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The Novotel Melbourne on Collins and the new fashion and dining precinct, St Collins Lane, is up for sale with expectations of $500 million through an expressions of interest campaign.
The hotel and retail component are offered individually or in-one-line.
The Novotel Melbourne comprises 380 guest rooms, conferencing facilities, restaurant and bar, while the soon-to-be-completed St Collins Lane on the famous Collins Street will offer more than 9,000 sqm of GLA across four floors (plus a mezzanine level).
With over 60 stores, the centre has pre-commitment by a number of international brands including Coach, TAG Heuer, Reiss, Maje, Sandro Paris and The Kooples, along with a host of luxury Australian brands, as well as popular restaurants including Burger Project and Los Vida. The shopping and dining precinct will be launched on May 12.
The transaction will be handled by JLL’s Craig Collins and Simon Rooney. 
“Novotel Melbourne on Collins is one of Melbourne’s leading hotels benefiting from proximity to key demand drivers," said Collins, CEO JLL Hotels &amp; Hospitality Group Australasia.
"After strong focus on Sydney hotel investment we are seeing several investors move their attention to Melbourne where the city’s strong events offering, cultural experience and strong financial hub has positioned it on the world stage.” 
According to JLL’s head of Retail Investments for Australasia, Simon Rooney, “Major CBD shopping centres are a  highly sought after retail asset class at present, given their high sales productivity, ability to provide solid long-term and sustainable income growth and tightly held nature. 
He said CBD retail transactions touched a record high of $1.2 billion in 2015. 
The EOI campaign closes June 2. 
Recent major CBD retail transactions include:
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<li>World Square Shopping Centre &amp; Car Park (50%), Sydney, sold by Brookfield for $285 million to ISPT in December 2015</li>
<li>Rundle Place &amp; 80 Grenfell Street, Adelaide, sold by epc.Pacific for $400 million to Blackstone in December 2015</li>
<li>206 Bourke Street, Melbourne, sold by Hiap Hoe for $116.28 million to ISPT in December 2015</li>
<li>Myer Centre Adelaide, sold by Novion Retail Partnership for $288 million to YTL Starhill Global REIT in May 2015.</li>
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Novotel Melbourne and Collins St retail centre expected to sell for $500 million

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The RBA leaving interest rates on hold and the Australian dollar's strength likely mean that commercial property and infrastructure assets will reap the benefits from the search by investors for yield, evident from the recent trends in NSW's Newcastle and Charlestown.
In Newcastle, an undersupply of commercial and industrial investment properties against high demand is pushing the yield expectations down to unprecedented levels, said Steve Dick, director of Raine &amp; Horne Commercial Newcastle.
Meanwhile, a recent Raine &amp; Horne auction at Charlestown generated 95 enquiries with 25 contracts issued and 15 bidders registered, achieving a 6.3 percent yield at $1,300,000.
“With only one buyer there are plenty of purchasers left over,” said Steve.
The rise in the Australian dollar could also translate to further rate cuts by the RBA.
“The clear implication is that the rise in Australian dollar has increased the chance that the RBA will act on its bias to ease interest rates again,” said Shane Oliver, head of Investment Strategy and chief economist, AMP Capital.
With growth set to slow due to sluggish mining and housing sectors, relative high unemployment at 6 percent, low inflation coupled with the determination of the banks to put up interest rates independently of the RBA and a strong Australian dollar threatening tourism and higher education, Oliver is confident the RBA will cut interest rates again.
“A soft March quarter inflation report due April 27 could drive this in May – but it may not occur until the June quarter,” he said.
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Low interest rates to drive commercial investment in 2016: Raine & Horne

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Adelaide is a rising market for houses, while for units the recovery is only starting, according to valuation firm Herron Todd White's property clock for April 2016. But HTW focuses more on the fringe suburbs of this South Australian city.
Fringe suburbs are those where buyers have usually traded off a central location for price. Examples of fringe suburbs for detached housing in Adelaide are Woodcroft and Happy Valley to the south, Gulfview Heights to the north and Athelstone to the north- east.
Woodcroft
Woodcroft is situated approximately 20 kilometres south of the Adelaide CBD adjacent to the suburbs of Morphett Vale and Reynella East. Accessibility to the suburb has been enhanced since the duplication of the Southern Expressway. There are courtyard style dwellings (circa 1990s) and older style dwellings available in the low $300,000 range which provide a good entry level point for first home buyers. Newer housing and detached housing on larger allotments typically sell in the $450,000 to $600,000 range.
Weekly rents typically range between $300 and $480 depending on overall property features with an average yield of 4.8% (source: realestate.com.au).
<a href="https://www.realestate.com.au/property-house-sa-woodcroft-121248970" target="_blank">9 Tuscany Way, Woodcroft</a> is a 3-bedroom, 1-bathroom courtyard style dwelling on a 352 square metre allotment which recently sold for $307,500. This property is currently listed for rent at a weekly rental of $320 which reflects an initial yield of 5.4%.
<a href="https://www.realestate.com.au/property-house-sa-woodcroft-120619693" target="_blank">8 Topaz Close, Woodcroft</a> is a 3-bedroom, 2-bathroom dwelling on a 556 square metre allotment which recently sold for $360,000. This property is currently listed at $390 per week which reflects an initial yield of 5.6%.
Happy Valley
Happy Valley is situated adjacent to the suburbs of Aberfoyle Park and Reynella East and is approximately 20 kilometres from the Adelaide CBD. There are 1970s and 1980s style detached dwellings available in the low to mid $300,000 range which are entry level properties for first home buyers. Newer housing and renovated housing on larger allotments generally ranges between $450,000 and $650,000.
Weekly rents typically range between $300 and $480 depending on overall property features with an average yield of 4.9% (source: realestate.com.au). There are currently limited dwellings recently sold listed for rent which indicates reasonable demand from owner-occupiers.
Gulfview Heights
Gulfview Heights is 20 kilometres north of the Adelaide CBD and is adjacent to Salisbury East, Wynn Vale and Para Hills. Development comprises 1970s and 1980s dwellings with a section of larger, more modern housing constructed in the late 1990s and early 2000s. Older style housing within the high $200,000 to low $400,000 range is attractive to first home buyers. Newer and more modern housing generally sells in excess of $500,000.
Weekly rents typically range between $300 and $500 depending on overall property features with an average yield of 4.9% (source: realestate.com. au). There are currently limited dwellings in Gulfview Heights which have recently sold that are listed for rent. This indicates reasonable demand from owner- occupiers.
Athelstone
Athelstone is an established north-eastern suburb situated 12 kilometres from the Adelaide CBD. Development comprises predominantly 1970s and 1980s dwellings with sections of increasing infill development. Older style dwellings typically sell within a range of $400,000 to $500,000 with newer dwellings selling in excess of $600,000.
Weekly rents typically range between $300 and $550 depending on overall property features with an average yield of 4.0% (source: realestate.com. au).
4 Kurrajong Avenue is a 3-bedroom, 2-bathroom 1970s Spanish style dwelling on a 715 square metre allotment which recently sold for $520,000. This property is currently listed for rent at a weekly rental of $380 which reflects an initial yield of 3.8%.
Sale example:
The following sales illustrate the difference in price for similar dwellings in Woodcroft compared with the suburb of Unley, a highly regarded area within three kilometres of the Adelaide CBD. 
11 Mildara Close, Woodcroft, sold 4 March 2016 for $337,500
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This property comprises a circa 1993 3-bedroom, 1-bathroom dwelling situated on a 315 square metre allotment with an equivalent area of 138 square metres. The property includes an updated kitchen, single garage (under the main roof) and a rear verandah (source: RP Data). 
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10 Boothby Court, Unley, sold 19 January 2016 for $615,000
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This property comprises a circa 1994 3-bedroom, 1-bathroom semi-detached dwelling situated on a 300 square metre allotment with an equivalent area of 150 square metres. The property includes a single garage (under the main roof) and a rear verandah (source: RP Data). 
A potential purchaser in Woodcroft would be 17 kilometres further from the CBD which is the trade- off for the large reduction in price ($277,500 or 45% difference) compared to the Unley property.
Quality housing in suburbs within 10 kilometres of the CBD continues to experience good demand. Given this, there are more residents moving further from the CBD to seek housing within an affordable price bracket. There is increasing infill development within Athelstone and Happy Valley as well as new development in Woodcroft which is improving the overall appeal of these suburbs. Although further from the CBD, these locations are well serviced with local shopping facilities in good proximity.
These suburbs provide good opportunities for first home buyers seeking detached housing within the $300,000 to $400,000 price bracket. These opportunities are few and far between within close proximity to the CBD with the exception of smaller unit style accommodation. These areas have fairly consistent levels of demand from buyers and tenants alike. The outer northern suburbs (Playford Council area) comprising areas close to Elizabeth and the Holden Manufacturing plant continue to experience negative sentiment with the effects of the imminent closure of the plant in 2017 yet to transpire. 
 
 
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Adelaide fringes are a good buy for FHBs: HTW

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A freestanding property in southern Sydney's Kingsgrove occupied by the Salvation Army went under the hammer for $3.25 million at auctionWorks' commercial property auction in Sydney on April 19.
The order of sale had four properties listed, but one was sold prior while the world class winery Sweetwater in the rolling hills of the Hunter Valley was withdrawn. The fourth was passed.
The one at 61-65 Kingsway Road property was well bid, with offers quickly rising from $1 million to $2.6 million, but auctioneer Jesse Davidson said it was still below the reserve price.
Finally, the last two bidders pushed the price past $3 million.
The selling agents were JLL's Edward Washer and Blair Peterken.
The total building area is 678.1 sqm and the flexible zoning allows for a child care centre, commercial owner occupiers, medical centres and more subject to council approval.
The property is close to Beverly Hills Train Station and 14 km from Sydney CBD.
In contrast to the competitive bidding for the Kingsgrove property, the one in Liverpool was passed after the sole bid of $375,000 fell short of the vendor bid of $395,000.
Suite 107, 161 Bigge Street is a medical suite with an internal space of 104 sqm and annual income of $33,119.52 + GST net. It is leased until October this year.
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Sydney's Kingsgrove property sells for $3.25 million at auction

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Wholesale flooring distributor Premium Floors Australia has signed a lease on its newest warehouse and head office in Melbourne's Dandenong.
The property is located at 81-87 South Park Drive and the company has signed on a seven-year lease. 
CBRE’s James Jorgensen and Stephen Adgemis, along with Andrew Loudon from Crabtrees Real Estate, brokered the deal on behalf of Scaunich Investments Pty Ltd.
“Premium wanted a property that reflected its corporate image, and after an exhaustive search of the market, 81-87 South Park Drive was identified as an ideal option,” Andrew Loudon of Crabtrees Real Estate said.
Jorgensen said the property’s location and size were the main drawcards.
“Despite reasonably high vacancy levels in the south-east, there remains little choice available for tenants looking to buy/lease buildings circa 5,000 sqm,” Jorgensen said.
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Flooring distribution firm signs lease deal for office in Melbourne's Dandenong 

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A Sunshine Coast hinterland resort catering to bed and breakfast, small conference and boutique wedding market is up for sale through auction on May 19.
The 4-½ star Maleny Views Cottage Resort and Conference Centre at 1 Panorama Place, Maleny, is being offered as an investment opportunity with the existing managers committed to a long-term lease agreement.
The property is on a land area of about 4,267 sum and generates a net income of nearly $136,036 per annum.
It is being marketed by Ray White Commercial Caloundra’s Len Greedy, Alan Gray and Luca Reynolds.
Gray said the resort is in a picturesque location near the townships of Maleny and Montville and enjoys coastal views.
“There are views from the cottages to the coastline and extending southward to the Glasshouse Mountains as the land is elevated and set above the road level,” he said.
<img src="/images/2016/04/22/Screen%20Shot%202016-04-22%20at%209.16.07%20PM.png" alt="">
The resort comprises three cottages each containing two studio cabins, a penthouse and studio villa, reception and conference facilities, wedding gazebo and swimming pool.
It also has a separate three-bedroom manager’s residence.
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Sunshine Coast hinterland resort to go under the hammer 

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DEXUS Property Group (DEXUS) and DEXUS Wholesale Property Fund (DWPF) announced on Friday the settlement of the acquisition of 90 and 100 Mount Street in North Sydney for an initial price of $41 million.
DEXUS and DWPF will develop 100 Mount Street, North Sydney as a 34-level office tower spanning 41,163 square metres, said a release on the ASX.
The site is on the corner of Mount and Walker Streets with a third street frontage to Spring Street. It has retail exposure and is close to transport.
Th tower will have Harbour views from its eastern and southern aspects.
Development on the site has already started and completion is expected in 2018.
The developer has already secured a long-term lease across 6,229 square metres with Laing O’Rourke Australia from completion in 2018.
Recently, DEXUS Property Group had a high-profile departure when Craig Mitchell quit as chief operating officer for the CEO’s role at Grocon Pty Ltd.
 
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DEXUS and DWPF settle on acquisition of 100 Mount Street, North Sydney

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The suburban fringe of Brisbane sits around 15 to 20 kilometres from the CBD – that’s a reasonable Sunday run for some ultra-marathon participants.
This means while our most affordable property is still on the edge of established suburbs, it’s a commutable distance, according to valuation firm Herron Todd White's April 2016 residential property clock. 
Brisbane also sits as a rising market for houses while starting to decline for units in HTW's property clock.
Our grand disadvantage as a city is we cover a wide area, and hence the primary public transport system servicing the majority of fringe residents is the bus network. That said, there are still plenty of these outer dwellers able to take advantage of car-accessible train stations, and if you must drive, our systems of tunnels and bypasses are certainly helping relieve congestion, say HTW.
<a href="/images/2016/04/15/Screen%20Shot%202016-04-15%20at%201.34.54%20PM.png" target="_blank">Click to enlarge</a>
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When thinking of our most ‘active’ fringe suburbs, you can look at most compass points. In the west, it’s the multi-stage, mega community of Springfield Lakes. Go north and you’re starting to hit the urban edge around North Lakes, Mango Hill and Griffin although development is dotted beyond this as well. To the south we are building up to the point that it’s hard to tell where Brisbane finishes and the Gold Coast begins, but it’d be safe to say through Logan, Springwood and down to Beenleigh we’re looking at the very outer edges.
Pricewise, the western corridor demonstrates what buyers are looking at when it comes to a baseline buy-in figure. You can still find yourself a house in the very well serviced Springfield Lakes development at around $400,000, and you could even save $50,000 by heading a few kilometres up the road to Redbank Plains. There’s a ready tenant base and you can expect a gross yield of around 4.5% to 5%. According to our valuers, buyers and tenants are still looking to outer areas that are well serviced by facilities. Springfield Lakes has trains and shopping centres, both of which hold appeal for people who have to work in Brisbane’s CBD.
There are similar price points on offer in the North Lakes region. Investors require a touch over $350,000 to get a foot in the door. Once again, there are plenty of tenants available and gross returns of 4.5 percent to 5.5 percent help with the holding costs. North Lakes also appeals with it’s comprehensive retail facilities as well as ready access to the M1 (Bruce Highway) and Gateway Motorway. There’s also a public transport boost on the way as the new rail extension becomes established for those commuters.
While inner Brisbane does have relative affordability compared to a city like Sydney, those budget buyers with a long-term view can still expect a cheap purchase in the fringe to perform admirably. Springfield Lakes is potentially a good buy long term given it’s serviced by trains and shops, and other facilities coming on line including a hospital.
 
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North Lakes and surrounds will probably take a little more time to pick up in their capital growth. There are plenty of infill subdivision sites close by, so supply is assured for some time yet.
As far as areas to avoid, there is still the flood overhang in some parts of the fringe. Make sure you check this carefully. Other attributes that create ‘secondary property’ such as main road frontages, high tension power lines or nearby industrial uses should also be treated with caution. Properties affected by these things can stagnate when the overall market slows down.
Over the medium and long term however, fringe markets are generally steady, so we expect the market to be relatively static for the foreseeable future. 
Property Observer found a few recent sold examples of properties that reflect the fringe markets:
 
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1. A four-bedroom house at <a href="https://www.realestate.com.au/property-house-qld-springfield+lakes-121755050" target="_blank">9 Talisker Street Springfield Lakes Qld 4300</a> (above) fetched $402,000
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2. A three-bedroom townhouse at <a href="https://www.realestate.com.au/property-townhouse-qld-mango+hill-121596838" target="_blank">45/42-51 Wattlebird Street Mango Hill Qld 4509</a> sold for $340,000
 
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Brisbane's fringe markets expected to remain steady: HTW

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The number of women working in the real estate industry is edging closer to that of their male colleagues, according to the Real Estate Institute of Western Australia (REIWA). 
A breakdown of REIWA’s membership showed that almost 50 percent of ordinary members, defined as agency principals or licensees, are women.
Additionally, there are 3,685 female sales representatives across the state compared with 4,293 male. 
In property management, women outnumber men by more than five times.  
REIWA CEO Neville Pozzi said the numbers speak for themselves, particularly in the field of property management.  
“Our membership shows that the gap between males and females working in the industry is closing, almost to the point where the gap doesn’t exist,” he said.  
“When you look at the contribution women make to the industry, particularly in property management, the local real estate industry in WA is ahead of the game when it comes to gender equality."
 
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Gender gap closing in WA real estate industry: REIWA

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Buyers purchasing in suburbs further afield from city centres are attracted to these outlying suburbs by either the availability of affordable vacant land on which to build their own dwelling, larger lifestyle blocks, infrastructure that provides employment opportunities or geographical features that provide water or mountain views, according to valuation firm Herron Todd White's property clock for April 2016.
Hobart, the capital city, was at the start of recovery phase in HTW's property clock for both houses and units.
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Suburbs on the southern outskirts of Hobart that offer such features include Kingston and Blackman’s Bay which are both in the fast growing Kingborough municipality. While residents of Kingston and Blackman’s Bay have longer commutes to the city, Kingston is a fast growing, well serviced suburb located on the southern outlet between Hobart and the Huon Valley. Kingston contains the main commercial shopping centre within this municipal area while Blackman’s Bay offers water frontage.
Just under $1 million in Kingston will buy you a character, four-bedroom, two-bathroom home with in-ground heated pool on 4,000 square metres of land. For those with smaller pockets a three-bedroom, two-bathroom home on just under 1,000 square metres can be purchased from around $380,000.
Brighton, a north-western suburb of Hobart, is approximately 27 kilometres from the centre and is an affordable suburb with vacant land sale prices starting from $87,500. A four-bedroom, two-bathroom, established modern home on acreage can be purchased in Brighton from around $495,000.
Reported gross yields for investors in Tassie’s south for residential property range from 3.9% to 5.5% with vacancy rates of 2.8%.
In Tasmania’s north, Perth, a Launceston satellite village approximately 18 kilometres from the city has been popular with first home buyers due to the affordability of vacant land, especially those who took advantage of the first home builder’s boost grant which at its peak made $30,000 available to eligible buyers. Recent vacant land sales in Perth range from $70,000 to $105,000.
For fringe dwellers who desire larger parcels of land, the suburbs of Riverside, Legana and St Leonards deliver on this need.
St. Leonards is an established suburb to the south- east of Launceston’s centre and offers a variety of property types with a more recent residential development offering larger lifestyle blocks. An older style, 210 square metre residential property with a land parcel of just over two hectares recently sold in St Leonards for $420,000.
Recent sales of vacant land over one hectare were purchased from between $160,000 and $200,000.
Pockets of Riverside and Legana have water views as they are located alongside the Tamar River to Launceston’s north-west. Both of these suburbs contain good facilities including shopping centres, schools and child care facilities.
An older style, four-bedroom, three-bathroom home on just under two hectares with river views in Riverside recently sold for $625,000. A similarly aged, slightly smaller home in Legana on just under half a hectare with an impressive heated indoor pool recently sold for $565,000. A recent vacant land sale in Legana for a parcel of 2,000 square metres achieved $159,500.
Other northern fringe suburbs or satellite towns such as Rocherlea, Ravenswood and George Town have limited investor appeal. Homes in these suburbs can be purchased for less than $100,000. While some investors may achieve good gross returns in these suburbs they should consider that returns are offset by limited capital growth potential in these less sought after suburbs.
 
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Hobart's fringes Kingston and Blackman's Bay offer affordability, good lifestyle: HTW

Joel Robinson

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

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.

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.

[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;

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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.

Prateek Chatterjee

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