers available to improve already impressive cash flow themes, is seldom available" advised Jolliffe. 
Interest in the highly publicized sale of the hotel drew enquiry from around the globe, said Quinlan. "We were inundated from the moment we made public the proposed sale of the hotel, with enquiry ranging from well known national hoteliers and hotel groups; to local and international property developers,” said Quinlan. 
Property Observer had previously carried the story about the hotel being listed for sale.
"The investment thesis for this opportunity was compelling, with scale, position, opportunity and profitability all central components.” 
Neither Jolliffe or Quinlan commented on the price paid or the buyer’s identity, but it's emerged Sam Arnaout's Iris Capital paid in excess of $15 million for the imposing three-storey former Westpac building on the corner of Oxford and Crown Streets in the heart of Sydney's gay nightclub scene.
The Colombian, including its hotel licence and gaming entitlements, was put up for sale by publican David McHugh in July. It last sold for $6.7 million in 2011
 Read more: <a href="https://www.afr.com/real-estate/commercial/hotels-and-leisure/iris-capital-snaps-up-colombian-hotel-in-heart-of-sydneys-gay-nightlife-strip-20160915-grgusy#ixzz4KgmwLFCj">https://www.afr.com/real-estate/commercial/hotels-and-leisure/iris-capital-snaps-up-colombian-hotel-in-heart-of-sydneys-gay-nightlife-strip-20160915-grgusy#ixzz4KgmwLFCj</a>  Follow us: <a href="https://ec.tynt.com/b/rw?id=cCUjAS_ECr5iWLacwqm_6l&amp;u=FinancialReview" target="_blank">@FinancialReview on Twitter</a> | <a href="https://ec.tynt.com/b/rf?id=cCUjAS_ECr5iWLacwqm_6l&amp;u=financialreview" target="_blank">financialreview on Facebook</a>
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Sydney's Colombian Hotel changes hands after hot marketing campaign

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A project west of Melbourne in Bacchus Marsh that promises “next generation, economical housing design”, has been launched.
Developer Kataland’s Underbank, a development site on 166 hectares, seeks to differentiate itself from traditional master-planned communities through designs that are in harmony with the natural landscape of the area.
The $250 million dollar project will be located in Melbourne’s Western Growth Corridor, one of the fastest growing regions in Australia, which will eventually accommodate a population of 277,000 people and 164,000 jobs.
Kataland director Jason Yeap said Underbank breaks away from traditional master-planned communities because it is planned to be in harmony with the natural landscape.
“Most master-planned communities look the same – they’re flat and featureless. When I first saw the Underbank site, I was struck by the rich landscape. There’s a natural bowl formation with a valley floor surrounded by hills, established trees, native shrubs and landscaped waterways.”
“With Underbank, it was integral to preserve the site’s existing natural assets, and instead of cutting into the land, we created new home designs that work with the land, not against it.”
Located three kilometres west from Bacchus Marsh, Underbank is expected to become home to around 4,000 people in 1,500 houses, with its own town centre, parklands, plus community and recreational facilities.
Construction on the Underbank sites has already commenced, and stage one has been released, with land starting at $129,000 for a 420 sqm block.
While buyers can choose their own builder, Underbank, will also offer future residents access to designs by architect Louis Chiodo that feature modular light-filled living environments.
<img src="/images/2016/09/16/Underbank2.jpg" alt="">
Yeap said supporting the growing community in the charming town of Bacchus Marsh was vital.
“People aren’t just moving to Bacchus Marsh because of affordability – there’s a long string of prestigious schools like Bacchus Marsh Grammar, and it’s only 50 km from Melbourne’s CBD,” said Yeap.
“We have been working with council and the local community to future proof the region so that growth is sustainable and the bustling town remains liveable.”
Underbank will be maintaining and restoring the flora and historical significance of the former stud farm, once home to Australian legendary racehorse Phar Lap. It will restore the horse stables into a community hub for markets and activities.
Other features of Underbank’s planning include walking trails and bike paths through the parklands. There will also be several pocket parks dotted through the site with playgrounds, fitness stations, picnic shelters and BBQ facilities.
Infrastructure upgrades, including the Hallets Way upgrade and pedestrian links to Bacchus Marsh Road, will improve connectivity in-and-about Bacchus Marsh, according to the media release.
“As a developer, our goal is to be visionary; to be a leader, not a follower,” said Yeap. “With Underbank, we’re excited to bring a new era of master planned communities which respects the land and supports growth for current and future generations.”
 
 
 
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Developer Kataland launches eco-friendly housing site Underbank west of Melbourne

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Parramatta council has released an updated concept design for its $2 billion revamp of Parramatta Square CBD, which it says are based on feedback from residents and stakeholders. 
The new plans, now on public display, include an interactive ‘digital carpet’, grassed terraces, smart shading structures, a grove of historic Cabbage Tree Palms, and billabong- like water features. 
That feedback and further design ideas have helped shape the Enhanced Concept Design that is now available for public comment. The first draft was released in October 2015. 
The concept design was created by 42 – a design team including award-winning firms James Mather Delaney Design (JMD), Taylor Cullity Lethlean (TCL), Tonkin Zulaikha Greer (TZG) and Gehl Architects, Denmark. 
“In the 12 months since releasing the Draft Concept Design, Council has had much more information to incorporate, including community feedback and key milestones in Parramatta Square making it possible to provide a more meaningful approach that took all buildings in the space into account,” City of Parramatta Council administrator Amanda Chadwick said. 
“The community have told us they want flexible places to meet and relax, the provision of public art, and spaces for entertainment and events.”
<img src="/images/2016/09/15/Parramatta2.jpg" alt="">
Chadwick said the council has finalised international design competitions for five buildings on Parramatta Square and also adopted a Technology Masterplan for the precinct.
The forecast $36.5 million budget for the public domain will be funded by the development of Parramatta Square, at no cost to ratepayers.
Residents can view the Parramatta Square Public Domain Enhanced Concept Design at the City of Parramatta Council Library, branch libraries and at the Customer Service Desk at 126 Church Street, Parramatta. 
A Parramatta Square community event will be held at Parramatta Town Hall on Friday, 7 October from 10 am to 2 pm, where the Parramatta Square Public Domain Enhanced Concept Design will be available for viewing. It can also be viewed at council libraries or online at <a href="https://www.parracity.nsw.gov.au" target="_blank">www.parracity.nsw.gov.au</a>.
 
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Local council lays out new design for $2 billion Parramatta Square revamp

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Melbourne’s much-loved Gumbuya Park has been snapped up by the founders of Carsales.com and Jayco Caravans for $4.65 million with plans to inject more funds for a revamp. 
The investor consortium, comprising Gerry Ryan of Jayco Caravans and Wal Pisciotta of Carsales.com.au, acquired the park which is home to more than 300 animals.
The family-owned park features dingoes, cockatoos, wombats, koalas, emus and various native Australian birds. Spread on an area of 166.26 hectares, Gumbuya Park also offers rides and attractions such as paddle boats, mini cars, waterslides, pony rides, a mini golf course and toboggans. 
CBRE’s David Minty, Stephen Adgemis, Duncan McCulloch and James Beer managed the sale on behalf of the family that owns the park.
Gumbuya Park has been operating since 1978.
Minty said the incoming owners planned to inject new life into the park, which is located on the Princes Highway just outside Pakenham. 
“The buyers will look to introduce new attractions and some accommodation, helping bring the park back to its former glory” Minty said. 
“A change of hands of this iconic park will ensure it remains one of Melbourne’s most popular, small-scale amusement parks, frequented by both local residents and interstate visitors.”  
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Investor group takes reins of Melbourne’s much-loved Gumbuya Park  

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A local developer has purchased a site in western Sydney for close to $20 million from the Blacktown City Council with plans to develop apartments and shops.
The <a href="https://www.realcommercial.com.au/property-land+development-nsw-blacktown-501947190" target="_blank">5-19 George Street, Blacktown</a> property comprises 4,644 square metres of land and is currently used for a car park and car rental business.
More than 270 apartments are planned at the mixed-use zoned site. A draft concept scheme, prepared by Cox Architecture for the property, comprises a mixed-use development with 271 apartments, 6,320 square metres of retail and commercial space and underground parking.
Blacktown City Council is the largest municipality in NSW and has an estimated population of 308,000 people which is forecast to grow to 500,000 by 2036.
The deal was brokered by Savills’ Robert Lowe, Neil Cooke and Stuart Cox.
"This was a development opportunity with everything going for it including mixed-use zoning, three street frontages, a virtually clean site with short term income, and a superb gateway location within Sydney's hottest growth area," said Lowe.
The site is adjacent to the Blacktown CBD.
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Blacktown City Council sells mixed-use site for $20 million 

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An office building in Queensland’s Logan City with major tenant as the city council has sold for $3.85 million.
‘The Exchange’ at 106 City Road, Beenleigh was put up for sale via expressions of interest earlier this year. 
The deal was brokered by Tania Moore and Mark Witheriff of Knight Frank along with RM Realty.  
The seven-level office building is a “landmark asset” in the Beenleigh CBD, according to the property’s description.
Located on the eastern side of City Road, it is a short freeway-drive to Brisbane or the Gold Coast. 
The building has a net passing income $290,136 pa. 
The net lettable area is 1,695 sqm.
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Building leased to council in Queensland's Logan City fetches $3.85 million

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An online tool, Landchecker, that promises to do all the due diligence for property buyers saving them precious time, was launched this month. 
Launched earlier in September by founders of Melbourne architecture agency Ewert Leaf and property developer Moda Corp, <a href="https://www.landchecker.com.au" target="_blank">Landchecker</a> collects all relevant information about a property so people can easily perform due diligence before they invest and also keep property records up-to-date. 
“People are often unaware of the planning controls that affect their home so this tool enables them to quickly check their land for any underlying constraints or opportunities,” Landchecker founder and Ewert Leaf co-director Will Leaf said. The tool took 18 months to develop.
“As architects and developers, we found we were assessing data through several different websites which became time consuming and frustrating. Landchecker aggregates this information on a single platform.” 
For a given address, Landchecker will prepare a property report and the relevant planning controls, such as zones, overlays, schools, bushfire and flood-prone areas and places of cultural sensitivity. It costs $5.99.
The founding team includes Toby Ewert, Ed Farquharson, technical partner Simon Holland, chief technical officer Tim Asquith and general manager Jim Leaf.
<img src="/images/2016/09/13/Landchecker.jpg" alt="">
“Homebuyers often don’t understand where to find this information and currently it is found through several different websites,” Leaf said. “We are helping people to access it quickly in a user-friendly, legible manner.” 
“Landchecker will ensure people are better prepared when they meet with agents or legal representatives because they will be able to ask the right questions – for example, what impact does this heritage overlay have on the value of this property or its potential for redevelopment?’” he said. 
A property professional or investor can access a real-time map and also get permit data, which will also show applications pending and approved. 
Leaf said Landchecker could change the parameters of transparency in property.
“In a society where transparency is becoming a critical part of business, we think it will become popular with financial institutions and mortgage brokers as a means of creating loyalty with customers. Would you bank with someone who didn’t tell you that your house was in a flooding overlay if they had the capacity to do so?”
 
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Want to save time on property buying? Log onto Landchecker

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Perth's leasing market is tight, with tenants seeking lower costs and space with “capacity provision” for earnings upside, according to property experts at Raine &amp; Horne. 
Anthony Vulinovich, director at Raine &amp; Horne Commercial WA, recently told the West Australian that the Perth leasing market "was tight".
He cited the example of the former Gliderol Garage Doors facility at <a href="https://www.raineandhorne.com.au/properties/48-luisini-road-wangara-6065-western-australia-3c2e9351-253e-4b22-9ea7-838630c2850f">48 Luisini Road, Wangara</a>, built in 2013.
It is a 3,337 square metre building on a 7,200 square metre site. It has a two-level office and a large factory.
“The acquisition (of Gliderol by DuluxGroup) has left a large vacancy and created a bargain sublease opportunity on a freestanding office-warehouse facility, asking overall just $75/sqm plus outgoings plus GST,” said Anthony.
The sublease would run until 2020.
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Tight leasing market creating opportunities in Perth: Raine & Horne

Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Joel Robinson

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Mortgage relief? NAB forecasts RBA rate cut, not hike, after softer economic conditions

A local downsizer has splashed $6.5 million on a penthouse in Perifa's Alex &amp; Willow development in Crows Nest. 
&nbsp; 
The purchaser sold their long-held family home in the area before embarking on a six-month search for the right apartment. After inspecting a range of options across the Lower North Shore, the buyer returned to <a href="https://www.apartments.com.au/new-apartments/alex-willow-crows-nest-82-90-alexander-street-crows-nest-nsw-2065">Alex &amp; Willow</a>. 
&nbsp; 
The buyer profile reflects the project’s broader purchaser mix. <a>Alex &amp; Willow</a> has attracted predominantly local downsizers looking to transition from larger homes without compromising on space or quality, alongside a smaller cohort of upsizers and investors drawn to the project’s location and design credentials. 
&nbsp; 
The milestone sale comes as the project, developed by&nbsp;<a href="https://www.apartments.com.au/developers/perifa">Perifa</a>&nbsp;and delivered by <a href="https://www.apartments.com.au/builders/versatile-made-construction">Versatile Construction</a>, both part of Versatile Group, reaches 60 per cent sold.

[smartcode_project:default project_id=6680 project_image_fid=371325] 
&nbsp; 
Eddie Mansour, Managing Partner of <a href="https://www.apartments.com.au/project-marketer/ray-white-projects">Ray White Projects</a>, said the result demonstrates not only a headline price but also depth of demand. 
&nbsp; 
“This is an exceptional outcome and a clear reflection of sustained buyer demand for premium, well-located downsizer product,” Mansour said.

“We’re seeing a consistent pattern of local homeowners selling family residences and reinvesting into high-quality apartments that allow them to remain within their community. Alex &amp; Willow has resonated strongly with this group because it offers genuine scale, thoughtful design and immediate proximity to the village.” 
&nbsp; 
The sale reflects a broader and consistent trend of local downsizers actively seeking high-quality, low-maintenance residences close to established village centres. Agents report that demand for this product type has remained resilient, particularly where developments offer a rare combination of scale, design quality and walkable amenity. 
&nbsp;&nbsp; 
Fabrizio Perilli, Managing Director of Perifa and Versatile Group, said the sale marks a defining moment for the project. 
&nbsp; 
“The penthouse sale is a strong endorsement of the quality we have delivered, alongside our partners, and the clear demand from local downsizers for premium, boutique residences in this location,” Perilli said.&nbsp; 
&nbsp; 
“Most importantly, we’re proud to see the Alex &amp; Willow community beginning to take shape. As we move closer to completion, we’re looking forward to welcoming residents and seeing the project come to life.”&nbsp;

[smartcode_project:default project_id=6680 project_image_fid=338516] 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/nettletontribe">Nettleton Tribe</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richards Stanisich</a>, Alex &amp; Willow is a boutique collection of generously sized two- and three-bedroom residences in the heart of Crows Nest village.&nbsp;

Completion is slated for early 2027.

[smartcode_project_cta:default project_id=6680]

Alex & Willow, Crows Nest penthouse sells off the plan for $6.5 million

Fresh from launching the first stage of its Wollongong precinct, <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, builder-developer Urban Property Group has unveiled plans for the next phase of the masterplanned community.

Now on public exhibition through the NSW Government's Housing Delivery Authority pathway is a State Significant Development Application for a further 657 homes on the prominent gateway site opposite Beaton Park.

The proposal comprises three buildings, including two build-to-sell towers rising 25 and 30 storeys, delivering 391 apartments, alongside a 12-storey co-living building with 266 residences, making it one of the largest co-living proposals currently planned in regional New South Wales.

Of the apartments proposed in the build-to-sell towers, the majority, 310, are two-bedroom dwellings. The balance comprises 44 one-bedroom apartments and 37 three-bedroom residences. Apartment sizes range from around 50 sqm for one-bedroom homes to approximately 90 sqm for three-bedroom apartments.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="19347059-1612-41a0-9c74-b86a657237f8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%2010.02.18%E2%80%AFAM.png?VersionId=sWXnaCcA.cIC6N8YT1dg5pJ2e1V3Z6z7" />

The submission says the proposal has evolved significantly from its original Housing Delivery Authority application following extensive consultation with the State Design Review Panel and Wollongong City Council.

The final scheme has been designed to align with the emerging vision for the Flinders Street Precinct, an area identified by Council as a future high-density mixed-use neighbourhood capable of accommodating substantial housing growth close to transport, employment and community infrastructure.

According to the design report prepared by COX Architecture, the development aims to "deliver a built outcome consistent with the future character of the Wollongong CBD while responding to the site's unique constraints and opportunities."

"Our vision for the next phase of the site evolution in Wollongong is grounded in three design pillars that guide the design response: place, natural environment and celebration," COX said.

"Inspired by its surroundings and grounded in the stories of place on Wodi Wodi Country, the design proposal acknowledges the established character of its setting while creating a unique and timeless identity that sits harmoniously within it.

"The design proposal responds to its specific site conditions, acknowledging the vegetation, climate, wind conditions and solar access of the site."

The architecture responds directly to the site's position between Wollongong's urban core and its natural landscape setting.

COX identified views towards Mount Keira and the Illawarra Escarpment as defining features of the site, while the upper levels of the towers will also capture expansive views across the city and out to the Pacific Ocean.

The design team has positioned the tallest buildings closer to the rail corridor, where overshadowing impacts can be better managed while establishing a landmark built form on the northern approach into the city.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="79580d5b-500c-4ebf-9629-797146a4a694" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%209.51.59%E2%80%AFAM.png?VersionId=WbTB1EKSG.KDfsfz0F3wp1QVa2oCMGR5" />

Urban Property Group secured the 11,000 sqm Smith Street site in 2022 and has since progressed plans for the broader Keira Place precinct.

Construction recently commenced on the first stage of Keira Place, which will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, alongside activated ground-floor retail and commercial space.

Urban Co-CEO Patrick Elias said the commencement of construction marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/groundbreaking-marks-start-of-construction-at-keira-place-in-wollongong-cbd">Groundbreaking marks start of construction at Keira Place in Wollongong CBD</a>

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Prateek Chatterjee

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