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By 2019, all Australian companies reporting under the International Financial Reporting Standards (IFRS) will be required to comply with new global rules on leasing following the release in January of a guide Lease Accounting Standard by the International Accounting Standards Board (IASB).
The Australian Accounting Standards Board (AASB) announced on March 1 it was adopting the new standard.
The new legislation will change the way leases are reported on company balance sheets and will be implemented in 2019. But listed companies will be required to start comparative reporting in 2017 which means decisions need to be taken about future assets and leases
A new paper by property services firm JLL says the impact would is potentially huge for Corporate Australia real estate occupiers. Leases will become a key feature on company balance sheets, effectively inflating assets and liabilities.
It is advising Australian corporates to start analysing the day one impact of their leased property portfolio on their financial statements.
“The new standard will meet the need for greater transparency of companies’ lease assets and liabilities, which are currently off balance sheet. However, it will be a significant administrative burden for companies to adhere to it. In particular retailers, leisure operators, banks and other companies that rely heavily on real estate leasing, will have dramatically increased financial reporting obligations,” says Sylvia Koh, head of Corporate Consulting, Asia Pacific at JLL.
Key considerations for businesses include:
* Review current real estate portfolios and lease arrangements
* Re-assess the merits of owning assets outright versus lease arrangements
* Re-evaluate lease tenure and structuring of lease (for example short-term versus long-term, rent review type and end of lease mechanisms)
“Given there will no longer be an off-balance sheet advantage of leasing, the question many companies will need to consider is – own or lease?” said Tony Wyllie, JLL’s Australian head of Corporate Solutions Integrated Portfolio Services.
“Items requiring inclusion on company balance sheets from 2019 onwards include rent payments and fixed rental uplifts.
“For companies that draw heavily on lease arrangements, we are encouraging them to start preparing now for the changes, because as early as 2017 they must start preparing comparative financial statements under the new standards to meet with annual reporting requirements.
“If the goal of companies is to minimize the impact of leases on balance sheets, then they will need to carefully assess the options of owning, future lease structures and the key commercial aspects of leases such as – lease terms, rent terms and options,” said Wyllie.
Added Koh, “Going forward we’re likely to see changes in terms of how real estate deals are structured; more companies will explore flexible options such as serviced offices and co-working spaces; and there may be increased interest in considering owning versus leasing real estate.”
She said while the changes would be gradual, companies need to act swiftly. 
“If you currently don’t have your lease data in a structured fashion that is of auditable quality, it will be important to get the right advice and resources to put it in order as the immediate first step towards complying with the new standard.”
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Property 101: Leases to become key feature on company balance sheets

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A Woolworths supermarket in Burnie on Tasmania's North West coast has been snapped up by a Melbourne investor for $18.1 million.
The property at 212-230 Mount Street was sold through an expression of interest campaign managed by Graeme Watson and Shaun Venables of Burgess Rawson.
The net rental from the single-tenanted property is $1,236,483 pa plus GST, implying a yield of 6.8 per cent.
The recently refurbished 4,000 sqm supermarket on the 10,978 sqm site is on a renewed 20-year lease to 2031 plus options to 2051.
It also comes with a car park for 195 vehicles.
The property was offloaded by a syndicate of three Tasmanian investors. 
Burnie, a major commercial centre and Tasmania's major port, has an estimated catchment population in excess of 50,000.
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Woolworths in Tasmania's Burnie bought by Melbourne investor for $18.1 million 

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Palace Cinemas has bought office space in South Yarra for $3.5 million with the intention of making it the group's new headquarters.
The office at Level 1, 118-124 Toorak Road is spread over 518 sqm, and was bought in an off-market transaction through Fitzroys. The office floor forms part of a boutique four-level retail and office building. 
Selling agents Chris Kombi and Chris James brokered the sale on behalf of South Yarra Corporate Centre Pty Ltd, which reflected a building rate of $6,756 per sqm.
“The site’s location within the heart of South Yarra’s vibrant retail and commercial precinct, close to cafés and all modes of public transport was an attractive proposition for the group in the important process of relocating its headquarters,” said Kombi.
“That a major national group such as Palace Cinemas has chosen this site for their home is a vote of ongoing confidence in Toorak Road as a destination and a further sign of its resurgence.”
Palace Cinemas originated from founder Antonio Zeccola’s operation of iconic suburban cinemas, including The Metropolitan in Brunswick, The Roma in Bourke Street and The Palace in Bourke Street.
Following expansion throughout the 1980s and 1990s, which included the addition of the Dendy Brighton, The Balwyn Cinema and Academy Cinema in Paddington, NSW, the group now operates 85 screens across 20 locations nationally, the majority of which include fully licensed car and café facilities, and employs more than 500 staff. The group's existing headquarters are in Balwyn.
The group is home to a number of Australia’s international film festivals, including the Italian, Spanish, Greek, French, Spanish, German, Israeli and Russian festivals.
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Palace Cinemas to move HQ after South Yarra purchase

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A South Brisbane site with 304 apartments designed by the award-winning Cottee Parker have been launched.
Positioned on a 2,021sqm site at 15-19 Brereton Street, the DA approved elevated site is being marketed through Brendan Hogan and Pat George of Colliers International and Blake Goddard and Elliot O’Shea of JLL via an international expression of interest campaign closing April 20.
The development has mostly two-bedroom apartments, communal facilities as well as podium parking allowing for significant cost savings.
“We expect to receive significant interest from both offshore and onshore developers as currently there are very limited opportunities of DA approved sites available in the area that enable immediate commencement of pre-sales and construction of the development," said Hogan.
Goddard of JLL added that “south Brisbane is a transforming residential hub with entertainment venues, leisure precincts and over 275 restaurants, cafes and bars all within close proximity. It is just over 1km from the Brisbane CBD and well connected by rail, bus and ferry services".
 
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DA approved South Brisbane residential site comes to market

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A major $50-million refurbishment of the existing Toowong Village Shopping Centre has put Toowong back on Brisbane’s retail map with the shopping centre offering 32,895 sqm of shopping space and a new Sherwood Road restaurant precinct. 
The Toowong Village, prior to the transformation, had largely remained in its original condition since the centre opened in 1986. 
Australasian design firm The Buchan Group was appointed by Retail First to provide architectural, interior and graphic design services to the project. This included new finishes throughout the complex, a reconfigured retail plan, new centre entry statements and an external restaurant precinct. 
The reconfigured retail layout had improved sightlines and pedestrian circulation flow, said Buchan Group senior associate Anthony Tai.
“The team’s brief was to complete an internal revamp of the centre and to create a more lively ‘street presence’ for the centre externally,” he said.
“By activating the previously blank façade of the shopping centre with a new restaurant precinct, and by increasing the amount of casual dining options on offer for nearby apartment dwellers, the centre has been urbanised and integrated into the existing Sherwood Road streetscape."
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Brisbane's Toowong Village shopping centre's $50-million makeover complete  

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Childcare centres are much sought-after by investors, with a purpose-built childcare centre in Sydney's Dee Why selling for $6 million to a private investor at auction this week through Colliers International.
The two-storey centre at 63 Lynwood Avenue is approved for 86 childcare places.
It was custom built in 2009 on a 1672 sqm block, said selling agents Brian McInally and Corey Beauchamp of Colliers International.
The property earns a net rental of $358,537 plus GST per annum, and the sale translates to a yield of 5.97%.  
“While we’re seeing yields compress in this asset class, childcare properties are still highly lucrative for investors when compared to other property classes,” said McInally.
The centre is privately run, with the parties agreeing to a 10-year lease with a 10-year option.
It was bought by a private investor, who has a portfolio of petrol stations and was looking to diversify. 
“Childcare is an appealing option for many investors,” said McInally. 
“Demand for childcare places will continue to grow. Our population growth, combined with the strong diversity push to encourage more mothers to return to work means that childcare places are hotly contested. This demand will fuel further growth in childcare property.”
Recently, another childcare centre in Melbourne's Camberwellwas snapped up by a China-based investor for $6.82 million on a tight yield of 5.05 percent. 
The buyer paid more than $400,000 over the reserve for the hotly contested property.
The sale follows a similar result late last year when a China-based investor paid $2.3 million on a 5.1 per cent yield for a childcare centre at Rowville.
Late last year, two childcare centres were sold at a Burgess Rawson portfolio auction in Melbourne for well above $3 million and yields of 5.6 percent.
The one in Hampton sold for $3.95 million and the other in Heatherton for $3.2 million.
 
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Childcare centre in Sydney's Dee Why sells for $6 million, reinforcing recent trend

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Real estate investment firm Fife Capital has bought a freestanding industrial property in Sydney's Ingleburn for $8.55 million in an off-market transaction through Savills.
The property at 6 Inglis Road comprises two warehouse /factories with ancillary office and amenities, concrete paved hard stand plus vacant land.
The site area is 35,600 sqm and the property has a gross leasable area (GLA) of 6,922 sqm plus additional awnings and 8,500 sqm of hard stand.
Savills Industrial senior executive Moshe Greengarten, who brokered the deal along with Ray Trimboli, said the property was sold on a yield of 7.4%.
Both buildings were fully leased and provided a rental income of nearly $635,020 per annum net, Greengarten added. 
Housam Yakzan of Savills Research said the industrial investment market is set to remain extremely strong.
“The volume of unsatisfied capital, especially from offshore, seeking investment opportunities in the office sector has resulted in investors seeking higher yielding alternative asset classes, this in turn has resulted in the industrial investment market remaining extremely strong.”
The property has direct access to both the M5 and M7 motorways and is on the Sydney, Canberra and Melbourne truck route.
Ingleburn is home to a range of large industrial users, including Toll, Linfox, DHL and CSR.
 
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Industrial investment property in Sydney's Ingleburn fetches $8.55 million

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 A freehold that is home to popular Gold Coast nightclub Sin City has been sold by Ray White Commercial Gold Coast for $5.2 million.
The building, rented by Sin City, at 57/22 Orchid Avenue, Surfers Paradise, was sold post auction to a Melbourne-based investor.
The deal was brokered by Michael Willems of Ray White Commercial on behalf of Gold Coast night club kingpin Jamie Pickering. 
"The premises have been used as a nightclub since 1980 and Sin City has leased the property for the last 12 years. It is the busiest nightclub in the heart of the Surfers Paradise tourist strip," Willems said.
The building returns a net rental income of about $568,700 per annum.
“Sin City’s owners recently secured a new 10 year lease on the building with two five year options,” he added.
In January, Pickering told the Gold Coast Bulletin the sale was to help pay for a $50 million land development. “Need the money for development of Mackay, a 425-lot ocean frontage overlooking the gateway to the Whitsundays.” 
Willems said the building offered a net lettable area of 580 sqm and the site offered potential redevelopment opportunities subject to council approval.
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Sin City building in Surfers Paradise fetches $5.2 million    

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The Southport suburb (postcode 4215), had a median residential rent of $402 per week in the 30 days till the first week of February.
Sitting among <a href="https://rent.com.au" target="_blank">rent.com.au</a>’s 10 most searched suburbs in Australia, it has long been considered the central business district of the Gold Coast.
The median figure crept up 1.9% or $7.50 from the previous quarter, and higher than the $390 median rent for surrounding suburbs of Arundel, Ashmore, Molendinar, Parkwood, Labrador, Bundall, Main Beach, Surfers Paradise, said the report.
The average days on market for all rental properties advertised in Southport within the last 90 days too fell by a week to 26 days from the previous quarter. 
There were a total of 158 rental properties advertised in Southport within the recorded 30-day period, up 33 from the previous 30 days, with rents in the range of $280 per week for a one-bedroom dwelling to $825 pw for a 5+ bedroom place.
The suburb has a total of 6,181 rental properties, making up 53.8% of all properties in Southport (ABS, Census Data, 2011).
The suburb composition is made up of 55.9% houses and 44.1% apartments, according to the ABS data. 
Property Observer found a couple of newly listed dwellings around the median range on <a href="https://rent.com.au" target="_blank">rent.com.au</a>
<ol>
<li>A one-bedroom in a high-rise at <a href="https://www.rent.com.au/property-apartment-southport-4215-1036931" target="_blank">9 Lawson Street</a> has a rent of $410 pw.</li>
<li>A three-bedroom townhouse at <a href="https://www.rent.com.au/property-townhouse-southport-4215-1679086" target="_blank">27/47 Pohlman Street</a> is available for $400 a week</li>
</ol>
The ASX-listed Rent.com.au Ltd achieved a record 615,405 unique visitors to its website in January, followed by more than 610,000 unique visitors in February. 
Landlords are able to list their property for free in a limited time offer on <a href="https://www.rent.com.au/" target="_blank">rent.com.au</a>. 
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Queensland’s Southport among the most searched list of rent.com.au; median rent $402 pw

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Come this weekend, Sydney's North Shore suburb of Killara will see the opening of a residential project launch called Octavia by Roxy Pacific Killara.
Octavia is located at 6A-8 Buckingham Road, and on completion will have 43 dwellings in combinations of one, two and three bedroom apartments in two buildings.
The development is a short walk to Killara Train Station and local amenities and close to shopping destinations of Gordon, Chatswood and Macquarie Centre.
The buildings are in Killara High School catchment and close to private schools.
The display is open on Saturday and Sunday 2pm - 4pm.
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Residential project Octavia in Sydney's Killara set for launch

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.

[smartcode_project_cta:default project_id=150017]

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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