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

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Swedish fashion retailer H&amp;M is joining fellow European fashion giants Zara and Topshop by venturing into Australian  retail waters.
It announced the news via its <a href="https://www.facebook.com/hm" target="_blank">Facebook page</a> on Thursday night.
“We are happy to announce that we will open our first H&amp;M store in Australia in 2014! Stay tuned for more details,” the post read.
A February Colliers White Paper <a href="https://www.propertyobserver.com.au/retail/zara-topshop-and-uniqlo-lead-retail-property-push-into-australia/2013021859421" target="_blank">notes</a> that H&amp;M has plans for 10 stores in Australia over the next few years, and is seeking 20,000 square metres of space.
H&amp;M offers affordable fashion for men, women and children.
The first store is likely to be in either Sydney or Melbourne.
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H&M confirms plans for first store in Australia

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Limited expansion of the Australian banking sector relative to other first world countries post-GFC protects it from further possible corrections, says RBA assistant governor Malcolm Edey.
Speaking in Melbourne on Friday, Edey noted that there were "certainly elements of bubble-like behaviour in the few years leading up to the <a target="_blank" href="https://www.propertyobserver.com.au/trends/australia-escaped-the-gfc-through-saving-and-hard-work-not-luck-mark-bouris/2012081956097">GFC</a>" and seen in some countries where the financial sector became too big relative to the size of its economy.
But this had not occured in Australia, where the banking sector funds more than 90% of <a target="_blank" href="https://www.propertyobserver.com.au/news/westpac-lead-the-big-banks-below-5-on-nfixed-home-loans/2013020659208">home loans</a> and where more than 80% of the mortgage market is held by the big four banks.
Edey gave as an example a number of countries decimated by the collapse of their banking sectors (and where property markets collapsed as well) notably, Ireland, where the the total assets of the Irish banking system peaked in 2009 at a ratio of nine times its annual GDP as well as Iceland, where the ratio peaked at seven times its GDP and to a lesser extent, but still above historical norms, the UK, where the peak was around a ratio of five to one, and in France at a ratio of four to one.
"In Australia the banking sector did expand relative to the economy, but it remains significantly smaller than many others. On the rough metric of banking assets to GDP, Australia's ratio is about two, which is well within the international range and well below those in the euro area, the UK and Japan," he said.
"So to the extent that any generalised financial overhang exists, it is less likely to be a problem here than elsewhere.
"That said, attitudes to risk and debt accumulation in the Australian household sector have clearly changed. Saving rates are up, the appetite for new debt is down, and attitudes to both the level and composition of household saving have become more conservative," said Edey.
He presented the following chart, which shows the modest size of the Australian banking sector relative to other countries, but also that corrections have occured in some of the worst-hit economies of Ireland and Iceland.
<img alt="rbamarch25one" height="397" width="470" src="/images/stories/2013/03/rbamarch25one.gif">
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Australia's "small" banking sector protects it from risk of bubble corrections: RBA

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A Gold Coast-based mortgage debenture fund that raised money from small investors and lent it on to residential and commercial developments including the $1 billion Maddison Estate project promoted by celebrity gardener Jamie Durie, two Olympians and a Kelly Slater wave pool company is now in the control of administrators.
The directors of property developer and fund manager LM Investment Management (LMIM) have placed the company in the hands of voluntary <a href="https://www.propertyobserver.com.au/industry-news/administrators-find-%24108-million-black-hole-in-wickham-securities/2013013059033" target="_blank">administrators</a> warning investors it is in “imminent jeopardy of being unable to meet creditor obligations” in a statement which has since been removed from the website.
John Park and Ginette Muller of FTI Consulting were appointed voluntary administrators.
One of its mortgage funds has as its flagship investment project the 800-lot <a target="_blank" href="https://www.maddisonestate.com.au/">Maddison Estate on the Gold Coast,</a> which was set to feature parks and gardens designed by celebrity gardener Jamie Durie, who also fronts the development's marketing website.
The Gold Coast Bulletin reported in January that tree clearing and demolition on the site had been completed with civil construction work set to begin bringing forward the release of 29 lots.
It was designed to eventually cater for 3,500 residents with a mix of townhouses and apartments as well as shops and restaurants.
Land is advertised for sale starting from $205,100 with house and land packages starting from around $430,000 for a four-bedroom on a 320 square metre block.
Home builders assigned to the project are <a href="https://www.propertyobserver.com.au/land/metricon-australia-s-largest-home-builder-for-second-year-running-hia/2012092656811" target="_blank">Metricon</a>, Clarendon Homes, Plantation Homes and Ausbuild.
The project was promoted with other celebrity endorsements including a Sam Riley swim school, a Natalie Cook beach volleyball centre and a Kelly Slater-designed continuous-wave pool.
A creditors meeting is set for April 2 at Sofitel Gold Coast Broadbeach with the administrator expected to investigate the value of the fund's property loans including it's exposure to Maddison Estate.
 
<img src="/images/stories/2013/03/lmimmarch25one.jpg" width="470" height="304" alt="lmimmarch25one">
In barely readable small print at the bottom of the website it says: "Delivered on behalf of investors in the LM Managed Performance Fund" with a link to the LMIM website.
The LMIM website says the fund aims to deliver returns of between 3% and 5% above Central Bank rates - returns of between 6% and 8%.
Investors in the fund have a 60% exposure to Maddison Heights through a $234 million second mortgage with a smaller first mortgage to Suncorp.
The first 29 lots had a September 2013 completion target.
The Prodap report for the fourth quarter of 2012 recorded just 23 vacant land sales in Pimpama with Gold Coast land sales at <a target="_blank" href="https://www.propertyobserver.com.au/land/stockland-exposed-as-gold-coast-house-and-land-activity-falls-to-worst-level-in-30-year-low-prodap/2013020659196">30 year lows.</a>
The site was purchased for $89 million prior to the GFC, when the market was at its peak.
LMIM joins a growing list of mortgage funds that have run into financial trouble including <a href="/news">Victorian-based Banksia</a> (in October) and <a href="https://www.propertyobserver.com.au/residential/provident-capital-receivers-terminate-two-mortgage-funds-with-poor-initial-returns-for-investors/2012121758532" target="_blank">Provident Capital </a>(in July).
Managing director Peter Drank said (in a statement since removed from the website) that LMIM had “responded appropriately to the circumstances it faced” following Trilogy, a property focused fund management group based in Brisbane, taking control of  its LM Wholesale First Mortgage Fund in November last year.
“We have been on the receiving end of Trilogy’s relentless ten month campaign of alarming and misleading statements to our domestic and international advisers and investors. This has impacted the liquidity of our funds, and therefore investors’ interests," said Drake in a statement since removed from the website.
“This campaign has been magnified by the additional impact of the strong Aussie dollar (particularly against Sterling), resulting in excess margin requirements for the funds very recently.”
 
<hr class="system-pagebreak">
“Had we not acted, this perfect storm of impacts meant we may have been unable to meet our obligations, and hence the appointment.”
“The funds will continue to be managed in accordance with their governing documents and the applicable Corporations Act and Trustee Law. The FTI team will be working with LM’s senior investment personnel to optimise outcomes for all stakeholders.
“The ultimate aim of the voluntary administrator is to manage and resolve a solution over a period of time," said Drake.
A further statement on the website that the "proactive approach by the board to officially bring in independent financial advice across the company and the funds" has also been removed with FTI Consulting taking control of the business, reported Fairfax.
In March, the ABC's Four Corners program reported that investors, many of them pensioners had lost around $15 billion over the past five years by investing management investment funds offering high returns.
LMIM operates a number of closed mortgage funds with money from investors invested in a portfolio of Australian registered first mortgages over commercial, residential, industrial, retail and vacant land.
Investments in LMIM mortgage were marketed extensively via financial planners.
The ABC reported that LMIM had borrowed $250 million to fund the Pimpama development with a very large second mortgage making up 62.5% the assets of the LM Managed Performance Fund, which has grown to more than $240 million.
“FTI Consulting will conduct a review of the business and all of the LM funds and will update unit holders as a matter of priority,” said voluntary administrators John Park and Ginette Muller.
LMIM claimed to have $3 billion in funds under management with investors in 73 countries, according to the Gold Coast Bulletin.
Property Observer requested a copy of the LM First Mortgage Income Fund financial report on its website, but received replies saying that it was “experiencing a higher than usual number of queries.”
A second email said: “LM has appointed a Voluntary Administrator.  Until such time as the Administrator has conducted their initial investigation, we are unable to provide you with a copy of this report.” 
 
 
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Jamie Durie's garden designs wilt as Gold Coast mortgage fund manager LM Investment Management placed in voluntary administration

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Labor Party favourite, the Art Deco-inspired <a target="_blank" href="https://www.hotelkurrajong.com.au/HomePage.aspx">Hotel Kurrajong </a>in Canberra’s Parliamentary precinct,  has sold at auction for $7.65 million to Toga Hotels and the NRMA.
The hotel, which has one of its rooms named after Australia’s 16th Prime Minister, Ben Chifley, will retain its name and art deco elegance, Toga Hotels has confirmed.
Now heritage listed, the building situated only one kilometre from Capital Hill was constructed in 1926 and designed by the Commonwealth’s chief architect, John Smith Murdoch, also responsible for designing Parliament House and the Hotel Canberra (now the Park Hyatt).
It stands at 8 National Circuit in Barton.
The sales campaign was led by Michael Heather and Paul Powderly of Collier Internation on behalf of the ACT government's Land Development Agency (LDA).
Faced with closure in the Great Depression, the hotel managed to endure under manageress Isabelle Southwell, and over the years has retained most of its historical architectural features, despite being modernised in 1964 and entirely refurbished in 1995.
The property which sits on a 16,426 square metre block provides 117 rooms with both executive and budget rooms available and additionally comes with a brassiere style restaurant, bar and several conference and function rooms.
As one of the first hotels built to accommodate government staff and officials transferring from Melbourne to Canberra for the new federal parliament, Kurrajong quickly became the hotel of choice for the Australian Labor Party (ALP).
One of the most notable guests was Australia’s 16th Prime Minister, Ben Chifley who preferred to reside at Kurrajong rather than The Lodge during his four year tenure in government. The hotel remained his primary place of residence up until his death in 1951 from a heart attack and the room now known as the Chifley room, has become a major drawcard for guests.
Briefly closing down in 1976 and 1978 due to declining patronage the hotel served as offices for parliamentary staff until the ACT Government secured a 50-year lease re-opening it in 1995 as a four star boutique hotel.
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Former Labor Party favourite the Hotel Kurrajong sells for $7.65 million

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Shopping centre landlords have been placed on notice by retail king Solomon Lew that his Premier Investments group will close more stores in 2013 unless rents are adjusted in line with shopping centre performance.
His warning came as the group, which leases hundreds of stores for brands like Just Jeans, Smiggle and Portmans, announced a defiant 20% rise in net profit to $46.5 million for the six months to January 26.
Premier Investments CEO Mark McInness said this result had been achieved in “challenging” retail conditions and that there remained “severe pressure facing all retailers”.
Premier closed 14 loss-making stores over the reporting period made up of six Jay Jays stores, one Smiggle store, two Portmans stores, three Just Jeans stores and one Jacquie E store.
“Further store closures will occur if the rents expected by the landlords are not in line with the performance of the centre and the market generally,” said McInnes.
He added that store rental negotiations continue to be a focus for improved profitability.
Premier opened six new Peter Alexander stores and 14 Smiggle stores in Australia and New Zealand over the reporting period. It has plans to open between two and five Smiggle stores over 2013 with two confirmed for second half of the year. There are also plans for six new Peter Alexander stores in the second half of 2013.
McInnes’s comments come as shopping centre anchor tenants continue to agitate for lower rents while shopping centre landlords suggests anchor tenants should be doing more to bring in customers.
Department store giant Myer reporting better than expected interim profits last week and that it had successfully renegotiated new leases for a number of stores.
Fellow department store group David Jones, which reported a <a target="_blank" href="https://www.propertyobserver.com.au/retail/david-jones-considers-development-of-flagship-sydney-and-melbourne-stores/2013032059988">13.5% drop in interim profits earlier this week</a>, said it would examine its store portfolio with six store leases in “less robust demographic locations” set to expire in the next five years.
In response to suggestions that shopping centre landlords would come under pressure from department stores to renegotiate leases, <a target="_blank" href="https://www.propertyobserver.com.au/retail/myer-and-david-jones-need-to-pull-their-weight-shopping-centre-council-of-australia/2013031359871">Shopping Centre Council of Australia executive director Milton Cockburn</a> hit back, saying department stores aren’t holding up their end of the bargain as anchor tenants.
"It’s fair to say that over the last few years the department stores haven’t been pulling their weight in attracting foot traffic to shopping centres in the way anchor tenants are supposed to do,” he told Property Observer.
The six month results for Premier Investments suggest Lew and McInnes did a good job keeping rents in check, with just a 1.3% rise in the cost of renting shop space.
The results show that operating lease rental expenses increased from $87.7 million in the first half of 2012 to $88.9 million in the first half of 2013.
Lease costs as a percentage of sales fell marginally from 20.2% to 20%.
Premier also reported a 51% growth in internet sales.
In its investor presentation, Premier highlighted an upgrade program for 50 stores including selected Portman, Jay Jay and Jacqui E.
Its Australian store portfolio has 110 Smiggle stores, 89 Dotti stores, 91 Portmans, 200 Just Jeans stores, 82 Jacqui E stores and 188 Jay Jays stores.
It will pay shareholders a dividend of 19 cents on May 17.
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Solomon Lew and Mark McInnes say landlords must cut rents or more stores will close

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The Industry Superannuation Property Trust has plans for a $70 million retail and office redevelopment on Queen Street Mall to create flagship retail space to lure Zara, Topshop and Forever21 to Brisbane. 
The $70 million-plus development adds to the $500 million it has already spent in the past two years on the <a target="_blank" href="https://www.propertyobserver.com.au/leisure/brisbane-chifley-at-lennons-hotel-acquired-by-singapore-hotel-group-for-%2457-million/2012091756628">mall</a>, which is regarded as the most successful outdoor mall in Australia.
“We have been looking to enhance these assets for some time and we believe this is the right time because there are a number of <a href="https://www.propertyobserver.com.au/retail/zara-opens-in-melbournes-highpoint-mall-as-amancio-ortegas-wealth-hits-%2457-billion/2013031359801" target="_blank">global retailers</a> looking to gain a presence here,” ISPT development director Chris McCluskey told The Australian Financial Review.
“We have enormous faith in south-east Queensland as an economic hub.”
ISPT’s figures suggest about 100,000 people move through the Queen Street Mall every day.
Photo by Nam Nguyen, courtesy of Flicker.
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ISPT proposes new Queen Street, Brisbane retail to lure Zara and Topshop

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The regional housing market is at its most affordable in almost a decade, according to the latest HIA-CBA Housing Affordability Index.
Overall housing affordability improved by 5.5% over the 2012 December quarter representing an 18.4% advance on the same period of 2011.
Affordability improved in all capital city and state regional housing markets with the biggest regional improvement occurring in NSW, where the affordability multiple improved from 1.43 to 1.31.
The HIA defines the affordability multiple as “the number of full time average incomes required to reach the qualifying income to service a loan on a median priced home”.
Tasmania is the most affordable regional market with a multiple of 1.13 with Hobart also the most affordable capital city market with a multiple of 1.20.
Click to enlarge
<a href="/images/stories/2013/03/hiamarch22.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/03/hiamarch22thumb.gif"></a>
Sydney remains the least affordable capital city housing market with an affordability multiple of 1.75.
Victoria is the least affordable regional housing market with a multiple of 1.55.
Overall, the index improved from 65.3 to 68.9 with the national affordability multiple improving from 1.53 to 1.45.
A year ago it was 1.72.
“This is the eighth consecutive quarter of increase in the index, bringing it close to levels not seen since the depths of the GFC during 2009,” says HIA senior economist, Shane Garrett.
“For regional areas, affordability is at levels last seen during the early 2000’s decade. Affordability is on the increase in every part of the country.
“This has been driven by the weakness of price developments as well as the two cash rate reductions effected by the RBA in the final quarter. Continued growth in earnings has also served to make housing more affordable”.
“It is worth noting that affordability would be even more favourable to householders had recent RBA rate cuts been passed on fully be lenders.”
Despite the continued improvement in housing affordability first-home buyer numbers remain at <a target="_blank" href="/news">near record eight year lows</a> with Garrett noting that “transactions activity on the ground is very sluggish”.
“This underlines the need for stronger interventions from the RBA in terms of interest rates and from the government with regard to the heavy taxation of home purchase,” he says.
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Regional housing affordability at its best since early 2000s: HIA

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Struggling fashion designer Bettina Liano has slammed the high rents charged in the Melbourne CBD after closing her Little Collins Street boutique and opening a new shop in New York’s SoHo district.
In a scathing attack reported in fashion industry magazine Ragtrader, Liano said her rent was over $20,000 a month for the 134-square-metre store - double what she is paying to rent at 246 Mott Street in SoHo. Liano says she also plans to open stores in San Francisco, Los Angeles and Miami.
The empty store at 269 Little Collins Street is vacant and <a href="https://www.realcommercial.com.au/property-retail-vic-melbourne-500634111" target="_blank">listed for lease by Max Cookes and Zelmain Ainsworth of CBRE</a> with a seven- to 10-year lease term.
''What I was paying for the Little Collins Street store was exorbitant,'' she told Ragtrader. "It cost me over $20,000 a month but this store in SoHo is less than $10,000 a month. And there are people here. In Little Collins Street, there's no traffic, it's tumbleweeds."
She had previously closed her store on Chapel Street, where she paid rent of <a target="_blank" href="https://www.propertyobserver.com.au/retail/bettina-liano-closing-australian-stores-and-selling-jeans-in-the-united-states/2013022159492">$25,000 per month.</a>
Her comments come as the Melbourne Fashion Week is underway.
The Age reports that Liano's Little Collins Street store was closed last month due to a breach of her lease after she failed to fulfil her rental obligations.
Melbourne ranked as the <a target="_blank" href="https://www.propertyobserver.com.au/retail/sydney-melbourne-and-brisbane-in-world-s-top-10-priciest-shopping-strips/2012121858568">sixth most expensive prime retail rent market in the world last year </a>at $850 per square foot per annum, falling short of London at $988 per square foot, according CBRE figures.
Other vacant retail spaces on Little Collins Street include a 27-square-metre café and basement space below the Causeway Hotel at <a href="https://www.realcommercial.com.au/property-retail-vic-melbourne-500513571" target="_blank">353 Little Collins Street</a>, which is being marketed for lease by Jeremy Marmur and Michael DiCarlo of Savills Melbourne.
An 80-square-metre retail space at <a href="https://www.realcommercial.com.au/property-retail-vic-melbourne-500257701" target="_blank">347 Little Collins Street</a> is also vacant and available for lease through Savills Melbourne.
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Bettina Liano slams “exorbitant” Melbourne rents as Little Collins shop sits empty

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A property bubble is building in Australia’s commercial property market due to a “wall of money” flowing into the sector from offshore institutional investors, Paul Weightman, chief executive of property trust and fund manager Cromwell, has warned.
Speaking at an RBS Morgans function in Brisbane yesterday, Weightman said the current bubble building was different to that which occurred prior to the GFC when rising rents led to compressed capitalisation rates – the amount of time it takes for a building to pay for itself.
He says the current bubble is compressing rental yields without proper regard to the fundamentals, according to his comments reported by The Australian Financial Review.
Weightman added that it was hard to see where office and retail rental growth would come from in capital city commercial property markets in the eastern states (Sydney, Melbourne, Adelaide, Canberra and Brisbane).
“We have enormous amount of capital from offshore looking to find a home in the Australian market but we have pretty poor underlying property fundamentals," he said.
A recent report from Colliers International anticipated <a href="https://www.propertyobserver.com.au/office/chart-of-the-week-why-2014-will-feature-renewed-growth-in-the-office-market/2013031859780" target="_blank">no growth in the commercial CBD office market in 2013</a>, but renewed growth from 2014.
The most recent<a href="https://www.propertyobserver.com.au/office/sydney-the-only-partial-bright-spot-as-cbd-office-vacancies-rise-with-mining-demand-down-pca/2013020659204" target="_blank"> Property Council of Australia office report</a> for the second half of 2012 said net absorption at 83,685 square metres across Australian CBD office markets was the lowest since the six months to July 2009 and less than half the 20-year historical average.
In anticipation of the bubble bursting, Cromwell will look to sell some of its assets and reduce the amount of debt it carries – as it did in 2006 prior to the market collapsing.
Cromwell was recently included in the S&amp;P/ASX 300 Index.
It reported statutory accounting profit of $29.5 million for the six months to December 2012 compared to a prior year loss of $6.8 million
Cromwell has a $1.9 billion commercial property portfolio comprising a mix of office, industrial and retail assets in east coast markets.
Prominent CBD assets include 321 Exhibition Street, a 20 level office building and the 18 level 320 LaTrobe Street both in Melbourne and the twin office tower complex on Victoria Avenue in Chatswood acquired in 2006.
Cromwell property trusts include the recently closed and oversubscribed Ipswich City Heart Trust comprising the $93 million Ipswich City Heart Building, a 9-storey commercial office/retail building to be constructed in the Ipswich CBD offering investors an 8% return.
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Cromwell to sell assets as commercial property bubble builds: Paul Weightman

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Fairfax Media has put its news printing facilities in NSW and Victoria up for sale with reported hopes of about $90 million.
The two newspaper printing plants will be redundant by mid-2014 with both sites being sold on vacant possession delayed settlement terms.
CBRE and Colliers International have been appointed to conduct the campaign.
CBRE has the <a target="_blank" href="/news">Chullora</a>, Sydney site which includes the existing industrial complex of 37,600 square metres on a land parcel of 10.2 hectares.
Colliers International will be seeking the buyers for The Age Print Centre, <a target="_blank" href="/news">Tullamarine </a>site which includes an existing 24,000?square metre industrial complex on a land parcel of 5.9 hectares.
Meanwhile the entreprenuer Shesh Ghalel is set to shortly start his $40 million redevelopment of Melbourne’s landmark Argus building, after years of abandoned starts on the project.
The 87-year-old heritage-listed building on the corner of La Trobe and?Elizabeth streets has been boarded up, but used for <a href="https://www.propertyobserver.com.au/victoria/argus-building-to-host-melbourne-music-week-before-long-awaited-mit-campus-transformation/2012111457722" target="_blank">music fesitvals</a> after significant structural repairs and asbestos removal.
The building has been in decrepit state for decades. Its first tenant, The Argus daily newspaper, closed in 1956.
The Herald and Weekly Times Group bought the Argus newspaper along with the building in 1957 and later closed the newspaper down and sold the building.
Ghalel, chief executive of the Melbourne Institute of Technology, paid $15 million for the building in 2010, but works were delayed in part because of a downturn in tertiary education.
The fit-out is expected to cost $25?million with another $15 million spent on structural works. 
“I understand the public interest in this property and we hope to rebuild our goodwill with the city, we are also keen to see it brought back to life,” he told The Australian Financial Review.
The six-storey building will have 9,000 square metres of space hosting 5,000 students.
Ghalel said enrolments in MIT’s English language courses had jumped 300%, the bulk of students coming from China and Vietnam.
The Argus building, designed by Godfrey Spowers, is listed on the Victorian heritage register as a major inter-war office building.
It also made the 2012 National Trust list of the country’s top 10 “heritage at risk” sites.
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