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MAB Corporation has listed a service station and convenience store complex with top brands as tenants, close to the Melbourne CBD, with price expectations in the mid-$20 millions.
The West Gate Express property will be sold through expressions of interest closing July 14, subject to leases to Viva Energy Australia (Shell/Coles Express), Hungry Jack’s and Red Rooster on 15-year terms.
The total net income from the freeway style fuel/food complex is around $1.41 million.
The listing agents are Savills’ Chris Jones, Clinton Baxter and Ben Hegerty, with Dawkins Occhiuto’s, Andrew Dawkins and Walter Occhiuto.
Jones said it was difficult to put a price on the property given the fact that it could not be replicated and that there had been no sales of comparable investments.
Developed by MAB, the new complex comprises nearly 700 square metres of buildings and 1,200 square metres of canopy on a 10,000 square metre site. Frontages to the West Gate Freeway and Cook Street provide exposure to more than 180,000 vehicles per day.
"This is an exceptional opportunity on one of Australia’s busiest roads with an extraordinarily secure lease profile to several high profile national and international tenants and very strong underlying land value," said Jones.
Baxter said the property also offered substantial depreciation benefits, low projected capital expenditure, and a tenancy diversity which minimised risk profile.
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MAB’s West Gate servo in Melbourne on the market through Savills

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The downturn in Perth’s office market could last for at least two more years, with the CBD vacancy rate yet to peak, according to a grim forecast by research firm BIS Shrapnel. 
Prime net stated rents are forecast to fall by a further 19% and net effective rents by a further 23 percent. Rents will stay depressed for the remainder of this decade. 
Average stated rents are not expected to regain current levels over the next 10 years, according to some of the key findings of BIS Shrapnel’s research. 
The research contrasts with some commentators’ views that the Perth CBD office market is close to the bottom of the cycle. The CBD vacancy rate has already blown out to around 22 percent from just 4 percent in 2012, prime net stated rents have fallen by more than 20 percent, and effective rents have fallen by 60%. With the volume of new completions slowing down, the argument is that the market will start to recover. 
Not so, says BIS Shrapnel. The next two years will be rocky for the Perth office market. 
Demand for office space in Perth is closely tied to investment and in particular, resources investment — both in terms of the resources companies themselves and those who service them. The problem is that the downturn in resources-related investment is not over yet. 
BIS Shrapnel estimates that Western Australia is less than 40 percent through a near 70 percent decline in engineering construction. Whilst investment in iron ore has been falling for a number of years, the decline in oil and gas investment is just beginning. As mega projects (such as Gorgon 1st to 3rd train and Wheatstone) are completed and not replaced by projects of similar value, this will contribute directly and indirectly into further falls in employment and demand for office space. 
“Falls in resources investment will swamp the positives for office employment coming from increased mining production” says Lee Walker, senior project manager at BIS Shrapnel. 
The completion of Woodside’s new 55,000 square metre headquarters at 98 Mounts Bay Road in 2018 is expected to push the office vacancy rate even higher to an estimated 24 percent by June of that year. 
“Rising vacancies and increasing competition to secure tenants will put further downward pressure on market rents” says Walker. 
Average prime net stated rents are expected to fall by close to 20 percent over the next two years, with effective rents forecast to fall by 23 percent—putting the peak to trough fall in effective rents at nearly 70 percent. 
“It’s too early to call the bottom of the cycle. There’s more pain to come for building owners. The balance of power in leasing negotiations will clearly favour tenants over the next few years” concludes Walker.
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Downturn in Perth office market far from over: BIS Shrapnel

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Australia’s cities may witness a retail renaissance as governments invest in public transport infrastructure like the light rail which is likely to support the expansion of retail outside of the core CBD areas, says new research by real estate firm Colliers International.
Seasonally adjusted national retail sales data released by the Australian Bureau of Statistics grew at 3.6 percent year on year, just below the rolling 10-year average rate. 
Given the rotation toward the services-orientated sectors, it’s unsurprising that retail sales are strongest within the south eastern states, according to the research.
New South Wales and Victoria, now boast annualised growth rates of (4.95 per ent year on year) and (4.30 percent year on year) respectively, well above the national average. Retail sales growth in resource orientated economies of Queensland and Western Australia are less impressive at just (1.2 percent year on year) and (2.04 percent year on year) respectively.
Retail market conditions have been mixed across states, reflecting in part the ABS sales data trends, according to Michael Bate, head of Retail and national director at Colliers International.
“Within the CBD markets, our proprietary Colliers Edge data from Quarter 1 in 2016 (1Q16) suggests that rental growth has been the strongest in Sydney while incentive levels across almost all cities has remained broadly unchanged. 
“CBD sales activity confirms this trend, with cap rates remaining the sharpest in Sydney and Melbourne. However, we note that all CBD’s have experienced cap rate compression on an annualised basis.
“Going forward we expect apparel /department stores to maintain momentum and we should see some growth in cafes /restaurants as the impacts of the lower dollar and increased tourism take hold.
“The Light Rail really is a game-changer, especially for Sydney CBD retailers and harks back to the city’s glory days when trams connected shoppers with a network of department stores.
“Department store retailers like Marcus Clark &amp; Co., Waltons, Anthony Hordern &amp; Sons and Mark Foy’s ruled Sydney’s CBD up until mid-last century. In the CBD core alone there were around 18 department stores connected by Sydney’s network of trams.
“Fast forward to today and with retail vacancy at negligible levels, the requirement for larger floor space in excess of 2,000 sqm and significant growth in white collar employment retailers will now be forced to look outside the core of the CBD to the north at Circular Quay and south towards Central Station. The backbone of this retail renaissance is light rail, increasing connectivity between outlets and facilitating the necessary foot traffic to support new retailers” he continued.
Sydney’s transformation has already begun with construction of the light rail currently underway on George Street and other areas adjacent to the CBD. The light rail is being supplemented by the Sydney Metro project that will extend from Sydney’s North West, through the CBD and then out to the South Western corridor. Both projects are expected to open for initial operation in 2019.
Melbourne’s well-integrated tram system is already in operation but there is further development afoot. Currently the City Loop rail network is running at capacity, so to optimise the efficiency of CBD rail transport, the Metro Tunnel will traverse the City Loop, allowing more trains to run into, and out of the city. The project will incorporate five new underground stations, with two of these located in the CBD. Construction will take place between 2018 and 2026. 
In Queensland, a plan for a proposed $1.54 billion Brisbane Metro was revealed in January this year, while the Queensland government has labelled the Cross River Rail as its highest priority infrastructure project. Both rail projects are aimed at increasing overall CBD transport efficiencies, however, funding for both projects has not yet been finalised. 
In the Gold Coast, stage 1 of the light rail project has been completed, with stage 2 currently under construction. Stage 2 will connect the existing light rail network in the south to Helensvale station. 
In Perth, the Metro Area Express (MAX) is a proposed high capacity service running from the CBD to Mirrabooka in the north with the objective of reducing traffic congestion. Construction will commence in 2019 with completion estimated to occur in late 2022.
The reintroduction of light rail systems in Australia’s CBDs will not only alleviate congestion, it will facilitate the growth of retail precincts as the demand for amenity and retail sites increases.
“Over the past 5 years, we have witnessed the introduction of many offshore brands to our CBDs as the tastes of domestic consumers evolves. Brands such as Uniqlo, H&amp;M, Zara and Topshop are not asking for 150m of space, they’re asking for 1,500sqm or more, often over multiple floors” said Bate.
Nationally, investment volumes have risen swiftly in the 2016 calendar year to date and now sit at just under A$3.3 billion. Although this is still a long way off the volumes of 2015, investor demand for retail assets remains strong.
“The decision by institutions like Vicinity Centres and Blackstone to recycle capital has lifted overall transaction volumes,” said Lachlan MacGillivray, head of Retail Investment Services at Colliers International.
Shopping centre dynamics are more diverse, although it appears that across centre categories, rental growth was weakest in Perth.
Data through to 1Q16 suggests that shopping centre incentive levels have moved a little higher, particularly within the sub-regional category although the quantum of movement remains in the low single digits. 
Shopping centre cap rates compressed across all cities and categories on an annualised basis with the only exception being Perth’s regional centres where there was no movement over the year to 1Q16. Across centre categories cap rates are generally sharpest in Sydney in Melbourne while remaining higher in Perth and Adelaide.
“Market conditions also augur well for the retail sector more generally. Consumers will continue to benefit from record low interest rates as the RBA strives to support our economic transition from mining towards services. Additionally, discretionary spending will be supported by oil prices that are well below 2014 highs, even with the recent rally back towards the US$50 mark” he continued.
According to Andrew Johnston, national director of Retail Valuations at Colliers International, the national supply of retail floor area would increase from 429,000 sqm in2016 to a peak of just over 580,000 sqm in 2017. 
“This supply is concentrated to shopping centres and large format assets acrossNSW and Victoria. Overall retail supply levels taperfrom 2017 onward with 500,000 sqm, 153,000 sqm and 74,000 sqm being delivered in 2018, 2019 and 2020 respectively. Supplyis weighted toward shopping centres, with Queensland and NSW being the main recipients in 2018”.
Johnston went on to say that large format retail experienced some rental growth with the strongest annualised gains taking place in Sydney and Adelaide.
“Incentives over the year have remained broadly stable although there have been slight increases in Melbourne (+3%y/y) and Perth (+4%y/y). Large format cap rates have compressed further with the strongest activity taking place in Sydney” he said.
OUTLOOK
Despite some high profile corporate missteps occurring over the year, and some sluggish economic data releases, we caution from adopting a gloomy outlook for retail. Lower for longer interest rates and subdued fuel prices relative to 2014 will continue to support discretionary spending. 
Additionally the economic rotation toward services and a lower Australian dollar should support retail sales in the south eastern states and those areas exposed to the tourism sector. 
The spatial demand from international retailers together with CBD transport infrastructure development should lead to rental growth over time. On the investment side, the demand for assets remains high as evident in recent transactional activity. The key challenge looking forward is simply the lack of stock availability coming to market.
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Game changer light rail to breathe new life into CBD retail: Colliers

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Hoteliers the Grove family have bought back The Indian Ocean Hotel in Western Australia’s Scarborough from the receivers, shortly after it was put up for sale.
The family acquired it for an undisclosed sum, but it had been offered for about $18 million on a 7 percent yield when first put on the market more than a year ago, according to a report in The Australian Financial Review. 
The 59-room, 3.5-star hotel on Hastings Street in the city's north-western suburbs was being marketed by CBRE Hotels’ Ryan McGinnity and David Kennedy under instruction from the receivers and managers appointed, HLB Mann Judd (Insolvency WA). 
The marketing campaign closed on May 12.
The five-level, 59-room hotel includes Indi Bar and Bistro, and has hosted some of Perth’s best live music over the past two decades, including Rolling Stones, The Waifs, John Butler and Dave Hole.  
The hotel, built in 1972, was placed in the hands of receivers in April after the death of majority owner Bill Grove, said the AFR report. 
It was originally called the White Sands Hotel. The Grove family took over as managers in 1985 and renamed it the Indian Ocean Hotel in 1990.
Hotel owner Andrew Grove and CBRE’s selling agents declined comment to the AFR, but the paper cited a source close to the family as saying that "The property and business is now back in the hands of the family who have owned the property for over 30 years” and they are “excited to be in control of the business and property again”.
Located within the Metropolitan Redevelopment Authorities’ $57.4 million Scarborough Redevelopment Area, the Indian Ocean Hotel offers potential for future development, with a residential 160 zoning and additional special use as hotel. 
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Grove family buy back Indian Ocean Hotel in WA's Scarborough

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A standalone retail and residential property in Kensington on the north-west fringe of Melbourne’s CBD is up for auction with expectations of more than $850,000. 
The 513 Macaulay Road property comprises a solid brick shop and dwelling of 136 square metres on a 103 square metre site zoned Commercial 1 with frontage to Macaulay Road and rear access via La Nauze Lane. 
It will be auctioned on June 30 through Teska Carson. The listing agents are Anthony Choi and Fergus Evans.
The retail and upstairs components have the potential to be accessed separately providing the ability to create separate tenancies.
Evans said he expected strong interest from investors looking to add a city fringe asset to their portfolio, and from owner-occupier/investors looking to move into the area.
“With interest rates low and returns from other asset classes somewhat less attractive we are seeing the smaller investor and self-managed super funds enter the market in much higher numbers and it’s properties such as this one in Kensington that have been prominent in sales results,’’ Evans said.
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Shop and dwelling in Melbourne’s Kensington to go under hammer

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A cafe/eatery in Melbourne’s Mulgrave will go under the hammer at Burgess Rawson auction on June 29.
The <a href="https://www.burgessrawson.com.au/buying/VIC/East/Mulgrave/Retail/3P1317#.V2ale1fwzow" target="_blank">7/2 Stadium Circuit and Oval Concourse</a> shop has a building area of 257 sqm including mezzanine, with a capital intensive tenant fitout.
The tenant is on a secure 12-year lease plus options through to 2028.
The lease comes with fixed 4 percent increases and the lessee pays the usual outgoings.
The property includes dual alfresco areas and comes with an exclusive seven-day licensed business. 
Waverley Park is a Mirvac development with 1,400 dwellings, 3,500 residents and Hawthorn Football Club (AFL) corporate headquarters and training grounds.
Its rental income was $103,415 pa as at Nov 2016.
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Cafe in Melbourne's Mulgrave up for sale at Burgess Rawson auction

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Coles has placed its newly developed Coburg North Village shopping centre — anchored by a flagship Coles Supermarket — in Melbourne, on the market through Savills.
The 6,283 square metre GLA centre, on the corner of Gaffney and Sussex streets, will by sold by expressions of interest closing July 13.
The deal includes a new 15-year lease to Coles and Liquorland with the property earning an estimated $1.9 million per annum.
According to marketing agents Pat De Maria, Tom Forrest and Steven Lerche, the complex is expected to attract strong local and off-shore interest due to the appeal of retail investments.
Retail property transactions are currently running at $7 billion to $8 billion a year, bolstered by off-shore and institutional investors and compressed yields, according to Savills’ research. 
“The limited availability to purchase quality retail investments, and the high level of investment demand has intensified competition for available assets,’’ De Maria said.
The centre opened in August 2015 and has a flagship full-line ‘market style’ Coles Supermarket and Liquorland of 4,175 square metres. 
There are 15 other retailers, including a medical centre and pharmacy.
Forrest said the centre benefitted from a large main trade area accommodating more than 46,000 residents and was forecast to grow to 52,050 by 2026.
 
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Coles puts flagship Coburg North Village in Melbourne on market

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Construction continues to be the mainstay of China’s economy -- flowing through to heavy industries such as steel and cement -- but the rebound is not sustainable, according to NAB's latest commentary on the country's growth outlook.
The NAB Group Economics report titled China’s economy at a glance, says new construction starts rose by 16 percent year-on-year (yoy) over the first five months of the year – with lower growth in May than March and April. But May's slower growth was largely due to base effects.
NAB says the construction rebound is not sustainable, with recovery in house prices largely driven by policy relaxation, loose credit and the poor performance of alternative investment options for individuals – re-inflating the property bubble that had previously deflated to a degree across 2014 and 2015.
Among other economic factors, growth in industrial production was unchanged in May at 6 percent yoy – in line with market expectations.
Fixed asset investment was softer in May, with trends mixed at a sub-sector level – with an acceleration in real estate investment, while investment in manufacturing continued to trend lower.
China’s trade surplus widened in May to US$50 billion (from US$45.6 billion previously) due to a month-on-month increase in exports. Price effects continue to influence trade values – with commodity imports increasing strongly in May – particularly construction related iron ore and copper.
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Construction still drives China’s growth but sustainability concerns remain: NAB

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NSW's centres of Bathurst/Orange have been a rising market for houses while units are at the start of the recovery cycle, according to valuation firm Herron Todd White's property clock -- a simple broad brush means of suggesting where property prices are and what direction they're headed. 
Like Sydney, the larger centres of Bathurst and Orange include a collection of suburbs. Surrounding the established areas and retail districts, the suburbs have their own characters as a result of previous, current, and planned development.
Google Maps shows the localities around Bathurst including Gormans Hill, Kelso, Robin Hill, Llanarth, Windradyne and Eglinton. Around Orange there is Glenroi, Warrendine, Calare and Bletchington. Neither of these is an exhaustive list.
The suburbs compete and can exceed in terms of land value with central localities, particularly if they have, or plan to have, large modern houses and good amenities. The variability, and sometimes the inferiority, of older central development can hold those areas back. In addition the market power of families who on average prefer a modern house and surroundings, as opposed to the relative market power of retirees and students who, for example, prefer to be closer to town, evens out the market.
In terms of investment, student-specific accommodation has reduced the demand and volatility for central accommodation in the general market, while incomes are a determinant of what can be achieved in the suburbs. 
Property Observer looked up recent sales in some of the fringe suburbs such as Gormans Hills (Bathurst) on www.realestate.com.au.
1. The median house price in Gorman Hills is $295,000, according to CoreLogic RP Data. No data was available for units. Among the recently sold was a four-bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-gormans+hill-122431910" target="_blank">46 Fish Parade Gormans Hill NSW 2795</a> for $275,000.
 
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2. The median house price in Eglinton was $365,000, according to CoreLogic RP Data. As an example of recent sale, a three-bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-eglinton-121180614" target="_blank">25 Cottonwood Drive Eglinton NSW 2795</a> fetched $355,000.
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Fringes of Bathurst and Orange can compete with central locations on land value: HTW

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Industria REIT has sold its 7 Brandl Street, Brisbane Technology Park, for $25.5 million to a domestic buyer.
The sale was negotiated CBRE agents Mike Walsh and Peter Court who described it as a well leased investment grade product. 
The national marketing campaign delivered a total of six offers upon close which was further improved to a cash unconditional position from the successful purchaser.
Offers also came from two offshore parties presenting sharp bids at close of the campaign.
 
Peter Court said he expects continued widespread interest from ‘new’ entrants into the Brisbane market across a range of asset classes which bodes well for 2016 transaction volumes.
The sale of 7 Brandl St in the Brisbane Technology Park for $25.5m was above the book value of $23.15m (c8.4% cap rate). 
The asset has a 5.2 year weighted average lease expiry with a new lease and lease extension completed in 2H16 with Fujitsu (the asset was 88% occupied at December 2015). 
Settlement is due on 31 July 2016 with proceeds to be used to pay down debt.
In 2014 Industria REIT (ASX code: IDR) sold 53 Brandl Street, Brisbane Technology Park for $10.25 million after an unsolicited offer significantly above the 30 June 2014 book value of $9.20 million. 
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Industria REIT sells Brandl Street in Brisbane

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.

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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

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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.

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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.

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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

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