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Eight properties in Canberra belonging to betting company Tabcorp have sold at auction for a total value of $6,171,500.
The selling agents were JLL’s Michael Heather and Greg Lyons and the auction was on November 26.
Three properties were offered with a new initial seven-year lease term to Tabcorp with 2 x 5 year options. The
remaining five properties were sold as vacant possession.
The three leased properties were sold for a price range of $800,000 to $1,120,000 and reflected initial yields of between 4.71% - 5.29%.
The five vacant properties were sold for a price range of $590,000 to $741,500 and reflected sales values from $5,224 - $7,234 per square metre.
“The strong yields achieved for the leased properties exceeded market expectations and is reflective of the yield compression trend that has been experienced in other markets around Australia,” Heather said.
The eight properties were:
20 Brierly Street, Weston sold for $1,120,000. The initial yield reflects 4.78% on a passing net income of $53,491 per annum.
30 Denigan Street, Wanniassa sold for $950,000. The initial yield reflects 5.29% on a passing net income of $50,252 per annum.
99-103 Georgina Crescent, Kaleen sold for $800,000. The initial yield reflects 4.71% on a passing net income of $37,677 per annum.
56 Hawker Place, Hawker sold for $670,000, reflecting a capital value of $5,781 per square metre.
1-3 Primmer Court, Kambah sold for $741,500, a capital value of $7,234 per square metre.
23 Charnwood Place, Charnwood sold for $600,000, or a sales value of $5,545 per square metre.
55 Curtin Place, Curtin sold for $700,000, or a sales value of $5,224 per square metre.
71 Mawson Place, Mawson sold for $590,000, with a capital value of $6,556 per square metre.
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Eight Canberra Tabcorp properties sell at JLL auction for $6,171,500 total 

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A self-managed super fund (SMSF) has bought an industrial property in Victoria's Sunshine West for $2.72 million for a yield of 7.7%. 
The <a href="https://www.realcommercial.com.au/property-industrial+warehouse-vic-sunshine+west-501221303" target="_blank">570-572 Somerville Road</a> property was sold subject to a new four-year lease to Schenck Process Pty Ltd, at a current rental of $215,000 per annum net.
Schenck Process is a multinational company that makes equipment for industrial weighing, feeding, measuring, conveying, filtration and automation.
The sale was brokered by Savills Australia industrial directors Chris Jones and Ben Hegerty with Brigitte Bennett.
The property comprises a 2,451 square metre facility, including a refurbished 379 square metre office and a 2,072 square metre, high clearance, warehouse with a loading canopy.
The 0.44 hectare site includes a frontage to Somerville Road.
Jones said the securely let property with its new four-year lease, strong annual review mechanism and modern versatile improvements was an ideal SMSF opportunity.
"This property provided the sort of security and peace of mind that goes with a well-tenanted, well-located and relatively maintenance free property, a package likely to deliver sound growth prospects and that’s just what you want to put into your super fund,’’ Jones said.
The vendor was a Melbourne-based private investor.
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Super fund buys industrial property in Victoria's Sunshine West

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A growing number of interstate syndicates, funds and private investors are lining up to buy Melbourne’s industrial property assets spurred by Victoria’s leading growth status and the lack of comparable prime investment opportunities in rival capitals, according to Savills.
Enquiries from interstate buyers is at their highest post-GFC, accounting for 30 to 50% of all enquiries for individual properties in the sub $20 million market, say Savills divisional director(s), investments, Chris Jones and Ben Hegerty.
"We have sold 17 properties in this category since March and eight of those have sold to interstate buyers from WA, SA, Queensland and New South Wales, for more than $150 million," Jones said. 
He said a lack of comparable investment stock at home, particularly in Sydney and Perth, had been the critical factor, while attractive long-term capital growth and rental prospects, Melbourne’s reputation as Australia’s leading industrial city, and Victoria’s nation-leading population growth and economic performance, provided a very positive future market assessment.
"Victoria has long held the title of Australia’s most attractive industrial destination based on the availability of relatively cheap and easily serviceable land, its superior freeway network and port facilities movements.
"More recently a dearth of quality investment properties in interstate markets, particularly Perth and Sydney, and the ability to acquire assets with high underlying land values, and in many instances higher and better future uses, have swung the investment spotlight firmly towards Melbourne,’’ he said.
Hegerty said several of the deals had been off-market, underscoring the demand for Victorian assets. A majority were investor driven, he added.
In the latest off-market deal, Adelaide-based commercial property syndicator, Harmony Property Syndication, paid $10.75 million on a yield of 7.1% for an industrial property at Hallam.
The 1-5 Siddons Way property, a 9,574 square metre office and warehouse facility on a 15,300 square metre allotment, was sold subject to a long-term lease till 2026 to national tenant Pakcentre Marketing Services.
The current rental is $765,920 per annum net.
Hegerty said latest ABS data revealing annual economic growth (gross state product) in Victoria had bounced back to 2.5%, stronger than NSW and Queensland and all other states bar NT and WA, should provide investors with further confidence that Victoria was a sound investment destination.
One of the key aspects to the GSP turnaround has been population. Victoria had the fastest national growth rate of all capitals in the year to March of 1.7% and has led the national average since 2013, ABS data showed.
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Melbourne industrial a hit with interstate investors: Savills  

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The Supreme Court of NSW has handed down final orders against Park Trent Properties Group Pty Ltd (Park Trent), further to its judgment against it on October 15, 2015.
The court made the following orders against Park Trent:
<ul>
<li>declarations that Park Trent had unlawfully carried on an unlicensed financial services business for over 5 years by providing advice to clients to purchase investment properties through a self-managed super fund (SMSF); and</li>
<li>a permanent injunction against Park Trent restraining them from providing unlicensed financial product advice to clients regarding SMSF's.</li>
</ul>
Park Trent has also been asked to post a notice on its website outlining the orders against it.
In his judgment, his Honour Acting Justice Sackville said that 'the publication of a notice on its website appropriately recognises the seriousness of Park Trent's contravention and the public interest in bringing Park Trent's conduct to the attention of the community'. 
"This outcome sends a strong message, that there are serious consequences for property spruikers who break the law by providing unlicensed financial advice," said Greg Tanzer, commissioner of the Australian Securities and Investments Commission.
ASIC had launched legal proceedings in November 2014 against Park Trent who, by the time of the trial in June 2015 had advised over 860 members of the public to establish and switch funds into an SMSF.
On 15 October, the court found that Park Trent, from March 2010 to June 2015, breached the Corporations Act by providing financial product advice without holding a proper licence or authority. This advice related to setting up self-managed super funds for investing in property.
The ASIC website advises clients of Park Trent about getting financial or legal advice about their investment decisions on superannuation. 
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ASIC obtains final orders against Park Trent

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The fall in prices in Australia's housing market continued to impact yields too, with Sydney overtaking Melbourne for the lowest yield profile across the capital city unit markets, according to the CoreLogic RP Data November Home Value Index. 
The 1.5% decline in capital city dwelling prices in November, coupled with a 0.% rise in weekly rents, has overall improved the average gross yield over the month. This follows a trend towards lower rental yields which started in May 2013.
Gross yields remain close to record lows for houses in Melbourne at an average of 3%, while Sydney recorded an average gross rental yield of 4.1% for apartments.
Yields have shown a consistent downwards trend towards lower returns for new investors.
The average gross rental yield for capital city houses was down to a record low of 3.4% in October, while for a capital city unit it was 4.3%for the same month. 
 
<a href="/images/2015/12/1/Screen%20Shot%202015-12-01%20at%201.08.51%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/1/Screen%20Shot%202015-12-01%20at%201.08.51%20PM.png" alt="">
Housing market conditions for Sydney and Melbourne started slowing earlier in the year and the trend continued throughout November, said CoreLogic RP Data head of research Tim Lawless. While Melbourne saw the sharpest drop, Sydney values were down 1.4 per cent. Hobart dwelling values dropped by 2.4 per cent, Darwin values were down 1.3 percent and they moved 0.5 percent lower in Canberra.
Overall, the combined capitals housing index has seen dwelling values drop by 1.5 percent over November, taking the rolling quarterly rate of change to -0.5 per cent
Values rose in the remaining three capital cities, with Adelaide showing the highest month-on-month growth rate (0.7 per cent), followed by Brisbane (0.6 per cent) and Perth (0.3 per cent).
“The latest results are now placing downwards pressure on the annual change in dwelling values. The annual rate of growth across the combined capitals index peaked at 11.5 per cent back in April 2014, and has since reduced to 8.7 per cent,” Lawless said.
Sydney maintained the highest annual growth rate at 12.8 per cent, which is down from a peak rate of annual growth of 18.4 per cent in July earlier this year, while Melbourne’s annual growth rate has reduced from a recent peak of 14.2 per cent to 11.8 per cent over the 12 months ending November this year.
The only capital cities where values have declined over the past year are Darwin (-4.2 per cent) and Perth (-4.1 per cent), where weaker economic conditions and a slowdown in population growth contributed to an early peak in housing market conditions in December last year.
The equivalent peak in the cycle for Darwin was May 2014. Since that time, Perth values are down a cumulative 5.9 per cent and Darwin values have fallen by a larger 6.8 per cent.
“The fact that mortgage rates have risen independently of the cash rate has, in all likelihood, become a contributor to the slowdown in housing market conditions, as well as tighter lending practices evidenced by a recent reduction in lender risk appetite for investment loans and high loan to valuation ratio mortgages," Lawless said.
"Tighter mortgage servicing criteria across the board and affordability constraints in the Sydney and Melbourne markets are also having an impact on market demand.” 
As a consequence of the tighter lending environment for investors, as well as gross rental yields being at near record lows, participation in the housing market from investors has reduced from 54.1 per cent of all new mortgages in May 2015 to 45.4 per cent at the end of September, which is the lowest level since July 2013.
Data released by APRA at the end of last month showed the pace of investment related housing credit growth fell below the APRA 10 per cent speed limit for the first time since September last year, with the monthly change in investment credit growth the lowest since October 2011.
According to November’s results, the slowdown comes after auction clearance rates have moderated back to the low 60 per cent range since the last week of October, whilst average selling time and vendor discounting rates also continue to rise from their record lows.
“Slower housing market conditions will likely be a topic of conversation when the Reserve Bank board meets today to deliberate on the cash rate setting. A less buoyant housing market is likely to provide the Reserve Bank with a greater degree of flexibility in adjusting interest rates without as much risk of overstimulating the housing market,” Lawless said.
“While the Reserve Bank is likely to welcome a slowdown in the rate of home value appreciation, the overriding objective would be to avoid a significant downturn in the housing market, which would act as a weight on economic growth and potentially impact financial system stability.”
“With the housing market moving through the peak of the cycle at a time when there is a large number of new dwellings commencing construction, there is likely to be a heightened level of settlement risk for off the plan purchases.”
“Those purchasers who have recently purchased off-the-plan may face challenges at the time of settlement if the valuation of the property is lower than the contracted price, or if mortgage finance is less freely available, or on more expensive terms. This would imply that some buyers may have a higher loan to valuation ratio than anticipated, which could require additional funds to bring the LVR down to a level the lender is comfortable with.”
“As a result of slowing housing market conditions, an additional risk for policymakers is a where a large number of dwellings approved for construction are postponed or withdrawn as developers face fewer pre-sales or lose confidence in their ability to deliver a profitable project to market,” he said.
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Sydney rental yields for units lowest among capitals: CoreLogic RP data

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Geoff Summerhayes has been appointed a member of the Australian Prudential Regulation Authority (APRA) by the Treasurer for a term of five years from January 1.
Summerhayes was most recently the chief executive officer of Suncorp Life, a role he has held since 2008. Prior to joining Suncorp, he spent more than 20 years with property and financial services organisations like Lend Lease, MLC and NAB.
In his new role, Summerhayes will focus on APRA’s activities in relation to general, life and private health insurance.
The Treasurer also appointed Helen Rowell, an APRA member since July 2013, as the regulator's deputy chair for the remainder of her five-year term. Rowell will continue to have primary responsibility within APRA for all superannuation-related matters.
"Geoff will bring a great deal of commercial acumen and experience to the position of APRA Member. I look forward to working with Helen and Geoff to ensure APRA continues to perform its responsibilities effectively and efficiently, for the benefit of the Australian community," said APRA chairman Wayne Byres.
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Geoff Summerhayes appointed new APRA member, Helen Rowell to deputy chair

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Dwelling values fell across five of the eight capital cities in Australia in November, with Melbourne surprising with a 3.5% drop, according to the CoreLogic RP Data November Home Value Index. 
Housing market conditions for Sydney and Melbourne started slowing earlier in the year and the trend continued throughout November, said CoreLogic RP Data head of research Tim Lawless who said he was surprised by some of the monthly results.
<a href="/images/2015/12/1/Screen%20Shot%202015-12-01%20at%2012.04.53%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/1/Screen%20Shot%202015-12-01%20at%2012.04.53%20PM.png" alt="">
<div>“I wasn’t expecting a drop as significant of what we saw in Melbourne, down 3.5%,’’ he said.</div>
While Melbourne saw the sharpest drop, Sydney values were down 1.4%. Hobart dwelling values dropped by 2.4%, Darwin values were down 1.3% and they moved 0.5% lower in Canberra.
Overall, the combined capitals housing index has seen dwelling values drop by 1.5% over November, taking the rolling quarterly rate of change to -0.5%.
Values rose in the remaining three capital cities, with Adelaide showing the highest month-on-month growth rate (0.7%), followed by Brisbane (0.6%) and Perth (0.3%).
“The latest results are now placing downwards pressure on the annual change in dwelling values. The annual rate of growth across the combined capitals index peaked at 11.5% back in April 2014, and has since reduced to 8.7%,” Lawless said.
Sydney maintained the highest annual growth rate at 12.8%, which is down from a peak rate of annual growth of 18.4%in July earlier this year, while Melbourne’s annual growth rate has reduced from a recent peak of 14.2% to 11.8% over the 12 months ending November this year.
The only capital cities where values have declined over the past year are Darwin (-4.2%) and Perth (-4.1%), where weaker economic conditions and a slowdown in population growth contributed to an early peak in housing market conditions in December last year.
The equivalent peak in the cycle for Darwin was May 2014. Since that time, Perth values are down a cumulative 5.9% and Darwin values have fallen by a larger 6.8%.
“The fact that mortgage rates have risen independently of the cash rate has, in all likelihood, become a contributor to the slowdown in housing market conditions, as well as tighter lending practices evidenced by a recent reduction in lender risk appetite for investment loans and high loan to valuation ratio mortgages," Lawless said.
"Tighter mortgage servicing criteria across the board and affordability constraints in the Sydney and Melbourne markets are also having an impact on market demand.” 
As a consequence of the tighter lending environment for investors, as well as gross rental yields being at near record lows, participation in the housing market from investors has reduced from 54.1% of all new mortgages in May 2015 to 45.4% at the end of September, which is the lowest level since July 2013.
Click to enlarge
<img src="/images/2015/12/1/Screen%20Shot%202015-12-01%20at%2012.06.33%20PM.png" alt="" width="718" height="683">
Data released by APRA at the end of last month showed the pace of investment related housing credit growth fell below the APRA 10% speed limit for the first time since September last year, with the monthly change in investment credit growth the lowest since October 2011.
According to November’s results, the slowdown comes after auction clearance rates have moderated back to the low 60% range since the last week of October, whilst average selling time and vendor discounting rates also continue to rise from their record lows.
The 1.5% decline in capital city dwelling values over the month, coupled with a 0.3% rise in weekly rents, has seen the average gross yield record a subtle improvement over the month. This follows a trend towards lower rental yields which commenced in May 2013. Gross yields remain close to record lows for houses in Melbourne at an average of 3.0%, while Sydney has overtaken Melbourne to show the lowest yield profile across the capital city unit markets, with an average gross rental yield of 4.1%.
“Slower housing market conditions will likely be a topic of conversation when the Reserve Bank board meets today to deliberate on the cash rate setting. A less buoyant housing market is likely to provide the Reserve Bank with a greater degree of flexibility in adjusting interest rates without as much risk of overstimulating the housing market,” Lawless said.
“While the Reserve Bank is likely to welcome a slowdown in the rate of home value appreciation, the overriding objective would be to avoid a significant downturn in the housing market, which would act as a weight on economic growth and potentially impact financial system stability.”
“With the housing market moving through the peak of the cycle at a time when there is a large number of new dwellings commencing construction, there is likely to be a heightened level of settlement risk for off the plan purchases.”
“Those purchasers who have recently purchased off-the-plan may face challenges at the time of settlement if the valuation of the property is lower than the contracted price, or if mortgage finance is less freely available, or on more expensive terms. This would imply that some buyers may have a higher loan to valuation ratio than anticipated, which could require additional funds to bring the LVR down to a level the lender is comfortable with.”
“As a result of slowing housing market conditions, an additional risk for policymakers is a where a large number of dwellings approved for construction are postponed or withdrawn as developers face fewer pre-sales or lose confidence in their ability to deliver a profitable project to market,” he said.
<a href="/images/2015/12/1/Screen%20Shot%202015-12-01%20at%2012.07.58%20PM.png" target="_blank">Click to enlarge</a><img src="/images/2015/12/1/Screen%20Shot%202015-12-01%20at%2012.07.58%20PM.png" alt="" style="line-height: 1.3em;"> 
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Home values fall in Sydney, Melbourne as housing market moves through peak of cycle: CoreLogic RP Data 

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The Nylex clock that has stood watch since the 1960s over inner east Richmond, Cremorne and South Yarra will be restored to working order as the centrepiece of an ambitious new residential, commercial and tourism destination for Melbourne.
Caydon has lodged applications for development at the former maltings site in Cremorne, which is bordered by Gough Street, Cremorne Street and Harcourt Parade.
Caydon has owned the Harcourt Parade parcel of the site since 2008 and acquired the remaining Gough Street parcel last year.
The 1.4 hectare precinct will be known as the Malt District in a nod to its former use as a storage facility for malt used in brewing beer, and as the historical home of the old Cremorne Brewery.
Caydon has been working with architects Fender Katsalidis and landscape designers Oculus to re-activate its past.
This has included consultations with heritage experts Lovell Chen, City of Yarra planning officials, Parks Victoria and other key stakeholders, to achieve a development outcome that unlocks the site’s potential whilst respecting its past including restoring the Nylex clock.
The Nylex Clock was built by Neon Electric Signs in 1961 for Nylex Plastics Ltd and is a much-loved Melbourne icon. Above the sign is an LED clock that shows the time and temperature.
“This project is about so much more than building somewhere for people to live," said Caydon principal Joe Russo. 
"It’s about creating a vibrant destination where small businesses can make a start, artisans can display their craft, and where local and international tourists can visit for a drink or a meal."
Joe Russo is the passionate Richmond supporter to have controversially nominated for the board at this year’s annual general meeting.
"While I am regularly told that we are on the cusp of achieving the ultimate success – an AFL Premiership, the scoreboard does not lie.
"We haven’t won a final since 2001 or a flag in 35 long years.
"I am standing as a candidate because I want my kids and all Richmond members to experience what I did in 1980.
"I was at the MCG that day with my father – also a devoted Richmond man.
"I can still remember the sheer ecstasy of winning.
"Since 1980, three generations of Richmond supporters have been left disappointed, deprived of success year after year. I can no longer sit by and watch the team I love continue to show incremental improvement without realising our pursuit of sustained premiership success.
"Until now, I have kept a low profile in my private life and business interests, including my support of the RFC.
"I have been a significant contributor to the Fighting Tiger Fund under the condition that the VFL development team be bought into competition a year earlier than anticipated.
He told members in his application that Caydon Property Group was Melbourne’s largest apartment developer.
"From humble beginnings, developing townhouses in the outer northern suburb of Thomastown, my company now employs over 60 staff.
"I have completed over $1 Billion in developments to date, with a further 4,500 apartments in our pipeline worth in excess of $2 billion.
"This includes the famous Nylex site in Cremorne that will be Melbourne’s new inspired destination at the Punt Road end. 
<a href="/expert-insights/buying/leaps-and-bounds-as-caydon-buys-the-richmond-malt-complete-with-nylex-clock">The project</a> is expected to cost around $1 billion, with plans for up to a 1,000 apartments and serviced apartments. There will be parking for 1,000 cars.
There will be 6,000 square metres of retail and commercial space including bars, restaurants and other entertainment venues with Oculus founding partner Bob Earl, the project’s landscape designer.
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Nylex clock to star in Melbourne's new 'Malt District'

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Chatswood Place, a $300 million new boutique mixed use development by Platino Properties, was launched on Frday.
At the launch, 106 out of 111 apartments sold for a total of $160 million.
Located at 260 Victoria Avenue, the development will comprise 223 apartments over five buildings, released in two stages.
Units range from studios to four-bedroom penthouses.
Construction is expected to begin in February 2016 with completion proposed by late 2018.
Only six buyers were from overseas.
Almost 65% were buying to live in the new apartments. 
Most were existing Chatswood residents wanting to upgrade. 
A record sale was also made with two apartments purchased by the same buyer for $8.1 million - something never before seen in Chatswood.
“The strong demand for Chatswood Place is indicative of home owners’ increasing preference to live in apartments that are a stone’s throw from the shops, cafes and restaurants they frequent," said Platino developer Jonathan Leib. 
The development comes with shops, dining precinct and community facilities such as childcare services.
Communal spaces include an outdoor pool, gymnasium, BBQ area and sheltered pavilion for entertaining al fresco. Residents-only gardens flow through and above the buildings.
Three colour schemes (Latte, Espresso and Affogatto) were offered by Platino Properties, who has been designing and developing residential apartments on Sydney’s North Shore for over 35 years. 
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Chatswood Place launches; 106 units sold for $160 million

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Apartments in inner-city Brisbane continue to attract significant investor interest.
Local buyer interest in the south-east Queensland property market remains strong, according to Raine &amp; Horne.
The latest data from realestate.com.au shows the median apartment price in the Brisbane LGA was $495,000, as steady growth continues throughout the southeast corner of the state.
“It’s long been talked about that the stream of apartments coming into the Brisbane market would result in a situation of oversupply, but from what we’re seeing, this isn’t the case,” said Steve Worrad, general manager, Raine &amp; Horne Queensland.
“In fact, the smart money from both local buyers and interstate investors is snapping up quality apartments within a few kilometres of the Brisbane CBD.”
The Real Estate Institute of Queensland (REIQ) reports that Brisbane has a current apartment rental vacancy rate of around 3.3 percent, citing continuing strong interest from investors and owner-occupiers for new apartments.
The agency has an apartment at 8125/191 Constance Street, Bowen Hills (artist's impression) up for resale off the plan for <a href="https://www.realestate.com.au/property-unit-qld-bowen+hills-121292350">December 15 auction</a>.
8125/191 Constance Street is located in the architecturally-designed, The Tower on the Green, listed through agent Robyn Thomas of Raine &amp; Horne Ascot who says the apartment will be ready for occupation in January 2016.
 
 
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Brisbane apartments still a hot prospect, says Raine & Horne

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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