Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/graya">Graya</a> has secured a prime Newstead site from fellow developer Fraser, subsequently lodging plans for The Silo, a major mixed-use residential project in Newstead designed around a new public laneway linking the James Street precinct with the wider Gasworks and Newstead neighbourhood.

Proposed for the corner of Chester and Morse streets, the <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau^Proberts</a>-designed project places its strongest emphasis at ground level, where retail, landscaping and a new cobblestone pedestrian connection would open the site to the surrounding neighbourhood. The design team describes The Silo as “more than a residential building”, positioning the development as an extension of Newstead’s public realm rather than a standalone apartment tower.

“A new cobblestone laneway and landscaped connection between James Street and Gasworks unlock a missing pedestrian link, improving walkability and stitching together two of Brisbane’s significant urban destinations,” Bureau Proberts said in its Urban Design Report.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="0ea1b06a-75f5-40a5-b2c5-33c97bc86052" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/silo%20bldg.png?VersionId=KmjsAtNePu57_B31EM_DJ5T6KPJHtcmo" />

The Silo is planned as a mixed-use development incorporating apartments alongside a bar and centre activities including food and drink outlets, indoor sport and recreation, office and retail uses.

Architecturally, Bureau Proberts has conceived the building as a collection of vertically expressed, stepping forms rather than a single uniform tower. The composition rises from an articulated podium before being broken by a triple-height landscaped recreation level, with the upper section becoming more compact before terminating in a landscaped rooftop garden.

The project's name and architectural language draw directly from Newstead's industrial history. Patterned off-form concrete is proposed as the principal façade material, complemented by slender metal rod balustrades and extensive planting. The cylindrical and vertically ribbed elements give the building its silo-like expression, while curved balconies and planted edges introduce a softer subtropical layer.

“The Silo reinterprets its robust forms, scale and materiality through a contemporary subtropical architectural expression, creating a building that acknowledges its industrial legacy, while responding to the way the precinct is occupied today,” Bureau^Proberts said.

The recreation level is one of the defining breaks in the tower. Plans include a lap pool, mature subtropical planting and shared resident facilities within an elevated communal garden. Landscaping continues through the podium and onto the rooftop, where a further garden forms what the architects describe as a “subtropical crown” to the building.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="f8451036-35a4-49a9-8d88-2ef4438eba3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Silo%20Lane.png?VersionId=h8N31_rYmCEqoNrpt4kbYVQhJGZn60LH" />

At street level, the development has been designed to establish a more permeable block. Retail and hospitality tenancies address the public realm, while landscaped pedestrian spaces lead into the new laneway connection. Renders in the design report show the proposed “Silo Lane” as a substantial opening through the podium, framed by cylindrical concrete forms with cascading planting above.

The Silo continues Graya's move into larger apartment developments after building its reputation across high-end residential projects in Brisbane and the Gold Coast.

Joel Robinson

Graya buys Frasers Newstead site, plans The Silo between James Street and Gasworks precincts

<a href="https://www.apartments.com.au/developers/wickton">Wickton</a>’s completed Linacre Rise development in Hampton is giving Bayside downsizers the opportunity to move into a spacious apartment near the beach, with the developer covering stamp duty for a limited time.

The 27-residence development has been designed for buyers who want to simplify their living arrangements without giving up the space, warmth and quality associated with a long-term family home. Most apartments have already been secured by Bayside locals, leaving a select collection of two and three-bedroom residences and penthouses available.

Two-bedroom apartments are priced from $1.275 million, three-bedroom residences from $2.25 million and penthouses from $3.375 million, with the completed homes available to inspect and move into now.

[smartcode_project:default project_id=95289 project_image_fid=366760]

<a href="https://www.apartments.com.au/buildings/linacre-rise-hampton-8-10-linacre-road-hampton-vic-3188">Linacre Rise</a> occupies an elevated position on one of <a href="https://www.apartments.com.au/developments/hampton-vic-3188">Hampton</a>’s quiet, tree-lined streets, around 250 metres from the bay and 500 metres from Hampton’s village centre. Its setting gives residents access to the beach, local cafés, shops and Hampton Train Station while retaining the feel of an established residential neighbourhood.

Architecture and interiors by <a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a> draw on the warmth and permanence of traditional brickwork, with the building integrated into terraced landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick</a>. Ground-floor apartments are elevated above the street and include private garden courtyards, while several upper-level residences have generous balconies and outlooks toward the bay.

Inside, the residences favour natural materials and generous proportions. Herringbone-pattern European oak flooring, natural stone benchtops, premium joinery and Swiss V-ZUG appliances are among the key inclusions, while integrated storage has been incorporated across kitchens, bathrooms, studies and living areas.

The kitchens have been planned as practical spaces for both everyday use and entertaining, with substantial island benches, detailed cabinetry and adjoining dining and living zones. Full-height wardrobes, plush bedroom carpeting and carefully considered lighting reinforce the residential character Wickton sought to retain for buyers moving from larger homes.

[smartcode_project:default project_id=95289 project_image_fid=366769]

A Linacre Rise purchaser said the completed apartment had delivered the space, outlook and construction quality they had been seeking.

“The unit is very light, has views to die for over the bay, all construction materials and fittings are premium quality, we have secure parking for three cars, EV charging at very competitive rates, the neighbours are friendly and there is just a lovely ambiance about the place,” the purchaser said.

Environmental features include solar panels, shared electric vehicle charging stations, rainwater harvesting for toilet flushing and landscape irrigation, double-glazed windows and water-efficient fixtures and appliances.

[smartcode_project:default project_id=95289 project_image_fid=366762]

The development was built by Balmain &amp; Co, with Wickton managing the broader development process through its in-house team.

For downsizers, the project’s completed status removes much of the uncertainty associated with buying off the plan. Purchasers can inspect the finished apartments, understand their outlook and proportions, and move in without waiting for construction to conclude.

The remaining selection includes north-oriented balconies, corner configurations and penthouses with elevated bay views. The developer-paid stamp duty initiative is available for a limited time, with potential savings of up to $200,000 depending on the residence purchased.

[smartcode_project_cta:default project_id=95289]

Limited-time stamp duty offer at completed Linacre Rise apartments in Hampton

Luxury apartment buyers have long prioritised design, space and finishes, but increasingly they're placing equal importance on something less tangible: how easily they can live without relying on a car.

At <a>Richmond Square</a>, <a href="https://www.apartments.com.au/developers/fortis">Fortis</a> believes that convenience begins beyond the apartment itself, with the mixed-use precinct earning a near-perfect Walk Score of 99.

The development has been planned around the idea that some of the most valuable amenities aren't contained within a building, they're the restaurants, cafés, parks, transport connections and daily conveniences that can all be reached on foot.

Located just behind Swan Street and Church Street, <a href="https://www.apartments.com.au/new-apartments/richmond-square-1-wiltshire-street-richmond-vic-3121">Richmond Square</a> places residents within one of Melbo​u​rne's most established lifestyle precincts while offering a quieter residential setting removed from the busiest thoroughfares. East Richmond Station is moments away, trams run along both Swan and Church Streets, and the MCG, Melb​​ourne Park, Yarra River trails and the CBD are all within walking distance. At the same time, the precinct itself will introduce a curated mix of dining, retail, hospitality and wellness offerings, creating a destination that extends well beyond its residential buildings.

[smartcode_project:default project_id=13181 project_image_fid=348530]

For Fortis, that combination of location and scale was what made the site unique.

"<a href="https://www.apartments.com.au/developments/richmond-vic-3121">Richmond</a> is one of Melb​o​urne's most established and distinctive inner-city neighbourhoods, with a rare combination of dining, culture, recreation, public transport and proximity to the CBD," the developer said.

"The opportunity at Wiltshire Street was particularly compelling because the site sits slightly removed from the activity of Swan and Church Streets while remaining only moments from everything that makes the area desirable."

Rather than developing a standalone apartment building, Fortis consolidated 15 individual properties to create one of the larger development parcels assembled on Mel​b​ourne's city fringe in recent years. That allowed the team to deliver a genuine mixed-use precinct comprising 107 residences across Wiltshire House and Carmine House, premium office space, hospitality venues, retail, wellness offerings and a future 57-room hotel.

"The scale of the site allowed Fortis to think beyond a standalone apartment building," the developer said.

"Richmond Square could be planned as a complete lifestyle precinct, bringing homes, workplaces, dining, retail, hospitality and wellness together around a series of activated public spaces. The aim was to create a destination that feels connected to Richmond rather than separate from it."

[smartcode_project:default project_id=13181 project_image_fid=348533]

The emphasis on walkability has also resonated with buyers.

Interest has been strongest from established owner-occupiers, particularly downsizers from Richmond and Melb​ourne's inner east who want to remain close to familiar restaurants, workplaces, family and social networks while moving into a more secure, lower-maintenance home. The project is also attracting Mornington Peninsula and interstate buyers seeking a Melb​ourne residence they can lock up and leave between visits.

Many are looking for generous living spaces, room to entertain, quality finishes and confidence in the project team, but location remains one of the biggest deciding factors.

"For many buyers, Richmond Square provides a way to simplify the practical side of home ownership without reducing the quality of their lifestyle," the sales team said.

"Location is also a major driver of interest. Buyers can remain connected to the CBD, major sporting events, the arts centres, local restaurants, cafes and bars and their family while living in a private and secure residence that is easy to lock up and leave for weekends or longer periods away."

[smartcode_project:default project_id=13181 project_image_fid=348549]

The residences themselves have been designed with that buyer in mind. Award-winning architecture practice SJB and interior designers Hecker Guthrie have created spacious two and three-bedroom apartments and penthouses that prioritise generous living areas, natural light, bespoke joinery and private terraces. Above, a rooftop sanctuary by Acre includes landscaped lawns, bookable dining rooms, barbecue facilities, wellness spaces and panoramic views across the CBD, the MCG and Port Phillip Bay.

Fortis believes Richmond Square reflects a broader evolution in apartment living, where the surrounding neighbourhood becomes just as important as the residence itself.

"Richmond Square introduces a different proposition: generously proportioned residences within a genuinely mixed-use, hospitality-led destination," the developer said.

"The project's location and Walk Score of 99 further support a lifestyle where residents can complete many everyday journeys without relying on a car."

Fortis has assembled an experienced team that includes <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, <a href="https://www.apartments.com.au/interior-designers/hecker-guthrie">Hecker Guthrie</a>, <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a> and builder <a href="https://www.apartments.com.au/builders/hacer-group">Hacer Group</a>, reflecting the developer's commitment to creating projects with enduring design quality and meaningful connections to the communities in which they sit.&nbsp;

Richmond Square is an expression of that philosophy, bringing together homes, workplaces, hospitality and wellness within one of Me​lb​ourne's most walkable neighbourhoods.&nbsp;

Construction is now almost complete, providing purchasers with growing confidence ahead of its expected September 2026 completion.

[smartcode_project_cta:default project_id=13181]

Walk Score of 99 places Richmond Square at the heart of Melbourne's most connected lifestyle

<h3 data-end="19" data-section-id="1dvgwoe" data-start="0">Summary</h3>

<ul data-end="634" data-start="21">
	<li data-end="170" data-section-id="1o77v31" data-start="21">Walker Corporation has lodged plans for a second major residential development in the Maroochydore City Centre, a 29-storey tower known as Celeste.</li>
	<li data-end="327" data-section-id="1lb0y6t" data-start="171">The Plus Studio-designed proposal at Lot 30 Sunshine Coast Parade would deliver 208 apartments, including four four-bedroom sub-penthouses and penthouses.</li>
	<li data-end="487" data-section-id="za720" data-start="328">The application comes as Walker doubles down on Maroochydore following the strong sales campaign at SOL by Walker, where the first tower is nearing sell-out.</li>
	<li data-end="634" data-section-id="5sovec" data-start="488">Walker is a key partner in the transformation of the Maroochydore City Centre, which is expected to ultimately deliver at least 4,000 new homes.</li>
</ul>

Walker Corporation is doubling down on Maroochydore following the successful sales campaign at its first residential project in the emerging CBD.

The national developer has filed plans for <a href="https://www.apartments.com.au/new-apartments/celeste-30-sunshine-coast-parade-maroochydore-qld-4558">Celeste</a>, a new 29-storey apartment tower at Lot 30 Sunshine Coast Parade, just metres from its under-construction SOL by Walker development.

The plans, prepared by Plus Studio, would see 208 apartments delivered across a 100-metre tower on the 2,376 sqm site, which fronts Sunshine Coast Parade, First Avenue and Future Way within the Maroochydore Priority Development Area.

<img alt="Walker" data-entity-type="file" data-entity-uuid="17038209-6fea-4ed2-855d-fd4df65b3d02" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.16%E2%80%AFAM.png?VersionId=iZD.oVXcQn.aLpUytDAW.CWjxP4puWMy" />

The proposed apartment mix comprises 36 one-bedroom apartments, 48 two-bedroom apartments, 72 two-bedroom apartments with an additional multipurpose space, and 48 three-bedroom apartments.

The upper levels would be capped by two four-bedroom sub-penthouses and two four-bedroom penthouses, taking the total apartment count to 208. The preliminary yield study also provides 262 car spaces, 114 resident bicycle spaces and storage for each apartment.

It represents Walker's next major residential move in the new Maroochydore CBD after the success of SOL by Walker, its $220 million two-tower project nearby.

SOL launched to market in early 2025 and has since seen strong demand, particularly from local owner-occupiers. By February this year, Walker said the first SOL tower was nearing sell-out, with a strong waitlist also emerging for its recently released penthouse collection.

Construction is already underway on SOL, with the first tower expected to be completed in late 2027 and the second to follow in early 2028.

[smartcode_project:default project_id=147777 project_image_fid=319846]

<h2 data-end="2518" data-section-id="1b2dyo5" data-start="2459">Celeste to rise 100 metres over Maroochydore City Centre</h2>

Celeste would take a different form to the twin 19-storey buildings at SOL.

Plus Studio has designed a single 100-metre tower above an activated podium, with the architecture responding to the site's prominent position and three street frontages.

The podium would incorporate commercial tenancies and public art, with sweeping façade elements wrapping the street edges. The scalloped concrete podium has been inspired by the patterns created in sand at low tide, while extensive landscaping would continue vertically through the tower.

The ground level plans show three commercial tenancies addressing Sunshine Coast Parade alongside the residential lobby and landscaped public realm. The podium would then accommodate several levels of car parking before the residential tower rises above.

<img alt="Celeste" data-entity-type="file" data-entity-uuid="121f77b1-71c5-46d7-9b36-0a7d474211ca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.47%E2%80%AFAM.png?VersionId=MGrg9Hb7HgzLN0Lelq_xrXNAruVl77ia" />

Plus Studio said the tower had been designed to maximise views from each apartment, taking in the Maroochy River, Sunshine Coast hinterland, Cotton Tree and Maroochydore Beach and ocean.

Those views have also shaped one of the project's key features, with Walker proposing to put the primary resident amenity on Level 29 rather than lower within the building.

The rooftop would feature a 284.9 sqm pool area with an infinity edge, along with a cold pool, spa, sauna, 93.2 sqm gym, sunset lounge, BBQ and dining areas, pool deck and private dining space. Cabanas and day beds are also shown across the recreation level.

The two penthouses would extend across the upper levels and each feature private terraces and plunge pools.

<h2 data-end="4202" data-section-id="v5f4ix" data-start="4160">Walker's growing Maroochydore footprint</h2>

Celeste further reinforces Walker's commitment to the transformation of Maroochydore City Centre.

Walker is one of the key partners delivering the new CBD alongside Sunshine Coast Council and SunCentral Maroochydore, with the broader 62-hectare Priority Development Area occupying the former Horton Park Golf Course and surrounding land.

The precinct is ultimately expected to accommodate at least 4,000 new homes as Maroochydore evolves into the Sunshine Coast's principal commercial and residential centre.

When SOL secured approval in February 2025, Walker Managing Director and CEO David Gallant described it as the "first of many residential projects" the company planned for the Maroochydore City Centre.

Celeste now provides the clearest indication yet of what comes next.

The site sits immediately within the new CBD, with the design report identifying Sunshine Plaza and surrounding parkland within walking distance and Maroochydore Beach around a five-minute drive away.

For Walker, the timing of the application comes as its first residential bet on the new CBD appears to have been vindicated.

SOL has progressed from planning approval to construction while its first release has approached sell-out, giving Walker confidence to push ahead with another 208 apartments and take its residential pipeline in the Maroochydore City Centre to around 450 dwellings across the two projects.

Celeste remains subject to planning approval, with the architectural material describing the scheme as a preliminary yield study that may change through the assessment process.

Walker doubles down on Maroochydore with 29-storey Celeste apartment tower

For most Australians, buying an apartment is one of the biggest financial decisions they'll ever make

The location, floorplan and price are often the first considerations, but in recent years another question has become increasingly important: who is actually delivering the project?

A series of high-profile builder collapses, construction delays and defect concerns have fundamentally changed how many Victorians approach buying off the plan. The collapse of Porter Davis in 2023, which reportedly left around 1,700 homes unfinished, became one of the most visible examples of the risks that can emerge when a construction company fails. <a href="https://www.equifax.com.au/sites/default/files/lpassets/pdf/Final-Business-Market-Pulse-June-Sector-Deep-Dive-Report-2.pdf">Similar challenges across the broader construction sector</a> have left buyers asking more questions before signing a contract.

As Victoria continues encouraging higher-density housing to address supply shortages, transparency is becoming just as important as location or price.

One tool increasingly entering the conversation is the <a href="https://icirt.com/">Independent Construction Industry Rating Tool (iCIRT)</a>, an independent assessment framework designed to help buyers better understand the developer or builder behind a project. Originally developed by Equifax in consultation with government and industry as part of NSW's Construct NSW reforms, the system has since expanded nationally.

<h2 data-end="1519" data-section-id="7nmx3" data-start="1492">What is an iCIRT rating?</h2>

Most Australians are familiar with independent ratings in everyday life.

We compare ANCAP safety ratings before buying a car. We look at Health Star Ratings in supermarkets. Banks rely on credit assessments when lending money.

Until recently, however, there has been very little independent information available to help apartment buyers assess the business responsible for delivering a residential project.

That gap is what iCIRT was designed to address.

Builders, developers and other construction professionals with an iCIRT rating have demonstrated high-trust characteristics through an independent, evidence-based assessment across six criteria: Character, Capability, Conduct, Capacity, Capital and Counterparties. This involves a rigorous review of financial health, past project track record, and ethical conduct. Crucially, an iCIRT rating could help provide property buyers with confidence that they are working with a professional who has demonstrated the capability, capacity, and willingness to return and rectify issues.

Importantly, iCIRT is not a recommendation to purchase a particular property, nor is it a traditional credit rating. It is an independent assessment framework designed to provide objective information about a construction business using a <a href="https://icirt.com/sites/default/files/2025-08/iCIRT-Methodology-Issue1-May-2021.pdf">published methodology</a>.

The system has been widely adopted in New South Wales, where more than one-third of medium and large residential builders and developers now hold an iCIRT rating, representing over two-thirds of the state's residential building market by value as of 2025/26.

<h2 data-end="3126" data-section-id="h6ohtj" data-start="3084">Why buyers are doing more due diligence</h2>

For many buyers, particularly those purchasing off the plan, the biggest risk isn't whether they'll like the kitchen finishes.

It's whether the project will be delivered on time, to the expected quality, and by a company capable of completing the development.

<a href="https://icirt.com/sites/default/files/2026-07/iCIRT%202025%20Consumer%20Survey%20Report%20v05.pdf">Consumer research commissioned by iCIRT</a> found more than half of respondents believed current protections do not adequately safeguard buyers from builder insolvencies or defective projects. Other research found 88 per cent of prospective buyers would seek independent ratings or due diligence before purchasing, while 90 per cent said trust in construction professionals is essential.

That doesn't mean buyers should rely on a single rating alone.

Independent legal advice, understanding the contract, and seeking financial advice all remain important parts of the due diligence process.

However, an independent assessment can provide another source of information alongside those traditional checks.

<h2 data-end="4138" data-section-id="pquzxc" data-start="4094">Trust is becoming a competitive advantage</h2>

The conversation isn't only changing for buyers.

Developers are also recognising that trust has become an increasingly important part of the sales process.

Five years ago, purchasers typically asked about floorplans, finishes and settlement dates.

Today, sales teams are increasingly being asked about the developer's experience, financial stability, previous projects and construction partners.

For companies with strong governance and established delivery records, an independent iCIRT rating provides another way to demonstrate those credentials before buyers even visit a display suite.

According to Equifax, the assessment can also help businesses drive sales and <a href="https://icirt.com/resources-for-business/icirt-rating-helps-scion-secure-high-value-projects">secure high-value projects</a>, as well as identify operational improvements and <a href="https://icirt.com/resources-for-business/mirvac-reinforces-brand-trust-and-quality-independent-icirt-rating">attract top talent</a>.

<h2 data-end="4962" data-section-id="1j54ng5" data-start="4912">Beyond buyers: lenders are paying attention too</h2>

The influence of independent construction ratings is also extending beyond consumers.

According to Stamford Capital's Real Estate Debt Capital Markets Survey, an increasing number of lenders now incorporate iCIRT ratings into their due diligence processes when assessing residential development finance applications.

The survey found lender adoption has continued to rise, with many respondents saying independent assessments provide additional insight into governance, counterparties and delivery capability beyond traditional financial analysis. Some lenders also reported declining funding applications where businesses had poor or no ratings.

As construction costs remain elevated and access to development finance becomes more selective, demonstrating credibility is becoming increasingly valuable.

<h2 data-end="5801" data-section-id="1qazuxs" data-start="5772">What it means for Victoria</h2>

Victoria's apartment market is entering a new phase.

The state is seeking to accelerate higher-density housing while simultaneously introducing reforms aimed at improving confidence in residential construction.

For buyers, that means there are more tools available than ever before to research the businesses behind a project.

For developers, it signals that transparency is becoming another point of differentiation in an increasingly competitive market.

Buyers are asking more questions than ever before and increasingly expecting independent information, not just marketing material, before making one of the biggest financial commitments of their lives.

Find out how to get iCIRT rated <a href="https://www.icirt.com/sites/default/files/2025-08/iCIRT-Infographic-Assessment-Process-Final.pdf">here</a>.

<hr data-end="6469" data-start="6466" />
The information contained in this article is general in nature and does not constitute personal, financial, legal or tax advice. It does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it and, where appropriate, seek independent professional advice.

This article contains links to third-party websites. These links are provided for convenience only. Equifax Australia does not control and is not responsible for the content, accuracy or privacy practices of external sites.

Copyright © 2026 Equifax Australia Information Services and Solutions Pty Ltd. All rights reserved.

Buying off-the-plan in Melbourne? How independent iCIRT ratings are set to change Victorian property

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

<html><body>
Midland Brick heiress Marilyn New has finally secured the sale of her Perth hotel with the four star Esplanade River Suites serviced apartments in Como selling to the Chinese-based Narada Hotel Group for around $31 million.
A year ago, she sold the 4.5-star, 300-room Esplanade Hotel in Fremantle to <a href="https://www.propertyobserver.com.au/leisure/marilyn-new-sells-fremantles-esplanade-hotel-for-%2490-million/2012040454156">Singaporean property fund Ascendas</a> for $90 million.
Narada’s purchase, reported by The Australian Financial Review, continues a trend of Asian hotel groups buying prominent Australian hotels.
Recent noteworthy purchases include the Dong Run Group purchasing the <a href="https://www.propertyobserver.com.au/industry-news/palazzo-versace-hotel-sale-helps-lift-sunland-interim-profits-as-residential-sales-slow/2013021459356">Palazzo Versace hotel on the Gold Coast</a> for $68.5 million at the end of 2012, Hong Kong-listed Shangri-La Asia paying $352 million to fully own the Sydney’s Shangri-La Hotel in The Rocks and William Han, chairman of China-based White Horse Australia Holdings Pty Ltd and non-executive director of Western Australia's Padbury Mining buying Lindeman Island in the Whitsundays for around $12 million in April last year with plans to redevelop the island.
Narada bills itself as one of the Top 10 hotel groups in China and among the Top 100 in the world, managing 15,000 guestrooms in 11 provinces in China.
The group was established in 1995 and has assets comprising hotels, infrastructure and real estate development worth 5 billion yuan ($816 million).
The Esplanade River Suites on Melville Parade overlooks the Swan River, and features 101 guest rooms and apartments as well as the Pagoda Restaurant and Bar and conferencing facilities.
It opened in February 1998 on the site of the historic Pagoda Ballroom, which was built in 1922 as a dance hall and tearooms.
The hotel retains the distinctive red-roof Pagoda design.
The sale of Esplanade River Suites was negotiated by Aaron Desange of?Jones Lang LaSalle’s Hotels &amp; Hospitality Group.
It was sold as vacant possession.
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Marilyn New exits Perth hotel scene with Esplanade River Suites sale to Chinese hotel group Narada 

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First-home buyers continue to stay on the sidelines of the housing market with economists noting the flow-on effect this is having for the wider housing market recovery. In addition the <a href="/news">different incentives on offer in state and territory housing markets</a> and with different expiry dates, is distorting the picture, pulling forward demand in some cases, but with a vaccum likely to follow when incentives are withdrawn.
ABS housing finance figures show that first-home buyer activity retreated further in March with this segment accounting for 14.2% of total owner-occupied housing finance compared with 14.4% in February.
First-home buyer numbers, as a proportion of the total dwellings financed, are at their lowest level since May 2004 – a nine-year-low..
A year ago they made up 18.1% of the market with the first-home buyer market peaking at 31.4% in May 2009, with first-home buyers spurred on by the $7,000 first-home owner boost (FHOB) for existing homes and $14,000 bonus for new homes, which ran from October 2008 to December 2009 (halved in the final two months).
<img src="/images/stories/2013/05/fhbmay14twothumb.gif" width="470" height="328" alt="fhbmay14twothumb">
This decline in first-home buyers is against a backdrop of a stronger-then-expected rise in home lending, which lifted 5.2% in March led by strong gains in NSW and Victoria.
Westpac economist Matthew Hassan highlights a point made by other economists like <a href="/news">AMP Capital’s Shane Oliver</a> that the current housing market recovery has been weak by comparison to previous easing cycles
He told the Australian Financial Review it had taken “a very long time to generate any movement in the sector", but that prior to yesterday’s housing finance bounce, the recovery had been “sub-par”.
Hassan pointed to the lack of activity in the first-home buyer market as a key issue for a sustained recovery, as they typically purchase the homes of those looking to upgrade and move up the property ladder.
“Ultimately you need a new entrant to drive ongoing growth on the buyer side,” he said.
A similar point was made by Commonwealth Bank economist Michael Workman who called first-home buyers “still the missing link to the overall housing activity story”.
“Higher levels of first home buyers in the market are needed to make a solid impact on total housing activity,” he said.
ANZ property market analysts David Cannington and Paul Braddick said that “looking through the distortions from state and territory government first-home buyer policy changes in recent months” the March data indicates “the combined impact of improved housing affordability and low rental vacancy rates (putting upward pressure on rents) is supporting moderate growth in first-home buyer finance, albeit from low levels”.
"First-home buyer activity increased in March (on a trend basis), however its share of the total value of housing finance commitments (excluding refinancing) decreased to 10.9% - the lowest first-home owner share since April 2004," said Cannington and Braddick.
"Growth in the number of first home-buyer commitments in March was lowest in Tasmania, followed by the Northern Territory (-21.3% m/m and -17.5% m/m respectively).
"The withdrawal of the First Home Buyer Grant on established homes in NSW and Queensland and the unwinding of Northern Territory first-home buyer concessions have weighed on first- home buyer lending in these states.
"However, moderate growth in first home-buyer finance in many states in recent months indicates the combined impact of improved housing affordability and low rental vacancy rates (putting upward pressure on rents) issupporting first home buyer activity," the said.
ANZ prepared the following sets of graphs to show how the first-home buyer segment is tracking in each of the state and territory markets, with the five biggest markets – NSW, Victoria, Queensland, Western Australia and South Australia – showing mild improvements, but declining trends in the three smallest states.
Click to enlarge
<a href="/images/stories/2013/05/fhbmay14one.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/05/fhbmay14onethumb.gif"></a>
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Lack of first-home buyer recovery halting stronger housing market rebound: Matthew Hassan

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Property Council of Australia chief executive Peter Verwer has warned the government not to introduce further changes to its withholding tax rules, which could create more uncertainty in the minds of institutional investors.
The withholding tax is charged on income paid to foreign investors who invest in managed schemes, many of which fund large infrastructure and property projects in Australia.
Last year, the government doubled the tax rate on distributions from 7.5% to 15% for all buildings in managed schemes, except those constructed after July 1 with a five-star energy rating, where a 10% tax rate has been implemented.
Verwer told Property Observer that the important thing was certainty amid concerns that government may tinker with the thin capitalisation regime – the debt side of institutional investments.
“There is the potential for them to make changes to the thin capitalisation regime, which would send a further negative signal to rest of the world and would complicate the ability of schemes to raise money internationally,” he said.
Currently, institutional investors can borrow up to 75% and take advantage of a favourable tax regime for this debt. The proposed changes would reduce the gearing threshold at which the thin-cap rules apply.
“International investors have been dismayed by the chopping and changing regime.
"They see Australia’s economic growth as attractive for long-term investment, but are dismayed at the ad hoc approach taken to taxing them,” he said.
Verwer said the PCA’s preference was for a single, low rate “that sends a clear message to the world”.
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Property Council warns against further tinkering with offshore investment rules

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Sydney-based architect Joe Snell has been named as one of the judges on Channel 7’s new reality show House Rules.
From the makers of My Kitchen Rules, Channel 7’s take on the popular reality show The Block.
<a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/residential/house-rules-the-new-addictive-reality-television-show-on-the-block-renovates-for-keeps/2013051261200" target="_blank">House Rules will see six teams of complete strangers transform each others homes around the nation.</a>
Joe Snell (pictured below) first completed a Bachelor of Science with a major in architecture and moved to London to become a real estate agent for two years.
<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/stories/2013/05/snellmay14one.jpg" alt="snellmay14one" width="400" height="803">
Upon returning, Snell completed his Bachelor of Architecture at The University of Sydney and joined his father's firm, Snell Architects.
Snell Architects was founded in 1978 and won the best retail design award at the Westfield National Awards 2012.
"Being a real estate agent made me a better architect, as I actually learnt what people really wanted in a house," Snell says.
Outside of his architectural interest, Snell recently created an exhibit for Vivid Sydney – an annual festival of light and music.
“Most people think that architecture is this massive thing, but hopefully by watching House Rules they will realise it is just about making your day a little better,” he says.
“I want to see how the contestants use the natural light of the house, how they manage the cross ventilation of air flow, how they use and interpret the space of the house and their employment of scale and proportion.
“I will tell the truth about the space as I see it, regardless of who renovated it, and I will not sugar coat it, but that doesn’t mean I will be a horrible judge.”
Snell currently lives in Sydney with his wife Laura and their two sons.
Snell will judge House Rules alongside Wendy Moore, who is the editor of Home Beautiful magazine and has been in the magazine industry for more than 20 years.
Moore (pictured below) became editor in 2006, having previously worked on Australian Women's Weekly, Woman's Day and Burke's Backyard magazine.
<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/stories/2013/05/mooremay14one.jpg" alt="mooremay14one" width="400" height="755">
"I am a pretty honest person," Moore says.
"If I do have something brutal to say, I will have a reason for saying it.
"My aim is to be constructive and truthful."
Moore's own home in Sydney's inner west has undergone its own renovation, including the add on of a home office and a kitchen makeover - all for under $2,500.
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Sydney architect Joe Snell headlines House Rules judging on Channel 7's reno series

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Most signs point north for real estate markets around Australia. Indicators consistently describe rising markets.  
The best thing about this generally positive outlook is that few of the indicators suggest we’re charging into a boom. The national figures for home loans, sales volumes, price movements, building approvals and affordability, among others, suggest a steady and sustainable recovery (with the exception of exceptional locations like Darwin, where the numbers of extraordinary).  
This week’s ABS data on housing finance reveals plenty that’s significant about real estate markets.  
The value of housing loans rose 4.5% in March, seasonally adjusted, continuing a generally upward trend since the middle of last year. But the trend graph shows a steady – rather than spectacular – improvement.
The ABS figures also reveal the steady increase in the number of investors active in property markets across Australia. A year ago investors were about 30% of buyers; in March 2013 they were 36%, following gradual increments over the past 12 months.  
The figures also confirm that buyers of all sorts overwhelmingly prefer second-hand homes over new. In March, 83% of loans were for established dwellings, with only 17% opting for new housing. Similar ratios apply to first-home buyers.  
This explains the general failure of government grants in the residential property market. The current trend by state politicians is to reward people who build or buy new homes, but they’re boosting a tiny minority of buyers only. Grants will never have the desired impact when they not only single out first-time buyers but also only those who build new homes.  
Nevertheless, the March figures do show a rise in loans for building or buying new homes. Loans for the construction of new homes rose 4.6% and those for the purchase of new dwellings increased 21%.  
It’s always a mistake to make too much of month-to-month figures. Monthly data can jump about. It’s the longer-term trends that are important.  
But the 21% rise, seasonally-adjusted, in the number of loans for buying new homes in March tends to make nonsense of claims this month by the Housing Industry Association that building and construction has fallen every month for the past 34 months.  
What these figures show, taken in conjunction with other data, is that real estate is on a consistent upward path. But, thankfully, it’s a measured progression.  
Long may that continue.  
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>
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The property market is on a consistent upward path

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Lady Dorothy Macarthur-Onslow, of Mount Gilead, near Campbelltown in NSW, has died aged 90.
She had left the Gilead farm holding, located 56 kilometres southwest of Sydney, to spend her last days at Lulworth House.
The farm, which totals 180 hectares, has been long mooted as having residential housing subdivision potential. The most recent estimates suggest a yield of 1500 dwellings when combined with an adjoining 34-hectare lot.
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<a title="Click to enlarge" href="/images/stories/2013/05/gileadmay13one.gif" rel="shadowbox"><img src="/images/stories/2013/05/gileadmay13onethumb.gif"></a>
Lady Macarthur-Onslow was the widow of Denzil Macarthur Onslow, the descendant of wool pioneer John Macarthur who died in 1984, and <a href="https://news.google.com/newspapers?nid=1301&amp;dat=19671029&amp;id=zngpAAAAIBAJ&amp;sjid=mucDAAAAIBAJ&amp;pg=2158,4449244" target="_blank">mother of Lee and Katrina</a>.
Major-General Sir Denzil Macarthur-Onslow's first wife was Elinor Caldwell, a Scot from Lockerbie.
He married again in 1950 to Dorothy Wolseley Conagher, née Scott, a medical practitioner who had been medical superintendent at Parramatta Hospital.
In the 1940s Mount Gilead house was bought and restored by the family who operated a cattle dairy farm. The <a href="https://www.propertyobserver.com.au/https://trove.nla.gov.au/ndp/del/article/16912325" target="_blank">remains of the old windmill on Mount Gilead</a> formed a prominent land mark given the site is 500 feet above sea level. <a href="https://www.powerhousemuseum.com/collection/database/?irn=354672" target="_blank">Its wooden cogs are held in the Powerhouse Museum</a>.
A concept plan illustrating an indicative residential layout for a quality new suburb on the site has been drawn up with its key features being:
Incorporate and maximise the existing landscape and topographical characteristics of the site; Retain existing native vegetation and protect and enhance biodiversity and sensitive habitats Enhance the existing riparian corridors; Protect visually prominent features such as ridgelines; Enhance visual links to distant views, heritage features and open space; Encourage passive surveillance and increase safety; Facilitate sustainable transport and access; Maximise solar access for future lots and sustainable design outcomes; and Provide a legible and walkable neighbourhood.
Click to enlarge
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The 2012 Cox Richardson study, with plans featured above by Property Observer, suggested buffers if required to protect the visual curtilage of the Mt Gilead homestead and windmill that  would not impact on the dwelling yield of the proposal given the proposed 700 square metre average lot size and the size of the site.
Mt Gilead Pty Ltd, the owner of the majority of the site, had not received any notices of coal seam gas (CSG) extraction on the land.
Water supply to the site could potentially be drawn from the existing gravity fed water-main owned by United Utilities Australia. The water running through the main is provided by Sydney Water. A connection junction was included in the main on Mt Gilead land at the time the main was constructed. This was paid for by Mt Gilead Pty Ltd in anticipation of future potential development on the Mt Gilead land.
The surrounding locality includes: the low density residential suburbs of Rosemeadow and St Helens Park (including Kilbride Aged Care Facility and Retirement Village) located around one kilometre to the north; the M5 motorway beyond the Mt Gilead Homestead and farm to the west; the Nepean River about 2 kilometres to the west of the Mt Gilead Homestead a number of rural land parcels along the eastern side of Appin Road adjoining the Dharawal State Recreation Area; the Georges River approximately one kilometre to the east of Appin Road, and. the Beulah Estate and rural residential land further to the south.
In 1995 the land, described as the final link between Sydney's southern fringe and the Illawarra, was earmarked for redevelopment by a Canberra company, Landco.
The then Federal MP for Werriwa, Mark Latham, opposed the development noting "every air pollution report has shown that Campbelltown has a particular problem which can only worsen through unrestrained population growth."
Relatives and friends of Lady Macarthur-Onslow attended her funeral at the Northern Suburbs Crematorium, North Ryde, on Friday May 17.
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Mount Gilead's Lady Macarthur-Onslow dies aged 90

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For those who enjoy the odd drop and have a lazy million dollars at hand, there's six vineyards presently for sale which might fit the bill.
The sample of winery listings currently on sale at realestate.com.au with revealed prices range from the $480,000 mark up to $5.5 million-plus.
Two of the listings have been listed by the wine company, Brown Brothers. They come without price guides.
White Hills (pictured below), situated in the picturesque Tamar Valley in Tasmania just 15 kilometres from Launceston, headlines the available vineyards for sale.
<img src="/images/stories/2013/05/vineyardmay14two.jpg" width="470" height="173" alt="vineyardmay14two">
It is Tasmania’s third largest vineyard and was bought from the timber company Gunns in 2010.

The 82-hectare property currently produces Pinot Noir, Chardonnay, Sauvignon Blanc, Reisling, Pinot Gris and Gewurztraminer.

Also available through Brown Brothers is Whitlands (pictured below) in King Valley, Victoria.
<img src="/images/stories/2013/05/vineyardmay14one.jpg" width="470" height="174" alt="vineyardmay14one">
It is located 40 kilometres from Wangaratta. The vineyard already has 57 hectares planted and producing Pinot Noir, Chardonnay, Sauvignon Blanc, Pinot Grigio and Meunier, with another 30 hectares of the property still available to develop.
Brown Brothers chief executive Ronald Wahlquist has commented that the sales are part of a company restructure after facing a shrinking export market in Europe caused by the high Australian dollar.
Offers are due on the Brown Brothers listings by May 10 with <a target="_blank" href="https://www.wineryforsale.com.au/for-sale/brown-brothers-vineyards">Toby Langley and Stephen Strachan of Gaetjens Langley</a>.

Elsewhere, Colliers International is selling a number of premium vineyards in Krondorf, located in South Australia’s prominent wine region, the Barossa Valley.

<a target="_blank" href="https://rea.colliers.com.au/property-viticulture-sa-krondorf-7536015">The listing is comprised of four lots</a> (pictured below) which can be purchased separately or as a portfolio with offers due with its Colliers agents Tim Altschwager and Jesse Manuel by May 23.
{yoogallery src=[images/stories/2013/05/may14vineyards]}
The St Vincent vineyard is a 20.94 hectare property, with 14.3 hectares of vines, including 9.9 hectares of shiraz vines.

Tschirpig is an 8.67 hectare property with 2.5 hectares of vines, the Augusta Shiraz block is 2.364 hectares with 1.7 hectares of shiraz vines and the Augusta Grenache block has 6.216 hectares with 1.7 hectares of grenache vines.

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Six vineyards for sale that might tempt those fond of the odd drop

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Property Observer took a look at what $100,000 or less got you last month around the nation, with all states except the Northern Territory, Australian Capital Territory and Western Australia offering a bargain during April. 
In <a target="_blank" href="/news">Taree</a>, New South Wales, a three-bedroom, one-bathroom home sold for $71,000.
Located on <a href="https://file://localhost/-%09http/::www.realestate.com.au:property-house-nsw-taree-113445803" target="_blank">Flett Street</a>, the sale was secured by Alister Currie of Wiseberry Taree.
In <a target="_blank" href="/news">St Arnaud</a>, Victoria, a two-bedroom, one-bathroom property sold on April 30 for $86,000.
The <a href="https://www.realestate.com.au/property-house-vic-st+arnaud-113191899" target="_blank">Alma Street property</a> was built in 1940 and sits on a 1,027-square-metre parcel of land.
Graeme Male of Graeme Male Real Estate St Arnuad listed the property.
A three-bedroom, one-bathroom home in Coober Pedy, South Australia, sold on April 11 for $65,000.
Located on <a href="https://www.realestate.com.au/property-house-sa-coober+pedy-106610108" target="_blank">Grey Street</a>, the home sits on 871 square metres.
It is currently tenanted on a fixed term lease for $130 a week.
Monica Nagyszollosi of Raine and Horne <a target="_blank" href="/news">Coober Pedy</a> listed the property.
A two-bedroom, one-bathroom home on <a href="https://www.realestate.com.au/property-house-qld-home+hill-112884903" target="_blank">Ninth Avenue in Home Hill</a>, Queensland, sold on April 23 for $100,000.
Peter Andersen of Andersen Real Estate says the 1,012-square-metre property requires a complete transformation, including a new kitchen, shower and toilet.
Anderson originally listed the home for $130,000.
A three-bedroom, one-bathroom home on <a href="https://www.realestate.com.au/property-house-tas-george+town-112971915" target="_blank">Agnes Street</a> in <a target="_blank" href="/news">George Town</a>, Tasmania, sold for $82,000 on April 5.
Andrew Michieletto of Harcourts East Tamar, George Town, says the property is definitely in need of some cosmetic improvements, however the structure is very solid.
Situtated on a 696-square-metre parcel of land, the 1951-cottage last sold in 2000 for $27,500.
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What $100k or less got you around the nation last month

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There was a 5.2% lift in the number of home loans issued to owner occupiers in March led by strong gains in NSW and Victoria, according to seasonally-adjusted ABS figures.
In total there were 48,071 home loan commitments in March compared with 46,225 in February.
Analysts had forecast a 4% rise in mortgage lending in March.
The seasonally-adjusted estimates rose in New South Wales (up $1,036m, 8.0%), Victoria (up $664m, 5.2%), Western Australia (up $280m, 4.0%), Queensland (up $157m, 1.8%), South Australia (up $155m, 5.3%), Tasmania (up $30m, 4.2%) and the Australian Capital Territory (up $27m, 3.5%), while a fall was recorded in the Northern Territory (down $6m, 1.6%).
In value terms, home loans to owner occupiers lifted 5.8% to $14.9 billion.
Rises were recorded in commitments for the purchase of established dwellings (up $129m, 1.1%), commitments for the purchase of new dwellings (up $16m, 1.8%) and commitments for the construction of dwellings (up $16m, 1.1%).
The total value of dwelling commitments excluding alterations and additions (trend) rose 1.2% in March 2013 compared with February 2013 and the seasonally adjusted series rose 4.5% in March 2013. 
The value of investment housing commitments seasonally adjusted rose 2.1% in March 2013.
Rises were recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $91m, 1.4%), commitments for the purchase of dwellings by others for rent or resale (up $11m, 1.3%) and commitments for the construction of dwellings for rent or resale (up $7m, 1.3%).
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Mortgage lending surges up 5.2% in March led by NSW and Victoria: ABS

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The listed property trust sector (A-REITs) gained a new participant yesterday with ArenaREIT, a childcare centre property trust, floating with a share price of $1.05
This represented a premium to its net tangible assets of $1 per share and is also a premium to its initial offer price of $1.01 per unit.
The full initial offer of $75 million was taken up ahead of listing yesterday.
The Melbourne-based trust, formerly the Arena Childcare Property Fund, is managed by Arena Investment Management Limited and comprises 172 childcare centres and 5 childcare centre development land sites located in Australia, valued at $228 million (as at 31 December 2012).
The portfolio has a relatively long weighted average lease expiry (WALE) of 8.2 years as of December 2012 and an occupancy rate of 97.7% as of March 2013.
Two thirds of the portfolio (66.3% by value) is leased to childcare group Goodstart which purchased the collapsed ABC Learning business.
Goodstart is owned by the charitable organisations The Benevolent Society, Mission Australia, the Brotherhood of St Laurence and Social Ventures Australia.
The trust earned rental income of $11.05 million for the half year to December 31 2012 down slightly from $11.8 million in the prior corresponding period.
The joint managing directors of the fund are James Goodwin and Bryce Mitchelson.
The managers of the trust intend to diversify over time expanding beyond childcare into education, healthcare and government tenanted facilities.
Arena REIT trades under the ASX code of ARF. 
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It was established as an unlisted trust in 2003 investing into childcare centres. 
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