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Retail property group Vicinity Centres has identified about $750 million to $1 billion of asset sales opportunities, subject to market conditions. 
The proceeds will be redeployed into value-accretive development and acquisition opportunities, it said, such as the recently announced $319 million acquisition of The Shops at Ellenbrook and Livingston Marketplace in Perth.
“Vicinity’s strategy is to own high-quality assets across the retail spectrum that are well-positioned in strong catchments and where we can add value through our intensive asset management and development capability," Angus McNaughton, CEO and Managing Director of Vicinity, said.
Vicinity has $22.2 billion in retail assets under management across 93 shopping centres, making it the second largest listed manager of Australian retail property, the announcement said.
McNaughton said the group would target an annual total return in excess of 9 % and underlying earnings growth of more than 3%.
Vicinity will also cancel its $1.8 billion bridge facility by the end of the calendar year. This follows the establishment of $700 million of new bank debt facilities and the issuance of A$433 million of US Private Placement (USPP) Notes which will settle next week.
“Our development pipeline currently stands at $1.5 billion on balance sheet – projects at Chadstone Shopping Centre, Warriewood Square, Colonnades and Halls Head Central are underway and we expect works at Mandurah Forum to commence in the first half of next year," said Michael O’Brien, the company's chief investment officer. 
"These developments are forecast to generate internal rates of return of 10% to 15+%. 
He added that the company will look to selectively acquire assets and cited the examples of The Shops at Ellenbrook and Livingston Marketplace in Perth. 
The company — formed out of the merger of Federation Centres and Novion Property Group — is on track to achieve 75% of merger operational cost synergies by June 2016, McNaughton said.
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j.ballantyne1990-6AQqhLzZaK

Vicinity plans asset sales of up to $1 billion as portfolio rejig 

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Two retail properties anchored by Westpac were sold under the hammer in Ballarat and Bendigo in Victoria.
The <a href="https://www.realcommercial.com.au/property-retail-vic-ballarat-501765658" target="_blank">302-306 Sturt Street</a> property in Ballarat (above) fetched $5.7 million for a yield of 6.5%, while the one at 49-53 Mitchell Street in Bendigo sold for $4,575,000 on a 4.22% yield.
Both properties are anchored by Westpac, with other smaller adjoining retail spaces forming part of the whole property.
The Ballarat property is opposite the local town hall and Myer building.
Selling agent Andrew Lewis of Colliers International said 2015 had been a year of strong investment sales across the region.
“Low interest rates have fuelled increased interest in commercial real estate, particularly in the retail sector,” he said.
“We have sold in the order of 10 properties around the region in the last 12 months at yields of between 6% to 7%.
"This is some 1% to 1.5% lower than 12 months ago.
"We see this trend continuing into 2016.”
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Two regional Victoria bank retail sites sold at strong yields

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Wholesale electrical supplier Rexel has agreed terms on a new lease over a showroom/warehouse facility at Dandenong in Melbourne’s south-eastern suburbs. 
The 45 Greens Road property comprises an 1,120 square metre showroom and warehouse building, located within a trade showroom complex.  
According to Savills’ director Keith Kooloos, who negotiated the deal with Tsimos Commercial’s Ron Jones, Rexel signed a five-year lease with two five-year options.  
The rental was not disclosed but believed to be circa $100,000 per annum net.  
Kooloos said the property ticked all the boxes for Rexel. 
"Rexel had several requirements including exposure in the right location for tradespeople. The new building in a trades complex on one of the south-east’s key arterials was just the right fit providing excellent client accessibility and frontage to Greens Road,’’ he said.  
The lessor is a private Melbourne family.
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Rexel takes new lease at Dandenong through Savills

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A premium freehold building in South Melbourne has been snapped up by a multinational IT firm for $2.74 million. 
The <a href="https://www.realcommercial.com.au/property-offices-vic-south+melbourne-501743510" target="_blank">93-95 Palmerston Crescent</a> property comprises a 530 square metre three-level freestanding building with rear access. The property is located on a 248 metre site.
The sale was brokered by CBRE with vacant possession.
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IT firm secures $2.74 million slice of South Melbourne 

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A Yarraville fresh fruit shop, Dominic’s Fresh Fruit Supply at 27 Anderson Street fetched a top bid of $1.511 million, some $311,000 above the recent auction's reserve price. 
The auction attracted 31 bids from five groups. 
The property is fully leased to renowned <a href="https://www.realcommercial.com.au/property-retail-vic-yarraville-501756390" target="_blank">Yarraville grocer</a>, Dominic’s, which has been trading in the area for more than 30 years. 
The property has a net annual income of $54,000 subject to a four-year lease term. 
The sale through CBRE set a strong land rate of $10,070 per square metre and yield of 3.6%.
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Fresh fruit shop in Melbourne's Yarraville exceeds reserve price at auction

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A successful family-run motel in the western metropolitan area of Melbourne has been bought by a Chinese investor. 
Located at <a href="https://www.realcommercial.com.au/property-hotel+leisure-vic-ardeer-501619905" target="_blank">608 Ballarat Road, Ardeer</a>, the Sunshine Motor Inn is a 3.5 star motel, owned and operated by father and son team of John and David Swain for two decades. 
CBRE Hotels’ Scott Callow and Joseph Du Rieu brokered the deal for the Swain family via an expression of interest campaign. 
The motel consists of 44 refurbished accommodation rooms, a two-bedroom manager’s residence, swimming pool, public bar, restaurant, a modern commercial kitchen with wood fired pizza oven and an extensive bitumen sealed car park. 
“Although situated in a primarily industrial area, the Sunshine Motor Inn is popular within the fast growing northern and western suburbs industrial areas, providing easy access off the Western Ring Road,” Du Rieu explained as the reason for the sale.
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Chinese investor snaps up motel in Melbourne

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The planned development and expansion of the Busselton Central Shopping Centre has been approved by Western Australia’s Southern Joint Development Assessment Panel (JDAP).
The shopping centre is owned by the Australian Unity Diversified Property Fund (DPF), an unlisted property fund that invests in retail, office and industrial properties in Australia.
Busselton is about 230 kilometres south-west of Perth. 
Over the five years to June 2013, Busselton has experienced an average annual growth rate of 3.9%, which is significantly higher than the national average of 1.7% over the same period. The residential growth area is also a popular seaside tourist destination and is recognised as one of Western Australia's premier tourist spots and events capital.
Nikki Panagopoulos, property portfolio manager with Australian Unity Real Estate Investment, said JDAP’s approval was a significant milestone.
“This is the first step in developing Busselton’s main shopping centre, increasing in size by 40% to 16,000 sqm. The expansion will include a discount department store, additional specialty shops, and an entertainment precinct with cafes and a restaurant."
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Australian Unity development of Busselton Central Shopping Centre approved

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The median rental for properties in Sydney's rental heartland, Randwick was unchanged in September-October from the previous quarter, but the average days on the market came down. 
According to a report by <a href="https://www.rent.com.au" target="_blank">rent.com.au</a> the median rental price for a 30-day period was $580 per week, same as the previous quarter, it said.
Surrounding suburbs of Centennial Park, Queens Park, Waverley, Clovelly, Kingsford, Kensington, Coogee and South Coogee, however, commanded a higher median rental of $600 during the quarter, and also the previous one, the data showed.
The average days on the market for rental properties advertised in Randwick in the 90 days covered by the report was 17 days, four days less than the last quarter and about half of the 33 days on the market for properties in nearby suburbs.
There were 102 rental properties advertised in Randwick in the last 30 days before the report came out in mid-October - this is up six from the previous 30 days, the report to landlords noted.
The total number of rental properties in the suburb was 5,230, making up 47.8% of all properties in Randwick, according to ABS data in 2011.
The property composition in Randwick is made up of about 68 percent apartments and 32 percent as houses. 
<a href="/images/2015/12/16/Screen%20Shot%202015-12-16%20at%2011.52.40%20AM.png" target="_blank">Click to enlarge</a>
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Randwick rentals constant at $580 per week: Rent.com.au report

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Two private local investors have snapped up separate boarding houses in Bondi Junction for $2.25 million each, reinforcing the view that Sydney’s eastern suburbs are one of the city’s most sought-after investment areas for boarding houses. 
Both 2B Ben Eden Street and <a href="https://www.realcommercial.com.au/property-offices-nsw-bondi+junction-501635489" target="_blank">89 Old South Head Road</a> were offered to the market separately or in one line. 
The sales represent yields of 4.2% for Ben Eden Street and 4.6% for Old South Head Road.  
The selling agents were Tony Braham and Simon Lytton of CBRE’s Metropolitan Investment Properties team. 
The 242 square metre site at 2B Ben Eden Street offers six self-contained modern studio apartments, each with its own bathroom and kitchenette, whilst the 272 square metre Victorian terrace at 89 Old South Head Road offers11 rooms over two levels. 
The sites benefit from R3 Medium Density Residential zoning, providing future development potential. 
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Bondi Junction boarding house sales achieve record results

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The number of residential vacancies nationally picked back up slightly during November, in line with seasonal trends, latest figures by property research house SQM Research show.
The vacancy rate was 2.3% nationally, and there were 71,737 vacancies, the data shows. 
Vacancies appear to be following the common seasonal trends expected at this time of year, where rental accommodation tends to become more available for a variety of factors.
The most predominant of these is the departure of university students from their regular rental accommodation over the four-month summer break.
Over the last year vacancies in both Perth and Darwin have almost doubled, with November figures showing a yearly rise of 59% for Perth.
Most other capital cities remained stable year-on-year, with Hobart and Melbourne recording yearly declines.
The falls in Hobart most likely relate to the recovery in its local economy, in turn being benefited from the lower Australian dollar helping its local tourist industry, says SQM.
Year-on-year results for Sydney reveal a tight residential market, with a vacancy rate of 1.7% based on 10,045 vacancies in November.
<a href="/images/2015/12/15/eb23b8cc-baf5-4976-8155-0351a86438d8.png" target="_blank">Click to enlarge</a>
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November residential vacancies pick up as holiday season sees foreign student exodus: SQM 

Avant Townhomes is adding to Ivanhoe’s family-sized housing options with <a href="https://www.apartments.com.au/new-townhouses/three-82-ivanhoe-382-upper-heidelberg-road-ivanhoe-vic-3079">Three 82</a>, a collection of just 16 four-bedroom townhomes on Upper Heidelberg Road.

The <a href="https://www.apartments.com.au/developers/intrapac-property">Intrapac Property</a> townhome division has taken a contemporary approach to the traditional family home, pairing larger floorplans with the lower-maintenance format of a townhouse.

[smartcode_project:default project_id=152069 project_image_fid=374394]

Designed by <a href="https://www.apartments.com.au/architects/arcadia-studio">Arcadia</a>, with landscaping by Landsite, the homes feature generous open-plan living and dining areas that connect directly to outdoor spaces, with layouts also designed to maximise natural light and privacy.

Natural stone is used throughout the interiors, including in kitchens that pair stone surfaces with bespoke cabinetry, considered storage and SMEG appliances.

The four-bedroom layouts include built-in wardrobes and a main bedroom with its own ensuite, while family bathrooms service the additional bedrooms. Each home also includes a lock-up double garage and intercom entry.

[smartcode_project:default project_id=152069 project_image_fid=374399]

Energy efficiency has been incorporated into the design through solar panels, double glazing and reverse-cycle heating and cooling, with the homes targeting 7-star energy ratings.

Rather than incorporating extensive communal facilities, Three 82 has been conceived around private residential amenity, with the 16-home scale keeping the focus on individual homes and their own indoor and outdoor spaces.

The development is located at 382 Upper Heidelberg Road, around one kilometre from Ivanhoe Village's cafés and retail and a short drive from Eaglemont Station and Ivanhoe Station.

[smartcode_project:default project_id=152069 project_image_fid=374393]

Several of Ivanhoe's established schools are also nearby, including Ivanhoe Girls' Grammar and Ivanhoe Grammar School. The address also provides access to the suburb's parklands and the wider Yarra River corridor.

<a href="https://www.apartments.com.au/project-marketer/nelson-alexander">Nelson Alexander</a> has been appointed to handle sales.

Construction is underway and progressing well, with Three 82 currently tracking toward completion in Q2 2027.

[smartcode_project_cta:default project_id=152069]

Joel Robinson

Three 82 brings boutique four-bedroom townhome collection to Ivanhoe

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/graya">Graya</a> has secured a prime Newstead site from fellow developer Fraser, subsequently lodging plans for The Silo, a major mixed-use residential project in Newstead designed around a new public laneway linking the James Street precinct with the wider Gasworks and Newstead neighbourhood.

Proposed for the corner of Chester and Morse streets, the <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau^Proberts</a>-designed project places its strongest emphasis at ground level, where retail, landscaping and a new cobblestone pedestrian connection would open the site to the surrounding neighbourhood. The design team describes The Silo as “more than a residential building”, positioning the development as an extension of Newstead’s public realm rather than a standalone apartment tower.

“A new cobblestone laneway and landscaped connection between James Street and Gasworks unlock a missing pedestrian link, improving walkability and stitching together two of Brisbane’s significant urban destinations,” Bureau Proberts said in its Urban Design Report.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="0ea1b06a-75f5-40a5-b2c5-33c97bc86052" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/silo%20bldg.png?VersionId=KmjsAtNePu57_B31EM_DJ5T6KPJHtcmo" />

The Silo is planned as a mixed-use development incorporating apartments alongside a bar and centre activities including food and drink outlets, indoor sport and recreation, office and retail uses.

Architecturally, Bureau Proberts has conceived the building as a collection of vertically expressed, stepping forms rather than a single uniform tower. The composition rises from an articulated podium before being broken by a triple-height landscaped recreation level, with the upper section becoming more compact before terminating in a landscaped rooftop garden.

The project's name and architectural language draw directly from Newstead's industrial history. Patterned off-form concrete is proposed as the principal façade material, complemented by slender metal rod balustrades and extensive planting. The cylindrical and vertically ribbed elements give the building its silo-like expression, while curved balconies and planted edges introduce a softer subtropical layer.

“The Silo reinterprets its robust forms, scale and materiality through a contemporary subtropical architectural expression, creating a building that acknowledges its industrial legacy, while responding to the way the precinct is occupied today,” Bureau^Proberts said.

The recreation level is one of the defining breaks in the tower. Plans include a lap pool, mature subtropical planting and shared resident facilities within an elevated communal garden. Landscaping continues through the podium and onto the rooftop, where a further garden forms what the architects describe as a “subtropical crown” to the building.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="f8451036-35a4-49a9-8d88-2ef4438eba3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Silo%20Lane.png?VersionId=h8N31_rYmCEqoNrpt4kbYVQhJGZn60LH" />

At street level, the development has been designed to establish a more permeable block. Retail and hospitality tenancies address the public realm, while landscaped pedestrian spaces lead into the new laneway connection. Renders in the design report show the proposed “Silo Lane” as a substantial opening through the podium, framed by cylindrical concrete forms with cascading planting above.

The Silo continues Graya's move into larger apartment developments after building its reputation across high-end residential projects in Brisbane and the Gold Coast.

Graya buys Frasers Newstead site, plans The Silo between James Street and Gasworks precincts

<a href="https://www.apartments.com.au/developers/wickton">Wickton</a>’s completed Linacre Rise development in Hampton is giving Bayside downsizers the opportunity to move into a spacious apartment near the beach, with the developer covering stamp duty for a limited time.

The 27-residence development has been designed for buyers who want to simplify their living arrangements without giving up the space, warmth and quality associated with a long-term family home. Most apartments have already been secured by Bayside locals, leaving a select collection of two and three-bedroom residences and penthouses available.

Two-bedroom apartments are priced from $1.275 million, three-bedroom residences from $2.25 million and penthouses from $3.375 million, with the completed homes available to inspect and move into now.

[smartcode_project:default project_id=95289 project_image_fid=366760]

<a href="https://www.apartments.com.au/buildings/linacre-rise-hampton-8-10-linacre-road-hampton-vic-3188">Linacre Rise</a> occupies an elevated position on one of <a href="https://www.apartments.com.au/developments/hampton-vic-3188">Hampton</a>’s quiet, tree-lined streets, around 250 metres from the bay and 500 metres from Hampton’s village centre. Its setting gives residents access to the beach, local cafés, shops and Hampton Train Station while retaining the feel of an established residential neighbourhood.

Architecture and interiors by <a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a> draw on the warmth and permanence of traditional brickwork, with the building integrated into terraced landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick</a>. Ground-floor apartments are elevated above the street and include private garden courtyards, while several upper-level residences have generous balconies and outlooks toward the bay.

Inside, the residences favour natural materials and generous proportions. Herringbone-pattern European oak flooring, natural stone benchtops, premium joinery and Swiss V-ZUG appliances are among the key inclusions, while integrated storage has been incorporated across kitchens, bathrooms, studies and living areas.

The kitchens have been planned as practical spaces for both everyday use and entertaining, with substantial island benches, detailed cabinetry and adjoining dining and living zones. Full-height wardrobes, plush bedroom carpeting and carefully considered lighting reinforce the residential character Wickton sought to retain for buyers moving from larger homes.

[smartcode_project:default project_id=95289 project_image_fid=366769]

A Linacre Rise purchaser said the completed apartment had delivered the space, outlook and construction quality they had been seeking.

“The unit is very light, has views to die for over the bay, all construction materials and fittings are premium quality, we have secure parking for three cars, EV charging at very competitive rates, the neighbours are friendly and there is just a lovely ambiance about the place,” the purchaser said.

Environmental features include solar panels, shared electric vehicle charging stations, rainwater harvesting for toilet flushing and landscape irrigation, double-glazed windows and water-efficient fixtures and appliances.

[smartcode_project:default project_id=95289 project_image_fid=366762]

The development was built by Balmain &amp; Co, with Wickton managing the broader development process through its in-house team.

For downsizers, the project’s completed status removes much of the uncertainty associated with buying off the plan. Purchasers can inspect the finished apartments, understand their outlook and proportions, and move in without waiting for construction to conclude.

The remaining selection includes north-oriented balconies, corner configurations and penthouses with elevated bay views. The developer-paid stamp duty initiative is available for a limited time, with potential savings of up to $200,000 depending on the residence purchased.

[smartcode_project_cta:default project_id=95289]

Limited-time stamp duty offer at completed Linacre Rise apartments in Hampton

Luxury apartment buyers have long prioritised design, space and finishes, but increasingly they're placing equal importance on something less tangible: how easily they can live without relying on a car.

At <a>Richmond Square</a>, <a href="https://www.apartments.com.au/developers/fortis">Fortis</a> believes that convenience begins beyond the apartment itself, with the mixed-use precinct earning a near-perfect Walk Score of 99.

The development has been planned around the idea that some of the most valuable amenities aren't contained within a building, they're the restaurants, cafés, parks, transport connections and daily conveniences that can all be reached on foot.

Located just behind Swan Street and Church Street, <a href="https://www.apartments.com.au/new-apartments/richmond-square-1-wiltshire-street-richmond-vic-3121">Richmond Square</a> places residents within one of Melbo​u​rne's most established lifestyle precincts while offering a quieter residential setting removed from the busiest thoroughfares. East Richmond Station is moments away, trams run along both Swan and Church Streets, and the MCG, Melb​​ourne Park, Yarra River trails and the CBD are all within walking distance. At the same time, the precinct itself will introduce a curated mix of dining, retail, hospitality and wellness offerings, creating a destination that extends well beyond its residential buildings.

[smartcode_project:default project_id=13181 project_image_fid=348530]

For Fortis, that combination of location and scale was what made the site unique.

"<a href="https://www.apartments.com.au/developments/richmond-vic-3121">Richmond</a> is one of Melb​o​urne's most established and distinctive inner-city neighbourhoods, with a rare combination of dining, culture, recreation, public transport and proximity to the CBD," the developer said.

"The opportunity at Wiltshire Street was particularly compelling because the site sits slightly removed from the activity of Swan and Church Streets while remaining only moments from everything that makes the area desirable."

Rather than developing a standalone apartment building, Fortis consolidated 15 individual properties to create one of the larger development parcels assembled on Mel​b​ourne's city fringe in recent years. That allowed the team to deliver a genuine mixed-use precinct comprising 107 residences across Wiltshire House and Carmine House, premium office space, hospitality venues, retail, wellness offerings and a future 57-room hotel.

"The scale of the site allowed Fortis to think beyond a standalone apartment building," the developer said.

"Richmond Square could be planned as a complete lifestyle precinct, bringing homes, workplaces, dining, retail, hospitality and wellness together around a series of activated public spaces. The aim was to create a destination that feels connected to Richmond rather than separate from it."

[smartcode_project:default project_id=13181 project_image_fid=348533]

The emphasis on walkability has also resonated with buyers.

Interest has been strongest from established owner-occupiers, particularly downsizers from Richmond and Melb​ourne's inner east who want to remain close to familiar restaurants, workplaces, family and social networks while moving into a more secure, lower-maintenance home. The project is also attracting Mornington Peninsula and interstate buyers seeking a Melb​ourne residence they can lock up and leave between visits.

Many are looking for generous living spaces, room to entertain, quality finishes and confidence in the project team, but location remains one of the biggest deciding factors.

"For many buyers, Richmond Square provides a way to simplify the practical side of home ownership without reducing the quality of their lifestyle," the sales team said.

"Location is also a major driver of interest. Buyers can remain connected to the CBD, major sporting events, the arts centres, local restaurants, cafes and bars and their family while living in a private and secure residence that is easy to lock up and leave for weekends or longer periods away."

[smartcode_project:default project_id=13181 project_image_fid=348549]

The residences themselves have been designed with that buyer in mind. Award-winning architecture practice SJB and interior designers Hecker Guthrie have created spacious two and three-bedroom apartments and penthouses that prioritise generous living areas, natural light, bespoke joinery and private terraces. Above, a rooftop sanctuary by Acre includes landscaped lawns, bookable dining rooms, barbecue facilities, wellness spaces and panoramic views across the CBD, the MCG and Port Phillip Bay.

Fortis believes Richmond Square reflects a broader evolution in apartment living, where the surrounding neighbourhood becomes just as important as the residence itself.

"Richmond Square introduces a different proposition: generously proportioned residences within a genuinely mixed-use, hospitality-led destination," the developer said.

"The project's location and Walk Score of 99 further support a lifestyle where residents can complete many everyday journeys without relying on a car."

Fortis has assembled an experienced team that includes <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, <a href="https://www.apartments.com.au/interior-designers/hecker-guthrie">Hecker Guthrie</a>, <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a> and builder <a href="https://www.apartments.com.au/builders/hacer-group">Hacer Group</a>, reflecting the developer's commitment to creating projects with enduring design quality and meaningful connections to the communities in which they sit.&nbsp;

Richmond Square is an expression of that philosophy, bringing together homes, workplaces, hospitality and wellness within one of Me​lb​ourne's most walkable neighbourhoods.&nbsp;

Construction is now almost complete, providing purchasers with growing confidence ahead of its expected September 2026 completion.

[smartcode_project_cta:default project_id=13181]

Walk Score of 99 places Richmond Square at the heart of Melbourne's most connected lifestyle

<h3 data-end="19" data-section-id="1dvgwoe" data-start="0">Summary</h3>

<ul data-end="634" data-start="21">
	<li data-end="170" data-section-id="1o77v31" data-start="21">Walker Corporation has lodged plans for a second major residential development in the Maroochydore City Centre, a 29-storey tower known as Celeste.</li>
	<li data-end="327" data-section-id="1lb0y6t" data-start="171">The Plus Studio-designed proposal at Lot 30 Sunshine Coast Parade would deliver 208 apartments, including four four-bedroom sub-penthouses and penthouses.</li>
	<li data-end="487" data-section-id="za720" data-start="328">The application comes as Walker doubles down on Maroochydore following the strong sales campaign at SOL by Walker, where the first tower is nearing sell-out.</li>
	<li data-end="634" data-section-id="5sovec" data-start="488">Walker is a key partner in the transformation of the Maroochydore City Centre, which is expected to ultimately deliver at least 4,000 new homes.</li>
</ul>

Walker Corporation is doubling down on Maroochydore following the successful sales campaign at its first residential project in the emerging CBD.

The national developer has filed plans for <a href="https://www.apartments.com.au/new-apartments/celeste-30-sunshine-coast-parade-maroochydore-qld-4558">Celeste</a>, a new 29-storey apartment tower at Lot 30 Sunshine Coast Parade, just metres from its under-construction SOL by Walker development.

The plans, prepared by Plus Studio, would see 208 apartments delivered across a 100-metre tower on the 2,376 sqm site, which fronts Sunshine Coast Parade, First Avenue and Future Way within the Maroochydore Priority Development Area.

<img alt="Walker" data-entity-type="file" data-entity-uuid="17038209-6fea-4ed2-855d-fd4df65b3d02" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.16%E2%80%AFAM.png?VersionId=iZD.oVXcQn.aLpUytDAW.CWjxP4puWMy" />

The proposed apartment mix comprises 36 one-bedroom apartments, 48 two-bedroom apartments, 72 two-bedroom apartments with an additional multipurpose space, and 48 three-bedroom apartments.

The upper levels would be capped by two four-bedroom sub-penthouses and two four-bedroom penthouses, taking the total apartment count to 208. The preliminary yield study also provides 262 car spaces, 114 resident bicycle spaces and storage for each apartment.

It represents Walker's next major residential move in the new Maroochydore CBD after the success of SOL by Walker, its $220 million two-tower project nearby.

SOL launched to market in early 2025 and has since seen strong demand, particularly from local owner-occupiers. By February this year, Walker said the first SOL tower was nearing sell-out, with a strong waitlist also emerging for its recently released penthouse collection.

Construction is already underway on SOL, with the first tower expected to be completed in late 2027 and the second to follow in early 2028.

[smartcode_project:default project_id=147777 project_image_fid=319846]

<h2 data-end="2518" data-section-id="1b2dyo5" data-start="2459">Celeste to rise 100 metres over Maroochydore City Centre</h2>

Celeste would take a different form to the twin 19-storey buildings at SOL.

Plus Studio has designed a single 100-metre tower above an activated podium, with the architecture responding to the site's prominent position and three street frontages.

The podium would incorporate commercial tenancies and public art, with sweeping façade elements wrapping the street edges. The scalloped concrete podium has been inspired by the patterns created in sand at low tide, while extensive landscaping would continue vertically through the tower.

The ground level plans show three commercial tenancies addressing Sunshine Coast Parade alongside the residential lobby and landscaped public realm. The podium would then accommodate several levels of car parking before the residential tower rises above.

<img alt="Celeste" data-entity-type="file" data-entity-uuid="121f77b1-71c5-46d7-9b36-0a7d474211ca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.47%E2%80%AFAM.png?VersionId=MGrg9Hb7HgzLN0Lelq_xrXNAruVl77ia" />

Plus Studio said the tower had been designed to maximise views from each apartment, taking in the Maroochy River, Sunshine Coast hinterland, Cotton Tree and Maroochydore Beach and ocean.

Those views have also shaped one of the project's key features, with Walker proposing to put the primary resident amenity on Level 29 rather than lower within the building.

The rooftop would feature a 284.9 sqm pool area with an infinity edge, along with a cold pool, spa, sauna, 93.2 sqm gym, sunset lounge, BBQ and dining areas, pool deck and private dining space. Cabanas and day beds are also shown across the recreation level.

The two penthouses would extend across the upper levels and each feature private terraces and plunge pools.

<h2 data-end="4202" data-section-id="v5f4ix" data-start="4160">Walker's growing Maroochydore footprint</h2>

Celeste further reinforces Walker's commitment to the transformation of Maroochydore City Centre.

Walker is one of the key partners delivering the new CBD alongside Sunshine Coast Council and SunCentral Maroochydore, with the broader 62-hectare Priority Development Area occupying the former Horton Park Golf Course and surrounding land.

The precinct is ultimately expected to accommodate at least 4,000 new homes as Maroochydore evolves into the Sunshine Coast's principal commercial and residential centre.

When SOL secured approval in February 2025, Walker Managing Director and CEO David Gallant described it as the "first of many residential projects" the company planned for the Maroochydore City Centre.

Celeste now provides the clearest indication yet of what comes next.

The site sits immediately within the new CBD, with the design report identifying Sunshine Plaza and surrounding parkland within walking distance and Maroochydore Beach around a five-minute drive away.

For Walker, the timing of the application comes as its first residential bet on the new CBD appears to have been vindicated.

SOL has progressed from planning approval to construction while its first release has approached sell-out, giving Walker confidence to push ahead with another 208 apartments and take its residential pipeline in the Maroochydore City Centre to around 450 dwellings across the two projects.

Celeste remains subject to planning approval, with the architectural material describing the scheme as a preliminary yield study that may change through the assessment process.

Staff reporter

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