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The Cypress Lakes country club resort in the Hunter Valley has been bought by a Thai hotel group for $10 million.
In a widely tipped sale, Minor International acquired the resort and management rights to 125 strata-titled villas through its Australian entity Oaks Hotels and Resorts from Singapore-based Lasseters International.
The purchase also includes approvals for a 120-room hotel and two development sites. However, it does not include the 18-hole championship golf course or club house.
The resort, plus adjoining land with up to 232 villas, was valued several years ago at about $150 million, with the villas worth about $100 million.
In 2001, Fairfax reported that Cypress Lakes sold and leased back the land and villas but retained ownership and management of the golf course and club house, the resort centre and some nearby land for development.
The resort is in the same location - Pokolbin -  as the <a href="https://www.propertyobserver.com.au/rural/len-evans-founded-tower-estate-winery-portfolio-listed-and-may-tempt-asian-buyers/2013071563299" target="_blank">Tower Estate Winery portfolio</a> founded by celebrated wine-maker Len Evans and majority owned by former News Corporation chief executive and chairman Ken Cowley which was recently listed for sale.
Lasseters had hoped to offload the Cypress Lakes resort and a chain of Golden Door health retreats in NSW and Queensland for up to $30 million, but Minor International only had eyes for the resort and a 100 hectare site that could attract further development.
About two hours from Sydney, Cypress Lakes resort has a sport, leisure and wine tasting focus with the golf course, three food and beverage outlets, extensive conference facilities across four venues as well as horse riding and tennis facilities. The cellar door is leased to Brokenwood and the strata titled villas are branded as Grand Mercure Apartments.
Jones Lang LaSalle Hotels Group’s Mark Durran and Peter Harper negotiated the sale. ‘’The purchase price hit the mark on price expectations,’’ Harper says.
‘’We are now trying to sell the golf course to other groups.’’
The resort – established in 1996 - had reportedly not been performing well, with the strong Aussie dollar and poor consumer confidence in the economy affecting its revenues. Despite this, several groups were keen suitors, with Chinese and local groups prominent.
It’s reported that Lasseters accepted a $500,000 loss on the deal but are happy to dispose of the loss-making asset.
Things are ramping up for Minor International, which has flagged its intentions to buy in Australian mining towns. Other purchases include the Oasis Resort at Caloundra, Queensland, the Hotel M in Townsville, which it bought two years ago for $18 million, and the management of Sydney’s Regis serviced apartment tower.
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Cypress Lakes golf and country club in the Hunter Valley sold to Thai hotel group for $10 million

A luxury&nbsp;Gold Coast penthouse &ndash; the pinnacle of the lavish Axis building at cosmopolitan Main Beach &ndash; could top $9 million at its first ever sale.

It&rsquo;s owned by Gerard Willemsen, the head of the Willensen Development Corporation which completed construction on the 30-storey building back in 2005.

The&nbsp;<a href="https://www.propertyobserver.com.au/https://www.thehomepage.com.au/property/residential/26-breaker-street-main-beach/829152" target="_blank">six bedroom abode at 26 Breaker Street</a> is one of only 34 apartments in the block. It is spread over four levels with enviable ocean, broadwater and hinterland views.

To determine a realistic selling price, Alex Caraco, of agents Tyson Coldwell Banker at Main Beach, compared it to a two-level penthouse of 1100 square metres in Lennie Avenue, Main Beach, which sold 18 months ago for $8.8 million.

&lsquo;&rsquo;Based on that price, and in a better market, the figure is about right,&rsquo;&rsquo; he told Property Observer. &lsquo;&rsquo;We are selling twice the amount (of properties) we sold last year and prices are up by about 5%.

&lsquo;&rsquo;And we believe this property is better.&rsquo;&rsquo;

It&rsquo;s not hard to see why: the 1085 square metre penthouse also has six bathrooms and three kitchens on various levels, an executive office plus two other studies and stunning views from every room.

Relax by the covered pool on the top level - perfect for indoor and outdoor entertaining. There&rsquo;s also a fitness area, barbecue area and Zen garden.&nbsp;

A private elevator accesses all four floors, with level 28 opening into the main reception foyer, formal living area with six metre ceilings, floor to ceiling glass and spectacular views.

There is also an &lsquo;&rsquo;out of this world&rsquo;&rsquo; kitchen with a dumbwaiter to all floors, a casual dining room and huge family room opening onto a north-facing balcony. There&rsquo;s a formal dining room and a concealed wine cellar and wet bar adjoining the office and library.

Level 29 level has a luxurious main suite with its own balcony, his and hers walk-in wardrobes and en suite with freestanding bath and luxury fittings. There is also a guest suite, gallery walkway overlooking a formal lounge and ocean views.

Level 27 has stand alone accommodation for family or guests. There are three bedrooms and gourmet kitchen, open plan dining and living areas and a north facing balcony with 180 degree water views. This level could also incorporate a home theatre room.&nbsp;

There&rsquo;s a triple garage and lock up storage, outdoor pool, gymnasium and a steam room.&nbsp;

Other features are a central suspended staircase, Smart c-Bus technology and home automation, soft touch lighting and Bose sound system.

Gold Coast Axis trophy penthouse listed by owner-builder

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The latest HIA-RP Data residential land report is signalling only modest improvements in new home building activity. 
“From a very low base in 2011, residential land sales have displayed only modest upward momentum, a trend reinforced by the 4.3% increase observable for the March 2013 quarter,” says HIA chief economist, Harley Dale. 
“The March quarter update signals we are moving in the right direction, but, as a key leading indicator, land sales suggest the magnitude of a first stage new home building recovery will fall short of what the economy requires. 
“Any clear improving trends are limited to NSW and Western Australia.” 
“WA is the only state to have achieved clear and consistent improvements in residental land sales over the past 18 months. 
Despite only a modest pick-up in sales, Dale says land prices continue to find record highs. 
"Sydney and Perth are the country’s two most expensive land markets - and by quite a margin.” 
"It’s no coincidence that they are the two most highly taxed residential new home building markets in the country, due in large part to excessive taxes and charges related to land."



Dale says these costs aren’t exclusive to Sydney and Perth. He says other capital cities are seeing upwards price pressures on serviceable residential land. 

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Residential land sales up modest 4.3% in March quarter: HIA-RP Data

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Sydney’s residential rental market remains tight, according to data by the Real Estate Institute of NSW. Its June 2013 vacancy rate survey found no change in the number of vacancies in the Sydney metropolitan area at 2.1%, despite a third increase in a row of availability in the inner suburbs.
In June last year, all major metropolitan centres across NSW recorded increases in the percentage of available rental properties. Vacancy rates in Sydney rose 0.1% to 1.8%.
In June this year the survey found:
•       Inner suburbs (0-10km from CBD) up 0.3% to 2.2%
•       Middle suburbs (10-25km ring) steady at 1.9%
•       Outer suburbs (more than 25km out) down 0.2% at 2.1%
In June last year:
<ul>
<li>
Inner suburbs (0-10km) up 0.2% to 1.8%
</li>
<li>
Middle suburbs (10-25km) up 0.1% to 1.8%
</li>
<li>
Outer suburbs (25km or more) down 0.1% to 1.8%
</li>
</ul>
“The rise in the inner suburbs - and the decline in vacancy rates in the outer suburbs - have cancelled each other out during June 2013, leaving availability at 2.1% across the Sydney metro area,” REINSW president Christian Payne says.
In June last year, the vacancy rate in Sydney rose 0.1% to 1.8%, with Wollongong recording the biggest increase, up 0.4% to 3.2%. This year it rose 0.3%. Wollongong’s rise continues a trend of vigorous growth in available rental properties.
Last year Payne reported the rate as being more than three times the 0.9% level of June 2011. Newcastle in 2012 increased by 0.1% to 1.7% and the Central Coast rose by 0.2% to 2.8%.  
“While we are pleased that vacancy rates have not declined, we were hoping for a continued increase in availability in what is still a very tight market,” Payne says of the 2013 figures.
Across the state, the Hunter region remains steady for the month at 2.9%, despite an increase of 0.1% in Newcastle at 2.2%. The Illawarra had a rise of 0.4% to 2.5%. The Central Coast continued its steady rise with a jump of 0.6% to 3.2% and the Mid North Coast added 0.5% to 2.9%.
Coffs Harbour – at 3.7% - remains the easiest place to find rental accommodation - despite a decline of 0.3%. Last year Coffs had the state’s highest rental vacancy rate at 5.1% - and the Orana District the lowest at 1.2%. 
Vacancy rates remained steady in Albury at 1.8%, while the South Coast and South East were both at 3.1% with declines of 0.3% and 0.4% respectively.

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Sydney’s residential rental market remains tight: REINSW

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The question of fair compensation is naturally occupying the minds of the owners of the 118 properties being compulsorily acquired for the East-West Link.
Premier Denis Napthine has promised to give residents ‘’fair compensation’’ for their homes and other expenses they will incur, but the question remains: ‘’What is ‘fair’? and when will this ‘fair’ figure be timeframed? Surely not right now, when values must have plummeted since the announcements became louder and the affected locations more precisely known.
The first stage of the contentious $6-$8 billion tunnel project will require the purchase and demolition of 92 homes and 26 commercial buildings as part of the first stage of the 6km project.
Another 258 properties will be affected by a tunnel underneath their properties, leaving the door open for owners to seek fair recompense on a case-by-case basis, News Ltd papers report.
And the owners of a block of houses in the path of the on-ramp of the proposed freeway received contact from the Linking Melbourne Authority earlier this week.
Case managers from the authority will negotiate the compensation, including legal and other association expenses, with affected residents, the government say.
Compensation is assessed under the Acquisition and Compensation Act 1986, plus any additional amounts and allowances which may apply, such as replacement property costs.
A property valuer assesses the value of the land without regard for any of the perceived negative effects of East-West Link.
Landowners also may claim ‘’reasonable’’ fees of professional advisors, such as a solicitor and/or land valuer, during the acquisition and compensation negotiations.
Some owners may even get extra compensation - above the market value of their land - depending on their circumstances. The authority will look at the length of time they’ve lived there, the inconvenience they’ve suffered and their age.
After receiving a Notice of Acquisition and an offer, affected residents can request an advance of the offer. The authority says payments will be made within 30 days of receiving the request -- without affecting an owner’s entitlements to continue negotiating a final settlement.
Once agreement is reached on the amount of compensation payable, the balance owing is reportedly paid ‘’as soon as possible’’.
Works on the project connecting the Eastern Freeway to the northern and western suburbs are due to start at the end of next year and the first stage is expected to take five years to complete.
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East-West link compensation a long time off finalisation

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Selling agents expect between $45 to $50 million for a 15 level office tower at 85 Spring Street in Melbourne’s so-called ‘Paris-end’.
Jones Lang LaSalle agent Paul Burns said the mid-80s Esanda building overlooking Treasury Gardens and the Parliament precinct would also suit residential apartments.
"It’s a ripping site for either,’’ he said of the building which was refurbished in 1998 and abuts the Parliament city-loop entrance.
It has been listed through Burns along with Leigh Melbourne of Colliers International.
The building last sold to private investment company Kador Group for about $47 million in 2011 when sold by AMP Capital Investors.
AMP paid the ANZ $30.03 million for the building seven years earlier.
Melbourne-based Kador credits itself with an efficient energy management focus, incorporating environmentally sustainable initiatives into the operation of its properties.
Short-term tenants of the building are the ANZ. The land area is 1241 square metres and the present building’s area is 10,435 square metres of quality office space. It has a 2.5 star Nabers energy rating.
"This is a commercially significant site which the buyer could refurbish, extend or redevelop into a major office in this premium location, or it could be converted to residential with the street plates extended to the street front,’’ Burns said.
He said architects Bates Smart had preliminary drawings which the buyer could access prior to commissioning the firm to further develop the building into a major high density apartment tower.
‘’There’s only a limited amount of residential product in the area – just a handful of other possible similar offerings’’ in this part of Spring Street between Collins and Little Collins streets.
Expressions of interest close on August 14.
In 1973 it was reportedly offered for sale with an adjoining block and a permit for a 23-storey tower.
 
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Spring Street Melbourne office site for possible residential redevelopment

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The divergence between the investment and physical office markets over the 2012/13 financial year is marked, reports Jones Lang LaSalle.
The estate agency says it clinched $12.3 billion worth of office transactions (above $5 million) in a year characterised by the number of large deals - 26 - over $100 million.
Yet the national CBD office market vacancy rate was now at the highest level since June 1999 at 11.1%.
A buoyant head of office investments – Australia, Rob Sewell said, “Most of the buyer groups for core product – A-REITs, domestic wholesale funds, superannuation funds and offshore investors – are engaged in the market at the moment.”
In contrast, the head of capital market research, Andrew Ballantyne, said the company recorded negative net absorption of -191,900 square metres and a rise in the national CBD office market vacancy rate to 10.9%.
‘’It’s been an annus horribilis,’’ he says.
To put the vacancy figure in context, the 2012/13 financial year net absorption result was weaker than the 2008/09 figure (-117,800 square metres), which covered the global financial crisis.
Sewell said strong investor demand for core product resulted in pricing tension and yield compression over the 2012/13 financial year. “Yield compression was concentrated in modern assets with long-dated leases. We recorded about 25 basis points of compression at the tighter end of the yield range in the Sydney, Melbourne and Brisbane CBDs,’’ he said.
“In contrast, those assets with upcoming leasing risk or capital expenditure requirements were priced according to physical market conditions. As a result, we saw a widening of the yield spread between core and lower quality A Grade assets in most CBD office markets.”
An analysis of under-bidders in large transactions shows that at least $6 billion worth of unsatisfied capital is looking to be placed into core product.
While new capital sources are emerging from offshore to supplement the competition for core CBD product, there is a shortage of available assets to satisfy these mandates, Sewell said.
On the down side, Ballantyne said, ‘’there is no precedent for what is occurring in Australian office markets’’ although investment activity remains robust.
“It is important to note that this is not solely an Australian story. The mature office markets of Western Europe and North America are recording strong capital inflows and pricing tension, despite higher vacancy rates.”
Five of the six CBD office markets have double digit vacancy rates. Brisbane (14.3%), Adelaide (12.7%) and Canberra (11.6%) recorded higher vacancy over the quarter, while Sydney (10.2%) and Melbourne (10.0%) moved above 10% for the first time in the current cycle. Perth (7.9%) is the only CBD office market now recording vacancy below 10%, the company says.
“Corporate Australia is adjusting to a lower growth outlook over the short-term and rationalising their cost base in order to protect and maintain margins. As a result, sub-lease availability has increased over the 2012/13 financial year,” Ballantyne says.
About 75% of the negative net absorption figure in 2012/13 can be attributed to a rise in sub-lease availability. Over the course of the financial year, sub-lease availability has increased from 1.02% of total stock to 1.88% of total stock.
“Recent surveys of business confidence and job advertisements remain a bit below-trend, highlighting that the demand environment will remain challenging over the remainder of 2013 and potentially for the first part of 2014,’’ Ballantyne says.
“The medium-term demand prognosis, however, is firmer. The Reserve Bank has adopted an accommodative monetary policy setting, supporting interest rate sensitive sectors of the economy and assisting the transition from mining to non-mining sectors.”
The supply-side is reportedly well managed for the next 18 months. The agency says the development pipeline across CBD office markets is 384,400 square metres, equating to 2.3% of total stock, with almost two-thirds pre-committed.
Net supply additions, which are adjusted for stock withdrawals, will be significantly lower over the next 18 months.
“A higher vacancy rate will precipitate a flight to quality and further widen the rental spreads and yield profile between prime and secondary grade assets. As a result, a number of withdrawals for refurbishment or conversion will occur and net supply additions are projected to be around 200,000 square metres, or 1.2% of total stock, over the next 18 months.” Ballantyne says.
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At least $6 billion worth of unsatisfied capital is looking at Australian office markets: JLL

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The housing market in Australia is in much better shape than it was a year ago, according to First National Real Estate’s <a href="https://issuu.com/stewartbunn/docs/2013_pmomyu_final?workerAddress=ec2-54-235-15-206.compute-1.amazonaws.com" target="_blank">2013 property market outlook mid-year update</a>.
<img src="/images/stories/2013/07/numberonejuly11.jpg" width="35" height="45" alt="numberonejuly11">Nationwide, the measure of house prices has increased by around 4% since 2012, following a decline for the previous 18 months.
<img src="/images/stories/2013/07/numbertwojuly11.jpg" width="35" height="41" alt="numbertwojuly11">Home lending approvals and auction clearance rates have both risen.
<img src="/images/stories/2013/07/numberthreejuly11.jpg" width="35" height="46" alt="numberthreejuly11">Equity prices are up over 20% since mid-2012.
<img src="/images/stories/2013/07/numberfourjuly11.jpg" width="35" height="45" alt="numberfourjuly11">Consumer confidence levels are well above long-run averages.
<img src="/images/stories/2013/07/numberfivejuly11.jpg" width="35" height="38" alt="numberfivejuly11">Auction clearance rates are consistently higher than 60% nationally, and around 70% in Melbourne and Sydney.
Market snapshot as of May 19:
 <img alt="listofthedaygraphjuly11" height="212" width="470" src="/images/stories/2013/07/listofthedaygraphjuly11.jpg">
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The 5 key property benchmarks that First National agents sense are shaping the national residential market

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The good oil on olive growing is that business is booming, with record production tipped for Victoria.
And our Indian summer and long clear sunny days and cool nights leading into winter helped make it happen.
In 2007, production was five million litres of oil, and this year growers will harvest a record 15 million litres – about two and half times more than last year. Ten years ago the figure was less than one million litres.
Fairfax Media reports that exports will account for 40% of production, with local demand set to increase by 60% a year.
The weather gods were especially kind to Boundary Bend Limited – Victoria’s largest producer - after two wet winters, says ABC Online.
The vast olive pressing factory in Northern Victoria has 6100 hectares of mature olive plantations split between Swan Hill on the Murray River and Boort in central Victoria. It harvests more than two million trees.
During the pressing season - from March to July - the factory processed a record crop and pressed it into extra virgin olive oil. This year, out of a national forecast of 20 million litres of olive oil, it predicts it will produce about 14 million litres.
Olives thrive in hot, dry conditions like those found in the Middle Eastern, where they originated. So, while the long summer and dry autumn made livestock producers and grain growers anxious, our olive producers were counting their blessings.
The quality of this year’s harvest of olive oil promises to be the best in a decade, a leading producer told The Land.
Across Australia, the crop looks to be up over 80% from 2012 with about 18-20 million litres being produced this year compared with 10.5 million litres last year.
And, based on the results so far from both taste panels and international competitions, the quality of this year’s harvest is also reportedly the best in a decade.
Hobby farm olive groves to hit the market recently include <a target="_blank" href="https://www.realestate.com.au/property-house-vic-staffordshire+reef-113685083">462 Staffordshire Reef Road</a> (pictured below), Staffordshire Reef, near Ballarat, which sold through Blue Ribbon Ballarat for $320,000.
{yoogallery src=[images/stories/2013/07/july11staffordshire]}
Agent Jamie Butterworth says the property with two storey cottage has 250 Tuscan olive trees, 1400 pinot noir vines and two large dams on its 26 acres. It has a modern kitchen, wood heater, underground power, water tanks, good fencing and gully views.
Another olive grove, at 3594 Halls Gap-Ararat Road, Halls Gap, was sold in late April. Bruce McIlvride of Landmark Harcourts – Stawell said Red Rock Olives at Halls Gap was an ideal change of lifestyle on 127 hectares.
It has an extensive olive orchard, food manufacturing facility, small residence and farm-gate shop. He would not disclose the selling price, but said the prices of olive hobby farms ‘’varied widely’’ depending on the size, quantity of trees and levels of production. ‘’You’ve got to find the right buyer-fit,’’ he said.
Ken Maroney Real Estate Greensborough recently sold a four hectare irrigated Arthurs Creek olive grove hobby farm with five bedroom weatherboard for $650,000.
‘’The 300 trees are three to four years old and, in a few years, they should produce a substantial crop of olives,’’ agent Dianne Vissaritis says.
‘’It takes nine years to grow fruit on the trees but they will earn money in the long term. All the hard work was done here.’’
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Hobby olive farms in vogue with record oil production projected in Victoria

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The National Australia Bank has revised its forecast for interest rate cuts – bringing the expected November cut forward after the bank's business conditions survey hit a four-year low.
NAB is expecting the Reserve Bank to cut interest rates next month to help boost the non-mining sectors of the economy that are struggling.
The bank's monthly business survey shows conditions slipped to a reading of minus 8 in June - well below the long-term average of five and the lowest level since May 2009.
The survey of 400 firms during the last week of June shows conditions were the worst for retailers (-28) and manufacturers (-27) and miners (-28).
Its been suggested retail activity was at 16-year lows.
The NAB chief economist Alan Oster told News Limited papers the result had more than reversed the tentative signs of improvement in April and May.
"Most concerning in June was the collapse in retail, mining and manufacturing conditions, with retail activity deteriorating to its weakest level in the history of the monthly survey (since 1997)," he noted.
Profitability, sales and employment growth were all weak as business held back on spending due to worries about the state of the global economy.
NAB's head of Australian economics, Rob Brooker, says despite the gloom, the survey shows there are some bright spots in the month.
"The areas that are doing better are areas like business services, property and finance," he says.
The survey shows confidence improved to a reading of zero in June, but that is still well below average levels.
In its analysis of the results NAB suggested uncertainty surrounding the election date "may be a negative" for business spending plans.
Meanwhile the ANZ says the fall in business conditions had more than reversed the modest improvement recorded in April and May.
It says business conditions have been below average for more than a year and confirm that past interest rate cuts - and the recent depreciation in the Aussie dollar - have yet to gain traction in the non-mining sectors of the economy.
‘’While we continue to expect the RBA to reduce interest rates further this year, the timing of the next move is complicated due to the recent depreciation of the dollar and the upcoming Federal election.
While a soft CPI outcome, in isolation, would likely be insufficient for the RBA to reduce interest rates in August, the softness in recent Australian dataflow increases the probability that the RBA may move in August.
A weak labour market report this Thursday would likely see markets price in a higher chance of an August easing, the ANZ said.
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August RBA rate cut looms more likely after worst retail conditions for 16 years: NAB 

An entity directed by HSN's Rafi Assouline and Rebel Property's Allen Linz has filed plans for an impressive new precinct in Woolloomooloo.

The major mixed-use development would transform a prominent William Street site into a new residential village anchored by affordable housing and a large public park.

The proposal, submitted as a State Significant Development Application, covers 164-172 and 174-194 William Street, a 6,398 sqm site between Forbes Street and Dowling Street on the southern edge of Woolloomooloo.

Designed by fjcstudio in collaboration with Bangawarra, Studio Bright and Tribe Studio Architects, the scheme would deliver 227 apartments across four residential buildings ranging in height up to 18 storeys, alongside retail space, public domain improvements and a new publicly accessible park.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="0eb59b7c-914a-4a5c-b849-3a56749f5e93" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.18.51%E2%80%AFAM.png?VersionId=mxM6EEqeoLjrCiTlCzTKTvzpKuh6kSkH" />

It's another design scheme for Rebel, who took <a href="https://www.apartments.com.au/news/nsw/first-look-rebel-property-group-takes-woolloomooloo-precinct-to-nsw-government">concept plans to the NSW Gov late last year</a>.

The latest plans will be a mix of 167 build-to-sell apartments and 60 affordable apartments, with the affordable housing component representing 15 per cent of the project's gross floor area. The apartment mix includes 12 one-bedroom, 53 two-bedroom, 89 three-bedroom apartments and 13 penthouses, while the affordable housing component would comprise 42 one-bedroom and 18 two-bedroom apartments.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="3b3d4553-8a8c-4af5-aa8c-519ffb1e28c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.12%E2%80%AFAM.png?VersionId=_Yb6ibN7eDnOtQjCNDK2eviORa4qzgv." />

Rebel Property is seeking to take advantage of the NSW Government's infill affordable housing bonus provisions under the Housing SEPP, which provide additional floor space and height in exchange for the delivery of affordable housing for a minimum of 15 years. The planning pathway allows a 30 per cent increase in floor space ratio and building height where 15 per cent of the development is dedicated to affordable housing.

&nbsp;

At the centre of the development is a 1,356 sqm sunlit public park designed to become a new community gathering space at the gateway to Woolloomooloo. The park would be complemented by a network of pedestrian laneways connecting William Street with the surrounding streets, improving permeability through what is currently a largely impermeable block.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="257af931-a393-4007-8c6d-7219796df58d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.51%E2%80%AFAM.png?VersionId=KAHy94GrhaReFsWTGDKfy39EDJ8gEEv4" />

The design team says the public domain has been heavily influenced by the site's topography and Aboriginal cultural heritage, drawing on the escarpments, gullies and landscape characteristics that historically defined the area before urbanisation. The landscape design has been developed in partnership with First Nations consultancy Bangawarra.

The project would be delivered across four separate buildings. The William Street East and William Street West buildings, designed by fjcstudio, would contain the majority of the apartments. Melbourne-based Studio Bright has designed the Forbes Street building, while Tribe Studio Architects is responsible for the Dowling Street building.

Rebel had secured approval for the concept plans late last year.

Joel Robinson

First look: HSN, Rebel, advances Woolloomooloo precinct plans

A locally heritage-listed furniture showroom on Water Street is set to become the centrepiece of a new mixed-use residential development as local developer&nbsp;<a href="https://www.apartments.com.au/developers/keylin-group">Keylin</a> seeks approval for <a href="https://www.apartments.com.au/new-apartments/lotus-on-water-street-290-water-street-fortitude-valley-qld-4006">Lotus on Water Street</a>, a 15-storey project on the Fortitude Valley side of Spring Hill.

The proposal spans 290 Water Street and 137-141 Warry Street, combining several properties into a 2,869 sqm site that sits between Fortitude Valley, Spring Hill and the rapidly evolving Victoria Park precinct. Keylin's plans would deliver 132 apartments alongside new retail, hospitality and commercial space, while retaining and repurposing the historic Brunswick Home Furnishers Showroom that fronts Water Street.

Designed by <a href="https://www.apartments.com.au/architects/jackson-teece">Jackson Teece</a>, Lotus on Water Street comprises a 12-storey residential tower rising above a three-storey podium and communal rooftop terrace. The development includes 76 apartments classified as multiple dwellings and a further 56 units proposed as short-term accommodation, designed to be flexibly used as either accommodation or permanent residences. The apartment mix comprises six one-bedroom, 54 two-bedroom and 16 three-bedroom homes.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="9822bb79-6c49-49c9-95ba-319e8c8d81c3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20front.png?VersionId=ioW8zbN4UVebbLetTFuv92t.HkdgfR5e" />

Residents would have access to an extensive rooftop recreation level spanning more than 1,200 sqm of communal open space. Plans include a pool, gym, sauna, infrared sauna, yoga area, library, private dining room, barbecue facilities and landscaped entertainment spaces, making the rooftop the project's largest shared amenity offering.

At street level, the proposal focuses on the adaptive reuse of the heritage buildings along Water Street, where 518 sqm of retail and commercial space is planned across shop, office and food and drink outlet uses. A permeable residential lobby would be positioned between the retained heritage buildings, creating a pedestrian connection between the historic streetscape and the new tower behind.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="269cf3e0-7d13-48bf-a318-05a00deb5c10" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20podium.png?VersionId=DLXmTCLsp6GOcLpQ0h.0z7wKCw59EhN_" />

The heritage retention strategy is central to the scheme. The development application notes that the Brunswick Home Furnishers Showroom and adjoining heritage buildings will remain, with only non-significant structures on the site earmarked for removal under a previously issued Heritage Exemption Certificate. Levels one and two of the new podium are recessed behind the heritage façades to maintain their prominence within the streetscape.

Jackson Teece has drawn inspiration from the site's manufacturing history when designing the podium. The planning documents state that the façade incorporates perforated metal screening that references the woven and rattan furniture historically produced on the site. Cascading and climbing plants are integrated throughout the podium to soften the building's presentation and screen parking levels behind. The landscape strategy also informs the project's name, Lotus on Water Street, drawing on the historic Spring Hollow waterholes that once ran through Spring Hill and the blue water lilies associated with Meeanjin, Brisbane's traditional name.

The proposal also incorporates the neighbouring property at 141 Warry Street, currently occupied by a healthcare service. The existing building would remain, with nine dedicated parking spaces allocated within the new development to support its ongoing operation. In total, Lotus on Water Street proposes 117 car spaces, including 110 resident spaces and seven visitor bays, alongside 100 bicycle spaces.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="70cf07bc-4fd8-4e70-92dd-be8b21c4e4f0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20site.png?VersionId=txlxrJImM0Sm_vTzHVKh5DDUkyL_CiiA" />

The site sits within the Spring Hill East Precinct of the Spring Hill Neighbourhood Plan and is positioned around 650 metres from both Fortitude Valley Station and Exhibition Station. It is also within walking distance of the King Street precinct, Royal Brisbane and Women's Hospital, Herston Quarter and Victoria Park, which is earmarked to become a major venue precinct ahead of the Brisbane 2032 Olympic and Paralympic Games.

Planning documents describe the location as a key gateway between Spring Hill and Fortitude Valley and highlight the area's increasing importance as new transport infrastructure and Olympic-related investment reshape Brisbane's inner north. The development team argues the project will contribute additional housing supply while activating a section of Water Street that has historically received less investment than other parts of the Valley.

Keylin has become increasingly active across Brisbane and southeast Queensland, assembling sites in strategic inner-city locations. They are currently selling and delivering <a href="https://www.apartments.com.au/new-apartments/oria-spring-hill-447-gregory-terrace-spring-hill-qld-4000">Oria Spring Hill</a>, just over 140 apartments due for completion in 2027.

Keylin plans heritage-led Lotus on Water Street apartment development in Fortitude Valley

Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Stephen Taylor

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