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A Chermside property has been sold for $3.5million in an off-market deal to Centennial Industrial &amp; Logistics. 
The partially leased property had a new 10-year lease.
There was also an additional vacant building and a parcel of land for development at 594 Rode Road.
Totaling 10,860sqm, the site features two warehouses of 703sqm and 1,060 sqm at the rear of the site and a 270 sqm showroom.  
JLL Industrial agents Gibson Leembruggen and Fraser Power secured the sale. 
JLL has also been engaged to offer the building for lease and the refurbishment is underway for this tenancy.
“Centennial Industrial &amp; Logistics has invested considerable time in the area with this acquisition enabling them to consolidate a sizeable 4.3 ha holding across three adjoining properties,” said Mr Leembruggen.
“By controlling the neighbouring site they are able to unlock additional value by amalgamating the rear surplus land with 590 Rode Road. 
"Their intention is to develop a high-end industrial estate and land subdivision targeting small-to-medium size users with an end-value of approximately $30 million,” he said.
 “Given the proximity to the hospital, Westfield Chermside and exposure to Rode Road, the site may also offer the potential for higher end retail uses and potentially aged care options.” 
His colleague Fraser Power noted the lease to Allkind Joinery &amp; Glass is returning $160,000 per annum net. 
“The current occupier has called the site home for over 30 years,” he said.  
Centennial Industrial and Logistics is a sector specific, national property funds management group with offices in Sydney and Brisbane.
It has $180 million of investment and development assets under management.
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j.ballantyne1990-6AQqhLzZaK

$3.5 million for Chermside warehouse property

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A retail space in a tightly held section of Armadale’s High Street has been secured by high-end national skincare brand Rationale.
Fitzroys Manager Jordan Ceppi negotiated the five-year lease at 1015 High Street at $85,000 per annum net.
Rationale has taken the 100sqm ground floor shopfront space.
Ceppi said the secure lease demonstrates the high regard retailers have for High Street and its future prospects.
“High Street, Armadale remains one of Melbourne’s strongest retail strips, supported by an enviable range of major and international retailers and designers, and a growing suite of popular hospitality operators.”
The shopping strip’s strong catchment and inner-city location has attracted high-end independent, national and international retailers.
The retailers include ACNE Studios, Carla Zampatti, Zimmermann, Scanlan Theodore, Mecca Cosmetica and Aesop, as well as the bespoke store of H&amp;M’s upmarket sister label Cos.
The high-performing strip boasts an enviable tenancy mix and services a broad catchment "that is one of Melbourne’s most affluent,” he said.
Fitzroys recently leased Level 1, 1062 High Street to Bernadette Pimenta Couture to a popular Melbourne designer.
According to Fitzroys’ Walk the Strip report, Armadale saw retail vacancies fall by 7.9 percent over 12 months to 4.1 percent during 2018.
It is one of the best performing Melbourne’s shopping strips.
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Skincare brand Rationale leases on Armadale's High Street 

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A vacant two-level commercial building has been leased by Melbourne accounting firm BR Wellington Pty Ltd.
Situated at 177 Burnley Street, the leasing deal negotiated by Gray Johnson agent Rory White will see BR Wellington occupy the property from July. 
The property consists of a 1970s office building of 1,230 sqm with six secure off street car parking spaces included at the building, positioned on the corner with Palmer Street. 
White says BR Wellington has secured a new 10 year lease at a commencing annual rental of $320,000 net plus GST. 
“The leasing is equal to a rate of $260 per square metre with fixed annual increases of four percent,” Mr White added. 
The neighbourhood was benefitting from new building developments, refurbishments and strong tenancy demand.
Mr White says that the perceived panache of the area was driving activity.
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Accounting firm BR Wellington leases Richmond commercial office 

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Camping specialist, Thetford Australia Pty Ltd, has signed a five-year lease on its new Melbourne headquarters.
It is in the industrial hub of Somerton. 
Thetford Australia has inked a five-year lease on the 130-132 Freight Drive property.
It comprises an industrial office/warehouse spanning 2,995 sqm.
Located nearby Hume Highway and Cooper Street, the freestanding building includes dual roller door access and ample hardstand/parking. 
CBRE’s Daniel De Sanctis and Daniel Eramo, together with Alex Gazis of National Estate, negotiated the deal.
The rental is $210,000 per annum (net).  
“Given the extremely low vacancy rate for buildings sized between 2,500sqm – 4,000sqm, we were able to lease this property prior to the landlord experiencing any vacancy, ” Mr De Sanctis said.
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Thetford camping and caravan company leases Somerton warehouse 

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A newly refurbished warehouse in the Gold Coast suburb of Nerang has sold pre-auction for $300,000.
The <a id="LPlnk782630" href="http://ecomms.raywhite.com/collect/click.aspx?u=jRYOrR8N39R+6hBQZ7yXMt0Z3VIjNMZGYr1PkEqKl6Ax+ys3ix4tNjtOaxdsC8ZBolhV+WJOtZo=&amp;rh=ff004bbdd2c5508a98e8d94d014a8aaa51810060" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">3/21 Lawrence Drive</a> building has a 148 sqm building area along with a 35 sqm approved office mezzanine.
It was one of five units in the complex.   The property was sold by Ray White Commercial Gold Coast agents Jared Johnson and Lachlan Marshall.   Mr Johnson said the seller, who owns and runs his own local fridge panel installation company, was an owner occupier looking to downsize.   “The buyer is an owner occupier looking to upsize from his current space rented in Burleigh."
 He owns and runs Pratley Guitars, a local guitar designer and manufacturer, he said.   “We had an influx of interest from small businesses looking to purchase a property rather than renting.   “The asset was available as vacant possession.”
It was strategically positioned on one of Nerang’s busiest streets, with easy access to the M1 Pacific Motorway, from both the northbound and southbound entry points.   It provides an industrial height roller.  
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Nerang warehouse sells for $300,000

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The Australian Prudential Regulation Authority (APRA) has begun consulting on possible revisions to its guidance on the serviceability assessments for residential mortgage loan applications.
In a letter to ADIs issued today, APRA has proposed removing its guidance that ADIs should assess whether borrowers can afford their repayment obligations using a minimum interest rate of at least 7 per cent.
Instead, ADIs would be permitted to review and set their own minimum interest rate floor for use in serviceability assessments. APRA has also proposed that ADIs’ serviceability assessments incorporate an interest rate buffer of 2.5 per cent.
Currently, APRA expects ADIs to assess loan serviceability using the higher of either (i) an interest rate floor of at least 7 per cent, or (ii) a 2 per cent buffer over the loan’s interest rate. APRA’s guidance also indicates that a prudent ADI should use rates comfortably above these minima; most ADIs use 7.25 per cent and 2.25 per cent respectively. APRA first introduced the serviceability guidance in December 2014 as part of its efforts to reinforce sound residential lending standards.
APRA viewed the interest rate floor and buffer as serving an important purpose in limiting excessive borrowing in an environment of low interest rates and high household debt.
The guidance was subsequently incorporated into Prudential Practice Guide APG 223 Residential Mortgage Lending, which APRA is now proposing to amend. APRA chair Wayne Byres said the operating environment for ADIs had evolved since 2014, prompting APRA to review the ongoing appropriateness of the current guidance. “APRA introduced this guidance as part of a suite of measures designed to reinforce sound residential lending standards at a time of heightened risk.
"Although many of those risk factors remain – high house prices, low interest rates, high household debt, and subdued income growth – two more recent developments have led us to review the appropriateness of the interest rate floor,” Mr Byres said. “With interest rates at record lows, and likely to remain at historically low levels for some time, the gap between the 7 per cent floor and actual rates paid has become quite wide in some cases – possibly unnecessarily so. “In addition, the introduction of differential pricing in recent years – with a substantial gap emerging between interest rates for owner-occupiers with principal-and-interest loans on the one hand, and investors with interest-only loans on the other – has meant that the merits of a single floor rate across all products have been substantially reduced. “The changes, while likely to increase the maximum borrowing capacity for a given borrower, are not intended to signify any lessening in the importance that APRA places on the maintenance of sound lending standards. Rather, it is simply recognition that the current interest rate environment does not warrant a uniform mandated interest rate floor of 7 per cent across all products.  "The proposed changes will provide ADIs with greater flexibility to set their own serviceability floors, while still maintaining a measure of prudence through the application of an appropriate buffer to reflect the inherent uncertainty in credit assessments.”
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APRA to loosen mortgage lending rules

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Three bidders competed post auction for a Dandenong apartment block sold for $3.62 million.
The 16 in-one-line two-bedroom apartments were at 29 Stud Road.
The property sat on a 2,013 square metre land offering, with RGZ2 zoning with medium density development to 13.5 metres.
It was marketed and sold by Ray White Commercial Glen Waverley agents Ryan Trickey and Ben Ainsworth.
<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/2019/5/14/Stud%20Road%2029%20-%20outlined%20photos%20x43.jpg" alt="" style="font-size: 12.16px;"> 
Trickey said there was mixed interest as the property, on the market for the first time in 45 years, appealed to several buyer groups.
“Investors looked at yield, developers looked at highest and best use, and groups (like the buyer) looked at value add. This ranged from the high $2 million to low-to-mid $3 million,” he said.
“There was a genuine buzz around the auction, and it took 24 bids before the property was in a position to be sold, and it went to a commercial ‘re-conditioner’ who'll renovate the units and add value to the site.
“The property provides a strong reliable income and offered financial security and at fully-leased rental, the property produces $218,140 per annum with only one vacancy on-site right now.
“Being so close to amenities like Dandenong Plaza, Dandenong Market and the train station means there’ll always be a strong tenant demand for young families and professionals alike.”
Ainsworth said Dandenong was a proven re-development precinct with existing permitted construction underway in the local area.
“Being just 30 kilometres south-east of the Melbourne CBD, the property is within walking distance to all central Dandenong infrastructure,” he said.
“It offers excellent access to the Eastern Freeway, Monash Freeway and benefits from Dandenong train line and buses."
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Post-auction offers secure 16 in-one-line apartments for $3.62 million

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GUEST OBSERVATION
When we think about public spaces, we often imagine large open areas such as squares and parks. The humble footpath is overlooked, although it is an equally if not more important public space for urban social life. Every day, most people will at some point use a footpath. Their ubiquity makes them a fundamental part of cities.
Due to their narrow form and seemingly undesigned nature, it is easy to neglect footpaths. Urban design research tends to favour the bigger picture of streets and streetscapes, or focus on architectural elements such as building forms and frontages. And planning policies tend to treat footpaths as road and transport assets, rather than as public space.
However, footpaths in urban areas support complex social systems and a wide variety of uses. They are a vital public space and deserve more attention in the planning and design of our cities.
<img src="https://images.theconversation.com/files/271273/original/file-20190428-194612-4a3g50.JPG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Daily life on Footscray’s Paisley Street. Yvonne Meng, Author provided
The case for footpaths
In rapidly densifying suburbs such as Footscray in Melbourne’s inner west, footpaths can become a valuable asset to accommodate daily life. Of the 23 hectares that make up Footscray’s commercial core, only 1% is public open space⁠. This is well below the <a href="https://www.maribyrnong.vic.gov.au/Building-planning/Current-and-future-planning/Strategies-and-policies/Open-Space-Strategy" target="_blank">9.9% average</a> in the wider City of Maribyrnong area.
Despite the lack of public open space in Footscray, activity on the streets is lively due to a <a href="https://quickstats.censusdata.abs.gov.au/census_services/getproduct/census/2016/quickstat/SSC20929" target="_blank">diverse social and cultural mix</a> and changing tempo of street activity.
Gentrification, population growth and multi-storey apartment developments are rapidly changing the physical and demographic landscape. Over the next 20 years <a href="https://forecast.id.com.au/maribyrnong" target="_blank">Footscray’s population is forecast to grow by 153.19%⁠</a>. This means more people will need access to limited public space.
There are efforts to create more open space in Footscray. For example, in 2016 the City of Maribyrnong <a href="https://www.maribyrnong.vic.gov.au/News/Little-Saigon-Plaza-Carpark-open-in-Footscray-BID-Grants-awarded" target="_blank">redeveloped an open-lot car park at Byron Street</a> as a multilevel car park with an adjacent plaza. However, solutions of this sort have limitations because publicly owned and underdeveloped land is not readily available.
If we rethink definitions of public space to include footpaths, we can start to establish these as spaces for social interaction rather than merely paths for getting from A to B.
More than walking
Modern footpaths are relatively recent urban space. In Western cities, records of footpaths date back to the third century BC, but only in the <a href="https://www.propertyobserver.com.au/https://trove.nla.gov.au/work/22716510?q=Spiro+Kostof%2C++The+City+Assembled%E2%80%AF%3A+&amp;c=book&amp;sort=holdings+desc&amp;_=1556848373536&amp;versionId=181963025" target="_blank">mid-18th century did they become prevalent in Europe</a>. Before this there was <a href="https://mitpress.mit.edu/books/sidewalks" target="_blank">no real physical separation between pedestrians and the carriageway</a>.
<a href="https://images.theconversation.com/files/271277/original/file-20190428-194616-b9yuyc.JPG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/271277/original/file-20190428-194616-b9yuyc.JPG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
Paisley Street shops in Footscray, where part of the footpath becomes an internalised space. Yvonne Meng, Author provided
In Melbourne, footpaths were scarce at the time the <a href="https://participate.melbourne.vic.gov.au/hoddlegridheritage" target="_blank">Hoddle Grid</a> was laid in 1837. Not until the 1880s were the city’s footpaths <a href="https://www.propertyobserver.com.au/https://trove.nla.gov.au/work/229576802?q&amp;versionId=252404600" target="_blank">properly paved</a>.
In their most pragmatic form, footpaths provide a safe zone for people to walk, away from moving traffic. However, they can also be an extension of the abutting buildings. Retail goods spill out in front of shops and on kerbs, creating internalised regions. Cafes set up chairs and tables for patrons to sit outside, extending trade into the public realm.
In addition, people use footpaths to congregate or socialise. There are buskers, beggars, authorities, people waiting for transport, or simply those taking a moment to stop.
As a result, footpaths are an ever-changing hybrid of social, commercial and recreational use. Although there can be friction between different activities, the value of urban footpaths is that they are many things to many people.
<a href="https://images.theconversation.com/files/271278/original/file-20190428-194620-yxltrk.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/271278/original/file-20190428-194620-yxltrk.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
By offering a seat for passers-by, a window bench improves the footpath’s amenity as public space. Yvonne Meng, Author provided
Yet, despite being such a heavily used space, footpaths in Melbourne are often categorised in planning strategies and policies as road and transport assets. This approach is problematic as it treats them as infrastructure to be managed rather than spaces for human use.
Some cities such as New York do consider footpaths as people-oriented places. The city planning department provides <a href="https://www1.nyc.gov/site/planning/plans/active-design-sidewalk/active-design-sidewalk.page" target="_blank">design guidelines</a> to help architects and designers. Footpaths are conceptualised as a “room” with four surfaces: the horizontal pavement, the wall of the building facing the street, the roadside, and the canopy.
This type of thinking acknowledges that footpaths are immersive spaces and the experience of walking them is integral to the success of a street.
Learning from footpath users
<img src="https://images.theconversation.com/files/271274/original/file-20190428-194620-1coqr4j.JPG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt="">
 Appropriating a doorway space with fake grass and plastic stools. Yvonne Meng, Author provided
People devise many creative and adaptive ways of using them, and architects and planners can learn from these uses. For example, nooks and indents in buildings abutting footpaths enable people to socialise outside in opportunistic ways. However, when unplanned and unmanaged, footpaths can become a jumble of electrical boxes, signposts, café tables, and other disconnected objects.
Footpaths are also the site of temporary events such as markets, which help activate the streets. With local council support, these events not only unlock the potential role of footpaths in community-building, but also help strengthen existing cultural identities.
The weekly <a href="https://www.starweekly.com.au/news/footpath-traders-return-footscray/" target="_blank">Mini Green Market</a> on the corner of Hopkins and Leeds streets was born out of a longstanding tradition of informal street vending in Footscray. Despite some conflict and uncertainty in 2018, vendors can use a wide portion of the footpath to sell their wares in a regular organised event.
<img src="https://images.theconversation.com/files/271276/original/file-20190428-194612-2zm49t.JPG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
 The Footscray Mini Green Market occupies the footpath on the corner of Hopkins and Leeds streets. Yvonne Meng, Author provided
The conundrum facing footpaths is that, despite being a site for many diverse activities, they are not often considered an important public space in their own right. What makes a space “public” is its capability to enable a wide range of uses and allow for interaction between people. Footpaths do exactly that.
To make the most of our footpaths, Melbourne and other Australian cities need a change in mindset in how we view these public spaces. If footpaths were more carefully considered in city design and planning, they could contribute even more to the quality of the urban realm.<img src="https://counter.theconversation.com/content/115151/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
Yvonne Meng, PhD Candidate, Department of Architecture, Monash University
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/dont-forget-the-footpath-its-vital-public-space-115151" target="_blank">original article</a>.
Main photo: In an urban setting like central Footscray, where only 1% of the area is public space, the value of the humble footpath needs to be recognised. Yvonne Meng, Author provided <a href="https://theconversation.com/profiles/yvonne-meng-499093">Yvonne Meng</a>, <a href="http://theconversation.com/institutions/monash-university-1065">Monash University</a>
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Don’t forget the footpath – it’s vital public space: Yvonne Meng

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Demand for rural properties remains reasonably strong in Central Tablelands at present, according to the latest Herron Todd White (HTW) rural report.
The report suggests there is a broad enough cache of buyer types, with their different needs and intentions for acquiring property, to support this demand.
"In our conversations with landholders and potential buyers of properties that are for sale, we learned of a number of varying philosophies about purchasing property in times of drought," says the valuation firm.
The number of properties being offered to the market has eased throughout 2018 and 2019, due in part to the extended dry seasonal conditions. As a result, sales volumes have eased.
"This trend of tightened supply is a continuation of what was seen throughout the past three months and throughout 2018," says the report.
"This tighter supply and limited stock available, in the face of reasonably strong demand, may uphold value levels somewhat."
Belona, a 237 hectare rural property in Manildra is on the market with a price guide of $470,000 (pictured above).
Located at <a href="https://www.realestate.com.au/property-other-nsw-manildra-700026170" target="_blank">671 Bocobra Road</a>, it is mixed of open grazing country and bush.
Other features include five dams and creek with holes, grey loam soils, and timber including yellowbox, ironbark and pine.
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Demand for Central Tablelands rural properties remains strong: HTW rural

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The Real Estate Institute of Australia (REIA) has welcomed the announcement of support for first home buyers through a First Home Loan Deposit Scheme.
REIA President Adrian Kelly said the scheme initially announced by the Government and supported by the Opposition will start on 1 January next year and assist first home buyers with their deposit.
“Under the proposal, first home owners will be able to buy their first home with a deposit of 5% compared to 20% which has become the industry norm post the Hayne Royal Commission,” Kelly said.
“Not only will the scheme see first home buyers achieve their home ownership much earlier it will save them a considerable amount of around $10,000 by not having to pay lenders mortgage insurance.
“The scheme addresses two hurdles facing first home buyers – the deposit gap and transaction costs which include mortgage insurance – in a practical way.
“The last time the Federal Government introduced a special measure for first home buyers was the First Home Buyers Boost during the GFC.
“This measure saw first home buyers, as a percentage of total loans financed, increase from 20.2% in October 2008 to 31.4% in May 2009.
“With first home buyers currently representing just 17.9% of total housing loan approvals at the beginning of this year, the measure will be a timely boost not just for first home buyers but for the building sector and the economy in general.
“It is direct assistance like this rather than changes to negative gearing and capital gains tax which provide better outcomes for all.”
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First home buyer scheme a timely boost for mortgage industry: REIA

Developer <a href="https://www.apartments.com.au/developers/bottega-property-group">Bottega House</a> has secured council approval for its first Brisbane project - a $270 million luxury residential development on an absolute riverfront site in leafy St Lucia.&nbsp;

The 15-storey project, known as <a href="https://www.apartments.com.au/new-apartments/st-lucia-by-bottega-house-180-macquarie-street-st-lucia-qld-4067">St Lucia by Bottega House</a> , will occupy a prime north-facing site at 178-180 Macquarie Street, directly fronting the Brisbane River in the established inner-west suburb known for its rowing clubs, golf courses and sprawling University of Queensland campus.&nbsp;

St Lucia by Bottega House will feature a suite of amenities including dedicated wellness spaces, a mineral pool and cold plunge. The project has been positioned to attract affluent owner-occupiers seeking high-quality, house-sized apartments.&nbsp;

Bottega House has been set up by co-directors Nick Malloch, Louis Mennes and Craig Marsh.

Malloch said the project drew inspiration from its Brisbane River setting and leafy inner-west surrounds, while responding to the demands of discerning locals looking to transition from freestanding homes into apartment living.&nbsp;

"With an expansive river frontage and lush green surrounds, we knew we had to create something special that reflects the natural beauty of the location while offering residents masterfully crafted homes," said Malloch.&nbsp;

"Our intent was to complement the project's quiet, private setting by introducing residences that offer a calm retreat and sanctuary from the everyday. The result is a harmonious blend of architecture, interiors and amenity that emphasises wellbeing, comfort and beauty without excess."&nbsp;

Malloch added that project consultants had been carefully selected in alignment with Bottega House's commitment to care, quality and attention to detail. The design team includes architects <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a>, interiors practice <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and landscaping by <a href="https://www.apartments.com.au/architects/urbis">Urbis</a>.&nbsp;

Three-bedroom apartments are expected to start around $5 millio. Selling agents Keenan &amp; Byrne said the pricing strategy for the project was anticipated to achieve upwards of $25,500 per square metre.&nbsp;

The project's development approval this week follows the success of Bottega House's inaugural Queensland project - a 22-storey collection of full-floor sky homes at Broadbeach on the Gold Coast which included the sale of a two-storey penthouse at a record price for a beachside residence.&nbsp;

St Lucia by Bottega House is expected to launch to market in November, with construction anticipated to be completed mid 2029.

[smartcode_project_cta:default project_id=151826]

Joel Robinson

Bottega House to make Brisbane debut with St Lucia riverfront apartment development

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> is advancing its affordable apartment model into Brisbane with the acquisition of another site at Cordelia Street in South Brisbane for $27 million.

Sherpa, which has a $1.7 billion pipeline across Southeast Queensland, intends to bring a cohort of apartments exclusively for first homebuyers into its proposed 186-apartment project to be built at 2 Cordelia Street.

The Sherpa model has already been incredibly well received from their Gold Coast projects, where Sherpa Group set aside a number of apartments exclusively for first homebuyers.

The new $320 million project marks Sherpa Group's second development in Brisbane, following its $255 million Symphony project, also on Cordelia Street, which is currently under construction.

Symphony will deliver 146 apartments across 28 levels, offering a mix of one, two and three-bedroom apartments. With 114 already sold, construction by <a href="https://www.apartments.com.au/builders/lps-group">LPS Group</a> is scheduled for completion in 2028.

[smartcode_project:default project_id=7574 project_image_fid=351654]

Sherpa Founder, Christie Leet, said the company was excited to be venturing into Brisbane for its second residential project.

“We’re big believers in the future of Brisbane as we lead into the 2032 Olympics and beyond,” Leet said.

“The success of Symphony has guided us into what will be our second project and we look forward to submitting our plans with council soon so we can deliver yet another quality project to the inner city residential market.

“Our Flourish model has been very well received both in Brisbane and the Gold Coast, and we’re excited to be able to offer some of these apartments again exclusively to first homebuyers to help get them into the property market.

“The model has been extraordinarily well received in our previous projects and it is something we are committed to moving forward.”

2 Cordelia Street will be designed by <a href="https://www.apartments.com.au/architects/hal-architects">HAL Architects</a> &amp; Finegrain and will include Sherpa’s signature residential amenities including pool, gym, recreation, wellness and work from home spaces.

The project will feature ground-floor commercial space, creating a vibrant amenity for residents and the surrounding community.

A development application will be lodged with Brisbane City Council in August on the code compliant site and will be launched to the market early 2027.

Sherpa acquires new site for second Brisbane apartment tower

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.

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.

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.

<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" />

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.

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.

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.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

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.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

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.

"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.

<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" />

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.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

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.

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.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

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.

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.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

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.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

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.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

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.

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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.

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.

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.

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

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.

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.

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.

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.

<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" />

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;

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.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"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.

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.

A major focus of the design has been the public domain.

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.

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.

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.

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.

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.

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.

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>

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.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

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.

[smartcode_project:default project_id=152095 project_image_fid=373685]

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.

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.

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>

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> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

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.

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.

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.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

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.

"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.

[smartcode_project:default project_id=152022 project_image_fid=375531]

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.

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.

[smartcode_project:default project_id=152022 project_image_fid=375524]

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.

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.

[smartcode_project:default project_id=152022 project_image_fid=375530]

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.

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.

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.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

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.

[smartcode_project_cta:default project_id=152022]

Staff reporter

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