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Allan Moss, who previously headed investment bank Macquarie Group Limited, has been appointed as a part-time member to the Reserve Bank Board for a five-year period.
Moss is a principal of Allan Moss Pty Ltd and advises investment firms Evans and Partners, and Anchorage Capital Partners.
The Reserve Bank Act 1959, provides for nine board members - the governor, the deputy governor, the secretary to the Treasury and six other members.
Catherine Tanna, who has worked with BHP and Royal Dutch Shell, was also appointed a part-time member to the board for a further five-year period, the release by Treasurer Scott Morrison said. 
The other members are governor Glenn Stevens, deputy chair Philip Lowe, John Fraser (secretary to the treasury), John Akehurst, John Edwards, Kathryn Fagg and Heather Ridout.
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j.ballantyne1990-6AQqhLzZaK

Ex-Macquarie boss Allan Moss appointed to RBA board

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Sydney's City Tattersalls Club members have voted by a massive majority in favour of the proposed airspace development above the club’s premises at 194-204 Pitt Street, clearing the way for the club to sign a development management agreement (DMA) with partners ICD and Sinclair Brook.
A huge 93.6% voted in favour of the development that will see $96 million flow through to the club. 
“The majority in favour of the project was phenomenal and, as far as we know, a record in the club’s 120-year history,"  said Patrick Campion, chairman of City Tattersalls Club. 
 "This year we have submitted a far better stage 1 development application (DA) and we have received feedback from City of Sydney Council to which we have responded," said Tony Guilfoyle, CEO of the club.
"Council will now go through its process in analysing the club’s application. Assuming approval from Council, the club will embark upon an expression of interest (EOI) campaign for the right to part own and/or operate the 100 room hotel and the Design Excellence competition will also be officially launched.” 
The terms of the DMA include five floors of club and hotel facilities from ground, two basement floors of club cellars, storerooms and other utility rooms. There will be a hotel with nearly 100 rooms from levels 5 to 10 with a sky terrace restaurant and bar on level 7. The ground floor would be earmarked for retail.
The $96 million to the club will be allocated as follows: $71 million towards the design and development work on the new club and hotel, $20 million for fit-outs works and $5 million in cash.
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City Tattersalls Club members give tower project the green light

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More than 80,000 properties in Melbourne may be lying vacant, says a report by a land policy lobby group.
The annual 2015 Speculative Vacancy Report by Prosper Australia Prosper says housing is one of our least efficiently used resources.
It was up on the 64,000 in the <a href="/news/vic/over-64-000-melbourne-properties-sit-vacant-prosper-australia">2014 report</a>.
It analyses vacancy through water consumption of properties over 12 months, and Speculative Vacancies (SVs) are assessed as properties with abnormally low water usage of less than 50 litres per day (LpD) over a 12-month period, allowing for leaks and property maintenance.
The average per capita water usage in Melbourne over 2014 was 160 LpD.
Melbourne’s three main metropolitan water retailers, City West Water (CWW), South East Water (SEW), and Yarra Valley Water (YVW) made their data available for this report.
“The incentives for property speculators to hold prime locations empty is an affront to anyone locked out of housing. The findings prove we do not have a housing supply crisis, we are literally locked out” said Karl Fitzgerald, Prosper Australia’s project director.
“With capital gains accelerating in 2014, the Speculative Vacancy rate rose 22% for properties using less than 50 litres of water per day. According to our most conservative measure, those using zero litres of water increased by a 70%."
Carlton ranked top of the list, with a 7.6 per cent 0LpD SV rate over calendar 2014 and an overall 14.5 percent using less than the 50LpD threshold. Melbourne CBD was at second place on the list in the report.
A total of 1,707,140 residential properties across 254 postcodes over the calendar year 2014 were analysed for the report. Data indicated 82,724, or 4.8 per cent of Melbourne’s total housing stock appeared to be vacant over this period, having consumed less than 50 LpD. No water was consumed in 24,872 dwellings - therefore being demonstrably unoccupied.
If just those residential properties consuming 0LpD were placed onto the market for rent, this would increase Melbourne’s actual vacancy rate to 8.3 percent, it said.
“This is clear evidence land is being hoarded for profit. Up to 18.9% of all investment properties lie empty. This report demonstrates over eight years that hoarding is magnified in periods of increased speculation,” Fitzgerald said.
The report concludes that with 4.8 percent of Melbourne’s houses showing under-utilisation, there is no housing supply crisis. Rather, rising prices indicate significant distortions created by policies supporting rent-seeking behaviour, it says.
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More than 80,000 empty properties in Melbourne: Prosper Australia report

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Ray White NSW announced the extension of their official partnership with rugby team, the NSW Waratahs, for the 2016 season.
Ray White began their sponsorship in 2014 - the first year the Tahs won the Super Rugby championship. This will be the third year running that Ray White sponsors them.
“There was no question of Ray White not continuing this successful partnership. As the only representative rugby team in NSW, and a force in the Super Rugby competition, the combination with the Ray White brand is nothing less than a match made in heaven,” Ray White NSW chief executive officer Stephen Nell said.
“There’s a strong affinity between our brand and Waratahs fans and this relationship gives us a unique association with the state. This partnership unites us and brings together all our NSW franchisees like nothing else.” 
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Ray White sponsors the Waratahs for third year running

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The Federal Court of Australia has set aside a resolution made by creditors of land banking developer Midland Hwy Pty Ltd  to enter into a deed of company arrangement (DOCA) and for Midland Hwy to be wound up. 
The DOCA had been proposed by Bilkurra Investments Pty Ltd.
ASIC had sought wind-up orders in public interest for a proper investigation into the affairs of Midland Hwy by independent liquidators.
Nicholas Martin and Craig Crosbie of PPB Advisory have been appointed as the liquidators of Midland Hwy.
In his judgment, his Honour Justice Beach found that the public interest required the winding up of Midland Highway, "particularly where there is no intention for any part of the business of Midland to be salvaged".  
"There is nothing concerning Bilkurra's financial position or status that would give me or the option holders any confidence that the project will proceed to completion.  Moreover, the project appears to now be in the hands of entities and persons implicated in the very transactions under which $24 million of option holders' funds have been siphoned off in shadowy circumstances and through the use of phantom like corporate structures," the judge said.
Midland Hwy was the developer of a land banking scheme known as 'Hermitage Bendigo' (formerly 'Acacia Banks'), located just outside of Bendigo, Victoria and was put into administration on 2 July 2015. At the second creditors' meeting of Midland Hwy held on 21 October 2015, creditors voted in favour of the DOCA despite the Administrators recommending the company be put into liquidation.
"This outcome demonstrates ASIC's commitment to ensuring that  DOCA arrangements proposed to be entered into under the Act are not used as a means to avoid proper investigation and scrutiny by independent persons" said ASIC Commissioner Greg Tanzer.
The move is part of ASIC's wider investigation into land banking schemes.
ASIC previously resolved proceedings against Midland Hwy to remove David Anthony Ross and Richard Albarran of Hall Chadwick as the administrators.
Land banking is a real estate investment scheme involving the acquisition of large blocks of land by a promoter or developer of the scheme, often in undeveloped rural areas, who then offer portions of the land to investors. 
Land banking companies typically promote the investment with representations of high potential returns if the land is redeveloped, or if plans for rezoning and development are finalised.
Investors either purchase a lot in the land, or acquire an option to purchase a lot of land in an unregistered plan of subdivision.  The option agreement is triggered at a time that the necessary development is approved by the local council.
While ASIC does not regulate direct property investment, ASIC considers that land banking schemes, depending on the particular scheme, may be a managed investment scheme and/or a financial product and that the promoters of these schemes should therefore hold an Australian financial services licence and register these schemes with ASIC.
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Court orders winding up of failed land banking company Midland Hwy 

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Derriweit, an eight-bedroom country estate in Mount Macedon, 45 minutes from Melbourne, has been listed for sale seeking offers above $3.75 million.  
Nestled in the Macedon range, the <a href="https://www.realestate.com.au/property-house-vic-mount+macedon-121411206" target="_blank">85 Douglas Road</a> property is located on one hectare of land. 
The estate combines historical charm and character with contemporary elegance. Originally set on 60 acres of botanical gardens and built in 1873 for the daughter of Charles Ryan who married the governor of the day, the estate is one of the oldest in the region.
While only a small portion of the original home still stands as the guest wing, it combines with the newer main residence, circa 2007. 
Framed by a 150-year-old oak tree and a 100-year-old Californian Redwood, Derriweit is about 650 metres above sea level with views of the valley and Melbourne city lights. 
A turret houses the stairs which lead to the four upstairs bedrooms.
The original section of the home is now a three-bedroom guest wing with its own kitchen. 
The sellers are Nick Beck and his wife Jo of Beck Projects.
The listing agents are Janine Lum and Nicolette van Wijngaarden of Unique Estates.
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Derriweit, Mt Macedon up for sale at $3.75 million plus

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Listed estate agency boss John McGrath says he was disappointed by the first day trading of his real estate services company when the shares finished 26 cents down on their $2.10 IPO price to $1.83.
"We're very disappointed because the business is no different from the one when we did our institutional road show."
He said it's a long game and "you don't judge it on the first day."
"Certainly there are a few people with jitters around the residential market which we think a little unwarranted," he told Ross Greenwood's 2GB Money News program.
"There's no doubt the sting's come out of the market but there's still huge turnover in markets like Sydney and Melbourne so we think it's just about getting your market share right and growing your business."
The float saw some 1770 shareholders take shares, with around five percent of its stock sold on the opening day.
The second day trade saw shares dip to $1.73 around mid-day after opening at $1.85.
Founded by Mr McGrath in 1988, the agency network has 565 agents operating across 75 real estate offices, which in 2015 generated around $11.6 billion in sales.
At the close of its first day trading McGrath was capitalised at around $228 million.
John McGrath pocketed about $37 million from the float, selling down his stake in the company from 58 per cent to 27 per cent.
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John McGrath on real estate jitters impact on his company's opening day float

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Eight more NSW government-owned properties in Millers Point have been auctioned off, with a corner Victorian-era terrace fetching $6.67 million. 
1 Lower Fort Street, a four-storey terrace built circa 1879, forms part of the heritage significant <a href="https://www.realestate.com.au/property-house-nsw-millers+point-121222250" target="_blank">Milton Terrace row</a>.
The five-bedroom's price of $6.67 million was well beyond expectations of $4.5 million.
The property was sold through McGrath agents Lorraine Crawford and Peter Starr.
The price for the six-bedroom corner terrace at 1 Lower Fort St is almost double what was paid for a neighbouring house in the same row of terraces just over a year ago.
In October last year 11 Lower Fort St, another four level former public hosing building sold by the state government, fetched $3.95 million at auction.
The latest offering was marketed as a “once in a lifetime opportunity” with Sydney Harbour, Opera House and Harbour Bridge views. 
The head of Government Property NSW, Brett Newman, said proceeds from the Millers Point auctions were being reinvested into the supply of more than 1,500 new social housing dwellings across Sydney and regional NSW.
“To date there have been 47 government-owned properties sold in Millers Point, raising more than $116 million for much-needed social housing across the state,” he said.
New dwellings have been built in Condell Park, Padstow, Yagoona, Gymea, Lurnea, Chester Hill, Kingswood, Mount Warrigal, Beverly Hills, Warilla, Casula and Miranda.
Others sales have included: 
28 Merriman Street (three bedrooms) sold for $2.85 million
36 Merriman Street, (three bedrooms) sold for $2.885 million
38 Merriman Street (three bedrooms) sold for $2.7 million.
36 Kent Street, a three bedroom terrace, sold for $1.9 million.
55 Kent Street, a five bedroom sandstone terrace, sold for $2.95 million.
59 Kent Street, a three bedroom end terrace in the ‘Hexham Terrace’ row,
71 Windmill Street, a three bedroom terrace, sold for $1.885 million.
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Millers Point property sell-off sees $6.67 million corner terrace sale

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November property market offerings showed vendors in four capital cities -- Sydney, Brisbane, Melbourne and Canberra -- having to increase discounts from the previous month to sell homes.
The latest APM heat chart showed only Perth and Gold Coast vendors needing to offer lower discounts. 
Sydney property vendors needed to knock 5.6% from asking prices, while for Melbourne it was 6%. 
 <a href="/images/2015/12/4/apmav.jpg" target="_blank" style="font-size: 12.16px; line-height: 1.3em;">Click to enlarge</a>
 <img src="/images/2015/12/4/apmav.jpg" alt="" width="896" height="1686">
For your free Property Observer eBook from RAMS, 12 tips for first-time buyers, covering everything you need to know when it comes to purchasing property, click here.
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Vendor discounting up across east coast: APM

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Sydney may be a clear winner in property prices, but when it comes to real estate investment, Melbourne has the edge.
Melbourne's eastern suburbs, which includes Glen Waverley, Dandenong, Blackburn and Box Hill, average 13.9% total return annually since 2002, says an analysis by Investment firm Portfolio Management Services (PMS).
The rental yield was 6.1%, the data shows.
Melbourne's northern and south-eastern suburbs came in next with 12 % annual returns, followed by the inner-city at 11.1%.
The audit was carried out by Atchison Consultants on 562 residential properties managed by PMS.
In comparison, Sydney's best-performing suburbs were in the north (including St Leonards, Ryde, Epping, Hunters Hill, Lane Cove and Macquarie Park), where annual returns averaged 10.9 %. The rental yield here was 4%.
The inner-west came in a close second with 10.8 % followed by the eastern suburbs at 10.4%.
Sydney's inner-west, however, led in rental yields with 6.4%.
All the suburbs for both cities averaged total return of 10% per annum.
The results highlight the long-term rewards of buying property.
Fairfax Media noted Melbourne's top-ranked eastern suburbs include growth areas like Box Hill, which has benefited from an influx of Chinese migrants, as well as from investment in transport infrastructure and hospital and education facilities.
 
For your free Property Observer eBook from RAMS, 12 tips for first-time buyers, covering everything you need to know when it comes to purchasing property, click here.
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Melbourne edges out Sydney on property returns

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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