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One of Melbourne’s best performing hotels, the Novotel Melbourne Glen Waverley, is set to be offered for sale in one of Australia’s strongest accommodation markets. 
The hotel comprises 200 upscale rooms, a bar and restaurant, meeting space, gym, indoor pool and parking for nearly 100 cars. It is currently leased to Accor Asia Pacific under a triple net lease expiring in July 2018.
It will be sold through an expressions of interest closing October 18. Colliers International’s Gus Moors, Guy Wells and Neil Scanlan have been appointed to sell the hotel.
“The Novotel Melbourne Glen Waverley is widely regarded as one of Melbourne’s strongest performing metropolitan hotels due to its ability to capitalise on the broad-based activity within the City of Monash, which is the second largest employment region in Melbourne, after the CBD,” Moors said. 
“This sale presents an opportunity to secure a strategic position in the tightly held Melbourne hotel market with an asset offering an enviable track record of strong, stable returns plus the attraction of reversionary upside post expiry of the current lease.”
Wells added that “as the only internationally branded, upscale hotel east of the CBD and St Kilda," the Novotel hotel has an edge over its competitors.  
“Melbourne’s hotel market is one of the strongest in the country, with solid, consistent occupancy and rates that are growing materially.”
The capital city recorded 71.4 million visitor nights during 2014/15, an increase of 13.9 percent. According to Tourism Research Australia, visitor nights are anticipated to grow a further 8.1 percent across 2015/16. 
“The strength of the Melbourne hotel market creates opportunities for metropolitan hotels like Novotel Melbourne Glen Waverley, as they benefit from guest demand that is displaced from the CBD,” Wells said.
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prateek24-ezbwHMbNAk

Novotel hotel in Melbourne comes to the market

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Planning delays are costing Queenslanders an additional $36,800 on the price of a new home, according to new research from the Property Council of Australia.
At the same time, the cost per square metre of new greenfield land has gone up even though the lot sizes have shrunk. 
The study by Urbis, on behalf of the Property Council, calculates the cost for homebuyers due to delays in the assessing greenfield sites in Queensland. 
“Assessment delays have a significant impact on housing affordability,” Property Council Queensland executive director Chris Mountford said. 
“For every month that a project is held-up, the developer has to pay more land tax, more council rates, more holding costs and more interest on their loans – adding thousands to the end product.” 
“For each year of approval delay the cost per residential lot increases by $6,450.” 
If a Queensland development is fast-tracked by the state government it is likely to take nearly four years to achieve approval. Left to a local government process, the approval would usually take twice as long, according to the study.
“The research shows that if Queensland developments could be rezoned within the same two-year timeframe that we see in Melbourne, the lot price would be reduced by $36,800,” Mountford said.
“Even if we could improve our local government approval processes to be as quick as the State Government processes, we could achieve a saving of $21,153 per lot.”
On a 30-year mortgage, this translates to about $40,000 savings.
“That’s a real saving for homebuyers and an efficiency gain for the Queensland economy."
Put together, planning delays across Queensland for residential lot sales could be more than $300 million per annum, said Mountford.
<a href="/images/2016/09/12/Greenfieldapproval.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/12/Greenfieldapproval.jpg" alt="">
Even the proportion of lot sizes and costs have risen. From 2009 to 2015, the average lot size in South East Queensland reduced from 591 sqm to 515 sqm. Meanwhile, the price of an average lot in the same period has gone up to $236,000 from $227,000. 
“With sizes decreasing and prices increasing over the last six years we have effectively seen a 27 percent increase in the cost of greenfield lots,” Mountford said.
The report suggests the Queensland government review approaches to greenfield approval and tackle planning delays. 
“It is vitally important that the state government’s ongoing South East Queensland Regional Plan review results in a new plan that gets the settings right to facilitate the speedy delivery of greenfield land.”
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Planning delays costing new homebuyers in Queensland: PCA 

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Most local governments in Greater Perth are poor planners, while slow processing times at the state also hold up local projects, according to a new report by the Property Council of Western Australia.
The report, Benchmarking Greater Perth Local Governments, which measures the planning performance of local governments in 29 of Greater Perth’s councils, highlights a lack of strategic and statutory planning amongst councils.
“The results of our benchmarking report are generally disappointing with only two councils – the Cities of Melville and Belmont, showing a high level of planning performance,” Property Council WA executive director Lino Iacomella said.  
After the self-assessment by the 29 local governments, they were benchmarked against five elements of a best practice planning framework including: strategic planning; statutory planning; delegation of planning approval to professionals for determination; timeliness of processing planning applications and performance reporting. 
“A local planning strategy sets out a vision for the type of development that is needed in order for an area to grow and prosper. A good strategy is produced or reviewed at least every five years. The best local planning strategies are those that are developed in consultation with the community  and ultimately get implemented as there is already a level of community buy-in.”  
The report also highlights concerns at the state planning level. Many of the local governments, that took part in the self-survey, said that the Department of Planning and Western Australian Planning Commission (WAPC) are unable to process planning documents in a timely manner.
The report said that local governments would have done better had the Department and WAPC were more efficient.
“Ultimately, many communities are being let down by the poor planning performance of their council. These councils need to raise their game to ensure that communities can grow and thrive and build a vibrant Western Australia.”
Of the 29 councils surveyed, key findings from the report include:
• Only two councils – the Cities of Melville and Belmont, have a high level of planning performance.
• Only seven councils surveyed have a local planning strategy that is less than 5 years old.
• Only three councils have a local planning scheme that is less than 5 years old with the average age of council schemes being 14 years old.
• Only three comprehensive scheme reviews have been completed by the City of Armadale, City of Cockburn and City of Kwinana.
• On average, 95 percent of all applications are being delegated to planning officers.
• 88.5 percent of applications are being processed within the required timeframe of 60 days.
• Only two local governments publicise indicators of local planning performance.
• Only 24 percent of local governments believe that the Department of Planning and WAPC could meet required processing timeframes.
The report suggested that while WA’s councils were good at processing development applications with 95 percent of applications being delegated to planning officers and 88.5 percent of applications being processed within the necessary timeframes, strategic planning was not up to the mark. It suggests the councils to focus on improving the way they report on their local planning performance. 
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Majority of local governments in Greater Perth miss performance mark: PCA

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Australia’s property market has extended its winning streak in green buildings by another year, according to a new report by data provider GRESB.
The average score of companies and funds in Australia/NZ improved to 74 in 2016 from 70 in 2015 against a global average of 60, according to the 2016 GRESB.  
GRESB is a leading data provider for environmental, social and governance (ESG) performance of real assets. For the current report, it assessed a record 759 real estate companies and funds, representing more than 66,000 assets and $3.7 trillion in gross asset value, according to a media release.
Australian property companies and funds that stood out were Lendlease, Stockland and DEXUS.
GRESB’s head of Asia Pacific, Ruben Langbroek, said Australia’s leadership reflects a long-term commitment to sustainability and a “pervasive spirit of collaboration and knowledge sharing”.
“Australia’s property industry also regards superior sustainability as a proxy for quality,” said Langbroek.
Australia now has more than 1,320 Green Star-rated buildings, and investors are increasingly demanding reliable data on energy efficiency and sustainability to help guide their decision-making, added Green Building Council of Australia CEO Romilly Madew.
“Sustainability is intimately connected with risk, reward and reputation – and sustainable buildings are not only more efficient and environmentally-friendly, but are also future-proofed assets,” said Madew.
The data also reveals that companies reporting to GRESB for seven consecutive years outperformed their peers in environmental, social and governance (ESG) by an average of 12 points.
The report named four sector leaders for Australia/NZ:
<ul>
<li>Retail: Lend Lease Sub-Regional Retail Fund – Lendlease</li>
<li>Office – Listed: DEXUS Office Trust</li>
<li>Office – Private: Australian Prime Property Fund Commercial – Lendlease </li>
<li>Diversified – Retail/Office: Stockland</li>
</ul>
Lendlease was also named ‘global leader’, coming out top of the 759 companies and funds assessed.
“Lendlease remains steadfast in its commitment to sustainability, and is currently delivering Australia’s first carbon neutral precinct at Barangaroo South. With 74 Green Star ratings under its belt – including apartments, offices, libraries and entire communities – Lendlease continues to set a high watermark for sustainability,” said Madew. 
“Stockland has achieved more ratings under the Green Star – Communities ratings than any other developer in Australia, has Green Star ratings for its entire retail portfolio and launched Australia’s first green bond.
“And DEXUS Office Trust now has 87 Green Star ratings, and has delivered some of the nation’s most iconic green buildings, such as 1 Bligh Street and 5 Martin Place in Sydney.
“We applaud these three companies for stellar sustainability leadership.”
GRESB also found that the Australia/NZ region decreased its energy consumption by two per cent over the reporting period. This decrease is the equivalent to the energy required to power 3,037 homes for a year.
The region’s four per cent reduction in carbon emissions equates to saving almost 1.4 million tonnes of greenhouse gases – the same amount generated by almost 286,000 passenger vehicles over an entire year.
“While we can be proud of our achievement, we can’t rest on our laurels. Our challenge is to keep raising the bar as we work towards a zero carbon industry,” said Madew. 
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Australia extends winning streak in sustainable property market

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Bank of China’s investment arm has shelled out $130 million to buy an office tower in Sydney’s Sussex Street with the intention of making it the bank’s headquarters.
Bank of China Global Investors finalised the purchase of 140 Sussex Street from Deutsche Asset Management last week, according to a report in the Australian Financial Review.
The report quoted Deutsche's head of acquisitions for Asia Pacific, Real Estate, Rahul Ghai as saying that Australia remained a key focus.
"We continue to remain committed to Australia.”
“In the last five years we have transacted close to $1 billion in Australia. We will continue to invest and at the right time divest on behalf of our clients,” he added.
CBRE’s Richard Butler, Mark Hansen and Sharon Yang brokered the deal.
Current anchor tenant, ING Australia, is moving out in May 2017. 
The site has 14 levels of ­office space and basement parking.
The Bank of China owns its building at 39 York Street but has been looking to expand into a better building. It will occupy around half of the 12,440-square-metre building, the AFR said. 
"We know that Bank of China looked for some time for owner-occupier premises. This building was perfect because of its car-parking and views and excellent condition," Butler said.
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Bank of China buys Sydney office tower for $130 million as new headquarters

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The Victorian government’s decision to restrict the booming apartment construction in Melbourne might push Australia into recession in the next year and a half.   
The Victorian government’s decision which could increase the cost of building apartments by about $100,000 will deliver a big blow to employment in the state, says Robert Gottliebsen, a columnist at The Australian. 
Especially, because Victoria has been erecting many more apartments than NSW and all the other states. 
Given Melbourne has a similar population to Sydney, the Victorian government’s decision to slash apartment building will not only create a Victorian recession but also increase the risk of the nation going into recession within 18 months, as the current pipeline of Victorian apartment projects are completed.
NSW cannot carry the whole nation in spite of the boom in apartment construction, argues Gottliebsen.
Going by the new rules, an apartment that currently costs $400,000 will now cost $500,000 and so on up the scale, he says.
“Whether it was planned or not, the boost to the cost of apartments will make it tougher for first home buyers to get onto the property ladder and force dwelling developments into the outer suburbs, with the greater levels of infrastructure investment that such projects require.” 
Only when the price of apartments rises to cover the higher costs will building restart.
The report relied on research by Craig Yelland, a director of Plus Architecture.
The new rules that will inflate the cost of apartment building come in two parts:
• Any apartment complex over two storeys must allow more open space and be further set back from the road. This means less apartments on any block. 
“Under the old rules, a block where, say, 367 apartments could be built, now only 213 can be built — a 40 per cent reduction in the yield. The actual boost to the cost of apartments caused by this regulatory change depends on the project, but for most it will boost the cost of each apartment by $20,000 to $40,000.”
• 15 specific building requirements have been introduced such as greater window areas. Each such addition will add between $2,000 and $10,500 to the cost of a unit — a combined increase of $62,500. 
Combining the two sets of measures adds an average of around $100,000 to the cost of apartments.
“Had these measures been introduced at the start of the apartment building boom their blows would have been less devastating.
“But in 2016, the measures come in the middle of a bank credit squeeze on apartment developments, which is forcing many developers around the nation to use high-cost second mortgage financiers to fund more of their apartment developments. This is also curbing development in NSW.”
The apartment boom in Victoria countered the impact on jobs due to the decline in manufacturing, but coinciding with the new restrictions on apartment developments, the state government’s decision to stop coal seam gas development and deprive farmers of the $100,000-a-year income will push up gas prices at the same time. 
“The almost inevitable Victorian recession will change the national outlook and make a nonsense of the Federal Budget growth sums.
“The development of lower cost apartments in Melbourne will restart when prices rise by around $100,000 per apartment and the banking regulator allows the banks to once again lend to apartment developers. Meanwhile the value of development land will fall.”
{mijopolls 146}
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Victoria's new apartment rules a recipe for recession 

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A Victorian-style homestead on a site exceeding one hectare on the road to Victoria’s Phillip Island has been listed for private sale with an asking price of $1.8 million.
Known as 5 Acton Road Bass and about 7 kilometres from San Remo, the property has a land area of 1.2 hectares. 
There is a building next door which can be used for industrial or retail purposes.
While the property has a 200 metre frontage to the Bass Highway to Phillip Island and the Promontory, the current VicRoads traffic flow counts show almost six million vehicles a year pass this property.
Improvements include the three or four-bedroom brick homestead built seven years ago. 
Selling agent Ray Cullen of Ruralco describes it as “simply an excellent family home with every mod con and was built to an exceptional high standard and is set in a large landscaped garden and lawn area”.
Next door, the portal framed building has a floor plan of 1,342 sqm metres. 
It was designed and built by industrial contractor Bob Walpole with a full range of facilities including multiple pedestrian and roller doors, heavy duty concrete foundations and hard stand, plus a retail area shopfront with a veranda besides other amenities. 
Inside is a fully equipped commercial kitchen that the vendors installed but have not yet commissioned. In addition, there is a 250,000 litre water storage capacity in five tanks that is filled by town water. 
The vendor Andrew Burns is an experienced furniture retailer and currently uses the building for his “Andy’s Furniture” business that trades only three days a week. 
The growth of Phillip Island as a tourist hotspot, the Wilsons Prom natural attractions plus a significant number of passing vehicles throw open opportunities for future uses for the building.
Cullen says potential uses might be for retail such as local food and produce, equine supplies, fishing or boating services, even a supermarket or church as the choices for the purchaser are endless. 
The site has Special Use zoning.
“Given the growth forecasts for this part of regional Victoria with its prominent main road frontage and a home and industrial or retaiI building I am sure that the lifestyle and business opportunity here will be well recognised,” says Cullen.
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Rural home and commercial building on road to Phillip Island on sale

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NSW Central Coast sits at the peak of market position on property valuation firm Herron Todd White’s retail clock for August 2016, which also discusses the year-to-date’s top transactions as retail property continues to be popular with investors because of the attractive yields.
The property clock is a simple broad brush means to indicate where property markets are headed.
Roll back to May, when the previous retail clock was ticking, and one notices that Horsham and South East NSW were also at the top along with NSW Central Coast. South East NSW has gone back two ticks to a rising market since, while Horsham has dropped out completely!
<a href="/images/2016/08/23/HTWmayretail.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/23/HTWmayretail.jpg" alt="">
Approaching the peak of market in August are the cities of Melbourne, Brisbane, Gold Coast and Newcastle. Melbourne is the new entrant here, while Sydney remains at the rising market position.
The bottom of the market includes Hobart, Launceston, Lismore, Townsville and Wide Bay Area. Lismore is the new entrant here.
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NSW Central Coast, the lone wolf at the retail market peak: HTW property clock August 2016

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A slickly designed office space in Melbourne’s Collingwood was recently leased, though the rent was not revealed.
The 73A Rupert Street, Collingwood, VIC 3066 suite is in a new building designed by well-known architects 'Miceli Odlfield Sinton’. 
The suite has a space of 52 sqm and comes with a private kitchenette. Other building features include showers, bike racks, security etc.
With no expense spared on fittings and fixtures, inspections will not disappoint. With 'Allpress Espresso' across the road and 'Rupert On Rupert' next door the positioning is absolutely perfect.
The leasing agents are James Doherty and Tim Bindley of Vision Real Estate. 
According to the suburb profile on Commercial Property Guide, the median rent for office spaces in Collingwood is $257 psm per annum.
The location is close to cafes and retail.
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Designer office spaces in Melbourne's Collingwood set bar high 

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Commercial property sales in Brisbane's fringes increased in the past three months but sales figures dropped, according to latest research from CoreLogic.
The last three months to the beginning of August 2016 recorded 24 sales for a total of $195.3 million, with $3.9 million for commercial, $3.2 million for commercial strata, $5.3 million for retail, $4.2 million for retail strata and $178.7 million for other, according to the latest Commercial Market Update – Brisbane Fringe Cityscope.
In comparison, the last three months to the beginning of May 2016 recorded 44 sales for a total of $139.1 million, with $56.3 million for commercial, $3.2 million for commercial strata, $54.5 million for retail, $4.6 million for retail strata and $13 million for other. The 12 months leading up to early August 2016 recorded 136 sales for a total of more than $772.4 million, over $107 million more than the same time last year.
<a href="/images/2016/08/12/Screen%20Shot%202016-08-14%20at%206.30.32%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/12/Screen%20Shot%202016-08-14%20at%206.30.32%20PM.png" alt="">
Together, the top three sales recorded this quarter total over $183 million:
<ul>
<li>The 900 Ann Street development in Fortitude Valley has been presold for $169.82 million to Charter Hall Direct Office Fund and Charter Hall Prime Office Fund. The sale represented an initial yield of 6.50% on passing income of $11,038,300. The sale was negotiated by Seb Turnbull and Geoff McIntyre of JLL Brisbane. 900 Ann Street will comprise a 15-storey office building with ground floor retail/restaurant space.</li>
<li>The Tivoli, 52 Costin Street, Fortitude Valley, a single-storey Art Deco style building originally built in 1917. Bought for $8.3 million by Parkedge Holdings Pty Ltd as trustee for SBS N02 Trust. Hunter Higgins and Pat George of Colliers International Brisbane negotiated the sale in conjunction with Michael Gard and Nick Spiro of Cushman &amp; Wakefield (Qld).</li>
<li>The GPO Hotel, 740 Ann Street, Fortitude Valley, was sold for $5.25 million to 740 Ann Street Pty Ltd. The sale represented an initial yield of 6.5% on a passing income of $341,106 (net). Daniel Dragicevich, Glenn Price and Darren Collins of CBRE Hotels and CBRE Brisbane negotiated the sale.</li>
</ul>
<a href="/images/2016/08/12/Screen%20Shot%202016-08-14%20at%206.14.59%20PM.png" target="_blank">Click to enlarge</a>
 <img src="/images/2016/08/12/Screen%20Shot%202016-08-14%20at%206.14.59%20PM.png" alt="">
Properties for sale include:
<ul>
<li>134 Brunswick Street, Fortitude Valley – a 430 sqm vacant block of land. For sale with an asking price of $1.7 million; agent, Richardson &amp; Wrench Commercial Brisbane North (Kenneth King).</li>
<li>211 Leichhardt Street, Spring Hill – a St Pauls on Leichhardt Tavern, recently reconfigured for office use. For sale by private treaty in August 2016; agents, Chesterton International (Jeff Dolan) and CBRE (Darren Collins).</li>
<li>123-127 Gotha Street, Fortitude Valley – a three-storey office building with basement car parking. For sale by private treaty; agent, JLL Brisbane (Christian Sandstrom and Sam Bryne). The property was originally advertised with a net income of $861,378 per annum (as at 1 Nov 2015) with fixed annual increases of 4%.</li>
</ul>
Properties under due diligence:
<ul>
<li>Kings Row Office Park, 40-52 McDougall Street, Milton – a mixture of office buildings ranging up to six-storeys. Due diligence is currently being undertaken; agent, CBRE (Bruce Baker and Flint Davidson) and JLL Brisbane (Seb Turnbull and Geoff McIntyre).</li>
<li>2-4 Dorsey Street, Milton – a two-storey weatherboard building. Due diligence is currently being conducted; agent, Blue Commercial (Tony Pagano).</li>
<li>505 St Pauls Terrace, Brisbane – Green Square South Tower, a four-storey office building with ground floor retail space. Due diligence is currently being undertaken; agent, Colliers International Tom Barr, Don MacKenzie</li>
</ul>
Cityscope covers 28 predominantly capital city CBD markets across Australia and New Zealand, providing a rich level of property level data including building attributes, tenancy detail, sales and ownership.
 
 
 
 
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Commercial property sales in Brisbane's fringes rise, but deal count down: CoreLogic

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. 
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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>. 
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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. 
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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] 
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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. 
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“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.” 
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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. 
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Fabrizio Perilli, Managing Director of Perifa and Versatile Group, said the sale marks a defining moment for the project. 
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“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; 
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“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] 
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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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