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Australian companies could increase their workforce potential by utilising their real estate assets, says a JLL report.
The report, Australian CRE (Corporate Real Estate) Survey – Getting the Strategy Right, identifies opportunities for real estate teams working in corporate Australia to shift their focus from real estate metrics to business performance goals.
“It is being recognised that a big factor of business success is the workplace, which contributes to talent attraction and retention and productivity," said Tony Wyllie, JLL’s Australian head of corporate solutions integrated portfolio services.
“Our latest JLL survey has found that when it comes to the expectations that are placed on internal teams managing real estate in corporate companies, they continue to walk a tightrope between delivering cost savings for the business and creating value from real estate assets owned by the company.
“There’s a real opportunity for these real estate teams to shift the conversation from cost to business strategy, focusing on outcomes like productivity that will create real value for the organisation,” he said.
The survey found that 88% of respondents reported productivity gains are still behind achieved predominantly by cost savings, but workplace improvements also rated highly in the survey, with 72% of respondents saying productivity gains had been made this way.
JLL’s third report on Global Corporate Real Estate Trends tracks insights from 544 CRE executives in 36 countries. The report shares the views of real estate teams operating in corporate Australia.
The major shifts in CRE sentiment since the last JLL global survey in 2012 are:
<ul>
<li>The CRE mandate is stronger than 3 years ago – 26% rated it much stronger and 40% said it was stronger</li>
<li>
Over the past 2 years, the majority of CRE (56%) say that their strategy has been more cost driven compared with 42% who say it has been more value driven
</li>
<li>77% of respondents said that over the past 2 years, productivity had become a more important goal for the CRE team.</li>
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The last three biennial global surveys conducted since 2010 indicate a clear focus on cost for corporate real estate teams at the expense of allowing these teams to create value beyond just financial savings.
“Internal real estate teams need to move from being a technical specialist to being a trusted advisor," Wyllie said.
“For corporate real estate teams to elevate their role away from just a cost focus, they need to expose what they have traditionally held as their organisation’s ‘strategically sensitive’ functions around portfolio strategy to service providers and shift their own focus on the pinnacle levels of strategy such as stakeholder management and integration with the key supporting business functions of HR, IT and finance.
“The results from JLL’s latest survey show that the demands from the C-suite (CEO’s, COO’s, CFO’s) are growing, not slowing.
“Since the GFC, companies have been honing in on what is typically either their second or third largest cost base – their real estate or office footprint.
“Not only has the C-suite continued to demand cost savings from real estate but their expectation is for corporate real estate teams to deliver on both the value and cost side of the real estate equation.
“That’s why corporate real estate teams are still walking a tightrope,” said Wyllie.
The report identifies opportunities for corporate real estate teams to shift their focus and increase their visibility in managing a company’s real estate assets. The survey found the CRE mandate to do this was stronger than 3 years ago – 26% said it was ‘much stronger’ and 40% said it was ‘stronger’.
“While the survey showed that the majority of CRE executives believe they can elevate their function through delivering cost savings (35%) and have spent the past two years with a strategy focused on cost savings, this succeeds in garnering support from the business, but leaves a lot of value on the table that companies could be using to maximise the performance of the business,” said Wyllie.
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JLL survey suggests real estate teams in Australian companies should shift focus to business strategy 

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A boutique site in Melbourne CBD with an approved permit for a 34-level apartment tower comprising 89 apartments is up for sale.
The site at <a href="https://www.realcommercial.com.au/property-land+development-vic-melbourne-501727429" target="_blank">9-11 Exploration Lane</a> has a land area of 168 square metres.
The site has a fully approved permit for a project designed by architect Rothe Lowman.
It is listed by agents Nick Peden and Clinton Baxter of Savills.
The East End CBD location is close to Melbourne Central train station.
"This offering is one of the best to hit the market for many years," Nick Peden said.
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Exploration Lane, Melbourne CBD site with permit for 34-level tower up for sale

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Charter Hall’s Core Plus Industrial Fund (CPIF) has bought an industrial land holding near the Port of Brisbane in an off-market deal for $6 million, adding to its existing holdings on Lytton Road at Hemmant.
The 1517 Lytton Road, Hemmant property is spread over 17,766 square metres and is a General Industry zoned site within the Trade Coast precinct.   
The site had historically been used as part of the overall Inghams chicken facility and most recently as a transport yard.
Selling agent Shaw Harrison of Savills leased out the vacant yards and split the site into smaller tenancies, occupied by hardstand and transport depot tenants. The total current income of $520,000 represents a yield of 8.66% which includes a rental guarantee for the vacant yard.
Harrison said the acquisition of 1517 Lytton Road “adds the final piece of the puzzle” following Charter Hall’s previous acquisitions of neighbouring properties, 1510 Lytton Road in 2014 and 80 Canberra Street in 2012. The latest brings its total holding to more than 12 hectares of future developable land backed by a weighted average lease expiry of around 14 years with some medium-term development upside.
“The acquisition is right on strategy in terms of investing in highly land constrained markets within very close proximity to key infrastructure in the Port of Brisbane and Gateway Motorway. It enables us to work closely with, and provide flexibility, in terms of expansion or reconfiguration requirements, for one of our key customers, Inghams,” Charter Hall’s head of industrial Paul Ford said.
CPIF focuses on sourcing properties in the industrial and logistics sectors of major Australian capital cities. The fund was launched in April 2007, raising $350 million in equity commitments, says its website.
Harrison said the fully fenced property with workshops and separate yards provide attractive holding income while the new owner assesses future options.
 “The Trade Coast provides convenient road access direct from the Port to both the north and south of Brisbane via the Gateway Bridge and Motorways and, as such, is a strategic logistics location and busy route for trucks and heavy vehicles. This site will be the next big thing in the Trade Coast precinct,” said Harrison.
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Charter Hall expands Brisbane Trade Coast holdings with $6 million industrial site purchase

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Upward momentum in the retail market is underpinning a tranche of new store openings across the east coast, according to CBRE.
CBRE's head of retail brokerage leasing Australia, Leif Olson, said improved consumer sentiment levels were underpinning the growth, with Australian brands seeking to expand their footprint in Sydney and Melbourne’s fashion hot spots.
High-end menswear label <a href="https://twitter.com/MJBale" target="_blank">MJ Bale</a> is the latest such Australian retailer, with a recently-opened flagship store in Sydney's Martin Place.
“MJ Bale’s new store opening highlights continued momentum in the retail market and the confidence this is providing Australian retailers to capitalise on the recent business upturn,” Olson said.
“Located in the heart of Sydney’s business district, Martin Place is fast becoming one of Australia’s premier fashion hubs, soon to be synonymous with names such as Rimowa, Kit &amp; Ace and COS.”
Totaling 120 square metre, MJ Bale’s store at 14 Martin Place features a new fitout and design, while maintaining the heritage feel of the iconic sandstone building.
The latest MJ Bale store opening comes after the retailer recently expanded its footprint in Melbourne through CBRE, opening a 120 square metre outlet at 500 Collins Street.
Another store spanning 131 square metres at St Collins Lane is expected to open in 2016.
“Over the past 18 months, a flood of new entrants have secured a presence in the Melbourne CBD, which is evidence of its growing appeal at a local and international level,” said Melbourne CBRE leasing agent Zelman Ainsworth.
At St Collins Lane, MJ Bale will neighbour a number of international brands, including Coach, Tag, Furla, Sandro, Maje and Reiss. 
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Australian retailer MJ Bale widens footprint across east coast

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New apartment sales activity on the Gold Coast has spiked by more than 30%, indicating strong demand for new launches, according to the latest data.
The number of transactions in the July to September quarter rose to 416 among 47 projects. 
It was up from 314 in the previous quarter, says the Urbis Gold Coast Apartment Essentials report. 
The two-bedroom, two-bathroom product remained the most popular across all precincts, equating to 69% of total sales.
Urbis senior consultant Lynda Campbell said increased supply coupled with strong buyer demand, had fuelled this quarter's sales activity growth.
“The Gold Coast apartment market is continuing to break records in 2015 with sales in the first three quarters combined (1,041) overtaking the total yearly sales for 2014 (825),” Campbell said.
“The latest report shows that sales this quarter increased by 253 compared to the corresponding quarter for 2014 which recorded a total of 163 sales – an increase of more than 150%.
Seven new projects have launched this quarter with another 22 set to launch over the next six months, bringing another 2,165 new apartments to the market, she said.
“As apartment prices in capital cities become less affordable, the Gold Coast is attracting a greater share of the investor markets, who are seeking value for money, return on investment and lifestyle opportunity,” Campbell said.
The overall LGA Gold Coast median apartment price in June, which includes new and existing apartments, was $360,000 – significantly more affordable than Sydney ($650,000), Melbourne ($470,000) and Brisbane ($429,000).
“The Gold Coast has welcomed 23 new apartment project launches during the past 12 months. This is driving a competitive market for developers who have become more savvy and sophisticated in their designs and amenity offerings - giving buyers more choice.”
The majority of activity was concentrated around the Gold Coast Central* precinct which recorded 206 transactions, or almost 50%, of total sales. This precinct also holds the largest pending supply with a total of 909 apartments in nine towers which are expected to enter the market over the next six to nine months.
The Gold Coast’s new apartment market has reached its highest level of apartment sales in seven years with five consecutive quarters of increased sales volumes.
The 416 sales during Q3 2015 compared to 163 sales in Q3 2014 and 314 in Q2 2015.
The weighted average sales price of apartments on the Gold Coast is $553,245 - decreasing by $5,593 compared to Q2 2015.
The Gold Coast Central precinct recorded 206 sales or 52% of total apartment sales with an average weighted sale price of $579,854.
Based on surveyed data, the Coastal Fringe* remains the most affordable precinct on the Gold Coast to buy a new apartment with an average weighted sale price of $455,000.
The Southern Beaches* remains the highest priced precinct on the Gold Coast to buy a new apartment with an average weighted sale price of $924,038.
*Coastal Fringe suburbs include Arundel, Parkwood, Molendinar, Ashmore, Benowa, Bundall, Carrara, Robina, Clear Island Waters, Merrimac and Varsity Lakes.
*Gold Coast Central suburbs include Labrador, Southport, Main Beach, Surfers Paradise and Broadbeach and Broadbeach Waters.
*Southern Beaches suburbs include Bilinga, Burleigh Heads, Burleigh Waters, Casuarina, Coolangatta, Currumbin, Kingscliff, Kirra, Mermaid Beach, Mermaid Waters, Miami, Palm Beach, Tugun and Tweed Heads.
 
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Gold Coast new apartment surge to seven year high in sales activity: Urbis research

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Aircraft noise has had minimal, if any, impact on property prices in suburbs near or under the flight paths to Brisbane Airport, a QUT analysis of 26 years of property sales, rental and investment performance has found.
The study found property prices in some high-value suburbs with high noise complaints rose at a greater rate than other similar suburbs unaffected by aircraft noise.
Property economist Professor Chris Eves and Andrea Blake from QUT’s School of Civil Engineering and Built Environment and the QUT Air Transport Innovation Centre analysed price, saleability, investment performance and capital growth from 1988 to 2014 of residential properties in 40 Brisbane suburbs either near the airport or under a flight path.
“It is the most detailed and comprehensive analysis of the impact of aircraft noise ever undertaken in Australia,” Professor Eves said. The study was commissioned by Brisbane Airport Corporation.
“In total we looked at more than 180,000 sales transactions in 40 suburbs ranging from those whose residents recorded the highest number of noise complaints to those which reported minimal or no aircraft noise.
“Our findings suggest that factors such as proximity to transport, the Brisbane CBD, schools, recreation facilities, the airport and other services, far outweigh any negative impact experienced as a consequence of being under a flight path or from aircraft noise.”
Professor Eves said the suburbs were classified by the number of aircraft noise complaints recorded by Air Services Australia over the past five years. These suburbs were classified  as having high, moderate or minimal/no noise complaints.
“Our analysis shows very little difference in growth of house prices across high-value suburbs regardless of where they were situated or their exposure to aircraft noise.
“For example, Bulimba, which is under an existing flight path and records moderate noise complaints, has capital returns slightly higher than New Farm which is not subject to any noise complaints.
“The capital returns for Ascot and Balmoral, which are currently not under a flight path, are less than the capital returns for Bulimba.”
Professor Eves said units and townhouses under Brisbane flight paths also showed no impact on investment performance from aircraft noise.
“Rental properties under the existing main southern flight path, which attracts the highest level of noise complaints, have a rental market increasing at the same percentage as properties not located under an existing flight path,” he said.
“In fact, over the 26 years, units and townhouses in the high noise complaint suburbs showed an average annual capital return of 7.66 per cent, which is higher than the capital returns in the moderate noise complaint suburbs of 7.40 per cent, but slightly lower than capital return for no noise complaint suburbs.
“In higher value, middle socio-economic suburbs, two of the highest average annual capital returns for the 26-year period for houses were achieved by Camp Hill (9.52 per cent) and Cannon Hill (9.72 per cent).
“Each of these suburbs is under the main southern flight path and subject to high noise complaints. In contrast, Bardon with minimal/no noise complaints achieved 9.02 per cent.”
Professor Eves said Hendra, another higher value middle socio-economic suburb, adjoining the airport, had recorded moderate noise complaints but outdid them all and achieved an average annual capital return of 10.9 per cent.
“Hendra is not currently under a flight path but will be when the New Parallel Runway opens in 2020,” he said.
“Even when we looked at the only two lower- value, middle socioeconomic suburbs in the study, we found similar effects.
“Mt Gravatt East, which records moderate noise complaints under the existing flight path, had, at 7.93 per cent, a higher average annual capital return than the Brisbane median of 7.72 per cent.
“In contrast Chermside West, which has minimal/no noise complaints under the existing flight path, had below the median growth of 6.46 per cent?
“Overall the study found that the value and price of housing and units in Brisbane located under flight paths are determined by a range of factors other than aircraft noise.”
Professor Eves said that when the new proposed flight paths open in 2020 there would be many suburbs which had less noise because aircraft movements would be shared.
Brisbane Airport Corporation (BAC) corporate relations head Rachel Crowley said the potential negative impact on property values was a cause of concern for people living near an airport or under a flight path.
“We’re pleased that this study may provide some comfort to people who may be anxious about whether or not their property value is constrained by their location under a flight path,” Ms Crowley said.
“We also hope this study may convince property developers, vendors and real estate agents that being open and transparent about the presence of a flight path should not negatively impact sale price.
“Airports are essential national infrastructure and the importance of their ability to operate unencumbered cannot be over-stated.  
“Queensland is in the fortunate position of having its major gateway airport  both well-located and well-protected by a significant buffer of industrial land which protects residents from the worst aircraft noise experienced in cities which have residential development far closer to the airport.”
Suburbs in the study were:
High noise complaints 
Morningside,
Coorparoo
Camp Hill
Cannon Hill
Tarragindi
Seven Hills
Tingalpa
Norman Park
Holland Park West
The Gap
Murrarie
Belmont
Moderate Noise Complaints
Gordon Park
Northgate
Bulimba
Mount Gravatt East
Balmoral
Clayfield
Ashgrove
Chapel Hill
Wynnum
Fairfield
Hawthorne
Ascot
Minimal/no noise complaints
Annerley
Mitchelton
New Farm
Mansfield
Virginia
Chelmer
Sherwood
Jindalee
Forest Lake
Kenmore
Graceville
Hamilton
Suburbs under south flight path
Morningside
Camp Hill
Seven Hills
Mt Gravatt East
Balmoral
Murrarie
Tarragindi
Coorparoo
North flight path
Ascot
Hendra
Albion
Chermside West
Ashgrove
Bardon
New flight path (2020)
Hamilton
Annerley
Stafford
New Farm
No flight path
Mansfield
Mitchelton
Wooloowin 
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What noise? Property prices in Brisbane suburbs under flight paths continue their climb

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Families from southern capitals are looking to the north for a better lifestyle at an affordable price, as median prices in Sydney are up to 75% higher than in Brisbane, says Place CEO Damian Hackett.
The median house price in Sydney and Brisbane during October 2015 was at the highest level in 13 years, he noted CoreLogic RP Data shows. 
<a href="/images/2015/11/23/image003.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/11/23/image003.png" alt="">
“The last time we saw these kinds of figures was back in 2002, when the median dwelling prices in Sydney were 97 percent higher than those in Brisbane – slightly above the current figure - which reflects a 75 percent difference," he said.
“If we look back, an increasing median price gap between Brisbane and our southern counterparts is key in shifting momentum."
Sydney and Melbourne buyers are rejecting the southern pricing instability in favour of Brisbane. Investors observe Brisbane’s high yields, while young families seek affordability and a quality lifestyle, he said.
“Brisbane is consistent in terms of sales activity and stability, with low interest rates this year encouraging investment across the board, in addition to upgrades in the upper end of the market.
“Queensland owner-occupiers are quickly snapping up family homes on large blocks in Brisbane’s blue chip suburbs, where they pay a fraction of what they would in Sydney”.
Queensland represents value for money, an attractive option for southern buyers as Sydney and Melbourne continue to experience unsustainable growth, says Hackett.
"What we’re now seeing is Sydney and Melbourne prices are reaching their peak; people are looking for stable and solid growth and that’s what we have in Brisbane. Families are recognising the very high quality of living they can afford in Queensland.”
According to Place, the increasing transport infrastructure across Brisbane will only add to its appeal.
“The first direct flights from Gold Coast to China have commenced, and the G20 showcased Brisbane as a highly attractive city, while the Gold Coast is seeing a boom in i
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High median price gap between Brisbane and Sydney sees buyers eyeing north: Place CEO Damian Hackett

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NSW's price growth has been plotted over the past decade by BIS Shrapnel in the McGrath IPO prospectus.
There is also a forecast for 2016. 
<a href="/images/2015/11/13/Screen%20Shot%202015-11-13%20at%202.09.32%20PM.png" target="_blank">Click to enlarge</a>
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NSW price growth over the past decade 2005-2015: BIS Shrapnel

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ACT's price growth has been plotted over the past decade by BIS Shrapnel in the McGrath IPO prospectus.
There is also a forecast for 2016.
<a href="/images/2015/11/13/Screen%20Shot%202015-11-13%20at%202.14.03%20PM.png" target="_blank">Click to enlarge</a>
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ACT price growth over the past decade 2005-2015: BIS Shrapnel

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Investors have been a significant influence in the Rockhampton region historically, in particular in the entry level market sector, according to valuation firm Herron Todd White's latest report.
The November HTW review suggests investors in this region vary from both mum and dad investors to interstate investors who have often seen value in our affordability and during peak market conditions, were not fazed by purchasing properties sight unseen.
"The investor market in Rockhampton has typically always been entry level price points however in recent years, there has been an influx of investment in new homes specifically targeted to non local investment providing a basic 4-bedroom, 2-bathroom home in the mid $300,000s."
As in most markets, investors in our local market focus on rental return and potential for capital growth, the HTW report says.
"In a town of our size, transport infrastructure and proximity to major facilities is still a consideration, however not as important as it is in the major capital cities.
"Expected yields vary depending on the property type, but broadly speaking, between 5% and 8% can be anticipated.
"Investment in the unit market has a smaller influence in the market overall, yet between 6% and 7% gross yields are still attainable."
The month in review goes on to state that Rockhampton has seen significant development in the short term and holiday accommodation sector in the past five years and supply is now becoming tighter, yet this is a relatively new market sector in which resales are largely untested.
"Multi unit dwellings have always been a sound option for investors due to the lower risk of vacancy, however given the affordability of the Rockhampton region as a whole, rental returns for aged dwellings are also attractive.
"Smaller sub markets in our local area such as Gracemere and the Capricorn Coast are experiencing similar conditions to varying degrees, with Gracemere being the first sub market in the Rockhampton region to reflect a downturn as a direct result of investor withdrawal."
The HTW report suggested that the downturn has been exaggerated by the significant number of non local investors paying highly inflated prices for house and land packages about three or four years ago on the basis of unsustainable rental guarantees which are now expired.
"This market was significantly developed, in particular in Gracemere between 2011 and 2014, off the back of the resources boom in mining towns within easy commuting distance of Rockhampton, including Gladstone.
"Once demand appeared to have reached its peak and the Gladstone market started to show signs of easing, developers of these housing projects quickly withdrew from the local market, particularly in Gracemere, and are no longer active in the area."
Significant declines in values have been experienced in those resales that have occurred, according to the month in review.
"Locally we have been experiencing a downturn in investor activity to date in 2015, however market indicators show this is more as a result of lower confidence and job security rather than the changes to the APRA lending criteria for investors, which appears to be targeting the more heated markets of Melbourne and Sydney.
"Ideally, with the implementation of these new guidelines, interstate investors may start to return to our local market as a 20% deposit on a $200,000 to $300,000 house may be more attainable for investors than a 20% deposit on a $700,000 plus property."
 
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Yields vary from 5% to 8% in Rockhampton: HTW 

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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