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<p>An iconic Dural location, the site of the Hargraves Nursery, has been listed for sale.</p>
<p>The 1.63 acre site, zoned RU6 Transition, SP2 Infrastructure, has spent 47 years as a "highly regarded Dural destination".</p>
<p>Situated at <a href="https://www.realestate.com.au/property-house-nsw-dural-131401174" target="_blank">630 Old Northern Road</a>, it is prominently positioned along the Dural business hub.</p>
<p>The property features, road frontage and exposure of approximately 80 metres with dual access along two boundaries.</p>
<p>Infrastructure on the holding includes, a home/office glass and shade houses, hardware and water retention facilities.</p>
<p>It has a clear view with Blue Mountain vistas.</p>
<p>It is located within minutes to Round Corner and Castle Hill.</p>
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j.ballantyne1990-6AQqhLzZaK

Hargraves Nursery site in Dural listed

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<p>There are just 800 listings remaining on the Purplebricks website.</p>
<p>It was at around 1000 a fortnight ago, as vendors depart the UK-based disruptor for local estate agents.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/29/narre%20warren%20east.jpg" alt=""></p>
<p>The <a href="https://www.purplebricks.com.au/search/property-for-sale#?q&amp;location=&amp;page=1&amp;searchType=ForSale&amp;sortBy=2" target="_blank">remaining 800 offerings</a> range from around $2.9 million to $3.2 million at 30 Boundary Road, Narre Warren East (pictured above), a four bedroom, three bathroom house set on 6.47 hectares to $30,000 for Lot 30 Melvin Terrace, Pinery.</p>
<p>The 1012 square metre Pinery holding has been unsuccessfully offered to market multiple times over the past six years, with the asking price reaching $133,270 from 2014 - 2016.</p>
<p>According to their website, around 85 agents are still on deck.</p>
<p>In early May, Purplebricks Australia announced its intention to exit the Australian market.</p>
<p>Despite the newly-installed CEO Neil Tavender and Kenny Bruce having overhauled the pricing model, so that half the fee was paid upfront and half on completion of the sale, Purplebricks have been forced to abandon the Australian market.</p>
<p>The pressure on the Australian business was most clearly exposed when it reported an $18 million interim loss for the six months to October last year.</p>
<p>Vic Darvey, the Purplebricks Group CEO said in May that after much consideration it had "made the difficult decision to close the Australian business".</p>
<p>"We’ve been operating here for two and half years and, unfortunately, we have been unable to make the progress in the Australian market that we’ve wanted, despite the tireless efforts of our employees."</p>
<p>The Australian branch announced that they would take no further listings in Australia, but intended to finalise all existing agreements.</p>
<p>They announced their decision just a week after UBS said the company was<a href="/news/purplebricks-not-likely-to-make-profit-in-australia-until-2022-ubs"> not likely to make money in Australia</a> until 2022.</p>
<p>In the month prior to the shutdown it was forecast that Purplebricks would potentially have to close its Australian operations <a href="/news/purplebricks-australian-agency-may-need-to-be-abandoned-to-save-uk-mothership">to save the UK mothership</a>.</p>
<p>Michael Bruce, the group's founder and chief executive officer stepped down immediately following the announcement with Vic Darvey, previously Purplebricks’ Chief Operating Officer, being appointed to the role of Chief Executive Officer and to the Board of Purplebricks.</p>
<p>While Purplebricks has sold more than 5000 homes since launching in Australia in September 2016, the company was spending about 84c in advertising to generate a dollar of revenue.</p>
<p>The <em>Australian Financial Review</em> has regularly revealed an exodus of estate agents along with allegations of a "toxic culture" within the company.</p>
<p>Over the weekend the London press reported Purplebricks is due to post losses of £51 million.</p>
<p>The <em>Sunday Telegraph</em> advised that the loss, for the 12 months to the end of April, will be unveiled when Purplebricks reports its results on Wednesday.</p>
<p>The ‘underlying pre-tax’ loss compares with £26m for the year before.</p>
<p>According to the <em>Telegraph</em>, the near-double loss comes after a “failed assault” on the Australian market and troubles in its American business, which has been under review.</p>
<p>However, says the newspaper, the company is “theoretically profitable” in the UK.</p>
<p>The founders, brothers Michael and Kenny Bruce, have both left the business.</p>
<p>Michael Bruce, who was also global chief executive, has been replaced by Vic Darvey, formerly managing director of Money supermarket.</p>
<p>The Bruces have sold their shares in Purplebricks to German publishing giant Axel Springer, now Purplebricks’ largest investor with a 27% holding.</p>
<p>Purplebricks shares closed on Friday at 99p, below the £1 launch price back in 2015.</p>
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Purplebricks Australian property listings shrink to just 800 homes for sale 

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<p>The Property Council of Australia is calling for the Commonwealth, state and territory governments to immediately convene an industry roundtable on resolving the insurance crisis for the building and construction sectors.</p>
<p>"Governments must come together on measures to address the imminent threat of the complete loss of insurance coverage for building certifiers which could significantly disrupt building and construction activity," said Property Council of Australia Chief Executive Ken Morrison.</p>
<p>The Property Council is calling on the Commonwealth to take a leadership role to:</p>
<ul>
<li>Implement a nationally consistent standard for risk assessment and rectification work for existing buildings with combustible cladding;</li>
<li>Establish a joint task force of industry and governments to design a program that will fund rectification works for building owners left exposed with no recourse;</li>
<li>Recommit to a nationally consistent approach and urgent implementation of the Shergold Weir report recommendations.</li>
</ul>
<p>It noted insurers around the world have withdrawn exclusion-free professional indemnity insurance for building certifiers and other professionals including engineers and architects in the aftermath of fires involving combustible cladding products.</p>
<p>"For building certifiers, this has precipitated into a real crisis with building surveying firms now facing closure because they cannot secure affordable or workable insurance policies," Morrison said.</p>
<p>"While Australia has taken action through its National Construction Code to improve safety standards in newly-constructed buildings, existing buildings with cladding are covered by a range of inconsistent and incompletely enforced state and territory regulations and guidelines.</p>
<p>"This has made it almost impossible for building owners to secure affordable insurance and to plan rectification works for their affected buildings. Building owners can no longer get expert advice from professionals as they themselves can no longer secure appropriate insurance cover for necessary work.</p>
<p>"This has now led to instances of certifiers being quoted insurance renewal costs up to hundreds of thousands dollars higher, or facing the prospect of no insurance cover at all.</p>
<p>"For too long, different levels of government have been passing the buck on putting in place nationally consistent standards for building regulation and compliance.</p>
<p>"The cost of this intergovernmental merry-go-round is now being sheeted home as building certifiers are unable to do their jobs without insurance cover.</p>
<p>"This impending insurance crisis risks bringing the construction sector to a halt if it is not addressed urgently."</p>
<p>The Commonwealth, state and territory governments have had the blueprint for action for more than 18 months in the form of the Shergold Weir report which made 24 recommendations to improve building regulation and compliance across Australia.</p>
<p>"Our objective must be to strengthen confidence in the regulatory regime for building and construction across Australia through a nationally uniform approach. Despite strong industry support, governments have taken too long to get this done," Morrison said.</p>
<p>"First and foremost, the Federal Government now needs to play a leadership role and bring together all state and territory governments as matter of urgency to deal with the looming insurance crisis, as well as commit to deliver on the Shergold Weir recommendations.</p>
<p>"Public confidence in the built environment, not to mention the hundreds of thousands of jobs supported by building and construction, demand this level of action from our governments."</p>
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Urgent action required to fix construction industry's insurance crisis: Property Council 

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<p>There are certainly opportunities in the current 2019 market to pay less than the last price.</p>
<p>But is there really such a thing as buying a <strong>bargain</strong> when it comes to<strong> </strong><strong>property</strong>? And <strong>where</strong> are they?</p>
<p>This series of articles looks are specific examples of sale price or asking price falling. </p>
<p>We take a look at where and if possible why this is happening.  </p>
<p><strong>We came across this property for consideration.</strong></p>
<p><img class="size-full wp-image-488233" src="https://www.realestate.com.au/blog/images/1600x1600-fit,progressive/2019/06/24070101/capi_59ceac5b4ce2459660fd073c5ab81358_78dab1edf43fe3f72f94e3f6cf110f95.jpeg" alt="" data-capiid="78dab1edf43fe3f72f94e3f6cf110f95"></p>
<p>A two million dollar discount is on offer for high-profile sport and entertainment manager Ralph Carr’s luxury Hawthorn home.</p>
<p>The grand home at <a href="https://www.realestate.com.au/property-house-vic-hawthorn-130923986">26 Shakespeare Grove</a> was originally listed for $12 million to $13.2 million but the price guide has now been adjusted to $10 million to $11 million.</p>
<p>Abercromby’s director Jock Langley said the initial expressions of interest campaign did not reach a level that would satisfy vendor expectations.</p>
<p>“We have realigned the assessment of value to reflect where we are confident there is buyer interest,” Mr Langley said.</p>
<p>The Victorian mansion is now going to private auction on August 10.</p>
<p>Carr paid $7.55 million for the sprawling 1,318 sqm property in 2013.</p>
<p><img class="size-full wp-image-488232" src="https://www.realestate.com.au/blog/images/1600x1600-fit,progressive/2019/06/24070056/capi_59ceac5b4ce2459660fd073c5ab81358_1bea73a44a309eec0b29246b1f43c47f.jpeg" alt="" data-capiid="1bea73a44a309eec0b29246b1f43c47f"></p>
<p><strong>It is up to you to determine if the offering is a truly beneficial bargain.</strong></p>
<p>Remember buying at the bottom of the cycle is fraught – as you can't really precisely pick the bottom nor know just how long until you see some price growth.</p>
<p>Be aware you could be buying a poor quality property in an area with ongoing issues of oversupply of stock.</p>
<p>The oversupply could be also putting downward pressure on rents.</p>
<p>Other price declines could be because the vendor needs a quick sale or paid way over the top on its last purchase chase.</p>
<p>Property Observer suggests property purchasing really does need to be a very well considered proposition with a long term mindset.</p>
<p><em> </em></p>
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Bargain property in Hawthorn? Two million dollar discount on luxury home

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<p style="text-align: left;" align="center">The RBA could cut the cash rate again as early as Tuesday however it’s unlikely the big four banks will pass it on in full, according to comparison site RateCity.com.au.</p>
<p style="text-align: left;">RateCity.com.au drew comparison to when the RBA cut the cash rate in May 2016, the big banks, with the exception of ANZ, passed on the full 0.25 per cent to their variable rate customers.</p>
<p style="text-align: left;">However, when the RBA cut again just three months later, not one of the big banks passed it on in full.</p>
<p style="text-align: left;"><img src="https://www.urban.com.au/images/2019/7/1/Passing%20the%20cut%201.JPG" alt=""></p>
<p style="text-align: left;"> </p>
<p style="text-align: left;">RateCity.com.au research director Sally Tindall said the big banks are increasingly finding themselves in a rock and a hard place.</p>
<p style="text-align: left;">“The RBA is now ready and willing to cut the cash rate. They’ve also made it very clear the banks should pass on these cuts to their variable home loan customers." </p>
<p style="text-align: left;">“But the closer the cash rate gets to zero, the more banks will start feeling wedged." </p>
<p style="text-align: left;">“Wholesale funding costs might have come down, but banks are trying to juggle deposit rates, lending rates, business costs and profit margins in what is an incredibly sluggish credit market."</p>
<p style="text-align: left;">“What’s been really interesting is that while hundreds of thousands of existing mortgage holders missed out on a full cut last month, competition for new business is actually intensifying."</p>
<p style="text-align: left;">“Last month we saw the lowest rate on the market for new customers fall from 3.44 per cent to 3.09 per cent – a drop of 0.35 per cent, 0.10 per cent more than what the RBA delivered."</p>
<p style="text-align: left;"><img src="https://www.urban.com.au/images/2019/7/1/Passing%20the%20cut%202.JPG" alt=""> </p>
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Why the banks probably won't pass on the next full RBA cut: RateCity

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<p class="p1">Actor Rachel Griffiths’ longtime home in the outer Los Angeles suburb Encino has quickly gone under offer.</p>
<p class="p1">There was a $US1.748 million ($A2.5 million) asking price on the stylish single-storey 1960s home.</p>
<p class="p1"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/1/Rachel%20Griffiths%20Encino%201.jpg" alt=""></p>
<p class="p1">Griffiths, now back in Australia with her artist husband, Andy Taylor, bought the home in 2005 for $US1.2 million when she was finishing up her role on US TV’s Six Feet Under.</p>
<p class="p1">She went on to appear in Brothers &amp; Sisters, which ran until 2011.</p>
<p class="p1">The listing is advertised as a “celebrity-owned mid-century modern oasis”.</p>
<p class="p1">All rooms have walls of glass, with a step-down living room with fireplace. There’s another sunken conversation nook with fire pit outside amid yellow palo verde trees.</p>
<p class="p1"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/1/Rachel%20Griffiths%20Encino%202.jpg" alt=""></p>
<p class="p1">The 1961 home blends minimalist and modernist elements in an open floor plan.</p>
<p class="p1">The gated residence sits on 1580sqm with a pool.</p>
<p class="p1">The now Melbourne-based Griffiths — who sold her Palm Beach, Sydney, retreat in 2014 for $2.25 million in just 10 days — will soon make her directorial feature film debut with Ride Like A Girl, which stars actors Sam Neill and Teresa Palmer, depicting the story of Michelle Payne, the first female jockey to win the Melbourne Cup.</p>
<p class="p1">This article was first published in the Saturday Daily Telegraph.</p>
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Actress Rachel Griffiths gets offer on longtime Los Angeles home

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<p>The Hayman Island InterContinental, located at the northern most point in the Whitsunday Islands, has welcomed its first guests.</p>
<p>Managed by the InterContinental Hotels Group (IHG), Hayman Island has undergone a $135 million refurbishment.</p>
<p>The resort is the first of four InterContinental Resorts to open in 2019 and will be followed by ANA InterContinental Beppu Resort &amp; Spa, InterContinental Maldives Maamunagau Resort and InterContinental Phuket Resort. </p>
<p>Groups involved in the design and construction of the 166 room resort include, DBI Designs, DAARC and KY Design.</p>
<p>The only way to get to the three wing resort is either luxury catamaran, helicopter or seaplane. </p>
<p>A new addition to the accommodation offering is the Three Bedroom Hayman Beach House, fronting Hayman Beach and offering 400 sqm of privacy.</p>
<p><img src="https://www.urban.com.au/images/2019/7/1/Hayman%20Island%202.JPG" alt=""></p>
<p>Each of the three encompassing suites has their own plunge pool, master ensuite and over-sized bathtub with the social spaces offering luxury island living with open plan dining and living room, alfresco entertaining, private sun loungers and unobstructed beach access.</p>
<p>One of the most significant changes to the resort, is the introduction of five restaurants and bars, Pacific, Bar Fifty, AQUA, Amici Trattori and Bam Bam.</p>
<p>Rooms at the <a href="https://www.propertyobserver.com.au/haymanisland.intercontinental.com." target="_blank">InterContinental Hayman Island</a> start from AUD$750.00 per night.</p>
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Hayman Island InterContinental reopens its doors

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<p class="x_MsoNormal">Sorrento’s stalled Continental Hotel redevelopment project has been listed for sale, with expectations of attracting keen interest.</p>
<p class="x_MsoNormal">Colliers International agents Guy Wells and Trent Hobart have been appointed to sell the iconic Continental Hotel at <a href="https://www.commercialrealestate.com.au/property/continental-hotel-1-21-ocean-beach-road-23-constitution-hill-road-sorrento-vic-3943-2015405350" target="_blank">1-21 Ocean Beach Road</a> and an adjoining site at 23 Constitution Hill Road in Sorrento.</p>
<p class="x_MsoNormal">Hotelier Julian Gerner purchased the property from the Di Pietro family following a sales campaign in 2015.</p>
<p class="x_MsoNormal">Gerner has obtained planning and heritage approval for an extensive redevelopment of the 144-year-old heritage-listed hotel, the largest limestone structure in the Southern Hemisphere.</p>
<p class="x_MsoNormal">But this project has been shut down given issues regarding the project's partners.</p>
<p class="x_MsoNormal">"It is an outstanding investment and development opportunity to bring new life to Sorrento’s iconic Continental Hotel," said Wells.</p>
<p><span>“The Continental Hotel redevelopment is a major undertaking, in a seasonal location and </span>requires a respectful and detailed restoration,” Gerner noted.</p>
<p>“This has created some complexity around commerciality and funding.</p>
<p>"Due to increasingly difficult market conditions, I have resolved to take the project back to market.”</p>
<p><span>Heritage restoration and basement works have commenced, while the planning approvals </span>provides for mixed use development capitalising on the site to provide a hotel, public bar, restaurants, multiple function rooms, café and two penthouse apartments along with parking for 114 cars.</p>
<p>The hotel has been closed for over two years.</p>
<p> </p>
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Sorrento's stalled Conti Hotel listed for sale

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<div>
<div>Both Melbourne and Sydney saw their auction clearance rate sit above 70 percent, however there's no new boom, according to one auction commentator.</div>
<div> </div>
<div>The final tally will revise lower as late results but sit in the commendable high 60 per cent range.</div>
<div> </div>
<div>The unreported results include <a href="https://www.raywhite.com/nsw/vaucluse/2120246/?lang=en" target="_blank">a Vaucluse trophy home</a> (top) which was passed in on a $16 million vendor bid at its late Saturday afternoon auction.</div>
<div> </div>
<div>There had been just the one bid taken by auctioneer, Damien Cooley of $15 million for the home of hotelier Ashton Waugh who'd listed the home with a $16 million price guide through Gavin Rubinstein, the Ray White network’s top performer.</div>
<div> </div>
<div>The three-level home was completed two years ago with five bedrooms and seven bathrooms.
<p>Peter Ahern of buck&amp;simple Architecture redesigned the Gilliver Avenue home with a panorama that takes in the city skyline, Opera House and Harbour Bridge from its 835 square metre block that cost $6.7 million in 2004.</p>
</div>
</div>
<div>There were 1,292 capital city homes taken to auction over the final weekend of June, returning a preliminary national auction clearance rate above 60 percent for the third consecutive week.</div>
<div> </div>
<div><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/1/CoreLogic%20weekend%20June%2030.jpg" alt=""></div>
<div> </div>
<div>It was 66.5 percent nationally, according to CoreLogic auction analyst Kevin Brogan.</div>
<div> </div>
<div>The winter hibernation kicks in with lower listings down on the 1,484 homes and <span>1,487 auctions held over the prior weekends</span>.</div>
<div> </div>
<div>Sydney was the strongest market with volumes down to 503 auctions from the 558 auctions held over the week prior.</div>
<div> </div>
<div>Sydney returned a preliminary auction clearance rate of 72 percent with the top sale being an Elizabeth Bay apartment in The Palms harbourfront complex.</div>
<div> </div>
<div>The three bedroom <a href="https://www.raywhite.com/nsw/elizabeth-bay/2108574/?lang=en" target="_blank">8/12-16 Billyard Avenue</a><span> offering (below) fetched $3,815,000 with four registered bidders. </span>
</div>
<div> </div>
<div>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/1/Billyard%20Avenue%20Elizabeth%20Bay.jpg" alt=""><br><br><span>More than 100 groups went through the open homes, Ray White agent Ian Campbell said.</span>
</div>
<div><span> </span></div>
<div><span><span>"There's a shortage of stock at the moment, and when you combine that with increased buyer confidence since the election, it makes sense that open home numbers and auction clearance rate numbers are up," he said.</span><br><br><span>"The buyers loved the convenience of being able to walk in to the city or take the ferry," Campbell added.</span></span></div>
<div><span><span> </span></span></div>
<div><span><span>The buyer was also keen on securing a berth for a boat on the adjoining block, Domain reported.</span></span></div>
<div><span><span> </span></span></div>
<div>
<span><span><span>The </span></span></span>Ray White Elizabeth Bay selling agent Renee Cross had given $3.7 million price guidance for the split level, three bedroom, 231sqm apartment with two cars spaces.</div>
<div> </div>
<div>It last sold at $990,000 in 1995. </div>
<div> </div>
<div>Melbourne returned a 70.6 percent preliminary auction clearance rate this week, increasing on the 68.9 percent final clearance rate last week.</div>
<div>
<div> </div>
<div>Its volumes were lower week-on-week, with 536 homes auctioned down on the 635 auctions held the previous weekend.</div>
<div> </div>
<div>A four bedroom Kew home was Melbourne's top sale. The <a id="LPlnk363779" class="x_OWAAutoLink" href="https://kayburton.com.au/real-estate/house-58-alfred-street-kew-vic-3101-1325077" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">58 Alfred Street offering</a> (below) was passed in for $4.25 million with Domain reporting it sold post auction for $4.35 million to an investor, who plans to rent it out.</div>
<div> </div>
<div><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/1/Alfred%20Street%20Kew.jpg" alt=""></div>
<div> </div>
<div>Melbourne saw a pre-auction sale when $2,308,888 was paid for <a href="https://www.barryplant.com.au/glenwaverley/property/603012/48-orchard-street-glen-waverley/" target="_blank">48 Orchard Street, Glen Waverley</a>.</div>
<div><span> </span></div>
<div><span>It was a five bedroom, two storey house sold through Barry Plant having sold in 2011 at <span>$1,998,888</span>.</span></div>
<div> </div>
<div>The weekend auction performance was varied across the smaller auction markets with Adelaide seeing a 68.9 percent success rate, while only 33.3 percent of homes sold across Perth.</div>
</div>
<div>
<div> </div>
<div>Brisbane had a 36 percent clearance rate including the nation's cheapest sale.</div>
<div> </div>
<div>It was the three bedroom at <a href="https://christopherliu.raywhite.com/qld/kingston/2121864/" target="_blank"><span>34 Antares Avenue, Kingston</span></a> (below) which fetched $195,000.</div>
<div> </div>
<div><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/1/Antares%20Avenue%20Kingston.jpg" alt=""></div>
<div> </div>
<div>It last sold at $60,000 in 1998.</div>
<div> </div>
<div>"Bring your tools," said Ray White Logan selling agent Chris Liu.</div>
</div>
<div> </div>
<div>The higher auction results were aligning with the trend in housing values, Kevin Brogan said, noting the rate of decline had been consistently improving through 2019, largely driven by improved conditions across Sydney and Melbourne.</div>
<div> </div>
<div>"If we see auction clearance rates holding above the 60 percent mark consistently, it’s a firm sign that buyer and seller price expectations are more balanced and housing prices are finding a new floor," he said.</div>
<div> </div>
<div>Property commentator Andrew Wilson said the weekend results reflected a "steady solid winter market on the road to recovery for Sydney and Melbourne."</div>
<p><span>"Sydney and Melbourne home auction markets continue to report clearance rates at the highest levels since 2017 with solid rising buyer momentum contrasting to the fading market of a year ago," Dr Wilson noted.</span></p>
<p><span>"Seller numbers however remain relatively subdued – particularly in Melbourne and will remain so for at least the next month over the school holiday period. </span></p>
<p><span>"Lower interest rates are a key catalyst for a recovery in buyer confidence with another cut next week by the RBA - if it eventuates - to continue fuel a market revival," Dr Wilson said.</span></p>
<p>"There's no new boom as yet though" said SQM's Louis Christoper.</p>
<p> </p>
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Stronger weekend auction success rates, but no new boom as yet though: Louis Christopher

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<p>Scentre Group has sold its Sydney CBD office towers to US private equity firm Blackstone for $1.52 billion.</p>
<p>It is planning to use part of the proceeds to fund an $800 million share buyback to boost investor returns.</p>
<p>They will grant Blackstone a 299-year leasehold interest for the office towers above the Westfield shopping centre in Market Street and Castlereagh Street, however they will retain ownership of Westfield Sydney and Sydney Tower.</p>
<p>Scentre shares lifted 2.56 per cent to a more than two-month high of $4.01 following the statement to the ASX concerning the matter.</p>
<p>Group chief executive Peter Allen said the $1.52 billion transaction price represented almost $800 million in additional value on investment and an unlevered internal rate of return of over 16 per cent per annum.</p>
<p>"Our development of the Sydney Office Towers in 2011 and ongoing investment until now has created significant value for securityholders," Mr Allen said.</p>
<p>In total Scentre now holds $2.1 billion in capital following the sale of 50 per cent of its stake in Westfield Burwood for $575 million in May.</p>
<p>Mr Allen said the company would initially use the new funds to repay debt before commencing an $800 million share buyback in August.</p>
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Scentre Group has sold its Sydney CBD office towers for $1.5 billion

<p>One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.</p>

<p>Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.</p>

<p>The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.</p>

<p><img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" /></p>

<p>Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.</p>

<p>Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.</p>

<p>The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.</p>

<p>Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.</p>

<p>The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.</p>

<p>That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.</p>

<p>The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.</p>

<p>"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.</p>

<p><img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" /></p>

<p>Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.</p>

<p>The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.</p>

<p>The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.</p>

<p>According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.</p>

<p>The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.</p>

<p>A significant component of the proposal is the revitalisation of Blue Street Plaza.</p>

<p>The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.</p>

<p>Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.</p>

<p>Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.</p>

<p>Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.</p>

<p>Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.</p>

<p>The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.</p>

<p>Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.</p>

<p>&nbsp;</p>

<p>FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.</p>

<p>Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.</p>

<p>Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.</p>


Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

<p>Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.</p>

<p>The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.</p>

<p>The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.</p>

<p>The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.</p>

<p><img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" /></p>

<p>The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;</p>

<p>PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.</p>

<p>The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.</p>

<p>Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.</p>

<p>"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.</p>

<p>Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.</p>

<p>A major focus of the design has been the public domain.</p>

<p>The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.</p>

<p>The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.</p>

<p data-end="239" data-start="66">Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.</p>

<p data-end="442" data-start="241">Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.</p>

<p data-end="661" data-start="444">Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.</p>

<p data-end="909" data-start="663">Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.</p>

<p><em>Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a></em></p>

<p data-end="1339" data-start="1019">Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.</p>

<p data-end="1339" data-start="1019">[smartcode_project:default project_id=30959 project_image_fid=292863]</p>

<p data-end="1398" data-start="1341">It has since quietly assembled its next wave of projects.</p>

<p data-end="1805" data-start="1400">Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.</p>

<p data-end="1805" data-start="1400">[smartcode_project:default project_id=152095 project_image_fid=373685]</p>

<p data-end="1991" data-start="1807">The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.</p>

<p data-end="2303" data-is-last-node="" data-is-only-node="" data-start="1993">Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.</p>

<p><em>Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a></em></p>

<p><em>Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a></em><br />
&nbsp;</p>

<p>&nbsp;</p>

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<p>&nbsp;</p>


First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

<p data-end="492" data-start="327">Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.</p>

<p data-end="843" data-start="497">At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.</p>

<p data-end="1109" data-start="848">The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.</p>

<p data-end="1109" data-start="848">[smartcode_project:default project_id=152022 project_image_fid=375528]</p>

<p>Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.</p>

<p>The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.</p>

<p>"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.</p>

<p>[smartcode_project:default project_id=152022 project_image_fid=375531]</p>

<p>The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.</p>

<p>The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.</p>

<p>[smartcode_project:default project_id=152022 project_image_fid=375524]</p>

<p>Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.</p>

<p>Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.</p>

<p>[smartcode_project:default project_id=152022 project_image_fid=375530]</p>

<p>The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.</p>

<p>The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.</p>

<p>The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.</p>

<p>"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.</p>

<p>"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."</p>

<p>Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.</p>

<p>[smartcode_project_cta:default project_id=152022]</p>


Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

<p>Not all apartment amenities are immediately visible.</p>

<p>Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.</p>

<p>Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.</p>

<p>Online shopping has been one of the biggest drivers of that shift.</p>

<p>Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.</p>

<p>For apartment residents, however, receiving those deliveries isn't always straightforward.</p>

<p>Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.</p>

<p>Australia Post's Parcel Locker network is one response to that shift.</p>

<p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe></p>

<p>Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.</p>

<p>The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.</p>

<p>That growing presence reflects a broader change in how apartment buildings are being planned.</p>

<p>Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.</p>

<p>It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.</p>

<p>For buyers comparing apartments, these everyday details are becoming part of the decision-making process.</p>

<p>Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.</p>


Parcel delivery is joining the apartment amenity checklist

<p data-end="471" data-start="164">Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.</p>

<p data-end="777" data-start="473">The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.</p>

<p data-end="976" data-start="779">Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.</p>

<p data-end="1119" data-start="978"><a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.</p>

<p data-end="1399" data-start="1121">"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.</p>

<p data-end="1399" data-start="1121">"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."</p>

<p data-end="1605" data-start="1401">The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.</p>

<p data-end="1852" data-start="1607">The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.</p>

<p data-end="1852" data-start="1607"><img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" /></p>

<p data-end="2031" data-start="1854">Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.</p>

<p data-end="2299" data-start="2033">"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.</p>

<p data-end="2588" data-start="2301">Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.</p>

<p data-end="4143" data-start="3991">Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.</p>

<p data-end="593" data-start="417">Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.</p>

<p data-end="789" data-start="598">New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.</p>

<p data-end="1053" data-start="794">IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.</p>

<p data-end="4143" data-start="3991"><em>Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a></em></p>

<p data-end="4143" data-start="3991"><em>Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a></em></p>


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