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A 1910s stone villa on 6.85ha in Cudlee Creek, South Australia has hit the market with $1.1 million to $1.15 million hopes.
The character home has been renovated over the last three years by current owners. 
Nestled amidst park-like grounds, the villa comprises three living spaces, three bathrooms, four or five bedrooms and two kitchens. 
<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/2020/8/24/CUDLEY%20CREEK%202.jpg" alt="">
It also features ornate high ceilings, headlights, open fireplaces, elevated entertaining deck, and three car carport plus two car garaging. 
There is a shed or workshop currently utilised as four stable complex and feed and tack room. 
<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/2020/8/24/CUDLEY%20CREEK%203.jpg" alt="">
The home is situated 6 minutes to Lobethal, 10 minutes to Woodside and 17 minutes to Tea Tree Plaza. 
Dee-Anne Hunt of Williams Luxury has the listing. 
 
 
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j.ballantyne1990-6AQqhLzZaK

Cudlee Creek, SA character home hits the market  

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An Avoca Beach penthouse with gun-barrel views across the sand and the sea has been sold.
It's set in a tightly held block of just four apartments where there hasn't been a sale since 2007.
The second level apartment, and the penthouse, both sold on the same day to the same buyer. The penthouse sold for $2 million, the second level apartment $1.5 million.
Set on the dress circle Cliff Avenue, the two level, 750 sqm penthouse comprises three bedrooms on the lower level, two with Juliet balconies and the master with its own ensuite.
Upstairs is the dedicated living and entertaining space, with the kitchen living and dining wrapped in bifold doors opening to an entertaining terrace with sweeping views of the beach.
Belle Property Killcare agents Cathy Baker and Ben Bedford were seeking $2.5 million which was secured.
Baker says the apartment has a holiday rental potential of $100,000 per annum.
 
 
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Avoca Beach penthouse sold for $2.5 million

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BVN, one of the six shortlisted architecture firms, has won the rights to redevelop the iconic 125-year-old City Tattersalls Club in Sydney.
The shortlist comprised five Australian companies including Hassell, Bates Smart, SJB, and Candalepas Associates, as well as international architectural practice DP Architects, who joined forces with local firm Scott Carver.
BVN impressed the judging panel with an efficient floor plan and “elegant” and “calm” facade. City Tatts chairman Patrick Campion said that BVN will work closely with FJMT, the architect overseeing the redevelopment of the heritage components of the original club buildings, to ensure continuity.
The Design Excellence Competition Brief was the result of a close collaborative process with the City of Sydney and relates, to the 49-storey tower above the historic site, with a Stage 1 DA for circa 245 residential apartments and a 100-room hotel.
The vision of the development group, a consortium led by Singapore-based First Sponsor Group Limited and ICD Property – in collaboration with the City Tattersalls Club – is to deliver a building that “sensitively integrates with the Heritage Component and provides a contribution back to Sydney by facilitating the restoration and renewal of the historic Club.”
“The six shortlisted firms were chosen based on their expertise with hotels and residential projects, heritage architecture and their experience with the Sydney CBD,” said ICD Property’s Development Director Alice Smith on behalf of the development group.
“We sought firms that were innovative and pushed the boundaries and weren’t afraid to challenge the norm, while still being able to create a timeless design that would contribute to Sydney’s urban fabric,” she said.
The brief outlined that the Tower Component should provide future residents and visitors with a desirable place to live and stay - an environment that responds to their needs through excellence in interior planning, exemplar urban design and architecture, environmentally sustainable design, together with the quality of built form.
The shortlisted candidates have been given a five-week window to design their schemes before presenting to six jurors, who ultimately, will select a winning scheme which they believe achieves design excellence.
In November last year, the high-profile Sydney project received envelope approval from the council’s Central Sydney Planning Committee for the Stage 1 Concept Development Application.
As part of the redevelopment, the City of Sydney gave envelope approval for plans to rejuvenate the entire clubhouse, including retail, restaurants, a combined hotel and Club reception on the ground level, as well as an event space, a premium co-working centre, health and wellbeing facilities and other great member facilities.
Located at 194 - 204 Pitt Street, redevelopment signifies a bigger revitalisation of the entire precinct.
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BVN architects win City Tatts redevelopment redesign

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A landmark corner site on Doncaster Hill, one of Melbourne’s most highly sought after residential suburbs remains for sale.
It was listed with a price guide of over $40 million in June. 
Located at 584-588 Doncaster Road, Doncaster, the expansive corner site of 8,176 square metres boasts prominent triple street frontage of 240 metres.
The property has recent planning approval for an 11-level residential project comprising 260 apartments and ground floor retail spaces.  
Expertly designed by award-winning architects Hayball, the project will comprise the ideal product mix and will feature large communal gardens and an atrium.  
The property is for sale exclusively through Benson Zhou, Julian Heatherich, Clinton Baxter and Jesse Radisich of Savills Australia. 
According to Benson Zhou, Director, CBD and Metropolitan Sales at Savills Australia, the site presents a truly remarkable opportunity for local and offshore developers to capitalise on what is one of the last remaining landmark sites in Doncaster. 
“The property offers a landmark corner site and is positioned on an elevated site atop Doncaster Hill, which provides opportunity for panoramic CBD views from the completed project.” 
The property is located within 150 metres of the shopping centre, Westfield Doncaster.   
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Doncaster’s last remaining landmark site listed for sale

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One of Perth’s oldest hotel venues - The Vic Hotel in Subiaco – has been offered for sale with vacant possession.
CBRE Hotels’ Ryan McGinnity and Aaron Desange have been appointed to sell the hotel, which was first opened in 1898.   
After taking over the hotel operations in mid-2019, the freehold owners updated equipment, revitalised the premises and created renewed interest in the venue with the addition of Rocky Ridge Brewing - all with the medium-term goal of selling the venue.
The venue, which is located on approximately 2,000sqm of land and includes 54 onsite car parking bays, last underwent substantial renovations in the 1980s and has since been operated by the likes of Black Toms and the ALH Group.
CBRE’s Ryan McGinnity said Subiaco was earmarked for a major transformation over the coming years, which would significantly benefit local businesses.
“As part of the Subi east development, the demolition of Subiaco Oval has been completed, Bob Hawke Highschool is already planning a student expansion and the demolition on PMH is underway.   Once completed Subi East along with One Subiaco will be home to residential, commercial and retail activity which will transform Subiaco” Mr McGinnity said.
“The Vic Hotel has been part of the fabric of Subiaco for more than 120 years and we expect the opportunity of a ‘blank canvas’ hotel will appeal to many.
"This is the chance to reposition this hotel for the next 20 years and capitalise on the many new residents of Subiaco in coming months and years.”
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Subiaco's Vic Hotel listed for sale with vacant possession

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A Sydney-based private investor with an overseas partner, has outlaid $21.3 million for a Woolworths anchored shopping centre at Coburg.
The strata-titled Coburg Hill Shopping Centre was sold with a WALE of 11 years including 14 years remaining on the Woolworths lease which accounts for 72% of the centre’s 4419 square metres GLA.
The sale was made on a passing yield of 6%.
The Centre is 97% leased with a net passing income of $1.28 million from Woolworths and the seven specialty stores including Degani and Regency Pharmacy.
According to CBRE’s Victorian Retail Investments team lead by Justin Dowers, Kevin Tong &amp; Lewis Tong the transaction represented an extremely good deal given the strata title nature of the holding.
The sale follows that of the Woolworths Group owned Keysborough South Shopping Centre which last month sold to a local investor for $33.13 million.
The property attracted 11 offers including locally based Chinese investors before the current lockdown.
Mr Dowers said the sale provided further evidence that investors continue to seek safe havens in assets underwritten by long term leases to non-discretionary spend tenants.
“This is the second sub $50 million shopping centre sale in Victoria, post COVID-19, and both have attracted significant interest from a range of local and off-shore buyer groups.
“Investors are obviously demonstrating that they have a good appetite for this sort of stock and that should give institutional owners confidence in their sub $50m retail holdings around the country,” Mr Dowers said.
The average yield of the last 10 Victorian neighbourhood centre sales is 6.15%.
<a href="https://www.propertyobserver.com.au/images/2020/6/12/Screen%20Shot%202020-06-10%20at%2012.25.20%20pm.png" target="_blank">Click here </a>to enlarge: 
<img src="https://www.urban.com.au/images/2020/6/12/Screen%20Shot%202020-06-10%20at%2012.25.20%20pm.png" alt=""> 
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Coburg shopping centre sold for $21.3 million

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The last two remaining lots at Wynnum’s Port View Estate have sold for $2.2 million through Ray White Industrial Milton. 
The estate was sold to a developer looking to build a corporate unit development at 11 and 21 Industry Place.   The final two deals completed the balance of the estate as Ray White Industrial Milton successfully sold and settled all 11 available lots for $11,200,000.   “There’s been incredibly strong interest in this estate ever since we started marketing the 11 opportunities,” said Ray White Industrial Milton agent Stephen Ferguson.   “Land opportunities are now extremely hard to come by in the TradeCoast and there are only a few sites left available.
“Industry Place in Brisbane’s coastal suburb has seen strong sales action with owner-occupiers attracted to the seaside location that offers direct access to the CBD.”   
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Wyunnum's Port View Estate sold for $11.2 million

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A Melbourne based investor has paid $745,000 on a 5.4 per cent yield for a securely leased strata retail property at Hampton in Melbourne’s south-eastern bayside suburbs.
Teska Carson’s George Takis held the auction before the lockdown.
It attracted a strong contingent of local and off-shore investors with competition among several bidders from a lively crowd. 
"This was a great result for the vendor, exceeding expectations based on the very good lease profile and location, along with the strata nature of the property which may deliver lower associated costs including the land tax component,’’ Mr Takis said. 
Located at 515 Hampton Street, the 125 square metre ground floor property forms part of a residential development and benefits from rear storage space, five metres street frontage and on-site parking.
The property was sold subject to a four year lease with options to O’Brien Real Estate, at $40,365 per annum net.
 
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Hampton strata retail sold to local investor

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Toschkoff House, the landmark home in Floreat, has been sold after hitting the market for the first time in six decades. 
The home at 32 Donegal Road home was designed by architect Iwan Iwanoff for his close friend’s family in 1959.
The minimalist design of Toschkoff House incorporates the use of stone, timber, glass and concrete.
Set on an 857sqm lot, the home comprises three bedrooms, one bathroom and one parking space. 
<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/2020/8/10/floreat%202.jpg" alt="">
It also features north facing yard, original kitchen and second living space or library.
According to the Town of Cambridge’s Heritage List, the heritage-listed home is noted for its “aesthetic value as an intact example of the late 20th-century international style and as a landmark in the streetscape”. 
<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/2020/8/10/floreat%203.jpg" alt="">
The single-storey stone and brick house is located nine kilometres from the Perth CBD.
It was sold by Emily Hiskins of DUET Property Group Nedlands. 
The single-storey stone and brick house, located nine kilometres from the Perth CBD, was the home of Rita Toschkoff, 92.
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Ms Hiskins said Toschkoff House had an asking price of “from mid-$1 million”.
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Toschkoff House, Floreat heritage-listed trophy home sold 

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The billionaire Atlasssian co-founder Michael Cannon-Brookes and wife, Annie were the mystery buyers of Casa Paloma, the Newport waterfront home of Jennifer Hawkins and Jake Wall.
It sold in late June the last days of what was the quietest of financial years for prestige sales having been listed with $20 million hopes.
It sold for $24.5 million, a new record for the northern beaches after a spike of buyer interest through Christie's International selling agent Ken Jacobs.
The prior highest sale was when the late Sam Chisholm’s Palm Beach home was sold to Caledonia fund manager Mike Messara for $24 million in February. 
It took the glamorous couple eight months to secure their buyer of Casa Paloma, which many inspectees suggested was the best built home on the pricey peninsula.
The four-level residence, designed by Koichi Takada on its 3360 square metre holding, sold just two days before June 30, and just short of three years after they moved in.
The couple have suggested they intend to head to the Central Coast, but their relocation plan has not been revealed.
Hawkins and Wall bought adjoining their adjoining blocks in 2014 for $4 million. 
It is the first $20 million-plus deal outside of Palm Beach on Sydney’s northern beaches with Finisterre on Avalon’s Stokes Point selling for close to $20 million in 2002 to the Oatley wine making family.
The Cannon Brookes already own at Palm Beach, but had been looking to upgrade.
Jake Wall's plans were revealed in 2015.
The couple had previously lived at Curl Curl North where Jen and Jake have watched whales cruising across the horizon in the Windy Drop Down gated community.
Before Hawkins made the move to the northern beaches, she owned a townhouse in Coogee, which cost $2.27 million in 2009 for $2.27 million and was sold for $2.3 million in 2012.
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Jennifer Hawkins and Jake Wall secure record $24.5 million Newport sale

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.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

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.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

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.

[smartcode_project:default project_id=134646 project_image_fid=6110]

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.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

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.

[smartcode_project:default project_id=144441 project_image_fid=370975]

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.

[smartcode_project:default project_id=144441 project_image_fid=370981]

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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