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Given that Inner North suburbs of Melbourne tend to comprise older dwellings, at least relative to the outer north, it is within these suburbs – including Coburg, Reservoir and out to Greensborough and Bundoora that most likely to see homes undergoing renovations, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
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Older homes, often held in families for many years and kept in their original state will often undergo impressive modifications and upgrades once sold to owner occupiers looking to make their homes larger, modern, comfortable and better suited to modern life. 
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The report suggests renovators can often expect to see healthy capital growth as a result of these renovations bringing these properties up to meet the expectations of potential purchasers for these areas.
There are a number of areas in the Inner North where ‘pop up’ rear extensions to existing heritage facades are becoming more commonplace as a means of meeting the requirements of heritage protections. 
"We have seen numerous examples of these, where older homes with small and enclosed living areas have been opened up, increasing natural light and utilizing spaces in a more functional way," the valuation firm said. 
"In recent months as a result of the Coronavirus pandemic, we have noted that the occurrence of larger renovations and extensions has reduced, bucking the trend of the past several years where renovations have been commonplace, particularly as a result of gentrification in many areas and a large number of homes constructed in the 1980’s becoming more obvious candidates for modernisation," the valuation firm said. 
Prime examples of this can be seen in Reservoir and Montmorency where homes with renovation potential can be purchased for between $700,000 and $850,000 and $800,000 to$900,000 respectively, the reported noted. 
"Once fully renovated, we are seeing homes in Reservoir achieve $1.1 million to $1.3 million and Montmorency, $1.1 million to $1.4 million," the valuation firm said. 
A three bedroom Clinker Brick Veneer house in Reservoir has recently been sold for $1.07 million.
The <a href="https://www.realestate.com.au/sold/property-house-vic-reservoir-133019962" target="_blank">31 Rubicon Street </a>home (pictured below) has been renovated and extended. 
It comes with open plan living, light-filled family room and decked entertainment area. 
It was last sold in 2007 for $476,000. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/reservoir%201.jpg" alt="">
A current listing is an updated four bedroom house in Montmorency priced at $1.05 million to $1.15 million.
The<a href="https://www.realestate.com.au/property-house-vic-montmorency-133636602" target="_blank"> 3 Reichelt Avenue</a> home (pictured below) comprises two living zones, two updated bathrooms and study. 
It's situated within walking distance to schools, shops and cafes. 
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Investors in the outer north suburbs, looking to attract tenants or sell are more likely to carry out more modest or cosmetic renovations for ‘easy wins’, partly as a result of homes in these areas being much younger, with layouts not differing too much from new homes being constructed today.
The report notes minor renovations in these areas will tend to be limited to painting, replacing floor coverings, and perhaps a new kitchen, bathroom or deck.
"Moving forward, we expect that the prevalence of major renovations will continue to remain in parity with the economy and if this continues to deteriorate, then it is reasonable to expect that renovators will become less willing to spend big," the valuation firm said. 
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j.ballantyne1990-6AQqhLzZaK

North Melbourne major renovations in decline: HTW residential 

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Dexus has announced that it has conditionally exchanged contracts to sell 45 Clarence Street, Sydney to Peakstone.
The sale will realise net proceeds of $530 million, which is consistent with the property’s book value at 31 December 2019.
It was bought in 1998 at $165 million.
45 Clarence Street is a 28-level, A-grade office tower across 32,000 square metres, located in the western corridor of Sydney’s financial district and was built in 1990.
On 31 December 2019, the property was 100% occupied and had a weighted average lease expiry of 3.3 years.
The sale was concluded following the receipt of an off-market unsolicited offer from Peakstone, a Singapore headquartered manager of Asian capital, and is subject to the purchaser receiving FIRB approval.
 “This transaction reinforces the resilience of prime quality office asset values in the Sydney CBD and enables us to recycle capital into higher returning opportunities that we expect will become more prevalent over the coming period,” said CEO Darren Steinberg.
The transaction follows the completion or exchange of more than $800 million of property divestments across the group during FY20.
The net sale proceeds will initially be used to repay debt.
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Dexus announces conditional contract to sell 45 Clarence Street to Peakstone

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A local Sydney/ Brisbane private syndicate has beaten locals to snap up a residential development site in Greenslopes, just 4kms south east of the Brisbane CBD for $2.45 million.
Located at <a href="https://www.commercialrealestate.com.au/property/100-nicholson-street-greenslopes-qld-4120-2015810068" target="_blank">100 Nicholson Street</a>, IVIE Residence is a boutique townhouse development site.
The 3,489sqm site is zoned LMR2 Low medium density residential (2 or 3 storey mix).
With bus services available within 300 metres, it was sold by Robert Dunne and Will Carman of Savills Australia. 
According to Robert Dunne, director, Commercial Sales, at Savills Australia, this is an exciting opportunity to develop the final stage of IVIE Residence, a multi stage development comprising 26 x 3-storey townhouses.
"Stage 1 has been completed and contains 5 x 4 bedroom townhouses with direct frontage to Nicholson Street and Stage 2 is approved and ready to go”. 
Stage 2 comprises 21 premium townhouses offering 9 x 3 bedrooms and 12 x 4 bedrooms, serviced by 43 car parks.
Mr Dunne said the campaign saw 192 interested parties and 69 Due Diligence distributed throughout the four week campaign. 
Greenslopes is an established residential suburb that has a population of approximately 8,936 residents, which predominantly comprises independent youth and maturing or established independents.
The median average weekly income in Greenslopes is $1,671, which sits above the Australian average.
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69 developers do due diligence on Greenslopes DA approved site

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Sherry and empanada bar operator, Double Tree International (Australia) Pty Ltd, has agreed terms on a new lease at South Yarra.
In a deal brokered by Teska Carson leasing agent, Reece Israel, the 47 sqm ground floor tenancy at <a href="https://www.realcommercial.com.au/leased/property-ground-floor-16-toorak-road-south-yarra-vic-3141-503307798" target="_blank">16 Toorak Road</a>, was let at $30,000 per annum on a three year term with two further three year options.
Mr Israel said the property benefitted from its prominent Toorak Road frontage.
He said the fully functioning kitchen with a large pizza oven had been a key factor for Double Tree.
"This is a great location for a food and beverage retailer with its close proximity to various transport options and excellent street exposure, while the premises is well suited to the client’s operational requirements,’’ Mr Israel said.
The lessor is a Melbourne based private investor. 
 
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Sherry and empanadas come to Toorak Road, South Yarra

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A new commercial building situated in a prominent corner position in the inner-Brisbane suburb of Ashgrove has sold in a deal representing a tight yield for Queensland.
The fully-leased medical and retail property at 9 Ashgrove Road, which also has frontage to Crawford street, was sold for $8.88 million at a passing yield of five per cent, with a passing net income of $444,300 per year.
It was purchased by GDA Diversified Property Trust having been listed by Eloper Group in a deal negotiated by Blake Goddard and Matt Barker of Knight Frank in conjunction with Michael Hedger, Darren Collins and Jack Morrison of CBRE.
Completed in May 2019, the Ashgrove building offers 618 sqm of medical/retail accommodation over two levels on an 800 sqm site with secure basement car parking for 26 vehicles.
It is 100 percent leased to three tenants including the Bank of Queensland, Ashgrove GP clinic and RecoverWise Physic, with 75 per cent of the income generated via the medical tenants, which are well- established in the precinct.
Mr Goddard said the campaign generated a suburban record for price per square metre of net lettable area of $14,369 and yield for an asset of this nature.
Mr Collins said the best interest came from the passive investors including numerous parties who work in the medical industry and were attracted to the strong lease covenants on this 100 per cent leased asset with an 8.5 year WALE (by income).
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It is set just 4.5km from the Brisbane CBD.
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Inner-Brisbane commercial building sold on tight yield during COVID-19

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GUEST OBSERVATION
Taxis have traditionally competed for kerbside space in our cities, but they now have many new competitors. <a href="http://theconversation.com/institutions/the-university-of-queensland-805"> </a>
In case you missed it, 2018 was designated the <a href="https://mobilitylab.org/2018/06/08/managing-the-chaos-of-the-21st-century-curb/" target="_blank">Year of the Kerb</a> by Sabrina Sussman, <a href="https://www.zipcar.com/" target="_blank">Zipcar’s</a> public partnerships manager. This is because competition for limited kerb space has been increasing over the past few years, particularly in cities.
The kerb is the place that provides “access” between the street and the footpath. The definition tends to include the lane beyond the kerb that is used for car parking, bus stops, taxi pickups and dropoffs, and loading and unloading goods.
But kerb competition is increasing from a range of new users including: car sharing, ride sharing, e-scooter share, bike share and e-bike share, food delivery, online order deliveries and, in coming years, autonomous vehicles.
And this increasing focus on the kerb is highlighted in recent reports by the <a href="https://www.ite.org/technical-resources/topics/complete-streets/curbside-management-resources/" target="_blank">Institute of Traffic Engineers</a>, the <a href="https://www.itf-oecd.org/shared-use-city-managing-curb-0" target="_blank">International Transport Forum</a> and North America’s National Association of City Transportation Officials (<a href="https://nacto.org/tsdg/curb-appeal-whitepaper">NACTO</a>).
With this range of new users, cities need to rethink how they manage this contested real estate. Without better kerb management, cities will face increased congestion on local streets from vehicles circulating to access the kerb and on footpaths from a range of shared mobility devices.
One change cities will need to make to accommodate these new users is to repurpose kerb space, which has traditionally been used for parking, to other uses. This change will most likely have a significant financial impact.
<a href="https://www.wired.com/story/city-planning-curbs/" target="_blank">One survey</a> of the 25 largest US cities found parking-related revenues totalled US$5 billion in 2016, or about US$129 per person. While repurposing kerb space will not affect all of this revenue, it will have an impact on city budgets. To minimise this impact, cities will need to think about if, and how, to charge new users of kerb space.
To manage kerbs, first identify the uses
The City of Seattle is one of the leaders in kerb management. The city categorised kerb use into six key functions:
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mobility for travel lanes, bike lanes and bus lanes
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access for people using bus stops, bike parking and loading zones
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access for commerce to deliver goods
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activation for <a href="https://theconversation.com/people-love-parklets-and-businesses-can-help-make-them-happen-87172" target="_blank">small parks</a>, food trucks and public art
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greening for plantings, rain gardens and bio-swales
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storage for parking, bus layovers and construction.
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One of the first in-depth analyses of the kerb was in San Francisco. As part of <a href="https://www.fehrandpeers.com/wp-content/uploads/2019/01/SF_Curb_Study_2018-10-19_web-download.pdf" target="_blank">this 2018 study</a>, commissioned in 2018 by Uber Technologies, the consultants (Fehr and Peers) developed a Curb Productivity Index (CPI). The index considered three things to compare productivity of kerb use.
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number of passengers using kerb space by mode
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time period the activity was observed
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total space dedicated to that use.
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How to calculate kerb productivity
The CPI is a useful way of quantifying the various competing uses for the kerb.
It’s calculated by dividing the amount of activity by the amount of space used, multiplied by the unit of time. For example, the CPI for a bus stop that uses 45 metres of kerb for 250 arriving and departing passengers over four hours would be: 250 passengers/(45 metres x 4 hours), or 1.39 passengers/metre-hours.
Alternatively, the CPI for a car space that uses five metres of kerb that services two passengers over four hours would be: 2 passengers/(5 metres x 4 hours), or 0.1 passengers/metre-hours.
The CPI shows a bus stop is 13.9 times (1.39/0.1) more productive than a car park.
This analysis of usage data provides some rigour in developing a kerb management plan.
Base management on ‘measurement over myth’
As a way forward, <a href="https://www.fehrandpeers.com/wp-content/uploads/2019/01/SF_Curb_Study_2018-10-19_web-download.pdf" target="_blank">Fehr and Peer recommend</a> a management strategy with three components:
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relocation of existing kerb uses to other areas
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conversion, which involves eliminating some current uses and replacing them with new uses
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flexibility, so kerb uses change depending on the time of day.
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Trials of flexible kerb management are under way in Washington DC, San Francisco and Fort Lauderdale.
In changing how the kerb is managed, the <a href="https://nacto.org/tsdg/curb-appeal-whitepaper/" target="_blank">2018 report</a> from North America’s National Association of City Transportation Officials recommends a “measurement over myth” strategy when converting parking to other uses.
Surveys on arrival mode consistently show public transport and active travel modes deliver more customers to adjacent businesses than private motor vehicles. <a href="https://www.torontocycling.org/uploads/1/3/1/3/13138411/cycling_economies_eglinton_final.pdf" target="_blank">Before-and-after studies</a> confirm that replacing parking with public transport or bike lanes increases sales for area businesses.
To manage the conflicting needs of car and bike users for roadside space, San Jose has created kerbside bike lanes separated from the road by car parking. <a class="source" href="https://www.propertyobserver.com.au/https://www.flickr.com/photos/willbuckner/45885808941"> </a>
While new mobility startups are part of the reason cities need to develop kerb management plans, other startups are developing new ways to manage this increasingly contested space. Some of these new companies include:
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<a href="https://www.coord.co/post/open-curbs-the-first-open-data-multi-city-platform-to-unlock-curbs" target="_blank">Open Curbs</a> from <a href="https://www.coord.co/" target="_blank">Coord</a>, a spin-off of <a href="https://www.sidewalklabs.com/" target="_blank">Sidewalk</a>, that provides wheelchair cuts, fire hydrants, bus stops and other physical kerb assets
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<a href="https://www.populus.ai/" target="_blank">Populus</a>, a San Francisco transport company that has developed a mobility manager that provides data on e-scooter and e-bike share parking data
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Remix, which has developed the <a href="https://www.remix.com/new-mobility" target="_blank">New Mobility tool</a> to analyse and visualise data-streaming feeds.
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These startups have raised millions of dollars, due in part to the recognised value of the kerb.
Cities need to make the transition from parking cities to pickup/dropoff cities and to flexible cities. For this to happen, cities will need to think strategically about how to manage their kerbs with the emergence of new users and new mobility management options.
One of the first steps in this transition is for cities to ensure data standards and data-sharing arrangements are established as part of the basis for giving new users permission to access the kerb.
<a href="https://theconversation.com/profiles/neil-sipe-346144" target="_blank">Neil Sipe</a>, Professor of Urban and Regional Planning, <a href="http://theconversation.com/institutions/the-university-of-queensland-805" target="_blank">The University of Queensland</a>
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/competition-for-the-kerb-is-rising-and-cities-are-going-to-have-to-manage-it-117410" target="_blank">original article</a>.
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Competition for kerb is rising, cities have to manage it: Neil Sipe

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Rough sleepers across NSW are to benefit from the largest housing response dedicated to rough sleepers in NSW history with a program to secure homes rapidly from the private rental market underway.
Minister for Families, Communities and Disability Services Gareth Ward said the $36 million Together Home project would deliver stable housing and wrap-around support for hundreds of people experiencing homelessness.
“Part of this initiative is about finding people a place to call home, but the critical next step is supporting them with the services they need improve their health and wellbeing, and to rebuild their lives,” Mr Ward said.
“Our housing, homelessness and health providers will be working around the clock in coming months to help people take the first steps towards breaking the cycle of disadvantage and staying off the streets for good.”
Together Home will be delivered by the NSW Government, in collaboration with 19 community housing providers, specialist homelessness services and healthcare workers. 
The NSW Government has invested more than $70 million to prevent and respond to homelessness during the pandemic, on top of the more than $1 billion invested this financial year in housing and homelessness support.
The following Community Housing Providers will help deliver Together Home:
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<li>        Argyle Community Housing – South Western Sydney, Murrumbidgee, Far West and Western NSW</li>
<li>        Bridge Housing – Sydney, South Eastern Sydney and Northern Sydney</li>
<li>        Community Housing Limited – Mid North Coast, Northern NSW and New England</li>
<li>        Compass Housing Services – Hunter Central Coast</li>
<li>        Evolve Housing – South Western Sydney, Western Sydney and Nepean Blue Mountains</li>
<li>        Homes North – Mid North Coast, Northern NSW and New England</li>
<li>        Homes Out West – Murrumbidgee, Far West and Western NSW</li>
<li>        Housing Plus – Murrumbidgee, Far West and Western NSW</li>
<li>        Hume Community Housing – South Western Sydney</li>
<li>        Link Housing – Sydney, South Eastern Sydney and Northern Sydney</li>
<li>        Metro Community Housing – Sydney, South Easter Sydney and Northern Sydney</li>
<li>        Mission Australia Housing – Mid North Coast, Northern NSW and New England</li>
<li>        North Coast Community Housing – Mid North Coast, Northern NSW and New England</li>
<li>        Pacific Link Housing – Hunter Central Coast</li>
<li>        Southern Cross Community Housing – Illawarra Shoalhaven and Southern NSW</li>
<li>        St George Community Housing – Sydney, South Eastern Sydney and Northern Sydney</li>
<li>        Illawarra Community Housing Trust – Illawarra Shoalhaven, Southern NSW</li>
<li>        Wentworth Community Housing – Western Sydney, Nepean Blue Mountains</li>
<li>        Women’s Housing Company – Sydney, South Eastern Sydney Northern Sydney and South West Sydney.</li>
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Community housing providers to assist NSW rough sleepers 

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Sentinel Property Group has revamped its executive leadership structure as its looks to take advantage of any opportunities in the commercial real estate sector arising from the economic challenges of the COVID-19 pandemic.
Sentinel managing director and CEO Warren Ebert said with the Group also marking its 10th year of operations, the continued execution of its succession plan would coincide with the next phase of the non-listed real estate investment trust’s (REIT) growth.
"Many of our office, retail and industrial properties have a strong tenant base and provide us with a solid income stream, even in these challenging times," said Ebert who will become the group’s executive chairman and chief investment officer, effective from July 1, 2020.
Its chief operating officer (COO) Stacey Jones has been appointed CEO, effective from the same date.
Sentinel was established by Mr Ebert in 2010 when the commercial property market was still recovering from the global financial crisis.
Sentinel has since built a national portfolio of more than 50 retail, industrial, office, land, tourism infrastructure and agribusiness assets with a total value in excess of $1.13 billion.
“The Sentinel philosophy has been to see opportunity where others fear to tread and there were many instances post-GFC,” Mr Ebert said.
“How lucky are we to find ourselves with another opportunity to achieve more strong results for our highly valued investors.”
While Sentinel has still performed strongly since the COVID-19 outbreak, Mr Ebert said the strengthening of the management structure in line with the succession plan was timely with the impact on the economy prompting a review of the Group’s operations.
“This has been a good time to look at how we are doing things and I believe the move away from being CEO will allow me to step back and focus more on our investors, sales and acquisitions, leasing, value-add opportunities as well as Ebert family business,” he said.
“Our plan for Stacey to take on direct full-time responsibility for the management of the Sentinel office is timely: all staff are now all back to work full-time in our Brisbane CBD headquarters after mixing working from home with returning to the office two to three days a week.”
After almost a decade as a commercial property lawyer, Stacey Jones joined Sentinel in 2012 as an investor; her initial executive role was as General Counsel. She quickly moved to COO, where she demonstrated her leadership abilities and passion for the organisation. 
 
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Leadership revamp for Sentinel

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Falls from heights are the number one killer on NSW construction sites so construction sites across north-western Sydney can expect a visit from SafeWork Inspectors this week who will be targeting unsafe working systems across all building trades.  
Minister for Better Regulation, Kevin Anderson, said following a number of incidents on worksites throughout the state, inspectors will be on the ground focusing on high risk activities, to ensure workers on construction sites are kept safe. 
“Inspectors will be undertaking a compliance blitz on construction sites to make sure those most at risk from workplace injury are protected by safe systems of work,” Mr Anderson said. 
“Far too often our inspectors identify concerns with the way scaffolding is set up and other dangers involving working from heights so we will be targeting this area in particular.
“Falls from heights are the number one killer on NSW construction sites with most people who are seriously injured or killed falling from a height of four metres or less,” Mr Anderson said. 
Following the NSW Government’s introduction of the strongest workplace legislation in the country earlier this month, heavy on-the-spot fines will be issued to anyone who puts workers’ lives at risk through unsafe or unlicensed work activities. 
“We’re lifting workplace safety in NSW by making it everyone’s responsibility, and sending a clear message that those who puts workers at risk can now face jail time,” Mr Anderson concluded.  
For more information on SafeWork’s operations and work health and safety advice, visit <a href="http://www.safework.nsw.gov.au/" target="_blank" data-saferedirecturl="https://www.google.com/url?q=http://www.safework.nsw.gov.au&amp;source=gmail&amp;ust=1593473055413000&amp;usg=AFQjCNFWwqlyxcsqcO_Nbsrxa32Nns1PuA">www.safework.nsw.gov.au</a>
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Safety inspections planned for north-western Sydney construction sites

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The Commonwealth Bank of Australia has achieved the highest number of Green Star certifications for a non-property organisation, reaching 30 certifications across its bank branches.
Commonwealth Bank became one of the first users of the Green Building Council of Australia’s Volume Certification Program, and since 2016 has certified 30 branches to a 5 star rating or above.
CEO of the Green Building Council of Australia, Davina Rooney, said this significant achievement has helped to advance better design and construction outcomes throughout Australia.
“Commonwealth Bank was one of the first users of Green Star and one of the early adopters of our volume certification program,” Ms Rooney said.
“They have paved the way for other financial institutions, as well as industrial facilities, retail stores and restaurants to achieve volume Green Star certification across a number of projects.”
“Commonwealth Bank’s adoption of Green Star, along with their participation in the Global Net Zero Carbon Buildings Commitment puts the bank at the forefront of green leaders worldwide.”
Jennifer Saiz, Executive General Manager Group Property and Security, Commonwealth Bank, said: “We aim to drive positive change through good business practice and one way we achieve this is through our sustainable branches.
“We are proud to be the first Australian financial institution to achieve a 5 Star Green Star certification for our retail design standards and we are thrilled that 30 of our branches have now achieved Green Star certification,” Ms Saiz said.
Volume certification allows the certification of a group of projects sharing similar features.
Ms Rooney said more companies are choosing volume certifications as it enables elements of a design to be certified once and then replicated on future projects to achieve a Green Star rating.
“Volume certifications for Green Star are growing rapidly as more companies see the value in reducing costs, future-proofing assets, and helping more people enjoy the many benefits working in a Green Star environment,” Ms Rooney said.
Commonwealth Bank’s office fitouts and bank branches use low chemical paints, Forestry Standard certified timber and water-efficient fixtures and fittings. They have also seen energy cuts of 40 per cent compared with typical branches.
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Commonwealth Bank leads the way in Green Star certifications

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Joel Robinson

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

The long-planned transformation of Brisbane's historic Shafston Estate has taken another major step, with Capella Hotel Group announced as the luxury hospitality partner behind what will become Brisbane's first branded residences.

The project, to be known as Capella Residences Brisbane, is being delivered by Verso Projects at the landmark Kangaroo Point riverfront estate, with completion targeted for 2029.

The announcement follows a series of planning changes to the project over recent years. The site was originally approved in 2023 for a 15-level, 37-apartment development designed by Rothelowman for Burgundy Group before Verso Projects took over the 10,070 sqm riverfront holding and lodged revised plans with Kerry Hill Architects to increase the development to a 25-level tower with 51 apartments.

The latest announcement confirms Capella Hotel Group will bring its branded residential offering to the project, marking just the second Capella Residences development globally after Seoul, and the group's first branded residential project in Australia.

The <a href="https://www.apartments.com.au/new-apartments/23-castlebar-street-kangaroo-point-qld-4169">Castlebar Street development</a> will centre around the restoration of the heritage-listed Shafston House, one of Brisbane's oldest residences, originally constructed in 1851 by Reverend Robert Creyke as a single-storey cottage known as Ravenscott.

<img alt="Capella" data-entity-type="file" data-entity-uuid="2b9f4ce5-638f-4d6b-8082-3ca7e4b75fca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-09%20at%207.20.41%E2%80%AFAM.png?VersionId=f7aeqsW_DzOJI4FymWb3lD8NptSfsP7q" />

Capella said the project aligns with its focus on heritage-led developments, with the Brisbane estate combining the restored historic residence with a new luxury apartment tower and hospitality-inspired resident amenities.

Residents will have access to the Capella Living Room, a concierge-led communal space inspired by the group's luxury hotels, alongside landscaped gardens, six swimming pools, wellness and recreation facilities.

The broader estate will also include two riverfront homes, a six-berth private marina, porte cochère arrival experience, secure basement parking and a new section of public riverwalk along the Brisbane River frontage.

The heritage Postal Depot Building will also be retained and repurposed as a guest house, in line with the revised development plans.

The project represents another evolution for the site, which Kerry Hill Architects previously described as a rare opportunity to restore one of Brisbane's most significant heritage estates while creating a new benchmark for apartment living.

"The Shafston Estate provides a once-in-a-generation opportunity to restore one of Brisbane's finest heritage precincts and to reinstate residential use as a unique site perched on the edge of Kangaroo Point," Kerry Hill Architects said in its Urban Context Report accompanying the planning submission.

"The project will celebrate excellence in sub-tropical residential design, setting a new benchmark for vertical living in Brisbane."

Verso Projects, which now has an $8.5 billion development pipeline spanning more than 6,000 dwellings across apartments, townhouses, retail and commercial projects, said the partnership with Capella would elevate the development beyond a traditional residential project.

"We feel honoured to be restoring Shafston Estate to its former glory, elevating it to new heights of luxury and excellence underpinned by Capella's distinctive service ethos and design philosophy, and making it a standout landmark in Brisbane," Verso Projects CEO Steve Laffey said.

"By partnering with Capella, globally recognised for its refined approach to luxury hospitality and deep respect for cultural and historical context, we will elevate this project beyond a residential offering into a world-class destination."

Capella Hotel Group President Roland Fasel said Brisbane's emergence as a global city made it the right location for the company's Australian residential debut.

"Brisbane is a city on the cusp of something remarkable, and Capella Residences is our commitment to being part of that story," Fasel said.

"The Capella residential experience is more than luxury. It is about a sense of belonging to a place with deep meaning."

Private appointments have now opened for the project, with a display suite expected to open in late 2026 ahead of the planned 2029 completion.

Capella to launch Brisbane's first branded residences at Shafston House, Kangaroo Point

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]

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]

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