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<div>A 492sqm site in South Melbourne has been sold to Fortis for $6.9 million.</div>
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<div>Construction on a new build on this site will commence late 2021, expected to be completed in early-2023.</div>
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<div>Offering 2,000 sqm NLA, the $9 million new build at 18-22 Thomson St will feature six levels of commercial office space, complemented by extensive parking facilities.</div>
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<div>The transaction was negotiated by Ben Appel of Appel Property in conjunction with Alby Tomassi of Tomassi &amp; Co.</div>
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<div>"Premium office space in South Melbourne is in great demand; we have already leased out 60% of Pallas House Melbourne, our other South Melbourne site, through off-market deals over the past four months,” says Charles Mellick, Director, Fortis.</div>
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<div>“Off the back of the success of Pallas House Melbourne, we are confident of similar demand for the space in Thomson Street which is only expected to increase with the completion of ANZAC station in the coming years.</div>
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<div>The Thomson St site is also a short walk away from the upcoming ANZAC metro station, Albert Park, Royal Botanical Gardens and South Melbourne Market.</div>
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<div>Pallas Group is the parent company of structured property investment arranger Pallas Capital and boutique developer Fortis.</div>
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<div>Other projects by Fortis in Melbourne include Ode in Toorak, a residential development in Brighton, Bower in South Yarra, Balmoral and East Grove in Glen Iris, 232 Wattletree in Malvern and Pallas House in South Melbourne.</div>
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<div>The expected end value of Fortis’ Melbourne projects currently under construction or under a planning proposal is $800m, with a further $900m pipeline of work in Sydney.</div>
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Fortis acquires South Melbourne development site for $6.9 million

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As Covid-19 travel restrictions have eased, property sellers and real estate agents in Byron Bay have heaved a collective sigh of relief, according to the August Herron Todd White (HTW) residential report. 
The valuation firm presented an 'investor playbook' of real estate performance within each service area this month. 
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"Property sales have kicked upward over the last month in the Byron Shire as intrastate and interstate travel brought non-local buyers back into the fold. But in the blink of an eye, we are faced with border closures on the Murray River and hot spots in Sydney restraining the market once more," the valuation firm said. 
It is truly a fluid situation and one that will develop further as rates of Covid-19 infections wax and wane, the report noted. 
The COVID-19 issue is of particular relevance to the Byron Shire market as many of the transactions that occur are for investment purposes with many of those investors originating from Sydney, Melbourne and Brisbane with a smattering of buyers from overseas. 
The absence of these buyers from the market because of coronavirus has caused much angst to sellers. 
"In turn, some absentee investors have resorted to purchasing properties sight unseen in what must be an indication of their strong desire to invest in the Byron Bay area. Maybe it’s a bit of FOMO?" the valuation firm said. 
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There are some locally-based investors active in the area as well. 
There is very little new land being released in the Byron Shire but with a growing population there’s increasing pressure on housing affordability, particularly for first home buyers, and with a large portion of the population unable to afford a unit or house (see last month’s topic “lazy $700,000”) and a steady turnover of short- to-medium stay holiday makers utilising AirBnb style properties, there is consistent, if not strong, demand for rental accommodation.
Because of the high buy-in prices of property in the area, investors are looking to maximise returns by utilising the holiday market or by purchasing properties with multiple letting opportunities such as dual occupancy properties, the report noted. 
A three bedroom house in Mullumbimby with possibility for dual occupancy development has been sold for $857,000.
Set on a 854sqm block, the home at <a href="https://www.realestate.com.au/sold/property-house-nsw-mullumbimby-133587634" target="_blank">8 Myokum Street</a> (pictured below) is only two blocks from Mullumbimby town centre. 
It comprises three bedrooms, open plan lounge and dining, and huge backyard. 
<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/2020/9/14/mullumbimby.jpg" alt="">
Yields for investors in the area can appear to be relatively modest. For example, a one-bedroom unit in a new development on the northwest fringe of Byron Bay recently sold for $610,000 and was leased for 12 months at $550 per week, or $28,600 per annum, gross income.
That reflects a gross yield of 4.68 per cent. Costs such as rates, body corporate fees, management fees and incidentals will eat away at that before the buyer has to meet their mortgage payments.
A one bedroom loft apartment in Byron Bay has been listed for rent with a price guide of $570 per week.
The <a href="https://www.realestate.com.au/property-unit-nsw-byron+bay-430095174" target="_blank">39 Easy Street</a> top floor home (pictured below) comes with one bedroom with built-in, mordent bathroom, kitchen and private balcony. 
It is situated within close proximity to cafes, restaurants and the beach. 
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The relatively modest return is a reflection of the popularity of the area, the report noted. 
"In the more central and beachside locations of Byron Bay, yields are firmer still. It’s a good thing we still have negative gearing, right?
"Many of those absentee buyers are not, however, investing for the rental returns alone. The properties they buy are seen by many investors as a future retirement destination or as a holiday home, so rental return is but one facet of some investor’s decision process," the valuation firm said. 
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Yields in beachside Byron Bay remain firm: HTW

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A fitted space on Commercial Road in South Yarra is the latest be snapped up by a hospitality operator.
The hospitality operator is looking to take advantage of the increased demand for takeaway and delivery services.
Lewis Waddell of Fitzroys leased the 150 sqm property at 151 Commercial Road to a Mediterranean eatery at $55,000 per annum plus outgoings and GST, on a secure 4+4-year term.
Waddell said tenants are also taking a longer-term view beyond the current environment. The property’s proximity to the Prahran Market and the amenity and accessibility of the Chapel Street retail and lifestyle strip were an attraction. 
He said the possibility that people will be working from home more often in the future, and the surrounding established residential catchment would further add to the locations’ trading viability across all hours.
Waddell said fitted hospitality spaces are being snapped up by food and beverage operators adapting to changes in the hospitality sector.
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Fitzroys has secured 72 leases since the State of Emergency was declared. This includes 45 retail deals, of which 48% have been to hospitality tenants. Coming into this year, food and beverage operators accounted for around 29% of tenants throughout the retail strips, according to Fitzroys research.
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Mediterranean eatery lease South Yarra fitted space

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The master developers of Springfield City are seeking a joint venture partnership to deliver a flagship project within the Brookwater Golf Course and residential estate.
The opportunity is available via expressions of interest and is being managed by Ray White Special Projects Queensland Directors Mark Creevey and Tony Williams.
“With a substantial 3.7248ha land area, the elevated site has 430m of direct frontage to the ninth and 18th holes of one of Queensland’s best championship golf courses.
“It offers a range of development possibilities including townhouses, terraces, apartments, hotel or resort - all subject to council approval," Mr Creevey said.
Expressions of interest close on October 1.
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Springfield City Group seeking development partner for Brookwater site

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Investa’s Barrack Place, a future-proofed office designed to maximise occupant health and wellbeing, has taken home New South Wales’ top property award. 
Investa and Oxford Properties were presented with the Rider Levett Bucknall NSW Development of the Year award.
Located at 151 Clarence Street, and strategically placed between Martin Place and Sydney’s Western Corridor, Investa’s Barrack Place is an A-grade commercial office tower completed in 2018.
“Investa has transformed an uninspiring 1960s concrete tower into an exceptional office building that embodies the future of work – innovative, collaborative and connected,” says the Property Council’s Acting NSW Executive Director, Belinda Ngo.
Designed by Architectus, the 23-storey building combines modern design with a heritage feel. 
Featuring a contemporary glass tower atop a masonry podium façade, its fine grain ground-floor network of laneways creates an active thoroughfare between Clarence and Kent streets. 
With abundant natural light and views across the city, Investa’s Barrack Place boasts a 6 Star Green Star rating for completed construction. 
It also features Australia’s first WELL Core-and-Shell Gold pre-certification, recognising a building design that contributes to occupant health and wellbeing. 
“Investa’s Barrack Place incorporates forward-thinking wellness attributes that are increasingly demanded by global corporates to attract and retain top talent,” says RLB’s Managing Director, Matthew Harris.
“Among the impressive initiatives are Australia’s first operational smart building digital twin, Bluetooth smart-phone entry, exceptional end-of-trip facilities, advanced air filtration and multiple green spaces.”
The RLB NSW Development of the Year award is part of the 2020 Property Council of Australia / Rider Levett Bucknall Innovation and Excellence Awards program. RLB has partnered with the Property Council to present the awards program since its inception in 1982.
Eligible projects were judged on strict criteria, had to be complete in the previous five years, and operating for at least one year as at 31 December 2019. 
Investa’s Barrack Place is now competing in two categories – for the Colliers International Award for best office development and best sustainable development for a new building – at the national awards, which will be held in virtually on Thursday 22 October. 
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Investa’s Barrack Place takes out NSW’s top property prize

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Foley House at Toowong has been sold through McGrath Estate Agents for $2.55 million.
It was bought by an Australian expat couple living in Singapore.
Alex Jordan and Frazer Watson sold it to the couple who viewed the home via a WhatsApp video.
The 1916 estate last traded in 2000.
The 75 Woodstock Road property had previously sold for $500,000.
Set on 1,465 sqm of prime land on three lots, it is a stroll to cafés, schools and public transport.
The six bedroom, four bathroom features leadlight glass detailed windows and French doors as well as a pool.
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Foley House, Toowong sold for $2.55 million

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A Wentworth Falls home in New South Wales’ Blue Mountains has been listed for sale by mortgagee.
Situated at <a href="https://www.propertyobserver.com.au/realestate.com.au/property-house-nsw-wentworth+falls-134400130">70 Bate Street</a>, the property was advertised as mortgagee on realestate.com with a price tag of $735,000.
The home overlooks the Blue Mountains National Park and offers panoramic views into Jamieson Valley.
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Its offerings include four bedrooms and two bathrooms, high ceilings and slow combustion wood fire.
Set on an expansive 2,370sqm block of land, the home comes with a versatile studio with kitchenette and separate laundry.
According to CoreLogic data, the median house price for Wentworth Falls is $735,000
The home last traded for $335,000 in 2006.
Richardson &amp; Wrench Wentworth Falls is marketing the listing. 
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Blue Mountains home in Wentworth Falls listed for mortgagee sale

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Jason Roach is joining The Agency spearheading the brand’s presence on the Upper North Shore of Sydney.
Jason Roach (pictured left) has 20 years of banking experience, including senior roles at Macquarie Bank and as National Head of Real Estate Services with the Westpac Banking Corporation. 
While managing real estate services at Westpac, Jason Roach worked with The Agency’s CEO Matt Lahood in a financial capacity. 
“I've known <a href="https://theagency.com.au/team/matt-lahood" target="_blank">Matt Lahood</a> for more than 15 years and the team he has assembled was very appealing to be a part of,” Jason Roach says.
“The Agency’s unique model offers operational and network opportunities that are unhindered by the traditional franchise model. Both my banking and real estate backgrounds helped me identify this model was the way forward.” The Agency’s expansion to the Upper North Shore of Sydney will further expand the brand’s extensive referral system across its existing metro-based agents.
Jason Roach has built a successful real estate business over the last six years.
In the first three years of his operation he was placed in the top two per cent of his former brand’s global network of more than 100,000 agents. And in the last three years, he was placed in the top one per cent globally and awarded both Centurion and Double Centurion status with Century 21.
“I have known Jason Roach for many years, both as a banking professional and a real estate professional, he is an outstanding business person and agent, and operates to the highest standards. I am honoured Jason will be representing and spearheading our operation on the Upper North Shore of Sydney,” Matt Lahood (pictured right), The Agency’s CEO says.
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Former Macquarie banker Jason Roach heads up The Agency Upper North Shore of Sydney

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Confidence in the Darling Downs region market has been boosted by winter rainfalls, says the latest rural report from valuation firm Herron Todd White.
A good winter crop and strong herd numbers leading into the summer months is expected.
The positive farming conditions follow severe drought in 2018 and 2019 that saw cattle and sheep numbers drop.
HTW director Bradley Neill writes: “2020 has provided far better farming conditions and with that has come strong appetites for rural property.”
According to the report, sale prices continue to exceed pre-sale expectations.
Numerous transactions show significant price premiums over district averages, driven by private farming families and interstate cattle and sheep producers.
The recent sale of a 22,000ha holding in the Adavale Quilpie district shows a 19 per cent increase in value over a 14-month period.
A new benchmark has been set for Brigalow and Belah dryland farming country in the Darling Downs region following the sale of the broadacre farming property, Manus.
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The Manus property.
The land recently changed hands for approximately $10 million, $3,960 per hectare.
The market is favouring sellers at the moment, who are presenting their properties to the market in conditions not seen for a number of years.
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The Darling Downs rural market prices exceed expectations: HTW Rural

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EXPERT OBSERVER
This week we have received significant economic and policy updates from across the globe. From these, it is evident that Australia and New Zealand are both in a good position to rebound.
Beginning at home in Australia, this week’s August labour force update delivered a significant upside surprise, with 111k jobs created in the month and a 0.7ppt decline in the unemployment rate. This result leaves the unemployment rate at 6.8%, almost a full percentage point below our and the market’s expectation for August ahead of the release.
The gain for hours worked was materially lower than for employment, coming in at just 0.1%. However, this was due to a deep decline in hours worked in Victoria (-4.8%); the other states meanwhile experienced a 1.8% gain.
July and August’s employment gains mean the RBA’s 10% unemployment rate forecast for end-2020 is unlikely to be seen. To see such an outcome now, 400-500k jobs would have to be lost by December. This seems improbable, particularly with government support running into 2021. Westpac still anticipates however that the unemployment rate will rise to around 7.8% in late-2020/ early-2021 and that, come end-2021, it will still be elevated at around 7.5%.
The RBA is mindful of the economic damage of an extended period of high unemployment and so continues to make clear their willingness to support the real economy as long as necessary. Notably, in the September meeting minutes there was a clear focus on the state governments and the support they can offer the economy during a recession, particularly by borrowing to invest in infrastructure. Keeping borrowing rates low aids this opportunity.
Westpac Economics also made a significant revision to a key forecast this week. Previously we had anticipated a 10% decline in national house prices from April 2020’s peak to June 2021. Now however, we believe that decline is likely to be limited to about 5%, with 2.7% of that decline already seen. There are two key justifications for this view change, as highlighted by Chief Economist Bill Evans.
First is the benefit that has come to households in 2020 from lower interest rates, particularly as a result of the sharp drop in fixed rates to levels well below variable. Second are the upward revisions we have recently made to our growth and labour market views. Combined, these factors will support affordability, minimising further declines in 2020-21 and laying the foundation for a strong rebound in prices to new historic highs.
Turning to New Zealand, Q2 GDP came in in line with our NZ team’s expectations. GDP jolted 12.2% lower in the three months to June because of the lockdown measures implemented to stop COVID-19. All of the Q2 detail is available in their bulletin. But what needs to be emphasised here is that, while NZ’s lockdown was one of the strictest in the world, it was also highly successful, allowing the economy to rapidly restart. Our NZ team continue to anticipate a strong rebound over the second half of this year, leaving GDP within 5% of its pre-COVID trend. However, continued border closures will limit further gains in 2021.
On to the US and UK. From monetary authorities in both jurisdictions this week came clear guidance that policy will remain extraordinarily accommodative as far as the eye can see.
From the Bank of England, there was a commitment to assess the potential benefits of a move to negative interest rates. While the FOMC did not signal a clear intent to investigate the use of another policy instrument, their revised forecasts and qualitative guidance made clear that policy would remain at least as accommodative as it is currently for an extended period. Indeed, the median view of the Committee is that the federal funds rate will remain on hold till at least end-2023, at which time the unemployment rate would still be above its pre-COVID level and inflation only getting back to 2.0%yr. The statement only made a commitment to sustain purchases of US Treasury and mortgage-backed securities at their current monthly pace of around $80bn and $40bn respectively over coming months. However, the continued inclusion of the phrase “at least” with reference to the current pace makes clear the Committee’s concern over downside risks and implies that a partial then full tapering of asset purchases is also a long way off.
Combined with a broad-based recovery in the global economy, highly-accommodative FOMC policy supports our view that the Australian dollar will continue to rally to USD0.75 end-2020 and USD0.80 end-2021, a rate it is likely to sustain to mid-2022.
ELLIOT CLARKE is a senior economist at Westpac 
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Australia in a good position to rebound, especially the dollar: Elliot Clarke

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

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GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

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One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

Joel Robinson

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

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Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

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WM Residences fills gap in Mordialloc townhouse market

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Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

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Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

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Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more international and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

Staff reporter

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