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Gosford’s commercial landmark, the Gateway Centre, has been listed for sale -- the first time in a quarter of a century -- with expectations of $44 million. 
The mixed office and retail asset, located at 221–237 Mann Street, is being sold in one line with adjacent properties at 249 Mann Street and 135–137 Faunce Street.
The combined properties generate a net yield of 7.25 percent on the asking price, according to listing agency Raine &amp; Horne.
Raine &amp; Horne Commercial's Brett Hunter was quoted as telling the Daily Telegraph that the property had drawn interest from Sydney-based developers, boutique fund managers and overseas investors because of its mix of long-term blue-chip tenants including the NSW Department of Family and Community Services, NSW Office of Fair Trading, Vision Australia, Central Coast Local Health and Optus.
“Moreover, approvals are in place to add 10 extra storeys at 249 Mann Street and 135–137 Faunce Street, and this has the potential to add $5.24 million in lettable space annually to the site,” he said.
Other features include a 5-star Nabers rating and engineer certificates that provide for the building of additional storeys to add to the existing 15,000 square metres of lettable space. There are also 400 car spaces.
The site area is 8,162 sqm with a building area of 15,000 sqm.
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prateek24-ezbwHMbNAk

Gosford Gateway Centre up for sale with $44 million price tag

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A BP petrol station at Scone in NSW's Hunter region sold for $4.6 million at a recent Burgess Rawson auction. 
The <a href="https://www.burgessrawson.com.au/buying/NSW/Hunter-Valley-~-Upper/Scone/Retail/2P1190#.V0T6JyN96u6">26 Kelly Street, Scone</a> service station/convenience store with 4,224 sqm land holding was built in 2010.
There is a 10-year lease in place from March 2010 with further options until 2030.
The selling agents were Simon Staddon and Stephen Lovison.
The tenant pays all outgoings, as per lease and net income is $348,576 pa + GST.
The service station sold on a 7.6 per cent yield to a Sydney landbanking family, according to a report in the Australian Financial Review. 
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BP service station in NSW's Scone scoops $4.6 million at Burgess Rawson auction

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Property fund manager Charter Hall Group (ASX: CHC) and Morgan Stanley Real Estate Investing (MSREI) have together bought One Shelley Street, leased to Macquarie Group, in Sydney's Darling Harbour for $525 million.
Charter has also underwritten the purchase of an $82 million portfolio of assets which form the basis of the Charter Hall Direct Automotive Trust 2 (DAT2), the second DAT retail syndication trust by Charter Hall’s Direct Property business, said a media release.
The transaction was through a trust created by Charter Hall’s Core Plus Office Fund (CPOF) and sponsored by Morgan Stanley Real Estate Investing. The new trust will be managed by Charter Hall, and has increased Charter Hall’s total funds under management to $17 billion, including over $8 billion in the office sector.
One Shelley Street is a prime-grade office building leased to ASX-listed Macquarie Group, and also popularly referred to as the millionaire's factory.
The site is secured with a weighted average lease expiry (WALE) of 7.5 years.
“The acquisition of 1 Shelley Street secures for CPOF a strategic property in Sydney’s fastest growing office precinct, improving the WALE and average building age of the CPOF portfolio, whilst also improving the average rental growth profile for the Fund, with One Shelley Street featuring annual 4% increases,” Charter Hall’s CPOF fund manager Craig Newman said.
Charter Hall’s managing director and CEO David Harrison noted that momentum across all sectors continues, with equity flows directed to high quality defensive real estate.
“Core office remains attractive to both local and international investors due to the current spread between Australian property income yields and bond yields." 
Additionally, Charter Hall has launched DAT2, which comprises a portfolio of four established and new automotive dealerships, 100% leased by Automotive Holdings Group (ASX:AHG) on long-term leases.
DAT2 seeks to raise $48 million in equity and expects to offer a stable earnings stream with an initial distribution of 7.25% for years one and two, and the prospect of capital growth over the initial six-year period.
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Charter Hall, Morgan Stanley arm buy One Shelley St building for $525 million 

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An 1830's Georgian property in Hobart has fetched $7.8 million at auction, well above the reserve price, through Knight Frank.
The three-story sandstone property at 21-23 Salamanca Place is close to Hobart’s popular Salamanca Markets, as well as the upcoming Parliament Square, currently in development, which is set to become the heart of Hobart.
“The Hobart investment market is as strong as we have experienced historically... yields are now breaking below six per cent consistently, with this property receiving the lowest yield on record to our knowledge for an investment property in Tasmania," said Scott Newton, chief executive officer, Knight Frank Tasmania.
Total net annual rent is estimated at $271,206, and the yield works out to be 3.47 percent.
The ground floor is tenanted by Irish Murphy’s tavern, with the upper two levels consisting of renovated offices. On the third floor is the ‘Salamanca Loft’, a refurbished two-bedroom unit featuring painted sandstone walls, two skylights in the lounge and a glass atrium. The apartment is utilised to accommodate tourists.
"Irish Murphy's" tenancy lease runs until July 2019 with a further five-year option. Current rent is $213,932 plus GST, plus outgoings. Parliament Square will comprise a mix of office, hotel and retail spaces, with heritage buildings surrounding it expected to be restored. This will only add to value for 21-23 Salamanca Place.
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Georgian Hobart tavern sells for $7.8 million at auction

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The decision to revalue properties on the Kings Cross strip have been welcomed by real estate agency Gunning.
The decision by the Valuer General to step in and respond to a change of market conditions was the right move, said Gunning principal Malcolm Gunning. 
"NSW Valuer General Simon Gilkes took advice on the changing retail conditions due to the lockout laws and revisited the land values in the area based on their effect," Gunning said.
The lockout laws restrict the entry of patrons after 1.30 am and have affected property values in the area, according to a report by the Valuer General.
"He also recognised that the area is rapidly changing with the two major residential developments, at the site of the Crest Hotel and the Bourbon Hotel," added Gunning.
"It is great to see that Gilkes understands the property market and is willing to seek and ultimately take advice from industry experts in the form of the Land Valuation Advisory Group." 
"His decision clearly reflects the current state of affairs on the Kings Cross strip and recognises that valuations can move in either direction. This is a great win for the Kings Cross strip and NSW."
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Revaluation of properties in Sydney's Kings Cross due to lockout laws welcomed

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The regional city of Albury in New South Wales was a rising market for houses while for units, it was at the start of recovery, according to valuation firm Herron Todd White's property clock for both April/May. 
The clock is a simple broad brush means of suggesting where property prices are and the direction they are headed.
Over the past few years there has been an increasing trend for people to purchase land on the outer edge of the two cities in the suburbs of Thurgoona, Glenroy, Killara and Baranduda and construct a new dwelling.
The outer edges of the two cities are generally a maximum of 10 kilometres from their respective CBD’s and are therefore not far to commute.
We are also seeing an increase in demand for vacant rural lifestyle and general residential allotments and in the towns surrounding Albury/Wodonga, such as Tangambalanga, Kiewa, Ebden, Howlong, Jindera and Ettamogah, as once again people are preferring to build a new home rather purchase one that may require renovating.
The twin cities have no real areas to avoid with the exception of some government housing areas, although demand for these areas is reflected in their relative low value overall compared to other parts of the twin cities.
We see an ongoing trend for the outer markets to continue to perform and grow because of opportunities of development with large tracts of englobo residential land.
There has however been a recent increase in prices being achieved for vacant land and as such we see these markets as a long-term proposition. 
Property Observer looked up some recent sales in Albury's fringe locations such as Thurgoona and Baranduda on www.realestate.com.au. 
1. The median price of a house in Thurgoona was $340,000 while for units, it was $215,000, according to CoreLogic RP Data. A three-bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-thurgoona-120707105" target="_blank">4 Charolais Court Thurgoona NSW 2640</a> fetched $330,500.
<img src="/images/2016/05/25/700_main1.jpg" alt="">
 
2. The median house price in Baranduda was $335,000, according to CoreLogic RP Data. No data was available for units. A three-bedroom house at <a href="https://www.realestate.com.au/property-house-vic-baranduda-122000690" target="_blank">10 Paterson Avenue Baranduda Vic 3691</a> traded for $300,000.
<img src="/images/2016/05/25/main-1.jpg" alt="" width="672" height="504">
 
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Albury's fringes show long-term potential: HTW

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An international campaign is being launched to find a tenant for a store in Melbourne CBD's upmarket Collins Street.
The 85 Collins Street store offers 400 sqm of retail space in the Athenaeum Club’s landmark city premises. Its neighbours include retail heavyweights Prada and Hermes and is directly opposite Cartier and Christian Louboutin.
CBRE's Zelman Ainsworth will be handling the leasing, said a media release.
The CBRE Melbourne team will work with CBRE’s offices in the US, Hong Kong and Europe to present the opportunity to luxury retailers around the world.
Ainsworth said the shop’s location in the city’s sought after retail pocket was expected to underpin significant global retailer interest.
“Overwhelming interest from international retailers seeking to secure space within this block of Collins Street has spurred the club’s decision to launch an on market campaign.”
Charter Keck Cramer’s national director Steve Kingston is advising the Athenaeum Club, one of Australia’s oldest clubs and a proud resident of Collins Street since 1868.  
The opportunity has arisen because of the impending expiry of existing leases to two separate tenants - Rolex and Ashley Opal Jewellers.
“Australia has been a top performer for international retailers in the past five years, with strong sales and a buoyant Asian tourism market being two of the key attractions for luxury brands seeking flagship retail space,” Ainsworth said.
The campaign at the Athenaeum Club coincides with news that a freehold office and retail building at 10-12 Collins Street, which has been on the market since earlier in the year, has been scheduled for a boardroom auction. The auction will be handled by the CBRE's Josh Rutman, Mark Wizel and Kiran Pillai.
Rutman said the building provides a terrific opportunity to invest passively, owner occupier or convert to residential or hotel accommodation, subject to relevant approvals.
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Athenaeum Club tempts global retailers with prized Collins St offering 

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Australia offers a lot of untapped potential for global retailers, with a new survey highlighting that less than a third of major retail groups have a presence here and many wanting to set up shop Down Under.
Australia ranked 31st of the 61 countries surveyed on the penetration of global retailers in CBRE’s “How Global is the Business of Retail?”.
The rankings were topped by the UK, with 57.5 percent of international retailers present, followed by China (56.9 percent) and the United Arab Emirates (59.3 percent)
In contrast, just 28.7 percent of the retailers surveyed have a base Down Under.
CBRE national retail director Alistair Palmer said the results point to the opportunity for global brands in the Australian market.
“While global retailers have increasingly targeted Australia, the penetration rate is still very low,” Palmer said.
“What we have seen is a considerable shift over the past five years in the types of brands targeting this market and the level of interest in new opportunities. This is expected to translate to a considerable uptick in offshore leasing activity in the short to medium term.”
The retailers were selected based on a variety of sources including surveys or retailers’ turnover and brand presence, global and national retail directories and the views of the local CBRE professionals on the dominant retailers in their markets. From these sources, 334 leading international retailers were identified as representatives of the global retail community. For each of the retailers in the sample, research was undertaken to identify whether they had a presence in each of the 61 countries and 191 cities included in the study.
CBRE’s Australian head of retail tenant representation, Tim Starling, said the focus on Australia had most recently been highlighted by Decathlon, one of the world's largest sporting goods retailers.
Decathlon has an online presence in Australia with at least 30 stores to follow.
TJX, more commonly known as TJ Maxx in the US, has also established a beachhead in Australia after acquiring the 35-store Trade Secret chain.
“TJX is a Fortune 500 company that is recognised as one of the world’s leading retailers,” Starling said.
“They have ambitions for 200 stores in Australia, encompassing several brands, with CBRE assisting in their Trade Secret roll out.”
Palmer said the success of the St Collins Lane redevelopment in Melbourne had been another litmus test of international retailer interest in Australia, with the project attracting international brands such as Sandro, Maje, Reiss Kooples, Zadig and Voltaire.
CBRE says it was involved with the first deals here for Zara, Uniqlo, Microsoft and Tesla.
The How Global report says that 19 percent of retailers surveyed intend to expand into Australia – a high proportion, given that Australia accounts for just 2 percent of the world economy.
High consumption per capita, rising tourism levels and the lower AUD are all driving demand, which is in turn pushing up retail rents given a lack of available space in the major CBD markets, it said.
Fashion retailers (encompassing luxury, mid-range and specialist clothing brands) dominate the list of retailer intent of expanding into Australia, with a high percentage of these seeking 101-250sqm of space.
London has retained its number one spot in the city rankings, with 57.9 percent of international retailers having a presence there. Dubai was hot on the heels with 57 percent, closely followed by Shanghai (54.4 percent) and New York (46.6 percent). 
Singapore and Moscow were joint fifth with 46 percent of retailers present.
Sydney was the top Australian market at 65th place, followed by Melbourne at 78th.
Hong Kong was the top market for new entrants, attracting 73 new brands, up from 58 in 2014. Singapore was a close second attracting 63 new brands, while last year’s top market, Tokyo, slid to third place after a slowdown in domestic demand.
Globally, Coffee &amp; Restaurant brands (F&amp;B) accounted for 20 percent of new entrants overall, followed by Luxury &amp; Business Fashion (19 percent), Mid-Range Fashion (18 percent) and Specialist Clothing (17 percent) retailers.
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Global retailers set sights on Down Under: CBRE survey

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A standalone retail/office building with redevelopment potential at Oakleigh in Melbourne’s south-east has been sold for $630,000 to a private investor.
The 184 Warrigal Road vacant property sits on a land area of nearly 156 sqm.
Ray White Commercial Oakleigh’s George Kelepouris, who brokered the deal, said the buyers plans to renovate the property and then lease it out.
The boutique 170 sqm building includes a two-bedroom home.
Kelepouris said the building is zoned ‘commercial 1’ and has potential for a multi-storey apartment subject to council approval.
 
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Retail building in Melbourne's Oakleigh sells for $630,000

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Cognitive impairment and ageing are two important aspects that need to be kept in mind while incorporating design elements, and is a challenge for architects and urban designers, according to a leading Brisbane architect.
Marchese Partners Brisbane principal Frank Ehrenberg—who has studied at one of the world’s leading authorities on ageing and dementia, the University of Stirling — said the shift in mindset toward new design features becoming commonplace was something that could not be ignored.
“As a population we are living longer and we know many of us will face some form of cognitive impairment as we age,” Ehrenberg said.
“We know multiple colours in floor tiles can appear to someone with cognitive impairment to be a hole in the floor, so design is ensuring floors are uniform and easier to navigate."
He added that legibility was very important as rooms that are easy to navigate can help people locate things like bathrooms quickly. Same while designing outdoor spaces such as gardens residents can go for a walk and easily find their way back to their starting point.
“Even the treatment of light and sound is critical. During waking hours lights need to be bright enough to account for declining eyesight, but at night it is important to eliminate as much light as possible to ensure restful sleep." 
It is important to keep sounds such as alarms and buzzers to a minimum, as they can be confusing to people with cognitive impairment, he added.
Ehrenberg said the attitude toward ageing friendly design was similar to that of disability design 40 years ago and it was time all new projects were designed and constructed with these features. 
“A few decades ago we started becoming aware we had to design spaces that considered people with mobility impairment and now every new building has equitable access incorporated into the design,”  Ehrenberg said.
“In the same way that we now include ramps and lifts as a matter of course for people with mobility difficulties, we need to design spaces that consider cognitive difficulties as well.”
Ehrenberg said the real challenge for architects and designers was to integrate these principles into new buildings without drawing attention to them.
“No one wants to think about their mind not functioning as well as it used to, just as no one wants to think about the possibility that one day they may not be as mobile,” he said. 
“Designing with ageing in mind means people can live independently for longer. It means couples can stay together longer, even if one of them begins to experience some cognitive decline.
“The result is a seniors living environment that ensures operations are efficient and functional and the innovative aesthetics are obvious and at the forefront."
Ehrenburg emphasised that Marchese focuses on creating friendly public spaces and meeting places that engender a village atmosphere.
“To provide the individual choices residents desire we provide understated luxury across the spectrum of sun-drenched living spaces from apartments and independent living units through to warm and welcoming aged and health care models,” he said.
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'Ageing-friendly design' is the next frontier in urban design

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."

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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."

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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.

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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.

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“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.

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“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.”

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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.

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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>. 
&nbsp; 
The buyer profile reflects the project’s broader purchaser mix. <a>Alex &amp; Willow</a> has attracted predominantly local downsizers looking to transition from larger homes without compromising on space or quality, alongside a smaller cohort of upsizers and investors drawn to the project’s location and design credentials. 
&nbsp; 
The milestone sale comes as the project, developed by&nbsp;<a href="https://www.apartments.com.au/developers/perifa">Perifa</a>&nbsp;and delivered by <a href="https://www.apartments.com.au/builders/versatile-made-construction">Versatile Construction</a>, both part of Versatile Group, reaches 60 per cent sold.

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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. 
&nbsp; 
“This is an exceptional outcome and a clear reflection of sustained buyer demand for premium, well-located downsizer product,” Mansour said.

“We’re seeing a consistent pattern of local homeowners selling family residences and reinvesting into high-quality apartments that allow them to remain within their community. Alex &amp; Willow has resonated strongly with this group because it offers genuine scale, thoughtful design and immediate proximity to the village.” 
&nbsp; 
The sale reflects a broader and consistent trend of local downsizers actively seeking high-quality, low-maintenance residences close to established village centres. Agents report that demand for this product type has remained resilient, particularly where developments offer a rare combination of scale, design quality and walkable amenity. 
&nbsp;&nbsp; 
Fabrizio Perilli, Managing Director of Perifa and Versatile Group, said the sale marks a defining moment for the project. 
&nbsp; 
“The penthouse sale is a strong endorsement of the quality we have delivered, alongside our partners, and the clear demand from local downsizers for premium, boutique residences in this location,” Perilli said.&nbsp; 
&nbsp; 
“Most importantly, we’re proud to see the Alex &amp; Willow community beginning to take shape. As we move closer to completion, we’re looking forward to welcoming residents and seeing the project come to life.”&nbsp;

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&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/nettletontribe">Nettleton Tribe</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richards Stanisich</a>, Alex &amp; Willow is a boutique collection of generously sized two- and three-bedroom residences in the heart of Crows Nest village.&nbsp;

Completion is slated for early 2027.

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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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