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Competition for scarce assets is compressing yields in Melbourne’s inner east, with a Chinese group subsidiary paying $17 million on a tight four percent yield for a property in Hawthorn.
The sale was through an expressions of interest campaign managed by Teska Carson and attracted more than 200 enquiries from local and off-shore investors. Ultimately, it was snapped up by LYZ Property Group.
The 283-285 Burwood Road property comprises 4,509 square metres of building area over two levels on a 2,655 square metre site with Commercial 1 zoning. 
The property is securely leased to Snooze on a 10-year term with seven years remaining, and National Storage on a 15-year term with four years remaining, at a total current net return of $682,660 per annum.
LYZ, known for its high-end apartment projects, including the Elenberg Fraser designed Chiara and Lucia projects in Daly Street, South Yarra, would hold the property as a long-term investment with potential for redevelopment, according to selling agents Tom Maule and Michael Taylor. 
Maule said the property attracted enormous attention from a market starved of opportunities in the early part of the year.
"We had enquiry from more than 200 parties including privates, developers, high net-worths, local and off-shore. Given the lease profile, this was a pure investment play and as such has sold on a sharp yield which is in record territory for this type of property in Hawthorn,’’ Maule said.
"We have plenty of enquiry but while the investors are still out there owners have not been out there in the same numbers."
LYZ Property Group parent, Hengmao Group, has been involved in several developments in China totalling more than two million square meters of residential property and mixed-use projects including Hengmao Metropolis a 500,000 square metre community living complex including a 100,000 square metre shopping mall.
The vendor was a local private investor.
 
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Melbourne's Hawthorn site sells for $17 million on a tight 4% yield 

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Industrial sites in Brisbane’s inner north are hot picks, as indicated by the results from two recent sales. 
The first site at 31-37 Bunya Street, Eagle Farm, (above) sold for $850,000 plus GST. At 1,618 sqm, the sale represents a land rate of $525 per sqm.
The site offers nearly 310 sqm of warehouse/storage space and features a demountable office and amenities block. The site was acquired by the owner of the adjacent block, who plans to utilise the General Industry B zoning for future development.
The second sale at 235 Robinson Road, Geebung sold for $1.4 million. A 3,408 sqm vacant corner site, it has the potential to accommodate a number of retail, wholesale and industrial businesses.
CBRE’s Dan Munnich and Nick Witheriff brokered the sale of the two sites.
Munnich said both sites sold well above the reserve, demonstrating the strong demand for industrial sites.
“Both auction campaigns attracted over 20 enquiries, with approximately eight registered bidders present on each auction day," added Witheriff.
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Two industrial sites in Brisbane sell above reserve at auction 

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Several office suites in Royal Como, a mixed-use development in Melbourne’s South Yarra, are up for sale.  
The strata office suites at <a href="https://www.realcommercial.com.au/property-offices-vic-south+yarra-501792134" target="_blank">663 Chapel Street</a> range from 86.9 sqm to 242 sqm. 
Royal Como has been designed by Bruce Henderson Architects and will include 109 apartments and retail space as well.
The office spaces incorporate floor-to-ceiling windows overlooking Chapel Street and allow for plenty of natural light.
The property is close to South Yarra Station, the Monash Freeway and Citylink. There are bike paths and basement car parking for each office.
Also, stamp duty savings with depreciation benefits.
The suites are being marketed by Knight Frank agents Matt Romanin, Danny Clark and Andrew Hansen.
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Office suites in Melbourne’s South Yarra mixed-use development site for sale

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A property leased to Bendigo Bank in Canberra CBD sold at a yield of 6.7 percent at Burgess Rawson's 103 portfolio auction earlier this month.
The building at <a href="https://www.burgessrawson.com.au/buying/ACT/Inner-North/City/Retail/2P1160#.Vwx0aGR95-U" target="_blank">2/161 London Circuit, City</a> sold under the hammer for $2.55 million. 
It is a single-tenant investment, hence easily managed and the tenant renewed a six-year lease from November 2015 with options until 2027.
The bank branch has been at this location for more than a decade.
Net income from the property is $171,910 pa plus GST and there is an annual rent increase of 3 percent.
<div>Canberra is Australia's capital and largest inland city with a population of 381,488.</div>
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Canberra property with bank tenant fetches $2.55 million at Burgess Rawson auction

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Two recent retail properties went under the hammer recently with strong results, with both selling above the reserve price to local investors.
A property at <a href="https://www.gunningre.com.au/retail/NSW/St-George/Kingsgrove/Retail/1P3963" target="_blank">264 Kingsgrove Road, Kingsgrove</a>, (above) which is leased by House Essentials, sold for $3,541,000, while <a href="https://www.gunningre.com.au/1P3962" target="_blank">437-441 King Georges Road, Beverly Hills</a> leased by Eat GRK sold for $3,705,000. 
Gunning Real Estate principal Malcolm Gunning, who was the selling agent, said there were nearly 200 enquiries with 90 contracts issued.
“The properties were both in a well established residential prescient and priced between $2 million and $3 million," he said.
“We are seeing an increase in interest from the more traditional suburban commercial investors, because the banks have loosened up the lending on retail, industrial and commercial property and the very low interest for cash terms deposits.
“A 3-4 percent net yield is much better than the 2 percent you will get from the bank. A retail investment of $2 million to $3 million for a property within 20 km of Sydney is not a lot of money for these types of investors who are looking for a standalone property."  
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Spectacular results for Gunning auctions

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Perth’s hotel market is expected to see a surge in development over the next five years, with a tranche of five-star hotels slated over the coming years including the Ritz Carlton, Como, Sheraton, Intercontinental and the Westin. 
Very recently, the Diploma Group has committed to one of the city’s newest projects – signing the contracts for the $42 million sale of Quest Adelaide Terrace (upon completion of the project). 
Located in Perth’s CBD, the latest Quest development at 176 Adelaide Terrace will comprise a 19-level building at the rear of the 903 sqm site. 
The entry to the tower is via a quaint heritage listed, freestanding, stone church building, which has been refurbished to provide a new reception office.
The 4.5 star hotel will comprise 98 apartments, 130 keys, a conference room, gymnasium, guest laundry and onsite car bays. 
CBRE Hotels’ David Kennedy said developments such as this are raising the bar in Perth’s accommodation sector. 
“Perth’s landscape is rapidly evolving, with projects such as Elizabeth Quay, Perth CityLink, Perth Cultural Centre, Cathedral Square and the Burswood Stadium, elevating Perth to a global city status,” Kennedy said. 
“While office and retail continue to feel the brunt of the mining investment slowdown, the hotel sector is still the best performer in Perth’s commercial market at present. Predictions of an economic rebound over the next five years will support a revival in local tourism."
“This commitment from Diploma Group is another sign of growing confidence in the market, with investors compelled by the opportunities a young and growing Perth hotel market has to offer.” 
The new Quest Adelaide Terrace is surrounded by a number of existing high-rise residential towers, office buildings and several major hotels.
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Perth seeing surge in hotel sector, with Diploma's Adelaide Terrace deal

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One of Perth’s popular live music venues, the Indian Ocean Hotel, is up for sale presenting an opportunity to acquire more than 4,000 sqm of beachside real estate. 
The sale will be through an offers to purchase campaign through CBRE Hotels’ Ryan McGinnity and David Kennedy under instruction from the receivers and managers appointed, HLB Mann Judd (Insolvency WA). The campaign closes in mid-May.
This is the first time the family-owned asset has been offered to the market in more than 30 years. 
The five-level, 59-room hotel includes Indi Bar and Bistro, which has hosted some of Perth’s best live music over the past two decades, including The Waifs, John Butler and Dave Hole. 
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. 
McGinnity said the property was expected to attract strong buyer interest.  
“The property is not only one of the most loved hotels and live music venues in the northern beachside suburbs, but it is also strategically situated on 4,200 sqm landholding in the soon to be revitalised Scarborough Redevelopment Area,” McGinnity said. 
“The multiple options which the site offers suggests the asset will be keenly sought after by onshore and offshore groups looking at hotel investment, or future residential or mixed use redevelopment.” 
The current zoning allows for an eight-storey development, with potential for 12 storeys, said a media release.
The Indian Ocean Hotel still enjoys strong occupancy and good levels of profit, he added
“Given the size of the property, the history of the venue and the recent changes to development height limits, the Indian Ocean Hotel site offers fantastic further development potential while retaining the existing hotel building,” Kennedy said, adding given the hotel is now 45 years old, it may soon be time to redevelop the site entirely. 
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Live music hub Indian Ocean Hotel in Perth up for sale 

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Manufacturing in Melbourne, and pharmaceuticals and logistics in Sydney, are driving strong industrial markets with the demand for land in both cities pushing up values and triggering rental growth in Sydney, while pre-commitments are strong in Melbourne, according to the latest industrial leasing data from Savills Australia. 
Savills’ industrial leasing summaries reveal a tale of two economies with states beset by the end of the mining investment boom continuing to struggle while Melbourne and to a lesser extent, Sydney, forge ahead.
In the last 12 months to March, 2,694,559 square metres of industrial space was leased across Adelaide, Brisbane, Melbourne, Perth and Sydney markets, slightly below the five-year average, according to Savills’ national head of research, Tony Crabb. 
Melbourne and Sydney together accounted for 1.96 million square metres of the total – a rise of nearly 20 per cent on the five-year average - while Adelaide, Brisbane and Perth were down more than 34 per cent from 1,109,312 to just 731,542 square metres leased.
Melbourne has been the bolter with leasing up nearly 90,000 square metres on the previous 12 months and more than 230,000 square metres, or 36 per cent, on the five-year average, while Brisbane is nearly 33 per cent down on the long-term average    
Crabb said the data unequivocally illustrated the variance in economic fortunes the mainland states had experienced since the end of the mining investment boom.
"This is just what the doctor ordered. The end of the mining investment boom meant the national economy had to look to other sectors to drive growth and that is clearly what is happening.
"The lower Australian dollar has played no small part in the resurgence of the manufacturing sector, especially in Victoria, Australia’s manufacturing heartland, and that has been the key to a much more lively industrial market, while the drop in the oil price has been a timely boost for the transport &amp; logistics sector,’’ Crabb said.
The lower dollar has increased export competitiveness with some companies reportedly considering returning manufacturing operations to Australia and others putting on staff to handle increased export orders, according to the Australian Industry Group. 
In Victoria, the automotive industry suppliers have not totally shut down as was feared, due to the impending closure of car manufacturing, with a significant number of supply-chain manufacturers diversifying and restructuring, state government data shows.
The AIG’s Australian Performance of Manufacturing Index jumped by 2 points to 53.5 points in February, its highest level since July 2010, which, according to AIG, indicated a stronger rate of expansion. The rise was the eighth consecutive monthly rise above 50 points (net expansion) and the longest continuous run of expansion since 2006.
Crabb said the leasing results were also in accord with the latest NAB Monthly Business Survey for March which showed a jump in both business conditions and confidence to their highest level since 2008: "(Providing).. more assurance that the Australian economy is weathering the global challenges well, and is successfully transitioning through the end of the mining boom’’. 
<a href="/images/2016/04/19/Screen%20Shot%202016-04-18%20at%204.55.10%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/19/Screen%20Shot%202016-04-18%20at%204.55.10%20PM.png" alt="">
The strong demand for land in Sydney was now driving rental growth, said Savills’ head of industrial, Darren Curry.
"The market in Sydney is pretty hot with significant buy orders from numerous high profile institutional investors and a groundswell of pre-leases with well over 100,000 sqm soon to be announced driven heavily by requirements from the pharmaceutical industry and 3PLs (third party logistics).
"In Melbourne, it’s a similar story. We are now seeing the emergence of a new speculative industrial construction push and that is driving land values around key transport routes. 
"While rents remain stable in Melbourne, a 20 per cent jump in land values over the last 24 months is now driving rental growth in Sydney, particularly in South Sydney and Western Sydney,’’ Curry said.
According to Victorian head of industrial David Norman what is driving the Victorian leasing market are pre-commitments - 309,691 square metres in the 12 months to March - with retailers with online presence and corporates looking for efficiencies through consolidation, the key players.
The leasing summaries show businesses requiring industrial space for the purposes of Manufacturing/Engineering were the most active leasing 351,436 square metres in Melbourne, while Transport &amp; Logistics firms were the most active in Sydney leasing 475,948 square metres. 
<a href="/images/2016/04/19/Screen%20Shot%202016-04-18%20at%205.00.14%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/19/Screen%20Shot%202016-04-18%20at%205.00.14%20PM.png" alt=""> 
<a href="/images/2016/04/19/Screen%20Shot%202016-04-18%20at%205.06.11%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/19/Screen%20Shot%202016-04-18%20at%205.06.11%20PM.png" alt="">
 
 
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Melbourne, Sydney driving industrial market: Savills 

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Melbourne-based developer Hudson Conway has appointed CBRE to sell its Somerset Rise project in NSW's Albury, with offers expected to exceed $10 million. 
The developer wants to exit the project to focus on those closer to its base in Melbourne.
Spanning nearly 42 hectares, the project has already delivered 76 houses across stages one, two and three.
The land holding has been developed over the past few years into a development for house and land buyers, underpinned by its location just minutes from Albury Airport and reputed educational facilities nearby.  
"There are 51 lots ready to be sold or developed as well as 288 undeveloped lots in future stages. We are selling the project as a whole, with the buyer to benefit from the work completed by the vendors to date," said Wizel. 
Wizel expects offers from a range of local developers, from South Australia, Victoria and greater New South Wales.
The average block in Somerset Rise has sold for around $132,500 in the past 18 months.
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Hudson Conway to sell remainder of Somerset Rise land holding in Albury

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Frasers Property Australia has been given the green light by the NSW Department of Planning &amp; Environment to develop the final residential stage of Central Park.
The project includes a 292 apartment mid-rise building in the $2 billion Central Park precinct in Sydney's Chippendale.
Frasers Property Australia is developing block 11, a long sinuous building, stretching along the length of Wellington Street.
A design competition was organised for the building under the 2009 concept plan approval for Central Park and Francis-Jones Morehen-Thorp (fjmt) was selected in October 2013, chosen by a panel that included Lucy Turnbull, then a member of the Sydney Metropolitan Development Authority and Chris Johnson, chief executive of Urban Taskforce.
The final piece in Central Park’s residential offering, Block 11 will complete the delivery of over 2,200 apartments across the 5.8 hectare Central Park precinct which has won several awards for urban planning and revitalisation.
The development incorporates a building, ranging from 8 - 13 storeys in height, which curves in the centre to make space for two new public gardens. It will include a mix of one-bedroom suites, two and three-bedroom apartments and a range of two-bedroom dual-key apartments (planned to be launched in late 2016). The design will also incorporate a small amount of mixed-use ground floor retail as well as a childcare centre with capacity for 90 children.
Central Park project director Mick Caddey said the project delivery team is pleased to receive DA approval for this final residential stage of Central Park.
“At its completion, scheduled for 2018, Central Park will have involved a complex nine-year program of design, planning and construction and we are now approaching the last stages of this multi-staged precinct,” Caddey said.
Richard Francis-Jones, design director of fjmt said the practice’s design for this final residential stage of Central Park introduces a curvilinear and fluid architecture.
“The most critical element of the design is the unique façade, which is designed to integrate the outdoor spaces, such as the loggias and balconies, while providing shading and privacy where required,” Francis-Jones said.
“The building is divided into three individual parts, each with its own unique foyer. The western foyer is located directly opposite Chippendale Green. The central foyer is directly opposite Park Lane and the eastern foyer opens onto the northern landscaped area and retail terrace."
Some of fjmt’s recent projects include the harbour-front apartments at Barangaroo South, the Auckland Art Gallery which won the 2013 World Building of the Year award, the University of Sydney Law School, the Surry Hills Library and Community Centre, and The Mint historic restoration.
Sales and marketing of Block 11 are expected to start in mid 2016.
Frasers Property have a free eBook to download titled Australia aspires to global green leadership: The Living Building Challenge <a href="http://propertyobserver.com.au/forward-planning/tools/ebooks-and-webinars/52152-australia-aspires-to-global-green-leadership-the-living-building-challenge" target="_blank">which you can get here</a>.
 
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Final residential stage of Sydney's Central Park development gets nod

Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Joel Robinson

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

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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. 
&nbsp; 
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.

[smartcode_project:default project_id=6680 project_image_fid=371325] 
&nbsp; 
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;

[smartcode_project:default project_id=6680 project_image_fid=338516] 
&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.

[smartcode_project_cta:default project_id=6680]

Alex & Willow, Crows Nest penthouse sells off the plan for $6.5 million

Fresh from launching the first stage of its Wollongong precinct, <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, builder-developer Urban Property Group has unveiled plans for the next phase of the masterplanned community.

Now on public exhibition through the NSW Government's Housing Delivery Authority pathway is a State Significant Development Application for a further 657 homes on the prominent gateway site opposite Beaton Park.

The proposal comprises three buildings, including two build-to-sell towers rising 25 and 30 storeys, delivering 391 apartments, alongside a 12-storey co-living building with 266 residences, making it one of the largest co-living proposals currently planned in regional New South Wales.

Of the apartments proposed in the build-to-sell towers, the majority, 310, are two-bedroom dwellings. The balance comprises 44 one-bedroom apartments and 37 three-bedroom residences. Apartment sizes range from around 50 sqm for one-bedroom homes to approximately 90 sqm for three-bedroom apartments.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="19347059-1612-41a0-9c74-b86a657237f8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%2010.02.18%E2%80%AFAM.png?VersionId=sWXnaCcA.cIC6N8YT1dg5pJ2e1V3Z6z7" />

The submission says the proposal has evolved significantly from its original Housing Delivery Authority application following extensive consultation with the State Design Review Panel and Wollongong City Council.

The final scheme has been designed to align with the emerging vision for the Flinders Street Precinct, an area identified by Council as a future high-density mixed-use neighbourhood capable of accommodating substantial housing growth close to transport, employment and community infrastructure.

According to the design report prepared by COX Architecture, the development aims to "deliver a built outcome consistent with the future character of the Wollongong CBD while responding to the site's unique constraints and opportunities."

"Our vision for the next phase of the site evolution in Wollongong is grounded in three design pillars that guide the design response: place, natural environment and celebration," COX said.

"Inspired by its surroundings and grounded in the stories of place on Wodi Wodi Country, the design proposal acknowledges the established character of its setting while creating a unique and timeless identity that sits harmoniously within it.

"The design proposal responds to its specific site conditions, acknowledging the vegetation, climate, wind conditions and solar access of the site."

The architecture responds directly to the site's position between Wollongong's urban core and its natural landscape setting.

COX identified views towards Mount Keira and the Illawarra Escarpment as defining features of the site, while the upper levels of the towers will also capture expansive views across the city and out to the Pacific Ocean.

The design team has positioned the tallest buildings closer to the rail corridor, where overshadowing impacts can be better managed while establishing a landmark built form on the northern approach into the city.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="79580d5b-500c-4ebf-9629-797146a4a694" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%209.51.59%E2%80%AFAM.png?VersionId=WbTB1EKSG.KDfsfz0F3wp1QVa2oCMGR5" />

Urban Property Group secured the 11,000 sqm Smith Street site in 2022 and has since progressed plans for the broader Keira Place precinct.

Construction recently commenced on the first stage of Keira Place, which will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, alongside activated ground-floor retail and commercial space.

Urban Co-CEO Patrick Elias said the commencement of construction marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/groundbreaking-marks-start-of-construction-at-keira-place-in-wollongong-cbd">Groundbreaking marks start of construction at Keira Place in Wollongong CBD</a>

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Prateek Chatterjee

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