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Retail property group Vicinity Centres has sold a portfolio of four sub-regional shopping centres in Queensland and Victoria for $841.4 million as part of its strategy to divest from non-core assets.
The team of Blackstone and Mirvac bought the assets in a deal negotiated by JLL's Simon Rooney, and was the largest retail portfolio sale since the ING Portfolio sale in 2010, according to a media release.
The portfolio consists of Toombul and Clifford Gardens Shopping Centre, both in Queensland, and Forest Hill Chase and Brimbank Shopping Centre in Victoria. The sale reflected a weighted average capitalisation rate of 7.0%.
Vicinity sold the assets to invest in its development pipeline and for acquisitions.
The acquisition follows Blackstone’s purchase of Rundle Place and 80 Grenfell Street in the Adelaide CBD ($400 million) in December 2015, the largest in SA history and a three-centre portfolio from Scentre Group ($655.5 million) in August 2015. Blackstone and Mirvac have an existing partnership as joint-owners of Westpac Place, 275 Kent Street, Sydney (since April 2014).
“Despite yields compressing over the past 12 months, foreign investors continue to see value in Australian real estate in a global context. The relatively high yields and stable market fundamentals are key attributes that are attracting offshore funds, along with high transparency and transaction scale," said JLL’s head of Retail Investments – Australasia, Simon Rooney.
“2015 was the highest year of offshore investment into Australian retail property, with over AUD 2.4 billion being sold to foreign investors. Blackstone has been a major driver of this capital inflow in 2015, but we are also now seeing strong interest from Singaporean investors and European insurance firms and pension funds.”
Retail investment volumes in Australia rose to record levels in 2015, with over $8.4 billion in deals. Sales of sub-regional shopping centres totalled $2.8 billion in 2015, marking the third record year of investment activity for this retail sub-sector.
The portfolio comprises four well-established sub-regional shopping centres, anchored by leading national retailers which occupy approximately 87% of gross leasable area (GLA) across the portfolio.
Clifford Gardens Shopping Centre: Located within the regional hub of Toowoomba, the centre extends to a total GLA of 27,789 sqm and is anchored by Big W, Woolworths and Coles. 
Toombul Shopping Centre: Close to the Brisbane CBD, the Toombul centre sits on a site area of about 98,850 sqm and has a total GLA of over 44,000 sqm. It is anchored by Coles, with other major outlets being Kmart, Target, Aldi and BCC Cinemas. Household hardware firm Bunnings is expected to open in 2017.
Brimbank Shopping Centre has a total GLA of 37,907 sqm and is anchored by Target, Coles, Safeway and Aldi.
Forest Hill Chase Shopping Centre has a Melbourne metropolitan location with a potential for further development subject to council approval. The centre extends to a total GLA of 61,470 sqm and is anchored by Big W, Target, Harris Scarfe, Coles, Woolworths, Aldi and Hoyts Cinemas.
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Vicinity Centres divests four shopping centres in $841 million deal

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Demand for chicken meat is tipped to drive interest in a number of poultry farm readying for sale in Victoria.
Colliers International’s Jesse Manuel and Bruce Falk have been appointed to sell a three high quality broiler farm assets in Victoria as a portfolio.
The portfolio of three properties is situated in the Greater Geelong region of Victoria, comprising 11 sheds with a total capacity in excess of 500,000 birds.
The ‘Lethbridge’, ‘Rocky Ridge’ and ‘Winchelsea’ farms feature long-term grower contracts with Baiada Poultry Ltd. 
Colliers International’s Jesse Manuel said he is are currently marketing four commercial broiler farms and are achieving strong interest from existing producers, private investors and as well as investment managers and we expect this high level of interest to continue for the foreseeable future.
Mr Manuel and Mr Falk have also been appointed to sell the Zahara Broiler Farm, located on the Midland Highway in Meredith, Victoria.
Included in the sale of the 60.05ha property is a modern, state-of-the-art four shed broiler farm with high quality accommodation and improvements.
Mr Manuel and colleague Tim Altschwager have also been appointed to sell two high quality duck farms in Victoria, the ‘Glenlee’ and ‘Netherby’ duck farms, each comprising four grower sheds, accommodation and sundry farm improvements.
The farms feature supply contracts with Luv-a-Duck. 
 
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Appetite for poultry driving demand for commercial farms

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Some 4.2 percent of Melbourne resales over the December 2015 quarter were at a price lower than the previous purchase price which was the lowest proportion of loss-making resales since the September 2011 quarter.
Murrindindi was the only council regions to record no resales at a loss over the quarter while Frankston (1.2 percent) and Hobsons Bay (1.2 percent) also had less than 1.5 percent of resales at a loss.
The regions with the highest proportion of loss-making resales were Melbourne (17.2 percent), Mitchell (16.7 percent) and Yarra (8.0 percent).
<a href="/images/2016/03/30/Screen%20Shot%202016-03-30%20at%202.40.45%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/30/Screen%20Shot%202016-03-30%20at%202.40.45%20PM.png" alt="">
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No resale losses for Melbourne's Murrindindi council area in Dec 2015 quarter: CoreLogic Pain & Gain 

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Most properties in Western Australia are sold through an offer and acceptance process. 
A person makes a formal offer in writing to buy a property, and the seller, sometimes called the vendor, can either make a counter offer, reject the offer, or accept it and communicate that acceptance to the buyer.
Usually an offer to buy property is made using both the Contract for Sale of Land or Strata Title by Offer and Acceptance form, commonly called the O &amp; A; and the Joint Form of General Conditions for the Sale of Land, commonly referred to as the General Conditions. Together, the O &amp; A and the General Conditions constitute the standard contract for the sale of real estate in Western Australia.
The wording of the O &amp; A is owned by the Real Estate Institute of Western Australia (REIWA) which is the peak industry body representing the interests of real estate agents. The General Conditions document is owned jointly by REIWA and the Law Society of Western Australia. Although there are other versions of these two contractual documents, the versions produced by REIWA and the Law Society of Western Australia are the most widely used in this State.
In 2011, the General Conditions were amended to reflect changes to the Duties Act 2008. Buyers and sellers are advised to ensure that the latest version is used when a contract is being drawn up. Importantly, the O &amp; A form can be amended to include any agreed special conditions that meet the needs of the seller and/or the buyer. The General Conditions document is a standard set of contractual conditions that are not usually amended, although it is possible to ‘contract out’ some of these conditions.
For more information, <a href="https://www.commerce.wa.gov.au/consumer-protection/real-estate-contracts-sale-offer-and-acceptance" target="_blank">click here.</a>
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Property 101: WA sale, offer and acceptance process

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The Hooters restaurant chain outlet in Surfers paradise has sold to a local investor for $2 million on a yield of around 7.5 percent.
The property, Lot 11 2893-2903 Gold Coast Highway, has a 10 and 5 and 5 year lease and generates net rental income of approximately $156,825 per annum with 4 percent annual increases on gross income.
Steven King of Ray White Commercial Gold Coast said six registered bidders made up the audience, with a late bidder entering the fray after we had paused at $1.75 million and offering a successful bid of $2 million.
“Hooters is situated in a high profile iconic location between Broadbeach and Surfers Paradise fronting the Gold Coast Highway and the light rail network,” he said.
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Surfers Paradise Hooters site sold for $2 million

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UBank have announced it will reduce variable rate loans by 0.25% bringing the standard variable headline rate for new Owner Occupier P&amp;I loans down to 3.74 percent p.a. including a discount of 0.43 percent p.a as part of a value offer.
The new standard variable rate will be effective Monday 16 May 2016. 
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UBank to pass on 0.25 percent p.a. rate reduction to variable rate customers

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<h1 class="page-title">RBA Statement on Monetary Policy May 2016
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Economic conditions in Australia’s major trading partners generally appear to have eased a little of late. 
Growth in China moderated further in the March quarter. Subdued investment growth in the manufacturing sector was partly offset by rising public infrastructure investment and a return to growth in real estate investment. The latter was consistent with a strengthening in the property market in recent months in response to a range of earlier measures to stimulate demand. The moderation of Chinese growth has affected Asian economies and emerging economies in other regions that have strong trade links with China. 
Economic activity remained weak in Japan, while growth eased in the United States but continued at an above-trend rate in the euro area. Meanwhile, there have been further improvements in labour market conditions across all three economies. Despite that, inflation in the major advanced economies remains below central banks’ targets and inflation expectations have declined. This has been an important concern for central banks and contributed to the European Central Bank’s decision to ease monetary policy further in March. Monetary policy settings remain very accommodative in Japan and the United States (where markets expect no further increase in the policy rate before late 2016).
Changes in expectations about the course of the monetary policies of the major central banks have been reflected in exchange rates and financial market prices more generally. Sentiment in global financial markets has improved since late February. 
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The outlook for growth in Australia’s major trading partners in 2016 has been revised a little lower since the February Statement on Monetary Policy to incorporate generally weaker-than-expected growth in the March quarter and a reassessment of growth momentum, particularly in Asia. 
Despite the moderation in Chinese growth in the March quarter, the outlook there is much as it was earlier forecast, based on the expectation of further support being provided by more stimulatory policy settings. The Chinese authorities appear, at present, to be giving greater priority to short-term growth objectives than to the longer-term goals of deleveraging and achieving growth that is less reliant on investment and heavy industry. 
The outlook for the Chinese economy continues to be a key source of uncertainty for the forecasts. One risk is that the pursuit of the authorities’ near-term growth targets is likely to increase already elevated levels of debt and could potentially delay addressing the problem of excess capacity in the manufacturing and resources sectors.
While commodity prices are significantly lower than the peaks of a few years ago, the expectation of more policy stimulus in China has been accompanied by a sizeable increase in commodity prices over recent months. Iron ore and coking coal prices are around 60 per cent and 30 per cent above their low points in late 2015, respectively. This amounts to a rise in Australia’s terms of trade in the near term. However, it is assumed that the prices of bulk commodities are not sustained at current levels.
 Chinese steel demand is still expected to decline over the next couple of years and a substantial amount of new, low-cost iron ore supply is likely to enter the market over that period. Meanwhile, liquefied natural gas (LNG) prices are expected to be higher than previously forecast, which will tend to increase the terms of trade. The net result of these various movements is that the terms of trade are expected to be around recent levels by the end of the forecast period.
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Growth in the Australian economy over 2015 was a bit stronger than earlier anticipated, and a little above estimates of potential growth. 
Growth was moderate in the December quarter, however, and appears to have continued at about this pace into 2016, much as was forecast at the time of the February Statement. Consistent with this, employment growth has slowed from the strong pace of last year and leading indicators of employment have been somewhat mixed of late. Nevertheless, labour market conditions remain much better than a year ago. The unemployment rate has been around 53⁄4 per cent in recent months, having been as high as 61⁄4 per cent last year. 
There has been no material change to the forecast for GDP growth or the unemployment rate. GDP growth is expected to strengthen gradually to an above-trend rate, reflecting the effects o low interest rates and the depreciation of the exchange rate since early 2013. Both have been helping activity to rebalance towards the non- resource sectors of the economy. As before, the unemployment rate is forecast to remain around current levels for the next year or so and then gradually decline as growth in economic activity strengthens. The outlook for the unemployment rate is consistent with spare capacity remaining in the labour market throughout the forecast period.
Growth in household consumption picked up in the second half of last year and is expected to be sustained at around that rate in the period ahead. The pace of growth in retail sales volumes was maintained in early 2016. And while surveys suggest that households’ perceptions of their own finances 
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have eased, they were around long-run average levels in April. Growth in consumption is forecast to be maintained at a pace that is a bit above average, despite only modest growth in wages. This implies a further gradual decline in the household saving ratio over the forecast period. 
The amount of residential construction work still in the pipeline is substantial and has continued to increase. This points to further strong growth in dwelling investment, albeit at a gradually declining rate consistent with the decline in building approvals since last year. In established housing markets, conditions have stabilised over the past six months or so. Housing prices have grown moderately over 2016 to date, following a small decline at the end of 2015. 
Housing credit growth has eased a little over recent months to be around 7 per cent in six-month-ended annualised terms in early 2016. This follows increases in mortgage rates and the strengthening of banks’ non-price lending terms in response to supervisory actions. 
Surveyed conditions in the business sector remain above average and business credit growth has picked up over the past year or so. Nevertheless, indicators of investment intentions suggest that non-mining business investment is likely to remain subdued for a time, although it is expected to gradually pick up later in the forecast period as overall demand strengthens. Mining investment 
is expected to continue to fall as projects are progressively completed, although the magnitude of the falls should diminish over the next couple of years, consistent with the forecasts presented in the February Statement. Project completions will support further growth in resource exports. Net service exports are expected to continue to make a noticeable contribution to growth. 
Inflation was lower than expected in the March quarter. The various measures suggest that underlying inflation declined to a little less than 1⁄4 per cent in the quarter (compared with about 1⁄2 per cent in the December quarter), to be about 11⁄2 per cent over the year. Headline inflation was lower still, partly reflecting some temporary factors. Nonetheless, the CPI data indicate that there has been broad-based weakness in domestic cost pressures. 
This is evident in the further decline in non-tradables inflation in the March quarter. In part, this reflects lower-than-expected growth in labour costs, with unit labour costs being little changed for four or more years now. In addition, there has been heightened retail competition, a moderation in conditions in housing rental and construction markets, and declines in the cost of some business inputs, such as fuel and utilities. A number of these factors are also likely to have mitigated some of the upward pressure on the prices of tradable items arising from increasing import prices following the depreciation of the exchange rate since early 2013.
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The forecast for underlying inflation has been revised lower, reflecting the lower-than-expected outcome for inflation in the March quarter and an expectation that domestic cost pressures, including labour costs, will pick up more gradually than anticipated at the time of the February Statement. 
The outlook for domestic cost pressures is a key source of uncertainty. Despite above-trend growth in economic activity and improvements in labour market conditions over the past year, it is possible that domestic cost pressures may weaken further, and so inflation may not pick up as expected. However, it may be that the strengthening in the labour market embodied in the forecasts is associated with growth of labour costs picking up sooner or by more than is currently forecast. 
The substantial exchange rate depreciation over recent years is expected to continue to place some upward pressure on inflation for a time. While the exchange rate is assumed to remain around current levels over the forecast period, it may respond to a number of influences, including any unanticipated changes to the outlook for growth in China, commodity prices or the monetary policy decisions of the major central banks. It therefore represents a significant source of uncertainty for the forecasts of inflation, as well as for the outlook for growth in activity. 
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For some time, the Reserve Bank Board had noted that the inflation outlook provided scope for a further easing in monetary policy. After taking account of developments over recent months, the Board’s assessment at its May meeting was that the outlook for economic activity and the unemployment rate was little changed, but that the inflation outlook was lower than earlier anticipated. At the same time, the Board took careful account of developments in the housing market, noting the effects of supervisory measures to strengthen lending standards, the recent easing in housing credit growth and the abatement of strong price pressures. 
Taking all of these considerations into account, the Board judged that the prospects for sustainable growth in the economy, with inflation returning to target over time, would be improved by further easing of monetary policy. Accordingly, the cash rate was reduced by 25 basis points. The Board will continue to assess the outlook and adjust policy as needed to foster sustainable growth in demand and inflation outcomes consistent with the inflation target over time. 
To read the full Statement on Monetary Policy, <a href="https://www.rba.gov.au/publications/smp/2016/may/" target="_blank">click here</a>.
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The latest RBA Statement on Monetary Policy

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The Tenancy Unit within Consumer Affairs provides services to tenants and landlords/agent of residential properties in the Northern Territory. 
The legislative responsibilities of tenants and landlords are outlined in the Residential Tenancies Act.
The landlord/tenant relationship is usually harmonious but difficulties do arise, and sometimes landlords and tenants have different ideas of their respective rights and responsibilities.
Tenancy - Water Charges
Landlords are allowed to pass on the full cost of water consumption provided:
•          the rental premises are individually metered, and
•          the tenancy agreement states the tenant must pay for water consumption.
However, a landlord cannot ask a tenant to pay for charges, levies, rates or taxes, other than a charge payable by the owner or occupier of the premises for electricity, gas or water supplied to the premises.
Applications
From 1 June 2015, applications in relation to the Residential Tenancies Act  are heard by the Northern Territory Civil and Administrative Tribunal (NTCAT).  Applications are required to be lodged on a NTCAT form.
This form, as well as advice on NTCAT procedures and processes, can be found on the NTCAT website: <a href="https://www.ntcat.nt.gov.au/" target="_blank">www.ntcat.nt.gov.au</a>
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NT residential tenancy laws

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Member-owned financial services provider CUA will lower its standard variable rate for home owners by 0.25 percent from 19 May.
The new standard variable rate for owner-occupiers will be 4.81 percent p.a.
The standard variable rate for investors will fall by 0.20 percent to 5.22 percent p.a. 
Other interest rate reductions to variable home loan rates for owner occupiers and investors will be applied.
CUA’s Rate Breaker Package will be reduced by 0.24 percent to 4.37 percent p.a., effective 17 May 2016.
The Rate Breaker Package investor rate will fall to 4.67 percent p.a. 
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CUA to cut standard variable rate for home owners by 0.25 percent p.a.

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Some 8.8 percent of Hobart homes resold over the December 2015 quarter were at a loss which was the lowest proportion for the city since December 2011.
Across the council areas, Derwent Valley (20 percent), Brighton (19.6 percent) and Clarence (11.6 percent) had the highest proportion of loss-making resales over the quarter. The proportion of loss-making resales was lowest in Kingborough (1.8 percent), Hobart (4.9 percent) and Sorrel (8.3 percent) council areas.
<a href="/images/2016/03/30/Screen%20Shot%202016-03-30%20at%203.30.32%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/30/Screen%20Shot%202016-03-30%20at%203.30.32%20PM.png" alt="">
 
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Hobart's loss making resales felt most in Derwent Valley, Brighton: CoreLogic Pain & Gain

Abadeen has released the whole-floor penthouse crowning its recently completed <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences</a> development in Cremorne, bringing the near-300 sqm residence to market for the first time.

Occupying the entire top floor of the boutique Lower North Shore development, the penthouse includes 221 sqm of internal living and a 74 sqm wraparound terrace, with a prized north-facing aspect taking in views across Middle Harbour.

The residence has been completed and fully furnished following a collaboration between Abadeen Executive Chairman Justin Brown and internationally recognised interior designer Jack Freeman, Founder and Managing Director of FREEMAN &amp; CO.

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and Freeman approached the penthouse as a finished home, sourcing furniture, artwork, lighting and objects from Australia and overseas.

&nbsp;

[smartcode_project:default project_id=114246 project_image_fid=378718]

Pieces from Parisian design house Pierre Augustin Rose sit alongside contemporary artworks and bespoke lighting, with Freeman drawing on recent visits to PAD Paris and Salone del Mobile Milano for the final collection.

Brown said the aim was to create a penthouse that felt more like a large-scale private home than a traditional apartment.

"The experience begins the moment the lift doors open. You're welcomed into an elegant dining room before the home opens into an extraordinary living space framed by sun-drenched harbour views.

"Every time someone walks through the front door they pause. It's not just the view, it's the incredible sense of space, the warmth created by the northern sunlight that fills the interiors, and the way every room connects so effortlessly.

"It has all the proportions of a luxury home, while delivering the effortless lifestyle and personalised experience of living in a world-class six-star hotel, combined with the simplicity and convenience of apartment living."

&nbsp;

[smartcode_project:default project_id=114246 project_image_fid=378713]

A secure lift provides exclusive access to the penthouse level, opening to a dedicated arrival foyer and dining area before the residence expands into its main living and entertaining spaces.

Floor-to-ceiling glazing runs across the northern side of the home, connecting the interiors with the terrace and Middle Harbour outlook.

The penthouse also features a fireplace and substantial chef's kitchen, while the wraparound terrace has been designed to accommodate both everyday outdoor living and larger-scale entertaining.

[smartcode_project:default project_id=114246 project_image_fid=378720]

Freeman said the interiors had been deliberately kept restrained to complement the scale, natural light and outlook already established by the architecture.

"The penthouse is a serene study in quiet luxury," Freeman said.

"The interior pairs soft, sculptural forms with warm timber, pale stone and a restrained neutral palette. Curated artwork and metallic accents add depth, while abundant natural light creates a calm, effortlessly refined atmosphere. In my world, less is always more."

Freeman said the approach was centred around collecting individual pieces rather than simply decorating the apartment.

"Every material, every object and every piece of furniture has been curated with intention. I am a true believer in collecting versus decorating.

"The architecture already provided extraordinary natural light, remarkable volume and an uninterrupted connection to Middle Harbour. Our role was to complement those qualities with unique one-of-a-kind pieces of fine art and collectible design sourced from recent travels around the world."

[smartcode_project:default project_id=114246 project_image_fid=378694]

Among the collection are solid bronze sculptures by Lorenzo Quinn, alongside a curated crystalware collection and pieces sourced from international design fairs.

Park Residences sits opposite Cammeray Golf Club, Cammeray Croquet Club and Grand Slam Tennis Cammeray, around 300 metres from Neutral Bay Village and its established collection of restaurants, cafés and retail.

Brown said the combination of a whole-floor floorplan, northern aspect and proximity to Neutral Bay was becoming increasingly difficult to find on the Lower North Shore.

"Completed whole-floor penthouses with a sun-drenched north-facing aspect and sweeping Middle Harbour views are exceptionally rare," Brown said.

"Add a quiet position opposite golf, croquet and tennis facilities, a level walk to Neutral Bay Village and only minutes to the CBD, and you have a lifestyle that's incredibly difficult to replicate.

"This is a home that offers the privacy and generosity of a luxury residence together with the convenience of one of Sydney's best-connected harbourside locations."

The penthouse will be exclusively marketed by SRM Residential.

[smartcode_project_cta:default project_id=114246]

Joel Robinson

Abadeen unveils signature penthouse at Park Residences in Cremorne

New Brisbane developer Dalcott has unveiled Marrone, the first of three residential projects it is planning in and around Browning Street in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/marrone-south-brisbane-39-browning-street-south-brisbane-qld-4101">Marrone</a> will comprise 97 predominantly two- and three-bedroom apartments, with larger residences aimed squarely at the owner-occupier market.

The project will sit in a quiet pocket of South Brisbane between South Bank and West End, close to the restaurants, cultural attractions and riverfront amenity that have driven the suburb's continued transformation.

Dalcott is targeting buyers looking for more space and amenity than has traditionally been offered in the inner-city apartment market, particularly downsizers and professionals wanting to remain close to the city.

[smartcode_project:default project_id=149951 project_image_fid=377072]

Resident facilities will be concentrated around an extensive rooftop amenity offering, including a swimming pool, spa, infrared sauna, warm and cold magnesium plunge pools, private lounge, dining room and outdoor entertaining areas.

Dalcott Managing Director Lachlan Cottee said South Brisbane's combination of lifestyle, connectivity and established character had been central to the approach to Marrone.

“South Brisbane offers a combination of lifestyle, connectivity and character that’s difficult to replicate elsewhere in Brisbane,” Cottee said.

“Our focus has been on creating homes that feel connected to that environment while providing the level of design, functionality and quality that today's owner-occupiers expect.”

The residences will feature an expressive material palette. Italian Calacatta Viola marble, known for its deep burgundy veining, will be paired with aged brass tapware, Chestnut engineered timber flooring and Tuscan Oak joinery.

<img alt="Marrone" data-entity-type="file" data-entity-uuid="b8d833da-3b30-496a-ae30-07bdff371b50" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.35%E2%80%AFAM.png?VersionId=P6DAgOfaQzIXljKKK5j3e5NhWtrHIu9G" />

Bathrooms will feature Nara Japanese ceramics and glass bricks, while clay, walnut and brass lighting will be used throughout the apartments.

Dalcott has appointed Realm Projects, led by Managing Director Shane Foley, to handle sales and marketing following previous sold-out collaborations between the groups.

Foley said the Brisbane apartment buyer had become increasingly focused on the quality of the home itself rather than simply securing an inner-city address.

“We expect to see strong demand from buyers who still want all the advantages of inner-city living but aren’t prepared to compromise on the quality of their home,” Foley said.

“Many will be downsizers looking to leave behind the maintenance of a traditional family home without giving up the space they enjoy, while others are likely to be professionals wanting a residence that reflects the way they live today.”

“Marrone responds directly to that demand, with generous floorplans, exceptional resident amenity and a location that places some of Brisbane’s best dining, entertainment and cultural attractions within walking distance.”

<img alt="Marrone" data-entity-type="file" data-entity-uuid="61f7b22f-899e-4c0f-940a-7d3ab1bfb93a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.44%E2%80%AFAM.png?VersionId=PvN1JYxBgUpyCB7efKo52WGdSDs9nmim" />

Marrone will be the first project delivered as part of Dalcott's broader investment in the precinct.

It will be followed by La Terra, a boutique project comprising penthouse-style, single-level apartments on a northeast corner site with extensive resident amenity and city views.

Cottee said Marrone represented the first stage of the group's longer-term plans for the area.

Dalcott was established in 2025 by Lachlan Cottee and Ben Dalgliesh, combining development and construction capability under an integrated model and focusing on architecturally considered residential projects.

Marrone will initially be offered through a pre-release registration campaign ahead of its broader public launch.

Dalcott targets owner-occupiers with South Brisbane debut Marrone

Parnell Developments is the latest to seek significant uplift through the NSW Government's Housing Delivery Authority on a Strathfield site previously approved for a much smaller apartment development.

Parnell has sought approval for a 32-storey mixed use tower across&nbsp;<a href="https://www.apartments.com.au/new-apartments/7-lyons-street-strathfield-nsw-2135">3-7 Lyons Street and 18 Parnell Street</a>, a&nbsp;1,857 sqm site around 400 metres from Strathfield Station. The building would yield 160 apartments, 15 per cent of which will be dedicated affordable as per the government mandate for buildings seeking additional uplift.

Approved previously was a nine-storey building back in 2022 with just over 30 apartments. That approval came prior to the project being&nbsp;progressively reconsidered as planning policy shifted toward greater density around transport hubs.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="c5af5281-a643-4eb2-b8c4-0081b59c04c7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.16.48%E2%80%AFAM.png?VersionId=37bd3mI7rHNpThOV_75VO8xsGFwWOi1u" />

Turner has designed the latest building that would replace&nbsp;existing detached homes across the four lots.

The apartment mix comprises 22 one-bedroom apartments, 107 two-bedroom and two-bedroom-plus configurations, and 31 apartments with three or more bedrooms. The scheme also includes 203 car spaces across six basement levels and 58 bicycle spaces.

The proposal has been designed around a three-storey podium addressing Lyons Street, with the tower rising above and stepping toward its upper levels.

Turner said the podium was deliberately scaled to respond to the existing street, while the taller element has been designed as part of the emerging skyline anticipated around Strathfield Town Centre and the wider Homebush transport-oriented development precinct.

The Lyons Street frontage would have a more active, pedestrian-focused character, incorporating the commercial tenancy, landscaping and a brick-framed podium with an awning.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="14b20874-b8c3-4ac7-bc03-92be9a69fb78" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.48%E2%80%AFAM.png?VersionId=av.9TxtqIRTC6v3PkSuu1rL9rreWoe2h" />

Parnell Street, which faces the railway corridor, has been given a different architectural treatment, with double-height breeze blocks, landscaping and communal areas used to soften the interface with the rail infrastructure.

The tower itself uses curved and recessed facade elements, with wave-like indentations across the northern elevation breaking the building into three vertical forms.

A palette of grey concrete, brick and breeze blocks is complemented by clay and terracotta accents, while the upper tower adopts a lighter expression through articulated slab edges, vertical fins and recessed glazing.

Residents would have access to 467 sqm of communal open space spread across three levels. The ground floor would accommodate the more active resident areas, including barbecue and group gathering spaces and an internal communal room capable of being used for working from home.

A more passive viewing deck is proposed at level three, overlooking the ground-level landscaping and neighbouring tennis courts, while a rooftop "sunset deck" at level 30 would provide another social and relaxation space.

<img alt="Parnell" data-entity-type="file" data-entity-uuid="c3dce401-a80f-4682-8471-4caa01180880" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.34%E2%80%AFAM.png?VersionId=Xyo8JVqbOhSJXNy6Ih.1cHL.O6i0bGR." />

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Strathfield has been earmarked for substantial change through the Strathfield Town Centre planning work and the nearby Homebush TOD precinct.

Turner's report says the project has been designed to act as a transition between the existing low and mid-rise development surrounding the site and the taller built form expected to emerge across the town centre.

The proposal is being assessed as State Significant Development under the HDA pathway, alongside the concurrent request to amend the Burwood Local Environmental Plan.

First look: New apartment tower pitched for Strathfield Town Centre precinct

An $18 million penthouse has hit the market in Main Beach as construction tops out on La Mer, the $155 million apartment development rising just metres from the beach.

Spanning around 600 sqm across the top two levels of the 29-storey tower on Main Beach Parade, the four-bedroom penthouse is one of the latest eight-figure residences to test the upper end of the Gold Coast apartment market.

Its launch comes amid continued activity at the very top of the market, following the $30 million off-the-plan sale of a Burleigh Heads penthouse earlier this year, which surpassed the Gold Coast's previous $24 million apartment record set in 2023.

The <a href="https://www.apartments.com.au/new-apartments/la-mer-main-beach-3580-main-beach-parade-main-beach-qld-4217">La Mer penthouse</a> has been designed as a private residence in the sky, with 360-degree views spanning the ocean, Broadwater, hinterland and Gold Coast skyline.

[smartcode_project:default project_id=95606 project_image_fid=378731]

All four bedrooms have ensuites, while the ocean-facing master retreat occupies around half of the upper level and includes its own lounge, private balcony, two walk-in wardrobes and an oversized ensuite with a freestanding stone bath positioned to take in the views.

The residence also features a kitchen designed to accommodate a private chef, a 3.6-metre island bench, expansive butler's pantry, wine cellar and integrated bar.

[smartcode_project:default project_id=95606 project_image_fid=378732]

A rooftop pool and substantial outdoor entertaining area with its own kitchen sit above the residence, while a grand staircase connects the two internal levels. The penthouse also has its own express lift.

OTP Group Director James Elliott, who is marketing La Mer, said the penthouse was expected to appeal to high-net-worth buyers seeking either a permanent Main Beach residence or Gold Coast holiday home.

“The La Mer penthouse represents exceptional value, considering its quality design, size, privacy and location, not to mention the 360-degree views capturing the beach and Gold Coast Broadwater,” Elliott said.

“We’re anticipating interest from high-net-worth individuals and couples seeking a residence or holiday home in the sought-after village enclave of Main Beach, taking advantage of the unprecedented growth underway in the area and neighbouring The Spit.”

[smartcode_project:default project_id=95606 project_image_fid=378736]

La Mer is being developed by developer-builder ODUS and Nazero, in partnership with funder Metrics Credit Partners.

ODUS Director Byron Sakha said topping out the tower had provided the opportunity to release the project's most significant residence.

“We’ve worked with internationally-recognised studio Sici Design on the penthouse interiors, with a focus on ensuring it isn’t luxury for luxury’s sake. Every element has been thoughtfully designed to enhance quality of life for those who call it home,” Sakha said.

“The views are the hero of virtually every space, but we’ve given equal attention to the fittings and finishes, so every detail exudes elegance and refinement.”

Sici Design Founder and Director Maria Papadopoulos said the extensive views became an integral part of the interior design rather than simply something the residence was designed around.

“The views weren't something we designed around, they became part of the design itself, with the true luxury of La Mer in its feeling of peace, calm and wellbeing,” Papadopoulos said.

“Luxury isn't defined by how something looks, but how it makes you feel, and we believe a luxurious home should be beautiful to live in, not stressful to maintain.”

The interiors combine Austral Dream Dolomite natural stone and travertine with timber flooring and a restrained coastal palette.

[smartcode_project:default project_id=95606 project_image_fid=378734]

Designed by Plus Studio, La Mer is one of the more boutique additions to the rapidly changing Main Beach apartment market.

The tower comprises just 24 full-floor, three-bedroom plus multipurpose room apartments below the two-level penthouse, giving the project a considerably lower density than many of the larger towers being developed across the Gold Coast.

Residents will have access to a pool and spa, gym, sauna, barbecue facilities, private sun lounges, yoga lawn and outdoor beach shower.

The penthouse has been released as part of the final collection of residences at La Mer, with remaining apartments priced from $4.3 million.

Construction is expected to complete later this year, with a fully furnished display apartment now open on level four.

[smartcode_project_cta:default project_id=95606]

ODUS releases $18 million penthouse crowning La Mer Main Beach

<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

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