<html><body>
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.
</body></html>

prateek24-ezbwHMbNAk

Novotel hotel in Melbourne comes to the market

<html><body>
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.”
</body></html>

Planning delays costing new homebuyers in Queensland: PCA 

<html><body>
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. 
</body></html>

Majority of local governments in Greater Perth miss performance mark: PCA

<html><body><div title="Page 1">
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. 
</div></body></html>

Australia extends winning streak in sustainable property market

<html><body>
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.
</body></html>

Bank of China buys Sydney office tower for $130 million as new headquarters

<html><body>
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}
</body></html>

Victoria's new apartment rules a recipe for recession 

<html><body>
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.
</body></html>

Rural home and commercial building on road to Phillip Island on sale

<html><body>
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.
</body></html>

NSW Central Coast, the lone wolf at the retail market peak: HTW property clock August 2016

<html><body>
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.
</body></html>

Designer office spaces in Melbourne's Collingwood set bar high 

<html><body>
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.
 
 
 
 
</body></html>

Commercial property sales in Brisbane's fringes rise, but deal count down: CoreLogic

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

Joel Robinson

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

<main data-perf-region="main">
Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Prateek Chatterjee

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News