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A tenanted corporate office building with development potential at Burleigh Heads on the Gold Coast has changed hands for $2.9 million.
The fully leased property at 21 Gardenia Grove, Burleigh Heads, was sold to a private investor. 
The property returns a net rental income of about $240,000 per annum and a yield of about 8.2 per cent.
Ray White Commercial ’s Greg Watson brokered the deal on behalf of a private self-managed superannuation fund.
Watson said there was redevelopment upside subject to council approval as Burleigh was become a popular hub for startup businesses. 
“This was a tremendous opportunity for an astute investor with good tenants including award winning surfboard supply company Boardcave and Grace Loves Lace in place and the property also has immense upside potential,” he said.
The building is situated on a 1736 sqm corner block and offers a net lettable area of 1,061 sqm.
It is located just off the Gold Coast Highway and is close to cafes and public transport. 
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Fully leased office building in Gold Coast’s Burleigh sells for $2.9 million

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A developer is offering apartments with free stamp duty till June 30 in Adelaide.
East End Apartments, located at 293 Pirie Street, are positioned with the CBD and come with all the lifestyle benefits of living in the city, according to the description on their website.
Located on the edge of Rymill Park, the apartments are close to the food and wine mecca of Rundle Street. The are close to venues of all the festive events and activities that Adelaide enjoys and is known for on the world map – Clipsal 500, Adelaide Fringe and so much more, it says. The development is also close to schools and universities.
A partnership project from developers Wellstone and Regional Pacific Capital (RPC), East End offers 145 apartments in combinations of one bedroom, two bedroom and three bedrooms with or without car parking. 
Prices start from $379,000 for a two-bedroom, one bathroom apartment and go up to $599,000 for a three-bedroom, two bathroom apartment.
East End Apartments were also named in the national top 10 of most clicked-on apartments, according to a post on www.realestate.com.au.
Colliers International, which is marketing the project, said the free stamp duty offer is for apartments at or below level 8.
Not just that, the ad says there are rental guarantees on some apartments.
The campaign says rental yields are expected to go up to 6.11 percent in the years to come as Pirie Street evolves.
The marketing for East End Apartments is by Colliers’ Nick Pelvay and James Polacek.
The project is expected to be completed by 2018 end.
 
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Adelaide's East End development offers free stamp duty on apartments

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The federal government’s budget announcements to make housing affordable has met with mixed reactions, with top accounting and audit firm KPMG saying it won’t do much to cool the hot property market.
KPMG chief economist Brendan Rynne said the budget’s housing affordability moves were “fairly modest and unlikely to have a major impact”. 
“The measures aimed at boosting supply by encouraging the development of new dwellings and better use of existing stock might help the overheated Sydney and Melbourne markets a little,” said Rynne.
Even loan comparison website Mortgage Choice said the measures would not address the affordability crisis.
Mortgage Choice chief executive officer John Flavell said while the government has sought to address the issue of housing affordability, “their measures are likely to have no material impact on the problem”.
He even went further, saying the adjustment to the Medicare Levy “will only serve to increase the cost of living for many Australians, further exacerbating the issues we already face in this area”.
However, the Financial Planning Association of Australia (FPA) had a different take, citing increased complexity to the superannuation system following the announcement that a person over the age of 65 will be able to make a non-concessional contribution to superannuation of up to $300,000 from the proceeds of selling their home from 1 July 2018.
FPA CEO Dante De Gori said it would only add a layer of complexity to the superannuation system.
“The aim of this incentive is to encourage the baby boomer generation to sell, freeing up larger houses for younger families upgrading into more suitable homes. We support this initiative, however these changes add to the complexity of the superannuation system and are only tinkering with the housing affordability problem,” De Gore said.
First home buyers will be able to withdraw voluntary contributions to superannuation made from 1 July 2017, along with associated deemed earnings, for a first home deposit.
Under the measure, up to $15,000 per year and $30,000 in total can be contributed, within existing caps. Concessional contributions and earnings that are withdrawn will be taxed at marginal rates less a 30 per cent offset. Both members of a couple can take advantage of this measure to buy their first home together.
While the FPA supports initiatives to make housing more affordable, the association said accessing super was not the solution to the housing affordability issue, and is not in the national interest.
KPMG’s Rynne added that the First Home Super Saver Scheme will also help new buyers to compete against investors, but overall the Budget “is just a first step”. “More policy initiatives will be needed to tackle this complex problem, with greater co-ordination between all tiers of government and the private sector.” 
The SMSF Association similarly supported the downsizing and first-home buyer announcements, according to a post on the Professional Planner.
On downsizing, SMSFA CEO John Maroney said: “This means people can make a significant top-up contribution to their super funds, allowing them to fund a dignified and secure retirement. While the measure may not be a significant trigger to encourage downsizing, we welcome the ability for older Australians to top up their superannuation where downsizing their home provides them with funds to do so.”
On the first-home buyer scheme, Maroney said it was an “excellent opportunity to engage younger fund members in their superannuation.” 
Emma Power, author for The Conversation, was direct in her comments, saying housing will remain unaffordable, insecure and out of reach for the majority of Australian renters.
“There are no significant funding increases to social housing and homelessness services. There is no increase in rent assistance to help low-income renters in the private rental market,” she wrote.
“Capital gains tax and negative gearing settings remain largely untouched, and the proposed bond aggregator will support expansion of housing aimed at very specific groups.” 
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Budget 2017's housing affordability plans likely won't have major impact: KPMG

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The budget announcements to deal with the housing affordability crisis are positive but a national housing plan and minister should be in place to tackle the problem, according to a senior industry executive. 
Compass Housing’s manager of research David Adamson said the budget contained a range of positive measures for first home buyers to private rental to affordable housing and homelessness but still lacked “a cohesive plan with measurable outcomes”.  
Hunter and Central Coast-based Compass Housing is a community housing provider.
“In particular, we are pleased to see confirmation of a new bond aggregator to make it easier for community housing providers to obtain finance to deliver additional housing,” Adamson said.
“We are pleased to see reformed National Housing and Homelessness Agreements which will require state governments to hit targets for additional social and affordable housing and will encourage them to transfer additional stock to the not-for-profit sector,” he said. 
But he said Compass was disappointed there is still no integrated plan to solve Australia’s housing crisis.
“The budget contained some worthwhile initiatives but it remains to be seen if these measures will be enough to address the current housing shortfall.”
“Housing, including social and affordable housing, needs to be viewed as part of Australia’s social and economic infrastructure and integrated with other infrastructure planning.” 
Compass had stated the case for a national plan and minister in pre-budget talks. 
Determining funding for the right housing measures would be much easier if the government had a national housing plan and a minister for housing to ensure targets are met, its managing director Greg Budworth had said ahead of the budget.
Budworth, who is also co-chair of the United Nations Habitat programme’s civil society partner constituent group, said budgets should be developed to meet strategic and operational plans. 
He said it “makes no sense that Australia does not have a national plan nor a minister responsible for something as fundamental as housing”.
Budworth said he agreed with Treasurer Scott Morrison that there is no silver bullet to the housing crisis but says with rising social housing waiting lists, high capital city house prices and an increasing number of working people experiencing housing stress, action is long overdue. 
The government announced a new National Housing and Homelessness agreement with the states and territories to ensure a supply of housing for those most in need. The agreement includes $375 million of government funding for housing for the homeless and those needing crisis accommodation. 
In another step, starting next year, private investors would be offered incentives to invest in affordable housing, with a 60% discount on capital gains if they provide their property at below-market rent and to tenants on low-to-moderate incomes managed by a registered community housing provider. 
“An effective plan will only be realised if the Commonwealth government recognises that housing is a fundamental human right and the responsibility of the national government and a national minister, not just the states and territories,” Budworth said.
He suggested that the government’s national co-ordination and responsibility must include direct investment in social and affordable housing.
“There are less public housing dwellings now than last decade despite around 200,000 people on public and social housing waiting lists and a general acceptance that Australia has a shortfall of between 200,000 and 400,000 dwellings.”
Budworth said Australia was in a similar situation in 1945s when the national government took action in conjunction with the states.
“Back then there was a need for austerity but there was also acknowledgement that workers needed housing and that constructing housing would stimulate the economy and get people working.”
“With the current downturn in manufacturing and mining we have many workers for whom constructing housing is a realistic use of their skills; another example of housing’s integration with social infrastructure.” 
“This way, more social and affordable housing becomes possible on the back of economic infrastructure investment and job creation rather than as welfare subsidy.”
“If we had another “Affordable Housing Commission” type policy response the housing built could eventually sold by government, as it was previously.
Budworth said one example of possible integration of housing and other infrastructure planning was high speed rail links. He said such infrastructure is already being proposed and would create new commuter towns between those capital cities, taking pressure of capital city housing demand and boosting regional Australia’s economy.
“A rising tide can lift all ships and makes the provision of affordable housing and housing subsidies more sustainable.” 
He said a number of housing and community organisations, economists, academics and other experts have done considerable work to help the government to create a national plan.
“Where are Australia’s long term plans for infrastructure and housing? It is time for such plans rather than one off political cycle centric planning and initiatives. You can budget for a plan.”
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Budget positive on housing affordability, but Australia still needs a plan and minister: Compass Housing

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Victoria will bring into force underquoting laws from May 1 as a measure to bring more transparency into property transactions and crack down on dodgy real estate agents.
The changes to the Estate Agents Act 1980 will require estate agents or agents' representatives selling residential property to set an estimated selling price that is reasonable and takes into account the prices of the three most comparable property sales in the area.
The agents must “consider the standard, condition and location of the property and the date of sale, when selecting the most comparable property sales” says a note on the Consumer Affairs Victoria website.
They are also required to inform the seller and update the sales authority if the estimated selling price changes.
Potential buyers will receive a statement of information that has an indicative selling price, which must not be less than the estimated selling price or the seller's asking price, or an amount already rejected by the seller, which is essentially underquoting.
The statement must also have details of the three most comparable property sales and the median house or unit price for the suburb.
Agents have also been directed to advertise properties with a single price or a price range that does not exceed 10 per cent.
In addition, they cannot also use qualifying words or symbols, such as 'from', 'offers above', or '+', when advertising a price or price range.
Advertising needs to be updated as soon as the seller rejects a higher written offer to buy the property, says CAV.
The penalties for underquoting can be more than $31,000 (200 penalty units) and loss of sales commission.
The new laws will only apply to properties for which the seller signs a sales authority on or after May 1.
The changes come amid recent action against erring real estate agents by the regulator through its Taskforce Vesta operation.
Hocking Stuart’s Richmond office was fined $330,000 and ordered to pay up to $90,000 in costs in October for underquoting on 11 properties.
Similarly, CAV also lodged claims against Hockingstuart, Doncaster agency for alleged underquoting. Victoria’s consumer watchdog alleges the Hockingstuart agency underquoted on nine properties in legal action launched against the office late last year.
Legal action was launched against Fletcher &amp; Parker, Balwyn, in December for alleged underquoting on 25 properties — the largest amount under the current crackdown.
Manningham Property Group, trading as Hocking Stuart, Doncaster, and its directors Kenneth John Chappell and Anastasios John Adgemis, have also fronted court over nine homes.
Former REIV chief executive officer Geoff White had said earlier that the changes would create a more transparent market, providing clear information to all stakeholders.
“A key objective of the new laws has been to ensure that they are effective in a rising or a falling market, and we believe they have delivered on this objective," he said. 
Real Estate Institute of Victoria president Joseph Walton was cited by www.realestate.com.au as saying that the body had worked with the Victoria government to develop the legislation.
“The REIV and Consumer Affairs Victoria have commenced delivery of detailed information to agents to streamline the introduction for agents across Victoria,” he said.
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Victoria underquoting laws start May 1

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There will be no let up in the prudential regulator’s scrutiny of lending practices by banks as it wants to prevent a shock to their balance sheets and the economy in the event of a property market downturn. That is the clear message from Wayne Byres, the chairman of the Australian Prudential Regulation Authority.
In his remarks at CEDA’s 2017 NSW Property Market Outlook in Sydney, Byres said APRAs moves to put brakes on investor lending and other measures were meant to ensure that “standards for property lending are prudent, particularly in an environment of heightened risk”.   
He said sound lending standards are “vital for the stability and safety of the Australian banking system, given their high exposure to both the residential mortgage and commercial property markets. 
APRA’s intense scrutiny of lending practices would continue in the foreseeable future, he said.
Stressing that the ultimate goal was to protect bank depositors, because its their money that banks are lending, Byres said risk was an inherent part of lending.
He said while “the banking system is heavily exposed to the inevitable cycles in property markets… our goal is to seek to make sure the system can readily withstand those cycles without undue stress”.
Home loans account for about 60 per cent of banks' loans.
Byres said that the regulator’s moves to cap investor lending and other measures were “unusual”, but that they were driven by the view that “the higher-than-normal prescription was warranted in the environment of high house prices, high household debt, low interest rates, low income growth and strong competitive pressures”. 
“In such an environment, it is easy for borrowers to build up debt. Unfortunately, it is much harder to pay that debt back down when the environment changes,” he said.
APRA has set a 10 percent annual growth for banks on lending to investors and and also set interest rate buffers when looking at loan approvals (the higher of 7 per cent, or 2 per cent over the loan product rate).
It recently also announced a limit of 30 percent on interest-only loans and warned that lenders exceeding its benchmarks risked incurring higher capital requirements to compensate for their higher risk. 
He said those measures are having an impact now and have helped slow the growth in investor lending, and lift the quality of new lending. 
Byres also noted that lenders not regulated by APRA “will still provide competitive tension in that area and it is likely that some business, particularly in the higher risk categories, will flow to these providers”. 
And alluded to the warning to lenders that provide warehouse facilities to make sure that the business they are funding through these facilities was not growing at a materially faster rate than the lender’s own housing loan portfolio.
“We don’t want the risks we are seeking to dampen coming onto bank balance sheets through the back door.”
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No let up in APRAs scrutiny of banks' lending practices, says Wayne Byres

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A shop in the fashionable and arty shopping strip of Sydney’s Woollahra is up for lease.
Located at <a href="https://www.propertyobserver.com.au/https://raywhitewoollahra.com.au/properties/commercial-for-lease/nsw/woollahra-2025/retail/1649858" target="_blank">104 Queen Street</a>, the shop has strong street presence and is next to leading brands such as Sotheby’s, MJ Bale, Jo Malone etc.
The 200 sqm property boasts high ceilings and a light-filled external courtyard. 
The property lends itself to an array of uses, or even flagship retail, according to its description on Ray White’s website.
The listing agents are Ben Vaughan and Michael Aubusson of Ray White.
“We have had strong interest from Paul Smith, Aesop, Mother of Pear and Sons Trading,” said Ben Vaughan. 
The property last traded for $5,060,000 in 2010 when it was acquired by Wyelba Pty Ltd, a company run by Alisdair MacLeod and Prudence Murdoch, who bought it from art collector David Roche through Vaughan.
“At that time it housed the much-famed Martyn Cook Antiques and renowned interior designer Thomas Hamel,” said Vaughan.
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High street retail lease opportunity in Sydney’s Woollahra 

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Real estate investment trust Propertylink Group (ASX:PLG) said it has acquired an office building in Brisbane for $145 million, in partnership with Goldman Sachs.
The transaction for the commercial office building at 50 Ann Street reflects a core market yield of 8.18%. 
The acquisition was undertaken via an expansion of the Propertylink Enhanced Partnership (PEP) mandate with a 25% co-investment by Propertylink, the company said in an ASX announcement.
The property comprises a 25 storey building with a total lettable area of 25,519 sqm set on a 2,198 sqm site.
It has a prominent corner location within the tightly held northern ‘legal precinct’ of the Brisbane CBD.
The property is fully leased to the Queensland state government with a remaining lease term of 3.5 years. 
Propertylink’s head of Property, Peter McDonald said the deal reflected that Brisbane’s commercial market was showing signs of recovery and experiencing a turnaround in demand. 
Brisbane’s CBD has reported its eighth consecutive quarter of positive net absorption, with increased demand and limited supply expected to drive rental growth over the coming years, Propertylink said.
“The purchase of 50 Ann Street reflects Propertylink’s disciplined approach to the acquisition of assets, based on ground up fundamentals where there is capacity for us to execute our strong asset and property management skills to reposition these assets for core institutional ownership,” said McDonald. 
The team of Propertylink and Goldman Sachs now have transactions valued at more than $1 billion now after the latest acquisition.
Settlement of 50 Ann Street is expected in May.
“This acquisition is another key step in executing the growth of our investment management platform, bringing funds under management to $1.2 billion,” said Propertylink CEO Stuart Dawes.
Propertylink now has office assets valued at more than $725 million, of which 76% are located in Sydney.  
It said assets under management in relation to the expanded PEP mandate will increase to $293 million following completion of the Ann Street purchase. 
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A-REIT Propertylink acquires Brisbane office tower for $145 million

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Fractional property investing platform BrickX has added another property to its choices for investors, and says it is their cheapest yet offering with a ‘brick’ priced at $57.
The property on offer is a one-bedroom apartment at 12/84-90 McLachlan Avenue, Darlinghurst, on Rushcutter’s Bay border.
BrickX paid $840,000 for the apartment in an off-market deal.
It had been an investment for the previous owner, who had paid $475,000 in 2011.
In 2016 it had been a $675 a week rental, with a more recent $700 a week rental in January. A $700 a week rental would reflect a 4.33 percent yield for BrickX.
BrickX CEO Anthony Millet said it’s the lowest ‘Brick’ price yet. 
“We’re thrilled to offer investors a share in this inner-Sydney property at such a low price point,” Millet said. 
“With the Brick price starting at just $57, BRICKX continues to strive to make property investment affordable for all Australians”. 
BrickX buys properties and divides them into 10,000 units or “Bricks”. Investors may then earn capital returns and monthly net rental income in proportion to the number of Bricks owned. 
The platform allows members to choose when to invest and when to exit their investments by offering their ‘Bricks’ for sale on the platform. 
The one bedroom, renovated apartment on McLachlan Avenue is part of a small boutique block and is already tenanted at $700 per week with an estimated net rental yield of 2.13 percent per annum.
“Darlinghurst is renowned for its eclectic, vibrant mix of cafes, bars and restaurants and is within walking distance to the CBD with easy access to public transport, making it a very desirable suburb,” Millet added. 
Tim Lawless, head of Research at RP Data CoreLogic and an advisor to BrickX, said Darlinghurst has been a very consistent performer over the last decade. 
“CoreLogic figures show unit prices have risen over the last 5 years (to end of March 2017), on average, by 9.22 percent per annum,” Lawless said. 
“Rental yields tend to be higher than the broader Sydney average as well, with the typical Darlinghurst unit currently attracting a 4.2 percent gross yield.” 
It owns properties in Bondi Beach, Enmore, Mosman, Annandale and Double Bay in Sydney, along with Prahran and Port Melbourne, in Melbourne, each with a different ‘brick’ price.
The platform was officially launched in September 2016 and has more than 3,300 investors now, with a property portfolio of around $9.5 million.
Earlier this month, BrickX won the CANSTAR 2017 Innovation Excellence Award. 
BrickX has enabled the option of pre-ordering ‘Bricks’ in the Darlinghurst apartment, and investors can go to www.BRICKX.com and read the PDS to consider if BRICKX is right for you, it said. 
It has opened the pre-order for only eight days to secure the initial ‘Brick’ price of $57.
"With a demonstrated track record of growth and rental return, great proximity to the Sydney CBD, and an ongoing shortage of unit supply in the area, this acquisition fits nicely within the BRICKX investment mandate,” added Lawless. 
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Investing platform BrickX offers its newest property in Darlinghurst for just $57 per 'brick'

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AMP Capital has submitted a development application for the makeover of Sydney’s first skyscraper, 33 Alfred Street — which it owns — overlooking Circular Quay. 
On the table are a major fit out and upgrade of the 55-year-old building while preserving its heritage character. It is a 26 storey A-grade office tower.
The building has local heritage listing and the upgrade aims to reinstate lost features while refurbishing internal spaces and improving the environmental performance of the building to bring it in line with premium commercial office standards, AMP said in a media release.
The application came after two years of talks with the City of Sydney and the state government, AMP said. Once approvals are in place, construction is expected to start in 2020. 
AMP Capital’s chief operating officer, Real Estate, Louise Mason said the work “will breathe new life into this office tower whilst paying tribute to its history, heritage and place at Sydney’s global gateway”.  
“The building’s unique place in history and its distinctive design make 33 Alfred Street an important part of Sydney’s and Australia’s cityscapes. Along with being Australia’s first skyscraper, the building was cutting edge in its time, incorporating many other ‘firsts’ and innovations in its design. The proposed redevelopment will restore the building to its rightful status as a premium-grade office tower in keeping with this history, and its prominent place at Circular Quay,” she said.
The upgrade involves improving the building’s façades, increased activation of the street level frontages and an upgrade of the building’s services and interior. 
AMP Capital has appointed architect JPW for the project. 
AMP Capital Diversified Property Fund and the AMP Capital Wholesale Office Fund announced in December 2016 they had jointly acquired 33 Alfred Street on behalf of their investors for an undisclosed amount. Owned by AMP Life, 33 Alfred Street is AMP Limited’s headquarters. 
“33 Alfred Street was developed by AMP 55 years ago.  We are committed to leading the way and ensuring the project is an exemplar of sensitive and sustainable renewal.” 
She said AMP is not going to fundamentally alter its structure or create any additional floor space. It will be a interior refurbishment and upgrade of the building’s services, including a complete modernisation of the tower façade.
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AMP proposes ‘golden’ facelift for Sydney's oldest skyscraper 

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Joel Robinson

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

IN BRIEF

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	Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.
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	Construction on The Waterline is complete, with the first residents expected to move in from mid-October.
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	Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.
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</ul>

<hr />
Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.

Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.

[smartcode_project:default project_id=113271 project_image_fid=366708]

Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.

“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.

“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.

“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”

[smartcode_project:default project_id=113271 project_image_fid=366709]

The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.

The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.

Each residence also has three secure basement car spaces and additional storage.

“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.

“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”

<img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" />

Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.

Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.

Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.

“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.

“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.

“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”

Sky Homes are priced from $3.65 million.

Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.

Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.

Harbour Shores is being marketed by Colliers International.

[smartcode_project_cta:default project_id=113271]

Lewis Land opens sky home display as The Waterline completes at Harbour Shores

St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.

The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.

Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.

It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.

<img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" />

The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.

The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.

The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.

<img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" />

Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.

The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.

The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.

Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.

The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.

<img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" />

&nbsp;

The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.

Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.

Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.

<a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a>

Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.

Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.

Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.

<a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station">First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</a>

&nbsp;

First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

When the opportunity arose for South Australian developer Palumbo to return to Kent Town, where it had previously delivered East Park Apartments and the East 
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.

The decision was quickly vindicated, with more than 30 apartments sold within the first month of launching <a href="https://www.apartments.com.au/new-apartments/royal-apartments-kent-town-2-8-north-terrace-kent-town-sa-5067">Royal Apartments</a> to the market.

The 206-apartment development, which will bring significant new supply to Adelaide's tightly held eastern city fringe, also gives <a href="https://www.apartments.com.au/developers/palumbo">Palumbo</a> the opportunity to bring new life to one of Kent Town's most recognisable watering holes.

[smartcode_project:default project_id=6109 project_image_fid=376073]

Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.

"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.

"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."

[smartcode_project:default project_id=6109 project_image_fid=376072]

The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.

For Palumbo, the project also marks a return to familiar territory.

The developer completed East Park Apartments next door more than a decade ago and jumped at the opportunity to develop in Kent Town again when the Royal Hotel site became available.

"The opportunity emerged, and we moved to secure the site," Palumbo said.

"We were approached by the previous landowner, who said they had extensive commitments in Sydney and weren't in a position to deliver the project.

"We took over the site and within six months recut the design scheme to be more in keeping with the type of development we want to bring to Adelaide.

"Now we're on the market and those changes have really resonated with local buyers."

That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.

Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.

"Local owner-occupiers have always been our market," he said.

"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."

[smartcode_project:default project_id=6109 project_image_fid=376068]

The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.

South Australia's current stamp duty settings, which allow&nbsp;eligible homeowners in South Australia aged 60 savings of up to $103,830 on stamp duty when they downsize to a new property valued at up to $2 million,&nbsp;have helped encourage downsizer activity, while younger buyers in their late 20s and early 30s have been attracted to the opportunity to live immediately outside the CBD while still being able to walk into the city.



Location has been a major part of the proposition for both buyer cohorts.

[smartcode_project:default project_id=6109 project_image_fid=376075]

Royal Apartments sits on North Terrace directly opposite the Adelaide Park Lands, with residents able to walk through the parklands toward the East End, Rundle Street and Rundle Mall.

Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.

Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.

"There's very few allotments on that side that can be developed," he said.

"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."

Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.

Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.

Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.

[smartcode_project:default project_id=6109 project_image_fid=376067]

The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.

A porte-cochère-style arrival and drop-off area has also resonated with buyers, particularly those attracted to being able to walk into the CBD during the day while retaining secure vehicle access at home.

Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.

The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.

Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.

Buyer confidence had initially been impacted by uncertainty surrounding the Federal Budget and broader economic conditions, but Palumbo believes sentiment is beginning to improve against a backdrop of significant investment flowing into South Australia.

He pointed to increased activity across defence and resources, including Olympic Dam, as potential long-term drivers of the state's economy and housing market.

"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.

"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."

Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.

[smartcode_project_cta:default project_id=6109]

Palumbo's return to Kent Town strikes early chord with buyers

Go-to builder-developer <a href="https://www.apartments.com.au/developers/graya">GRAYA</a> is continuing to bulk out its already impressive and diverse apartment portfolio across South East Queensland. Their latest milestone is securing development approval for Silk, its boutique riverfront apartment development in St Lucia.

The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.

<a href="https://www.apartments.com.au/new-apartments/silk-st-lucia-16-18-sandford-street-st-lucia-qld-4067">Silk</a> will rise 15 levels from an 810 sqm site at 16-18 Sandford Street, occupying a prominent bend of the Brisbane River with a prized northern aspect across Orleigh Park toward the Brisbane CBD.

The approved scheme will comprise 16 split-floor and six full-floor residences, continuing GRAYA's move into larger-format apartment developments targeting Brisbane's prestige owner-occupier market.

The project has been designed around the site's broad river frontage and dual-direction views, with GRAYA prioritising larger residences, privacy and outlook over apartment yield.

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="aa5c2349-f96c-4914-a812-1f2cd6827af8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.44%E2%80%AFAM.png?VersionId=WY0vEU_7vYjeRJKQHiCwFdMxu8PvFh52" />

GRAYA Co-founder and Chief Executive Officer Rob Gray said the project had been shaped around local homeowners wanting to remain in St Lucia without maintaining a traditional family home.

"St Lucia is one of those suburbs people do not want to leave," Gray said.

"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.

"True riverfront opportunities here are exceptionally scarce. What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.

"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."

The approval comes as new apartment development continues to increase across the St Lucia and neighbouring Toowong corridor, although direct riverfront sites remain considerably more tightly held.

GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.

"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.

"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.

"The fundamentals here are as strong as anything we have assessed in Brisbane."

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="d0f3d734-65e1-48e8-8ed3-2e0715ffcdd9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.56%E2%80%AFAM.png?VersionId=sOLSs_jdHkXLWbBKzRyayf5BfTb2vPsD" />

Silk will see GRAYA return to a stretch of the Brisbane River where it already has recent construction experience. The vertically integrated group recently completed ARC in neighbouring Toowong as builder for developer Spyre, delivering the riverfront project on a constrained site.

GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.

The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.

Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.

The developer-builder has also recently lodged plans for its largest project to date, <a href="https://www.apartments.com.au/new-apartments/the-silo-19-chester-street-newstead-qld-4006">The Silo</a>, a proposed <a href="https://www.apartments.com.au/news/qld/graya-buys-frasers-newstead-site-plans-the-silo-between-james-street-and-gasworks-precincts">$700 million mixed-use development</a> in Brisbane's James Street precinct.

Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.

Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.

<hr />
<h2>SILK PROJECT FACTS</h2>

Developer-builder: GRAYA

Project: Silk

Location: 16-18 Sandford Street, St Lucia

Apartments: 22

Built form: 15 levels

Site: 810 sqm riverfront holding

Mix: 16 split-floor and six full-floor residences

Status: Development approved

Next step: Construction planning underway

[smartcode_project_cta:default project_id=152168]

Prateek Chatterjee

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