<html><body>
Retail properties with existing kitchen infrastructure are moving quickly as food and beverage operators take advantage of increased takeaway and home delivery demand.
Due to changes in the hospitality sector, smaller retail spaces across Melbourne are being snapped up by operators with a particular attraction to those already fitted out, according to Fitzroys.
Since the state of emergency was declared, Fitzroy has secured 67 leases, 19 of which were to hospitality tenants.
Associate director James Lockwood said a number of these have taken place throughout Melbourne’s famous shopping strips.
A number of leases have been struck on extended terms, as the added attraction of retail strip properties is that they often attract rents from around $50,000 to $75,000.
CBD properties see leased at circa $100,000 per annum.
A number of deals have been secured in the last few weeks including deals on Rathdowne Street, Carlton and Commercial Road, South Yarra. 
</body></html>

j.ballantyne1990-6AQqhLzZaK

Smaller hospitality retail spaces across Melbourne are being snapped up by operators

Kevin Parker has bought a house at Yallingup that has a recording studio overlooking the Indian Ocean and the Leeuwin -Naturaliste National Park.&nbsp;

Parker, who writes, records, performs and produces Tame Impala, has paid $2.75 million for Wave House, which is where he recorded the band's ARIA-award-nominated debut album, Innerspeaker, and his 2015 follow-up Currents.

The home has been a music mecca since it was built by US music producer Ken Eichenberg in the 1980s.

Through the years its attracted the Beastie Boys, The Waifs and Fatboy Slim to its in-house music studio.

It had a&nbsp;for $3.7 million asking&nbsp;price&nbsp;in June

It was sold to Parker and&nbsp;his wife Sophie, who live in Fremantle, through&nbsp;Lee York&nbsp;of JHY Realty.

The main residence sits over three levels, including four bedrooms which sleep up to 12 people and a main living area. There are a further two bedrooms in a second residence.&nbsp;

[smartcode_project:default project_id=7836]

<div>&nbsp;</div>

Wave House, Yallingup sold to Tame Impala's Kevin Parker

<html><body>
A key takeaway from CoreLogic data amid the pandemic, is that transaction activity slows significantly in response to COVID-19 restrictions. The resulting loss of employment, lower consumer sentiment and border closures have had a much larger impact on the number of properties marketed and sold, than property prices themselves.  This was seen from the Stage 2 restrictions implemented from the 25th of March. New listings fell 50.3% from mid-March to early May. This exacerbated the seasonal dip in for sale listings throughout March and April. 
<img src="https://www.corelogic.com.au/sites/default/files/2020-08/rolling_28_day_count_of_new_for_sale_listings_national_aug2020.jpg" width="1028" height="539">
However, as Melbourne reached the halfway mark of its Stage 4 restrictions in late August, national listings activity has completely diverged from the usual listings patterns in the lead up to spring.  In the 4 years prior to the pandemic, the number of new properties listed for sale nationally has, on average, increased 6.3% between late July and late August. This year however, the equivalent period has seen a 9.6% decline in new listings nationally.   Unsurprisingly, this can be attributed to a sharp fall in new listings across Melbourne. The decline in new listings across Melbourne’s property market was 54.9% in the month to August 23rd, accounting for over 100% of the national decline.  Conversely, most other capital cities saw an increase in new listings, as greater levels of consumer confidence, and lower levels of COVID-19 cases, saw vendors ramping up for the spring selling season. Across Sydney however, new listings had also started to slip marginally. The severe drop-off in listings is validated by a fall in the number of comparative market analysis reports generated across CoreLogic platforms by real estate agents in Victoria. The average number of reports generated per week in Victoria fell 24.6% from July over the month of August to date. 
<img src="https://www.corelogic.com.au/sites/default/files/2020-08/rolling_28_day_count_of_new_for_sale_listings_melbourne.jpg" width="1034" height="526"><img src="https://www.corelogic.com.au/sites/default/files/2020-08/monthly_change_in_new_listings_count_to_23rd_august_2020.jpg" width="611" height="289">
<h4>Why do transactions slow in times of strict social distancing</h4>
The reasons for slowed transaction activity during COVID restrictions are two-fold. The first is the physical limitation of buying and selling property under social distancing rules. Property sales may be less scalable as fewer people can physically inspect, show and value property.   The second is the economic uncertainty generated by stage 4 lockdowns. As consumption falls and unemployment spikes, vendors feel less confident selling their property and getting their desired price. This is further supported by the close movement exhibited between sales volumes and the consumer sentiment index. Significant falls in monthly sales volumes have closely aligned with this indicator. 
<img src="https://www.corelogic.com.au/sites/default/files/2020-08/consumer_sentiment_v_national_volume_of_dwelling_sales.jpg" width="817" height="385">
The drop in sales volumes in times of high economic uncertainty, such as around the GFC and the national Stage 2 restrictions in March and April, indicates sellers and buyers are less likely to participate in property transactions during negative economic shocks or periods of heightened uncertainty.  Additionally, a vital part of the tight lid on new listings has been mortgage repayment deferral offerings from banks. This has meant that people who cannot currently service their mortgage do not have to list as a distressed or motivated seller. This dynamic may change in the lead up to March, when banks may need to end repayment deferrals.  Property owners who have deferred their mortgages, but are not in a position to reinstate their repayments by the end of March, may decide to offload their property in the lead up to this expiry date. It’s reasonable to expect mortgage arrears will increase from currently low levels, which could gradually see a larger number of distressed listings come on the market.
The intention to sell and buy property is evidently linked to consumer confidence, which in turn has been influenced by case numbers of COVID-19, and the stringency of government response in impacting economic activity.  The initial restrictions through March and April saw a sharp drop in listings nationally, but these recovered quickly. A similar pattern was seen in sales volumes. The low cost of debt and strong recovery in consumer confidence created pent-up demand for property as Australia got ahead of the virus curve. This was perhaps one of the few ‘V-shaped’ recoveries observed amid the pandemic.  However, once restrictions are repealed in Melbourne this time around, the recovery in transaction activity is likely to be weaker.  That is because employment is taking another hit, consumer sentiment is dampened by the reality of a second outbreak of the virus, and a reduction in fiscal support is only a month away. Ultimately, the second round of restrictions across Victoria is likely to create a weaker ‘spring selling season’ than in previous years. 
</body></html>

Spring real estate listings off to slow start: Core Logic's Eliza Owen 

<html><body>
Danny Pavlovich, an entrepreneur and former elite bodybuilder, and his wife Suzie are set to emerge as the buyer of the iconic Dalkeith mansion once owned by late entrepreneur Alan Bond.

Their $27.5 million offer was accepted by its vendor, Sue Wyatt, who bought the property with her then-husband Steve for $39 million in 2011.

Pavlochich came to national attention when he was in the final stages of selling Nutrition Systems, a distributor of sport supplements &amp; nutritional products, to OBJ for $85 million late last year when COVID-19 hit and the deal fell through. 

Established in 1991, Nutrition Systems was one of the first companies in Australia to import health, wellness and sports nutritional products from the United States of America.

<div>
Pavlovich, 51, has twice been a finalist in the EY Entrepreneur of the Year competition.

He also won the 2017 ICN World Natural Bodybuilding Championship. 

[smartcode_project:default project_id=26734]

The 6,405 sqm was subdivided in to six parcels, but sold in one line. 
</div>

<div>Originally designed by renowned Perth architect Geoffrey Summerhayes and updated by Andrew Boughton, the 6406sqm estate is spread over six titles on a quiet cul-de-sac and takes in 270-degree views of the Swan River.</div>

<div>
The iconic 3000sqm house is probably the most opulent property in WA, with six bedrooms, a 21-seat home theatre, a ballroom for 400 guests, a 10,000-bottle wine cellar, three luxury kitchens, 17 toilets, a gym, a billiards room, a sauna, a pool house, a children’s playroom, underground parking for 12 cars, a tennis court and a resort-style pool with swim-up bar.

The Pavlovich's will be moving from Nedlands where he only recently had a mansion built. 

It was sold by Bond's daughter Jody Fewster declined to confirm the sale price or the identity of the new owners.

“I don’t have any emotional attachment to the house other than a lot of memories of fantastic parties and [having] lots of friends over,” Ms Fewster said.

“It was so much fun for me to sell because it’s full of great memories – I got married on the tennis court and my husband proposed to me there."
</div>

 
</body></html>

Danny Pavlovich and wife Suzie buy the iconic Alan Bond, Dalkeith mansion

<html><body>
Melbourne today recorded a preliminary clearance rate of 38.7 per cent from the 30 reported results, with 45 auctions withdrawn. 
It is the lowest tally in living memory, with a marked deterioration of the weekend when there was a 45.3 percent success rate calculated in July.
The Domain figures see withdrawn auctions counted as unsold properties when calculating the clearance rate.
<img src="https://www.urban.com.au/images/2020/8/25/CL%20AUG%2031.JPG" alt="">
Most city agents have realised potential buyers weren’t keen to bid unless they could see the property, which is not possible during the stage four restrictions.
Across the small markets, Adelaide recorded a preliminary clearance rate of 83.9%, the highest of the smaller cities, Canberra followed with 75.9% of homes selling at auction over the week.
However sales included a Reservoir knockdown opportunity.
The unliveable home sold to a developer for $590,000 at 161 Henty Street.
It had been a squat.
Ray White Oakleigh agents Leigh Kelepouris and Anna Voon sold 28 Elora Road in Oakleigh South for $933,000, with more than 300 people watching the action online.
“The majority of buyers saw this as a development opportunity so based on that we decided to press on with the auction, even during Stage 4 restrictions.
“It was the right call as we ended up with nine registered bidders, six of whom were active, and it actually ended up being a local family that purchased the property."
It sold to a local plumber.
A two-bedroom Californian bungalow, marketed as a likely knockdown, at 8 Bright Street, Camberwell, was sold under the virtual hammer for $1,638,000 in an auction that went for over an hour.
It was marketed as "rent out for great cashflow while preparing for a significant renovation and extension or the construction of a magnificently new family residence on 625 sq m approx. (STCA)."
Down on the Mornington Peninsula agents are listing and selling properties they have never inspected.
In the past month Nicholas Lynch Real Estate has sold 11 houses to buyers that had only viewed them online.
Warlimont and Nutt Real Estate has sold three properties to buyers who had only seen them online.
Nicholas Lynch Real Estate managing director Nicholas Lynch said technology was allowing agents to list, market and sell properties without viewing them or meeting vendors and buyers “in the flesh”.
Lynch told the Herald Sun said the company had moved to Zoom property inspections where sellers take prospective buyers on a virtual tour of their homes via the conferencing app while agents narrate.
During stage three lockdown the walk troughs were filmed by agents.
But in stage four, vendors had taken over, joining an agent, buyer and Nicholas Lynch’s marketing manager on a four-way Zoom call.
The initiative had helped secure 11 sales including one to a San Francisco-based Aussie expat, who worked for Netflix.
Warlimont and Nutt director Trent Cameron said demand was high for Mornington Peninsula properties and searches for houses in the region had soared by 56 per cent compared to the same time last year.
Real Estate Buyers Agents Association president Cate Bakos warned against purchasing a property sight-unseen, saying a home “might look good in the video and photographs, but properties can feel very different in the flesh”.
On Friday Victoria’s chief health officer, Brett Sutton, says he doesn’t know if daily COVID-19 infection rates will fall enough in the next fortnight to end stage four restrictions.
</body></html>

Melbourne auction clearance rate dips to 38 percent, but unliveable Reservoir squat sells at $590,000

<html><body>
In the week that it launched No.17 William Street zoomed to the top of the realestate.com.au charts as the most viewed home in Tasmania.
Then over the past three weeks the circa 1900 cottage has piled up near 16,000 views on the property site — and counting. That’s a figure heading toward Tassie’s Top 10 most viewed of the year.
Property representative Brad Stephens from Devine Property said he had shown over 100 groups through the property and received over 50 email inquiries.
“It is such a unique little property … but the response, that has blown me away,” Brad said.
“And the consensus among my colleagues is that it’s among the worst they’ve seen. It fits that ‘worst house, best street’ moniker."
“Interestingly, the majority of interest we’ve had is from people who want to restore what is there. They want to rebuild it from the inside out and restore it to its former glory."
<div class="sc-pZzYQ sc-oTcDH gPJTIP"><img class="sc-qYHHM dyhwPj size-full wp-image-609617" src="https://www.realestate.com.au/blog/images/1280x720-fit,progressive/2020/08/27100901/capi_72e7cb2de240e8406d868844054a690c_2309f6b1e92f5f3fc6203f583a4ca5f6.jpeg" alt="" width="884" height="497" data-capiid="2309f6b1e92f5f3fc6203f583a4ca5f6"></div>
The 77sq m weatherboard cottage offers a two-bedroom single-bathroom floorplan.
There is a combined living and dining space, a kitchen and a separate outhouse.
Mr Stephens said while the property was not listed on the Tasmanian Heritage Register, he recommends prospective purchasers make their own inquiries prior to bidding at auction.
No.17 William Street, West Hobart is heading to auction on Saturday August 29 at noon.
</body></html>

Why a West Hobart dump is a top viewed Tasmanian listing in 2020

<html><body>
<div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
Orana, the largest masterplanned community in Melbourne’s south-east, has gone completely digital - selling 70 blocks of land totalling more than $19 million in sales, without a single person stepping foot in a display.
House and land packages start from $418,566, with land sizes from 221 sqm to 448 sqm available now.
Utilising digital contracts and an online deposit portal, the $1.3 billion development by Victorian developer Balcon Group launched sales after 10 years in the making; the site comprising eight individual landholdings acquired over a period of more than a decade and will one day be home to more than 12,000 people across 4000 lots.
The early success of the project has been buoyed by the developer’s exclusive $20,000 promotion for essential workers, which has seen 76 per cent of purchasers so far comprised of local healthcare workers, teachers, police officers, hospitality staff and other essential workers.
“We’ve had an incredibly positive response to the grant, with 45 lots selling to essential workers, making up an incredible 76 per cent of all purchasers to-date,” said Balcon Group general manager Jason Shaw.
“In what has been a challenging time for everyone recently, all of us at Balcon Group felt strongly about doing something to give back to essential workers within our community.
“At Orana, community is at the core of everything that we do and ultimately drives our vision for the project.”
The 274ha site includes more than 42ha of green, open space, comprised of six parks, sporting fields and three wetlands; the total green space is more than Melbourne’s Royal Botanic Gardens.
Already entrenched within the local community, more than half of all purchasers to-date are making the move from surrounding postcodes such as Cranbourne, Pakenham and Clyde North; 72 per cent of future residents will be first home buyers.
“Our intention with Orana is to provide a place for residents to live, play, exercise, socialise, and even work – with the future town centre and business park providing employment opportunities just a short commute from their front door,” said Jason.
Orana has attained a 6-Leaf EnviroDevelopment accreditation from the Urban Development Institute of Australia (UDIA), which acknowledges Orana’s excellence across six areas of sustainability: ecosystems, materials, waste, energy, water and community.
</div>
</div>
</div>
<div class="page" title="Page 2">
<div class="layoutArea">
<div class="column">
“Balcon has six parks and waterways planned for Orana, as well as 10 kilometres of shared paths for cyclists, joggers and walkers – spaces for the whole community to engage, interact and explore,” said Jason.
At Orana, Balcon Group has also committed to the Urban Forest Program, a collaboration with City of Casey, to achieve 30 per cent tree canopy across the entire 274ha site, translating to thousands of newly planted trees.
 
</div>
</div>
</div>
</body></html>

Land sales go digital as essential workers make up 60 per cent of Orana's public launch

<html><body>
EG Australian Core Enhanced (ACE) Fund, has paid $38.2 million for an Ingleburn industrial investment.
It was sold by Bob Ell’s Leda Holdings, who paid $24.75m for 5 Williamson Road in 2017.
Based on the multi-let asset’s net passing $2,073,454 income,  the deal reflected a 5.4 per cent yield.
The 4.1 hectare site includes 18,514 sqm of lettable area.
The weighted average lease expiry is 3.8 years to packaging companies Austcor and SPS.
The purchase is the third for the open ended EG ACE fund which was launched last June.
It is anticipated to invest more than $800 million.
</body></html>

Billionaire Bob Ell makes 50 plus percent on Ingleburn warehouse sale

<html><body>
The second wave of COVID-19 has prompted ANZ to forecast Melbourne faces a 15 per cent fall in home prices by next year.
It is the largest peak-to-trough decline ANZ predicted for an Australian capital.
ANZ Bank has maintained its forecast for national house prices to fall by 10 per cent from peak to trough but now expects smaller falls in Hobart, Brisbane, Adelaide, Perth and Canberra.
While all those cities are set to fall between 6 and 9 per cent, the bank revised its forecast to a 15 per cent drop in Melbourne house prices, a dip greater than its previous prediction of a 13 per cent fall.
It still predicts a 13 per cent fall in Sydney, bottoming out in the second half of 2021. 
Darwin is expected by ANZ to stay in the doldrums, being down nine per cent.
The bank expects Hobart to fall by eight per cent) and Brisbane by six per cent.
The bank estimates Melbourne house and unit prices have already fallen by 2.2 per cent between March and July
It labelled the decrease “slightly more modest than we expected”, given government support payments like JobKeeper, superannuation withdrawals and deferred mortgage repayments helped the market/.
ANZ senior economist Cherelle Murphy said a dramatic decline in demand for housing had hurt both the sales and rental sectors.
“You’re going to have a greater unemployment problem in Melbourne simply because of the lockdown, (so) demand is going to be diminished,” she said.
With the Stage 4 lockdown in early August, Victoria’s economy is likely to have contracted further since.
In the three months to the end of June, the ANZ Stateometer showed Victoria’s economy deteriorated sharply, mainly due to weakness in the labour market and consumer sectors.
The ANZ believes Victoria's economy will contract 5 per cent or by more than $22 billion this year after a flat 2019-20. 
</body></html>

Melbourne faces 15 percent price falls by 2021: ANZ

<html><body>
<div class="lead-image media">Eraring's 7 Foreshore Street has been sold for $6 million McGrath Toukley agent Chris Smith.</div>
<div class="lead-image media"> </div>
<div class="lead-image media">The luxury home features six bedrooms, six bathrooms and a 14-car garage.</div>
<div class="lead-image media"> </div>
<div class="lead-image media">
<a href="https://www.realestate.com.au/sold/property-house-nsw-eraring-133831498" target="_blank">Mandalay</a> sits on 6.75 acres on the peninsula.</div>
<div class="subscribe-truncate">
<div class="assets">
There were six registered bidders, mainly out of Sydney, with a Sydney businessman securing the property for use as a weekender with 481 metres of waterfront reserve boundary.
It is 30 minutes via helicopter to Sydney airport.
</div>
</div>
</body></html>

$6 million sale of a luxury waterfront Eraring estate on Lake Macquarie

Lewis Land's latest apartment release within its <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan is targeting one of the Gold Coast's fastest-growing buyer groups, with almost a third of apartments at Solis priced below $1 million.

The seven-storey building at Biggera Waters will comprise 91 apartments, including 24 one-bedroom residences starting from $778,000, a price point Lewis Land says is aimed squarely at first home buyers struggling to enter the Gold Coast market.

<img alt="Harbour Shires" data-entity-type="file" data-entity-uuid="e7486e37-22f6-4c92-b212-9b0622070b8f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.34%E2%80%AFAM.png?VersionId=W8MJwJUCf6HkIyl_EVSksnd.QI6MZryY" />

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the developer deliberately allocated a significant proportion of the project to more affordable apartment types.

"First home buyers have been priced out of many parts of the Gold Coast, and we saw a clear opportunity to address this and play our part in a longer-term housing solution," Long said.

"That's why 24 of the 91 apartments being delivered at Solis have been designed and priced for the city's next generation of homeowners, quality one-bedroom apartments, half of which include an additional multipurpose room to maximise space and flexibility.

"This approach places 30 per cent of apartments in Solis under $1 million, and with close proximity to Harbour Town's future light rail extension connecting residents to the city's major employment and knowledge hubs, it's a win for buyers looking to secure their first property."

<img alt="Sores" data-entity-type="file" data-entity-uuid="550526d3-73ba-4710-9739-c5f4294a30ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.29%E2%80%AFAM.png?VersionId=cQQdXHt9wS0UXwZEm5Py5bH_3kAmzyhu" />

Designed by BDA Architecture, Solis will deliver a mix of one, two and three-bedroom apartments, with residences ranging up to 232 sqm. Apartments feature generous balconies and contemporary finishes, while residents will have access to Harbour Shores' lagoon pool, clubhouse, tennis court, gym, yoga studio and sauna.

The focus on first home buyers resonated with purchaser Holly Humphreys, who said she and her boyfriend spent more than a year searching for their first property before shifting their attention from houses to apartments.

"We fell in love with the first house we bid on and got our hopes up, but after repeated knockbacks we learned not to get too attached," Humphreys said.

"We offered at the high end of price guides, but sales kept going even higher. That's where we really struggled and we needed to re-evaluate our budget and our expectations. Standalone houses were off the table, and we pivoted to apartments and townhouses."

Humphreys said it was encouraging to see developers recognising the growing demand from first home buyers.

"There's a growing number of young buyers looking to enter the market earlier because they understand that getting in now can make a real difference as prices continue to rise," she said.

"It's fantastic to see a developer recognise this and then actively take measures to deliver an apartment with us in mind."

Solis is the first development planned within the second stage of the Harbour Shores masterplan, with early works expected to commence in September 2026.

[smartcode_project_cta:default project_id=113271]

Joel Robinson

Lewis Land targets first home buyers at latest Harbour Shores release, Solis

Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

[smartcode_project:default project_id=114246 project_image_fid=370116]

Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.

"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."

The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.

KOYO penthouse headlines Abadeen's $19.25 million EOFY sales flurry

The City of Sydney has approved plans for <a href="https://www.apartments.com.au/developers/billbergia">Billbergia Group</a> and Metrics Credit Partners’ $3.5 billion Castlereagh Place project in the heart of the Sydney CBD

The towers will be among the tallest in <a href="https://www.apartments.com.au/developments/sydney-nsw-2000">Sydney</a>'s CBD, with more floors than any other residential tower in the city.&nbsp;

The 6,000 sqm site was acquired by the joint venture partners in 2024. It is the largest amalgamated land parcel in the Sydney CBD and comprises eight individual sites fronting Castlereagh, Pitt and Liverpool Streets.&nbsp;

<a href="https://www.apartments.com.au/new-apartments/castlereagh-place-sydney-324-348-pitt-street-sydney-nsw-2000">Castlereagh Place</a> will transform an underutilised city block into a landmark mixed-use destination, anchored by two 82-storey towers comprising 607 luxury residences above an 8-level podium housing a 209-room luxury hotel. A 1,000 square metre civic park on ground level features a curated mix of food, beverage and retail.

The plans have been refined over the past year to rebalance the residential and hotel offering, and reconfigure the retail footprint to create a stronger, more dynamic dining experience.

A three-level flagship building on the prominent corner of Pitt and Liverpool Streets will be the gateway to the Castlereagh Place lifestyle precinct. Set to become a Sydney icon, the building is capable of housing multiple hospitality venues.

“Castlereagh Place is designed to be the City's next great urban oasis - an energetic mixed-use precinct that pulses with life, day and night,"&nbsp;said Joseph Kinsella, Group Director of Billbergia.

"It will bring the vibrancy of places like Barangaroo and Darling Quarter into a more accessible, central destination at the very heart of Sydney."

Kinsella said the project will build on&nbsp;Sydney’s growing laneway culture with the City’s largest network of new activated lanes - an expanded, next-generation take on precincts like Angel Place, Palings Lane and Ash Street in Wynyard.

[smartcode_project:default project_id=134477 project_image_fid=374401]

Castlereagh Place has been designed by architects <a href="https://www.apartments.com.au/architects/fjc-studio">fjcstudio</a> in collaboration with Trias Studio, Aileen Sage and Polly Harbison Design, joint winners of an international design competition in 2018.&nbsp;

Signature design elements from the original scheme remain unchanged, while the public domain has been significantly enhanced, delivering 60 per cent more open-to-sky space.

Pedestrian access will also be enhanced through new laneways linking Pitt, Liverpool and Castlereagh Streets, drawing people into a new civic park with outdoor seating, landscaping and integrated public art.

With activated laneways supported by strong hospitality offerings, Castlereagh Place is tipped to become a vibrant new dining destination in the heart of Sydney’s CBD.

It marks the largest undertaking to date for the Billbergia and Metrics Credit Partners partnership. Together they are developing other underutilised Sydney sites into mixed-use precincts, including the $2.2 billion Concord Central and the $1.3 billion Chatswood Grand Residences.

Metrics Managing Partner and Group CEO Andrew Lockhart said Castlereagh Place is a landmark project that will redefine Sydney’s skyline.

"As the tallest residential high-rise development, the revitalised site will offer panoramic views across the CBD and surrounds. We are excited to partner with Billbergia to reinvigorate an underutilised site and create a sophisticated and contemporary mixed-use offering situated in the heart of Sydney.”

Total apartments within the towers have increased to 607 dwellings, with a focus on larger floorplans. Aligned to growing market demand, Castlereagh Place now comprises 299 three-plus-bedroom apartments, 198 two-bedroom units and 110 one-bedroom configurations.

[smartcode_project:default project_id=134477 project_image_fid=374402]

Resident amenities will include an exclusive residents club containing a gym, rooftop pool, dining rooms, co-working spaces, library, golf simulator, games room, cinema room, and access to an exclusive concierge service. There will be around 500 basement car spaces below the towers.

The development will also include a state-of-the-art wellness centre, set to feature a bathhouse with magnesium pools, hot/cold plunge pools and premium amenities.

&nbsp;

According to fjcstudio, the towers will feature distinctive yet elegant architectural design reflecting Sydney’s geometry and urban character, with a network of through-site links and intimate public spaces activating the streetscape.

"Castlereagh Place is a city-making project of significant scale and ambition," said Richard Francis-Jones, Design Director at fjcstudio.

"It will create a rich urban complex of public open spaces, landscaped gardens, and vibrant laneways. Defining these new public spaces and the important streetscape of Castlereagh Street is a sequence of fine-grained, diverse retail and hotel architecture designed in collaboration with Aileen Sage, Polly Harbison Design and Trias.

“Rising above the tree-lined, human-scale streetscape are two slender residential towers that will transform the city skyline and look towards the Harbour, Hyde Park, and the Royal Botanic Garden.”

Demolition and early construction works have commenced onsite at Castlereagh Place.

[smartcode_project_cta:default project_id=134477]

Billbergia, Metrics, approved for $3.5 billion Sydney skyscrapers

International developer&nbsp;<a href="https://www.apartments.com.au/developers/spg-land">SPG Land</a> is preparing to re-launch its long-awaited $1.5 billion <a href="https://www.apartments.com.au/new-apartments/paradiso-place-surfers-paradise-103-ferny-avenue-surfers-paradise-qld-4217">Paradiso Place</a> development at Budds Beach, bringing a new price point to the Surfers Paradise apartment market.

The developer will release one-bedroom apartments from $825,000 and two-bedroom apartments from $1.24 million in the three-tower development.

According to Urbis, the starting price for the two-bedroom apartments is more than $400,000 below the weighted average sale price for comparable two-bedroom apartments in Surfers Paradise during 2025, which was pinned at $1.7 million.

&nbsp;

Urbis reported quarterly average sale prices for new two-bedroom, two-bathroom apartments ranged from around $1.2 million to $1.7 million throughout 2025, peaking in the December quarter.

[smartcode_project:default project_id=106566 project_image_fid=185853]

Paradiso Place is now moving into its formal sales campaign, with a limited early-release opportunity available ahead of the public launch.

The development will comprise 845 apartments across three towers rising 40, 41 and 44 storeys from a 1.15-hectare site spanning an entire city block. The towers will sit above a new retail precinct.

"Paradiso Place represents a rare opportunity in today's market, offering premium apartments at a price point that is significantly more competitive than anything else currently available," SPG Land Sales Director Brad McMahon said.

"When you look at comparable new developments across Surfers Paradise, Main Beach and the Southern Beaches precinct, buyers are typically paying hundreds of thousands more for a similar product.

"The scale of this project and the developer-builder construction model allows us to unlock efficiencies that smaller developments simply cannot achieve. We are passing those benefits directly to buyers, while still delivering a five-star residential experience with an unmatched lifestyle."

[smartcode_project:default project_id=106566 project_image_fid=374280]

Each of the three towers designed by Rothelowman will have its own podium, connected by an elevated skybridge network to create a beachside village for residents. The resident amenity has been designed to rival a five-star hotel, with private dining rooms, resident lounges and entertainment spaces.

McMahon said the pricing strategy was a deliberate response to the current market.

"What Paradiso Place offers is a unique balance, genuine value within a premium market. Buyers are not compromising on quality, design or amenity, they are gaining access to it at a more competitive price point at a time when prices across the Gold Coast continue to reach new highs."

[smartcode_project:default project_id=106566 project_image_fid=362498]

Located around 100 metres from the beach and within walking distance of the Surfers Paradise North light rail station, Paradiso Place occupies one of the Gold Coast's most tightly held beachfront precincts.

Construction is continuing to progress, with eight of the project's 112 foundation piles now complete. Excavation has also commenced on the first diaphragm wall panel, with the first concrete poured on 15 June, marking a key milestone in the project's early works program.

[smartcode_project_cta:default project_id=106566]

SPG Land launches $1.5 billion Paradiso Place at attractive price point

Luxury developer-builder <a href="https://www.apartments.com.au/developers/lowe-living">Lowe Living</a> has achieved a new Victorian benchmark for an off-the-plan apartment, with the sale of two penthouses at its ultra-exclusive Maison Savoy development in Brighton.

The two penthouses achieved a combined sale rate of $49,926 per sqm. Both transactions eclipsed the previous identified Victorian off-the-plan price-per-square-metre benchmark, set by the 449 sqm apartment at Como Toorak, which sold at $46,659 per sqm.

[smartcode_project:default project_id=140818 project_image_fid=366473]

<a href="https://www.apartments.com.au/new-apartments/maison-savoy-brighton-150-esplanade-brighton-vic-3186">Maison Savoy</a>, Lowe Living's redevelopment of the former Brighton Savoy Hotel on absolute beachfront land at 150 The Esplanade, Brighton, has gained significant momentum since launching just eight weeks ago. Around 30 per cent of the project's 19 residences have already been secured, generating approximately $45 million in sales.

"Securing two of the three penthouse sales at this stage, within eight weeks of launching to market speaks to the confidence our clients place in Lowe Living," Lowe Living co-founder Emma Lowe said.

"They know we'll be with them through every stage of the journey, and that assurance is something we've worked hard to earn and never take for granted."

[smartcode_project:default project_id=140818 project_image_fid=366474]

Lowe said Maison Savoy was conceived as a genuine alternative to a prestige Brighton home, combining house-scale proportions with the convenience, security and lock-up-and-leave appeal of apartment living.

Lowe Living co-founder Tim Lowe said the early sales success demonstrated the resilience of Melbourne's prestige market and highlighted the growing demand for house-sized apartments among ultra-high-net-worth buyers.

"The Melbourne market has definitely been tested in recent years, with interest rates and global economic factors all creating a period of uncertainty across the real estate sector. The sales success at Maison Savoy however demonstrates that confidence remains exceptionally strong at the top end of the market.

"The prestige market is being driven by long-term lifestyle decisions rather than short-term market sentiment, which continues to create a level of certainty that befits an absolute beachfront property in a blue-chip location like Brighton.

"Brighton's fundamentals remain among the strongest in Melbourne, with limited new supply, enduring demand from an overwhelmingly local owner-occupier market, and a rare combination of beachfront amenity and proximity to the CBD."

[smartcode_project:default project_id=140818 project_image_fid=374378]

According to Cotality, Brighton remains one of Melbourne's most tightly held prestige suburbs, with an average ownership tenure of 15.3 years for houses and 12.3 years for units, while more than 73 per cent of homes are owner-occupied.

Tim Lowe said selling two of the project's three penthouses so early in the campaign was an uncommon result.

"This sales result is a reflection of quality and understanding the local market. It's incredibly rare to transact the penthouses so early in a sales campaign in any project so to have sold two of the three penthouses at Maison Savoy so soon after launch, all in-house without any external sales agency appointed, is reflective of our careful consideration of our buyers' needs and lifestyle.

"This is knowledge that is accumulated not just from data and demographic analysis, but via a deeply embedded understanding of how this type of buyer wants to live and feel in their home. We pride ourselves on getting to know our clients personally, and over the last 10 years we have been able to refine our product offering by talking one-on-one with our clients about their design and floorplan preferences.

"Being a fully integrated developer-builder with an in-house design and sales team allows us to lead every part of the process and ensure the highest quality of product and service at every touchpoint. It's a really important part of our DNA and the recent sales success at Maison Savoy indicates that our clients and purchasers are resonating with this point of difference.

"It reinforces that demand remains strong for thoughtfully designed residences that offer rarity, lifestyle and long-term value in tightly held locations, which ultimately validates Maison Savoy's positioning as creating a new benchmark for house-scale, wellness-led apartment living on Brighton's beachfront."

&nbsp;

[smartcode_project:default project_id=140818 project_image_fid=366480]

The residences at Maison Savoy start from 295 sqm, with most enjoying uninterrupted views across Port Phillip Bay. The project sits moments from the Brighton Bathing Boxes, Royal Brighton Yacht Club, Middle Brighton Baths and Church Street's retail and dining precinct.

A key feature of the development is its private residents-only bathhouse, curated by the founder of Aurora Spa &amp; Bathhouse and modelled on traditional European bathing rituals and the award-winning Sorrento bathhouse.

The wellness offering includes a hydrotherapy pool, salt room, sauna, steam room, cold plunge pool, foot activation zone and a Vichy rainfall bed, one of only a handful in Australia. Residents will also have access to a Technogym studio, lounge spaces and a dedicated concierge service offering everything from morning coffee delivery and restaurant bookings to dry cleaning and home coordination.

"Wellness-led design has become a defining factor for luxury buyers," Emma Lowe said.

"Purchasers increasingly value homes that enhance wellbeing through thoughtful design, private amenity, privacy and liveability."

The penthouse purchasers are now undertaking a bespoke customisation process curated personally by architect Pete Kennon and the Lowe Living team, one of the developer's signature service offerings.

Construction on the $160 million transformation of the former Brighton Savoy Hotel site commenced last month, with completion expected in early 2028. The project has secured funding from NAB alongside development partner Monark.

Just one penthouse remains available, along with a limited number of two and three-bedroom residences starting from $3.75 million.

Lowe Living currently has eight projects on the market across Melbourne and recently celebrated its 10th anniversary, having grown a $1 billion development pipeline alongside a $350 million construction pipeline.

&nbsp;

[smartcode_project_cta:default project_id=140818]

Staff reporter

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News