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An historic Werribee home was sold at weekend mortgagee auction to a local developer.
The 56-58 Wattle Avenue property has seen multiple proposals for development on the site fall flat.
It fetched $1.6 million after just four bids.
The 6215 square metre holding comes with a three-bedroom weatherboard home with heritage overlay, along with a shed, barn and tennis court.
The Wattle Avenue property was sold by Hocking Stuart Werribee agent Eric Bartz who told the crowd the land could be developed with strict approvals by Wyndham Council.
Bartz told the Herald Sun the property was bought by a local investor who was most likely going to rent out the home before looking to restore it.
There was an opening vendor bid of $1.5 million.
The only bidder offered $1.55 million which was then bettered by the second vendor bid of $1.58 million.
The auction concluded on the next bid of $1.6 million.
The property has long been associated with a prominent local family.
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j.ballantyne1990-6AQqhLzZaK

Historic Werribee home sold by mortgagee at auction

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A foundation director of Stone Real Estate Double Bay, Daniel Baran has departed to join LJ Hooker.
He leaves Reece Coleman and Paul Wigan as the Stone principals.
<a href="https://www.stonerealestate.com.au/stone-double-bay/meet-team/daniel-baran/" target="_blank">Baran's </a>prior office, The Agency, was selected to be the first office in Sydney's east for the new Stone brand from January 2017.
Stone had offices in Dee Why, Lane Cove, Lindfield, Manly, McMahons Point, Mona Vale, Neutral Bay, Seaforth and Turramurra and globally more than 550 member firms of Leading Real Estate Companies of the World.
Having lived in the eastern suburbs all his life, Baran is a well-known local real estate agent.
Since starting his career in the mid-80s, he has achieved numerous record-breaking results.
In the 1990s, he was as Nationwide Realty Double Bay during which he took space in the local paper to tell readers that his life as a salesman was like that of a doctor on duty 24 hours a day. 
The ad has a shot of the mobile phone-toting Baran alongside a photo of a doctor in gown, mask and gloves nursing a newborn baby.
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Daniel Baran quits Stone for LJ Hooker

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The Wedge House, one of Whale Beach's most identifiable properties, has been sold at $2.92 million.
The home, with two wedges that extend in opposite directions, <a href="https://palmbeach.ljhooker.com.au/house-in-whale-beach-nsw-2107-au-6nkf6z#.XNvPZi-B2T8" target="_blank">was designed by architect Peter Stutchbury and colleague Marika Jarv</a>.
Set high above Whale Beach, the somewhat primitive house was designed to take advantage of its position overlooking the sand and sea.
“Architecture can be explained logically beyond the creative,” Stutchbury has said about Wedge House.
 “The experimental thought can be integrated progressively.” 
It was a tricky sloping block, offering views of the ocean, which for Stutchbury demanded an irregular design to accommodate the irregular site.
“Wedge House is an intuitive response to the issue of seaside living on a specific site," he said.
<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/2019/5/31/whale%202.jpg" alt="">
It had an initial guide of $3 million to $3.3 million through LJ Hooker Palm Beach agents David Edwards and Danielle Forde when listed in early April.
It was built between 1998 and 2000 for the current vendors, Deon and Kim Hubner, co-founders of Living Ocean, the not for profit organisation for ocean care and awareness.
They paid $520,000 for the 710 square metre property in 1998 before commissioning Stutchbury Architects to create the space now set in Pape Landscape gardens.
Professor Max Irvine was the construction engineer on the Beauty Drive project.
<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/2019/5/31/whale%203.jpg" alt="">
It won the 2003 Australian Timber Design award after its build by Bryce Campbell.
The lighter, northern wedge is designed to fly beyond its anchored partner, diagonally outward.
Its cantilevered wing homes the open plan living, kitchen and dining space.
The southern wedge is nestled into the garden and courtyard.
It is made up of the master retreat with walk in wardrobe and study.
Multiple openings connect the living areas to the gardens.
Two further bedroom, a living space and bathroom sit beach the upstairs living area and deck. 
Its land value is $1.7 million.
LJ Hooker suggest is summer rental at peak season would be $1000 a night. Or $1500 a week for a long term annual rental
 
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Peter Stutchbury's Whale Beach Wedge house sold

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GUEST OBSERVATION
Australian building owners face a bill that could run into billions of dollars to replace <a href="http://theconversation.com/cladding-fire-risks-have-been-known-for-years-lives-depend-on-acting-now-with-no-more-delays-111186" target="_blank">combustible cladding</a> of the sort that fuelled the <a href="https://www.bbc.com/news/uk-40301289" target="_blank">Greenfell tower fire in the UK</a>, which killed 72 people, as well as fires in Australia and <a href="http://www.mfb.vic.gov.au/media/docs/post_incident_analysis_for_lacrosse_docklands_-_25_11_2014%20-%20final-dd61c4b2-61f6-42ed-9411-803cc23e6acc-0.pdf" target="_blank">overseas</a>. The cost estimate is based on our calculations for Victoria, which has had apartment building cladding fires in <a href="https://theconversation.com/lacrosse-fire-ruling-sends-shudders-through-building-industry-consultants-and-governments-112777" target="_blank">2014</a> and <a href="https://theconversation.com/cladding-fire-risks-have-been-known-for-years-lives-depend-on-acting-now-with-no-more-delays-111186" target="_blank">2019</a>.
Nearly <a href="https://theconversation.com/grenfell-tower-criminal-charges-delayed-but-that-doesnt-mean-there-wont-be-justice-113215" target="_blank">two years on from the Grenfell disaster</a>, there is <a href="https://theconversation.com/cladding-fire-risks-have-been-known-for-years-lives-depend-on-acting-now-with-no-more-delays-111186" target="_blank">ongoing tension</a> between policymakers, the building industry and owners about how to resolve the problem of combustible cladding. And little information is available about the scale of the issue for owners across Australia, particularly those living in apartments.
So what could the costs be? We looked at Victoria as a case study. Our modelling produced cost estimates of between A$250 million and A$1.6 billion. The ultimate figure will depend on the cost-efficiency of any rectification program and the risk level and size of the 629 buildings known to be affected – and many more could yet be identified.
<iframe src="https://www.youtube.com/embed/NStPd-v42mY?wmode=transparent&amp;start=0" frameborder="0" width="440" height="260"></iframe>
Combustible cladding allowed fire to spread rapidly up the Neo200 building in central Melbourne in February 2019. 
How were costs estimated?
The 2018 <a href="https://www.planning.vic.gov.au/building-policy/victorian-cladding-taskforce" target="_blank">Victorian Cladding Taskforce</a> identified 354 low/moderate-risk buildings and 275 high/extreme-risk buildings in a statewide <a href="/news">cladding audit update</a> last October.
There is little data available on dwelling density for Victorian apartment building stock. <a href="https://data.melbourne.vic.gov.au/clue" target="_blank">Melbourne City Council (MCC) records</a> show residential buildings with ten dwellings or more (medium-to-high-density buildings) have an average of 75 dwellings per building in the built-up municipality. Buildings of this density are known to be <a href="https://www.theage.com.au/politics/victoria/government-to-act-on-cladding-crisis-but-only-for-buildings-it-owns-20190527-p51rpr" target="_blank">receiving notices from the Victorian government to act on cladding</a>.
To model costs we have also used real quotes owners have received to rectify their properties, as well as quotes revealed in media reports. These quotes reveal a range of lower costs for low/moderate-risk buildings and higher costs for high/extreme-risk buildings, usually based on the work for varying levels of rectification.
Firstly, we conservatively applied lower rectification cost data, being A$2,500 per dwelling for low/moderate-risk buildings and A$20,000 per dwelling for high/extreme-risk buildings.
Secondly, we applied higher costs found in quotes and media reports. These are $15,000 per dwelling for low/moderate-risk buildings and A$60,000 per dwelling for high/extreme-risk buildings. These figures are still conservative, based on multiple sighted estimates approaching $100,000 per dwelling.
We have calculated costs for two scenarios for all 629 buildings identified by last October: 
<ol>
<li>an average of 75 dwellings per building as per MCC data</li>
<li>an average of 37 dwellings per building, 50% less than MCC data to account for a higher proportion of lower-density developments affected (<a href="/news">based on averages in municipalities</a> significantly affected by the crisis such as <a href="https://www.vba.vic.gov.au/cladding" target="_blank">Port Phillip, Stonington and Moreland</a>).</li>
</ol>
So how high could the bill be?
Our estimates show Victorian owners who are known to be affected may conservatively face a rectification bill of A$250-$500 million, if industry and government work with them to cap costs in economies-of-scale solutions. The bill may be as high as A$1.6 billion, if an inefficient approach is used and we have a higher proportion of larger buildings affected.
<a href="https://images.theconversation.com/files/277823/original/file-20190604-69095-1vb6vrk.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/277823/original/file-20190604-69095-1vb6vrk.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Author provided
Cladding audits are ongoing. The number of identified affected properties is likely to rise. At the 2019 <a href="https://www.youtube.com/playlist?list=PLAWpz7v8cdutmOf_GDwtU3Gcs3CLQ5clb" target="_blank">Building Surveyors’ Conference</a>, the Victorian Building Authority appeared to categorise over 1,200 private Victorian buildings as moderately through to extreme risk for combustible cladding.
If this figure is correct, our cost estimates are conservative and will double.
Our estimates do not factor in the apartments yet to be identified or, more broadly, the issues in <a href="https://www.finance.nsw.gov.au/fire-safety-and-external-wall-cladding" target="_blank">other states</a> that have also been identified.
Government and industry shun responsibility
To date, the response of the Victorian government and industry has been to push financial responsibility back onto home owners. A Victorian low-interest loan scheme was launched in October allowing owners to repay amounts over ten years. It has been <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-02-16/combustible-cladding-risk-affects-thousands-but-few-fix-options/10804014" target="_blank">reported</a>, however, that no loans had been granted as recently as February.
The Victorian government’s <a href="https://s3-ap-southeast-2.amazonaws.com/budgetfiles201920.budget.vic.gov.au/2019-20+State+Budget+-+Service+Delivery.pdf" target="_blank">May 27 budget papers</a> stated that A$160 million would be spent on the crisis “on public safety grounds”. This including ongoing assessments of private buildings affected by combustible cladding and 15 evaluation projects to manage and improve rectification outcomes.
As yet no funding has been provided to help owners of private dwellings who bought supposedly compliant properties. While <a href="https://www.propertyobserver.com.au/https://www.sro.vic.gov.au/node/6514" target="_blank">billions in revenue is recouped from stamp duty</a>, owners are being told to rectify a problem for which they were not responsible – all at their own cost.
Many owners simply will not be able to pay. Some individual bills sighted are as much as a quarter of the owner’s property value. On top of this, some insurance premiums have quadrupled.
At the vast costs we have estimated, and based on <a href="https://theconversation.com/cladding-fire-risks-have-been-known-for-years-lives-depend-on-acting-now-with-no-more-delays-111186" target="_blank">the chain of events leading to the cladding crisis</a> and the <a href="https://www.smh.com.au/business/consumer-affairs/victims-suffer-as-combustible-cladding-crisis-rages-on-20190402-p519yy" target="_blank">lack of support following</a>, is it reasonable that sole responsibility falls on owners to pay? And will such a move not lead to thousands of <a href="http://theconversation.com/lacrosse-fire-ruling-sends-shudders-through-building-industry-consultants-and-governments-112777" target="_blank">costly actions through the courts</a> as owners try to recoup costs?
Government and industry should provide substantial financial support to owners to help them recover from mass <a href="https://www.smh.com.au/business/fear-over-highrise-tower-fire-risk-in-melbourne-20141203-11zgp7" target="_blank">failures of policy, regulatory policing and industry practice</a>. The UK government has <a href="https://www.smh.com.au/world/europe/britain-to-spend-200-million-fixing-combustible-cladding-20190510-p51m2c" target="_blank">to the tune of £200 million</a> (A$364 million). It is time to support Australian owners in a billion-dollar crisis they were not responsible for creating.
<hr>
Acknowledgments: We would like to thank Phil Dwyer from <a href="http://www.builderscollective.org.au/" target="_blank">Builders Collective of Australia</a> for working with us on the modelling for this article.<img src="https://counter.theconversation.com/content/118121/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;">
Simon Lockrey, Senior Lecturer/ Research Fellow, RMIT University
Trivess Moore, Lecturer, RMIT 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/flammable-cladding-costs-could-approach-billions-for-building-owners-if-authorities-dither-118121" target="_blank">original article</a>.
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Flammable cladding costs could approach billions for building owners if authorities dither

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Shenley Croft, an Edwardian villa located in the Golden Mile precinct of Melbourne's Canterbury, has been set for auction on June 15.
The circa 1905 home has been listed by Jonathon O'Donoghue and Alexandra Valmorbida from Jellis Craig with a price guide of $3.9 million to $4.1 million.
Offered for the first time in 60 years, Shenley Croft at <a href="https://www.realestate.com.au/property-house-vic-canterbury-131205874" target="_blank">7 Mangarra Road, Canterbury r</a>etains original features including 3.6 metre high ceilings, polished timber accents and French doors.
It comprises four bedrooms, study, living and sitting areas, dining room, kitchen and meals with fireplace and bathroom with clawfoot bath.
<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/2019/6/5/canterbury%202.jpg" alt="">
Additional highlights of the villa include powder room, large laundry/vestibule, storeroom, hydronic heating, air-conditioning, and carport/garage plus off-street parking.
The Federation-era home offers opportunities to renovate and extend (STCA) on its two titles.
<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/2019/6/5/canterbury%203.jpg" alt="">
It is within close proximity to private schools, Camberwell Junction retail-restaurant precinct, Rivoli cinemas, parklands, Burke Road trams and East Camberwell train station.
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Canterbury Edwardian villa Shenley Croft set for auction

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An architecturally designed Malvern family home was passed in at weekend auction with no bidders. 
It has been offered by Justin Long and Fiona Counsel from Marshall White Stonnington with $5,875,000 hopes.
It last sold at $2,576,000 in 2007, three years before the new home was built.
Nestled on an 804 square metre block, the family house at 22 Embling Road comes with foyer featuring high ceilings, home office, home theatre, separate dining and living areas opening to courtyard with solar heated pool, downstairs main bedroom and gourmet kitchen. 
<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/2019/6/5/malvern%202.jpg" alt="">
The upstairs living area comprises three bedrooms, all with walk in robes, a covered north balcony and retreat.
The landscaped gardens provide vistas from every vantage point.
<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/2019/6/5/malvern%203.jpg" alt="">
Additional features include alarm, video intercom, ducted vacuum, C-Bus, audio wiring, powder-room, laundry, ample storage and an internally accessed triple garage.
It is situated in a leafy locale close to Malvern Gardens, schools, Glenferrie Road trams and High Street shops.
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Malvern trophy home passed in at $5.6 million with no bidders

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There were 4,926 Cairns homes sold over the 12 months to February 2019, down 11% when compared to the previous 12 month period, according to the latest CoreLogic Regional Report. 
It suggest that dwelling values across the region fell year-on-year with house values down just -0.7% and unit values down 2.1% over the year to March 2019.
<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/2019/6/5/cairns%201.jpg" alt="">
<a href="https://www.propertyobserver.com.au/images/2019/6/5/cairns%202.jpg" target="_blank">Click here </a>to enlarge:
<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/2019/6/5/cairns%202.jpg" alt="">
Source: CoreLogic
Over the same period, renting became more expensive with advertised rental rates across the Cairns region increasing by $15/week for both houses and units.
<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/2019/6/5/cairns%203.jpg" alt="">
<a href="https://www.propertyobserver.com.au/images/2019/6/5/cairns%204.jpg" target="_blank">Click here</a> to enlarge: 
<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/2019/6/5/cairns%204.jpg" alt="">
Source: CoreLogic
It is the biggest increase across all five regions in Queensland. 
The average time it took to secure a sale on a Cairns house increased by five days over the year to February, while the average Cairns unit was selling five days faster.
Vendor discounting levels increased over the year for both houses and units in order to secure a sale.<a href="https://www.propertyobserver.com.au/images/2019/6/5/cairns%205.jpg" target="_blank"></a>
<a href="https://www.propertyobserver.com.au/images/2019/6/5/cairns%205.jpg" target="_blank">Click here</a> to enlarge: 
<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/2019/6/5/cairns%205.jpg" alt="">
Source: CoreLogic
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Cairns sees Queensland's biggest regional rent increases: CoreLogic

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Across the Wide Bay region, overall sales are 2% lower year-on-year with 97 fewer sales transacting when compared to February 2018, according to the latest CoreLogic Regional Report.
CoreLogic suggests that Wide Bay was the only Queensland region where both house and unit values increased over the 12 months to March 2019.
<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/2019/6/5/wide%20bay%201.jpg" alt="">
<a href="https://www.propertyobserver.com.au/%20https:/www.propertyobserver.com.au/images/2019/6/5/wide%20bay%202.jpg" target="_blank">Click here</a> to enlarge:
<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/2019/6/5/wide%20bay%202.jpg" alt="">
Source: CoreLogic
Its house values increased by 0.7% over the 12 months to March 2019, while unit values are up 3.8% over the same period.
<img src="https://www.urban.com.au/images/2019/6/5/wide%20bay%203.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2019/6/5/wide%20bay%204.jpg" target="_blank">Click here</a> to enlarge: 
<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/2019/6/5/wide%20bay%204.jpg" alt="">
Source: CoreLogic
The average time it takes to secure a sale for homes across the region has improved year-on-year, with the average house selling five days faster, and the average unit selling two days faster over the 12 months to February 2019.
The average vendor discounting levels are similar year-on-year for houses, while for units, the average discount offered to secure a sale has reduced from -7.7% to -6.3% when compared to February 2018.
<a href="https://www.propertyobserver.com.au/images/2019/6/5/wide%20bay%205.jpg" target="_blank">Click here</a> to enlarge: 
<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/2019/6/5/wide%20bay%205.jpg" alt="">
Source: CoreLogic
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House and unit values rise in Wide Bay: CoreLogic

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Centuria and BlackRock have today announced the sale of their jointly-owned Zenith office towers in Chatswood.
It sold for $438.2 million, a record price for an office building outside of the Sydney CBD.
Knight Frank’s Tyler Talbot and Ben Schubert, in conjunction with CBRE’s Michael Andrews and Scott Gray-Spencer, brokered the deal.
The Zenith is A-Grade office complex comprising twin 21 level towers and basement parking.
The 821 Pacific Highway office building, 12 kms North of Sydney CBD property, attracted 10 offers after it was listed earlier this year <a href="/expert-insights/investing/the-zenith-chatswood-listed-with-400-million-price-expectations">with $400 million price expectations</a>.
Set on a 7,990 sqm site, it has a net lettable area of 44,102 sqm, with 785 parking spaces.
Centuria’s Head of Real Estate and Funds Management, Jason Huljich said, the sale price was "an outstanding result," reflecting the general strength of the market and Centuria and BlackRock's asset management strategy in enhancing the yield on the property.
Mr Huljich said income returns from the Centuria Zenith Fund have been excellent, "on average 7.7% p.a., which is very attractive in the current low interest rate environment.”
“The strong sale price achieved from The Zenith offers more proof of our ability to identify opportunities in strengthening markets, which allows us to implement our active asset management strategy to make our properties more attractive workplaces for both our existing and prospective tenants.”
“In the time we have owned The Zenith with BlackRock, our asset management teams have worked extremely hard on the property – they have closed 58 leasing deals to take the occupancy to 100% and increase the WALE from 2.5 to 4.3 years.”
“The success of our active management strategy is clear in the significantly increased rents.
"When we bought The Zenith in 2016, market rents were on average $490 per sqm net p.a. and we have recently completed a deal at $685 per sqm net p.a., which is the highest rate ever recorded in Chatswood. This is because tenants recognise the quality of the property and its position as the premier building in its market," he concluded.
<img src="https://www.urban.com.au/images/2019/6/7/Zenith%202.JPG" alt="">
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Zenith towers in Chatswood sold for $440 million

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Centuria and BlackRock sold their jointly-owned Zenith office towers in Chatswood to US giant fund manager Starwood.
It sold for $438.2 million, a record price for an office building outside of the Sydney CBD.
The Connecticut based Starwood Capital made the acquisition with New South Wales' Arrow Capital Partners.
Knight Frank’s Tyler Talbot and Ben Schubert, in conjunction with CBRE’s Michael Andrews and Scott Gray-Spencer, brokered the deal.
The deal was struck at a yield in the range of 6 percent and 6.5 percent. 
Early last year, Starwood Capital, Arrow Property Investments and Pindan Capital completed a $160 million purchase of the seven-level, 17,792 sqm St Leonards building at 29-57 Christie Street. 
The Zenith is A-Grade office complex comprising twin 21 level towers and basement parking.
The 821 Pacific Highway office building, 12 kms North of Sydney CBD property, attracted 10 offers after it was listed earlier this year <a href="/expert-insights/investing/the-zenith-chatswood-listed-with-400-million-price-expectations">with $400 million price expectations</a>.
Set on a 7,990 sqm site, it has a net lettable area of 44,102 sqm, with 785 parking spaces.
Allen's advised on the sale of two office buildings with lead partner Victoria Holthouse.
In 2016, Allens had advised BlackRock and Centuria on their joint acquisition.
"Having previously advised on the acquisition of The Zenith in 2016, we were delighted to again assist BlackRock and Centuria on the asset's sale," she said.
Centuria’s Head of Real Estate and Funds Management, Jason Huljich said, the sale price was "an outstanding result," reflecting the general strength of the market and Centuria and BlackRock's asset management strategy in enhancing the yield on the property.
Mr Huljich said income returns from the Centuria Zenith Fund have been excellent, "on average 7.7% p.a., which is very attractive in the current low interest rate environment.”
“The strong sale price achieved from The Zenith offers more proof of our ability to identify opportunities in strengthening markets, which allows us to implement our active asset management strategy to make our properties more attractive workplaces for both our existing and prospective tenants.”
“In the time we have owned The Zenith with BlackRock, our asset management teams have worked extremely hard on the property – they have closed 58 leasing deals to take the occupancy to 100% and increase the WALE from 2.5 to 4.3 years.”
“The success of our active management strategy is clear in the significantly increased rents.
"When we bought The Zenith in 2016, market rents were on average $490 per sqm net p.a. and we have recently completed a deal at $685 per sqm net p.a., which is the highest rate ever recorded in Chatswood. This is because tenants recognise the quality of the property and its position as the premier building in its market," he concluded.
<img src="https://www.urban.com.au/images/2019/6/7/Zenith%202.JPG" alt="">
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US giant fund manager Starwood buys Zenith Chatswood for $440 million

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

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Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

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Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Joel Robinson

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

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Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

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Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

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La Vera closes in on completion as Macquarie Park continues residential transformation

Brisbane developer Red &amp; Co's decision to include dual key apartments in its debut Gold Coast apartment development, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO Varsity Lakes</a>, is proving to be one of the project's biggest drawcards, with buyers quickly snapping up the flexible residences.

More than half of the project's 36 dual key apartments have already sold, helping drive COMO beyond the 50 per cent sold mark within the first month of launch.

The strong response highlights growing demand for apartment designs that can adapt to changing lifestyles, with buyers increasingly looking for homes that accommodate multi-generational living, provide rental income opportunities or simply offer greater flexibility over time.

Located on the shores of Lake Orr, COMO will deliver 156 apartments across 16 levels, with the dual-key residences forming a limited release within the broader development.

Each combines a primary two-bedroom apartment with a fully self-contained studio on a single title, connected by a shared foyer and lockable internal door. The design allows owners to house ageing parents, adult children or guests while maintaining privacy, or lease the secondary residence to generate additional income.

Just 17 of the original 36 dual key apartments remain available.

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The innovative configuration combines two fully self-contained residences on a single title, typically comprising a primary two-bedroom apartment alongside a separate studio residence, connected via a shared foyer and lockable internal door.&nbsp;

The model is proving particularly attractive to owner occupiers navigating changing family dynamics and the realities of the current housing crisis.&nbsp;

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<a href="https://www.apartments.com.au/project-marketer/npa">NPA</a>&nbsp;CEO Andrew Erwin said dual key living was resonating strongly with modern buyers because it delivered both financial flexibility and practical lifestyle benefits.&nbsp;

“The housing crisis and rising cost of living are fundamentally changing how Australians think about home ownership,” Erwin said.&nbsp;

“Dual key apartments provide a genuine solution for families who want to stay connected while maintaining independence. Parents can help adult children save for a future home, ageing parents can remain nearby without moving into aged care, and owners still retain privacy and flexibility.

“Importantly, buyers are also recognising the financial advantages. It creates the opportunity to generate additional income from part of the home without the holding costs associated with owning a separate investment property.”&nbsp;

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Unlike traditional dual occupancy arrangements, the residences operate under a single title, meaning owners only incur one set of body corporate fees, council rates and holding costs.&nbsp;

The secondary residence can also evolve over time - functioning as guest accommodation, a home office, creative studio or private retreat before later becoming an income-producing asset.

<a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a>&nbsp;Director and Co-Founder David Laverty said the strong early sales reflected growing buyer urgency and changing priorities within the market.&nbsp;

“Securing more than half of COMO’s residences within such a short timeframe is an outstanding result and a clear endorsement of both the design and location,” Laverty said.&nbsp;

“Buyers are responding to the combination of location, connectivity and amenity, but ultimately it’s value relative to other East Coast markets that is driving enquiry.”&nbsp;

“We’re also seeing strong interest from owner occupiers looking for homes that can adapt with them over time. Flexibility has become one of the most important considerations for buyers in today’s market.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363515]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, COMO features a mix of one-, two- and three-bedroom residences with 2.7-metre ceilings and larger-format floorplans aimed at owner occupiers, downsizers and lifestyle-focused buyers.&nbsp;

The development will feature an extensive rooftop recreation and wellness offering including a 25-metre lap pool, sundeck, barbecue and dining areas, gym, sauna, plunge baths, landscaped gardens, wellness spaces and rooftop pickleball and paddleball courts.

The remaining dual key apartments range from 137 sqm to 167 sqm and include generous three-bedroom layouts with separate self-contained studio accommodation and dual parking.&nbsp;

Erwin said the dual key concept represented a broader shift in how Australians would live in the future.

“People want homes that can evolve with their lives,” he said.&nbsp;

“A dual key apartment can suit a family today, support an ageing parent tomorrow, and potentially generate income later on. That adaptability is becoming incredibly valuable in the current environment.”

Prices currently range from $2,115,750 to $2,583,000.&nbsp;

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Inter-generational living drives demand for COMO’s dual key apartments as housing pressures reshape buyer priorities 

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/ceerose">Ceerose</a> has doubled down on its Leichhardt ambitions, lodging its second State Significant Development Application (SSDA) in the suburb in the last six months.

Their newest proposal seeks to transform a former industrial precinct into a new residential community centred around the adaptive reuse of one of the site's heritage warehouse buildings.

The new project, on a 6,930 sqm block at&nbsp;<a href="https://www.apartments.com.au/new-apartments/40-76-william-street-leichhardt-nsw-2040">40–76 William Street</a>, will bring more than 200 apartments to a suburb that has seen little to no new supply in recent years. It follows Ceerose's late 2025 SSDA for a mixed-use apartment project on nearby Parramatta Road, signalling the developer's growing investment in Sydney's Inner West.

Ceerose Founder Edward Doueihi told Apartments.com.au the developer’s long-standing presence in Leichhardt and the Inner West had given it a strong understanding of how the area has evolved and where its future opportunities lie.

“Ceerose has had a long-standing presence in Leichhardt and the Inner West, giving us a unique understanding of the area’s evolution and future potential,” Doueihi said.

“Having delivered projects throughout the region, we have witnessed the suburb’s transformation first-hand and understand the opportunities for its continued growth.”

Doueihi said that understanding also informed the planning process, with a comprehensive Stakeholder Engagement Outcomes Report prepared before the application was lodged.

The report identified the key issues and concerns raised by neighbouring residents and other stakeholders, allowing those matters to be considered and incorporated into the design where appropriate.

He said the delivery of additional housing would also play an important role in supporting the revitalisation of Norton Street and the Italian Forum.

“By increasing the local residential population, the development is expected to strengthen demand for local businesses, encourage further investment, and help restore the vibrancy that made the precinct a thriving destination in the early 2000s.”

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="7258c54c-8167-479e-8361-2d5fca9915b4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010B%20-%20CGI%20-%20View%202.jpg?VersionId=S9DQfxu_jpcB5LrAEYFUbyMzg5odW6i5" />

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the redevelopment would involve the demolition of four existing industrial buildings while retaining and adaptively reusing the site's most significant warehouse. The retained structure would anchor a new residential precinct comprising five interconnected buildings arranged around a large central landscaped courtyard, with heights stepping from five storeys along the surrounding residential streets to 11 storeys at the William Street corner.

According to the Architecture Design Report by Woods Bagot, the proposal "seeks to create a residential village centred around a generous green heart while celebrating the site's industrial heritage through the adaptive reuse of the existing warehouse building."

The development would comprise 203 apartments, with 188 proposed as build-to-sell residences, alongside 15 affordable housing apartments.

Rather than treating the retained warehouse as a standalone heritage object, Woods Bagot has sought to weave the site's industrial history throughout the masterplan. The proposal retains the north and west facades of the landmark corner warehouse, while new buildings reinterpret the site's brick-and-steel industrial language through their material palette and architectural expression.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="9e8c64c2-881b-49e1-8c90-6b6acaaa45b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010C%20-%20CGI%20-%20View%203.jpg?VersionId=Qm8_8H_Xrg_sc4Mdjc59vlAcKF_5wRTb" />

The design is organised around what Woods Bagot describes as a "green heart", a landscaped communal open space that reinstates the leafy character removed when the site became an industrial storage facility. A new pedestrian laneway running through the site would improve permeability between William, North and Francis streets, linking residents through landscaped public spaces while activating the ground plane.

Residents would have access to communal gardens and shared recreation areas distributed throughout the development. Sustainability has also been prioritised, with the project targeting an average 7.9-star NatHERS rating. Proposed initiatives include rooftop solar generation, rainwater harvesting, passive solar design, naturally ventilated lobbies, extensive cross-ventilation and the reuse of existing building fabric to reduce embodied carbon.

The adaptive reuse strategy became a defining feature of the application after heritage investigations found only one of the site's industrial buildings could feasibly be retained. The Heritage Impact Statement concludes that preserving the key warehouse façades while referencing the site's industrial character throughout the new development provides an appropriate balance between renewal and conservation.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="efffafdb-594f-4e2b-a067-921fd51c05e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010D%20-%20CGI%20-%20View%204.jpg?VersionId=DPmE4.k16YRt0i27hEZVtJAffarpvUfx" />

"Retention and adaptation of the site buildings has been explored but found not to be feasible except for the tallest building, whose street facades will be retained," the heritage report states.

"The proposed building will interpret the brick and steel character of the subject site, including reuse of some components and construction of a large 'sawtooth' structure in the proposed open space."

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="3bfef2b5-83f5-40cd-9cab-767092f34266" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010E%20-%20CGI%20-%20View%205.jpg?VersionId=7asb3i_ql4ybbuJOUb5UHBEIy0Q9t.DF" />

The William Street site is located around 300 metres from Leichhardt North Light Rail station and a short walk to Norton Street's retail, dining and hospitality precinct. The surrounding area has increasingly become a focus for urban renewal given its proximity to public transport and the Parramatta Road corridor.

Doueihi founded Ceerose in 1998 and has grown the business to become one of Sydney's more active apartment developers in recent years, with completed projects including The Alex Collective in Alexandria, Abbie's Lane in Annandale, and the award-winning Munro House in Elizabeth Bay. They are currently delivering Belgravia, 17 luxury apartments in Potts Point.

Staff reporter

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