Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Joel Robinson

Brisbane's next apartment price record? Pikos unveils Skye's exclusive penthouse collection

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

A proposal to redevelop one of North Sydney's ageing commercial buildings has taken another step forward, with plans for a 38-storey mixed-use tower adding momentum to the long-awaited transformation of the Alfred Street precinct.

Now on public exhibition through the NSW Government's Housing Delivery Authority-led State Significant Development pathway, the proposal for 271-273 Alfred Street would replace an underutilised commercial building with 95 apartments, ground-floor retail, commercial space and affordable housing. The proposal was submitted by&nbsp;Tara Shore Pty Ltd, acting for the John Taylor Family Trust.

While the project will deliver much-needed housing on the southern edge of the North Sydney CBD, it also represents another piece of a broader precinct that has spent years in planning limbo.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="7e1ce1b4-38df-48ab-992f-386814d86308" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20podium.png?VersionId=sC_h6w.A9VEoB98qsqowPlIoz__sBZBt" />

Despite its proximity to both North Sydney Station and the Victoria Cross Metro, redevelopment of Alfred Street has progressed slowly over the past decade as broader planning controls, zoning and building heights remained unresolved. The introduction of the Housing Delivery Authority pathway has provided a new avenue for projects to progress, allowing rezoning and development assessment to occur concurrently and unlocking sites that have long been earmarked for renewal.

Designed by Office of Cortese &amp; Gilder, the proposal seeks to do more than replace an ageing office building. The architects have positioned the project as the first stage of a wider public domain vision that would improve pedestrian connectivity and create a more cohesive mixed-use precinct as neighbouring sites are redeveloped over time.

The proposal includes a widened Alfred Street setback, new street trees, landscaping and outdoor seating, along with a landscaped through-site pedestrian link connecting Alfred Street with Little Alfred Street. The connection is intended to become the first section of a future east-west pedestrian network extending across the precinct.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="8ea39ac3-46ad-4562-b4a0-b862e91c2dda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20site.png?VersionId=K7umCd21KpetEFuVfsPlnJKhUOsmTTdV" />

The mixed-use tower would comprise retail space at ground level, commercial uses on level two and apartments from level three upwards.

In total, the development would deliver 95 apartments, including nine one-bedroom, 28 two-bedroom, 56 three-bedroom and two four-bedroom residences. Twenty-one apartments, representing 15 per cent of the residential gross floor area, would be secured as affordable housing and managed by a registered community housing provider for at least 15 years.

Nine basement levels would provide 133 resident car spaces, seven motorcycle spaces and 111 bicycle spaces.

According to the Architecture and Urban Design Report, the public domain strategy is designed to transform what is currently an inward-facing commercial edge into a more active and connected pedestrian environment, creating a stronger relationship between the commercial core and surrounding residential neighbourhoods.

Office of Cortese &amp; Gilder has also prepared a broader public domain framework spanning neighbouring properties between 263 and 283 Alfred Street, arguing that a coordinated approach to redevelopment will deliver better public spaces, improved tower separation and a more connected streetscape as the precinct evolves.

The proposal comes at a time where North Sydney is slated for future residential growth. Commercial developer FiveX has residential plans for the neighbouring site at 275 Alfred Street. They've proposed a 39-storey mixed-use tower with 184 apartments, while Freecity was recently approved for nearly 300 apartments across a 51-storey building on Walker Street.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-freecity-gets-green-light-for-mixed-use-apartment-and-hotel-tower-in-north-sydney">First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-plans-39-storey-residential-tower-in-booming-north-sydney">First look: Fivex plans 39-storey residential tower in booming North Sydney</a>

&nbsp;

Alfred Street the latest North Sydney pocket to be transformed by residential development

Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.

For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.

Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.

"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."

[smartcode_project:default project_id=7354 project_image_fid=374893]

Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.

The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;

Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.

Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.

[smartcode_project:default project_id=7354 project_image_fid=269527]

Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.

"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."

The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.

"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."

[smartcode_project:default project_id=7354 project_image_fid=374892]

Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.

Construction is underway with completion expected in mid-2027.

[smartcode_project_cta:default project_id=7354]

Boutique Gordon townhomes now come with a BMW iX3 50

Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.

The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.

The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.

<a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.

The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.

[smartcode_project:default project_id=145590 project_image_fid=359521]

The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."

&nbsp;

[smartcode_project:default project_id=145590 project_image_fid=359523]

The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.

Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

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[smartcode_project_cta:default project_id=145590]

Vitale breaks Byron Bay records with EADE sales flurry 

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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Melburnians will be protesting tomorrow against the slated demolition of the 1928-built Scots Church Hall and associated buildings on the corner of Collins Street and Russell Street.
Melbourne Heritage Action will march against the approved development by Scots Church Properties Trust, arguing that planning authorities have ignored regulations in approving the project.
Spokesperson for Melbourne Heritage Action Rupert Mann says approval should never have been given to demolish the building.
“It’s supposed to have the highest level of heritage protection in Australia. Despite that, it’s being left as a wafer thin façade of one wall,” he says.
In 2007 then planning minister Justin Madden ignored Heritage Victoria recommendations and issued permits for the destruction of Scots Church Hall, the former Victorian car park and a former showroom.
Heritage Victoria opposed the demolition of the car park because of its historical and cultural significance – it was the first multi-level car park in Melbourne.
“That it was pushed through by Justin Madden is appalling. How can the peak heritage body of this state be overridden by one man?” Mann says
In 2006 trustees of the church signed a 99-year lease agreement with Grocon and APN Property Group to develop the site.
Grocon, in partnership with APN, plans to build a $220 million, 12-storey office block on the site, with <a target="_blank" href="https://www.propertyobserver.com.au/office/westpac-takes-paris-end-of-collins-leaves-docklands-to-other-banks/2011092251651">Westpac as the anchor tenants</a> in the Peddle Thorp-designed building.
The current plans incorporate just nine metres of the car park building.
Mann says it’s a poorly designed project that will detract from the character of the area.
“It’s a highly disrespectful incursion – they’ve made no attempt to preserve the heritage of the buildings. The whole streetscape will be destroyed,” he says.
“You begin to lose what makes Melbourne a great city. Life here is centred about these small-scale heritage precincts.”
Mann hopes to pressure APN into redesigning the project to further incorporate the older buildings.
In Victoria, any applications for a project in excess 25,000 square metres is automatically referred to the state planning minister and skips the council decision.
Mann says this is another point of contention that he hopes to raise with the protest.
“We want that threshold raised way up to 60,000, 70,000, even 80,000. We believe the City of Melbourne should have much more of a say on what goes on in Melbourne’s CBD.”
APN was unavailable for comment.
 
 
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Heritage group to protest against demolition of Scots Church Hall in Melbourne CBD

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Hotel giant Accor plans to open 9,000 hotel rooms in the Asia-Pacific region in 2012, mostly in Australia, following its acquisition of the Mirvac hotel portfolio. 
In December Accor acquired Mirvac hotel portfolio for $327 million, comprising about 6,100 hotel rooms. 
Hotels in the portfolio include the Quay West hotels, the Quay Grand at Circular Quay in Sydney as well as the Sebel hotels in Newcastle and Mandurah in Western Australia. 
On the back of reporting an 18% rise pre-tax operating profit to €446 million ($556 million), Denis Hennequin, Accor’s chairman and CEO, says the group easily exceeded its expansion target of 35,000 new rooms in 2011 and aims to add a further 40,000 rooms this year.
“The Asia-Pacific region will represent about 45% of Accor’s pipeline of development in 2012,” he says. 
Accor manages about hotels in Australia, with brands including Sofitel, Pullman, Novotel, Mercure and Ibis. It also owns a fifth of hotel owner Tourism Asset Holdings Ltd and runs most of its assets. 
Accor has 104,000 rooms (609 hotels) in the works, and 45% are planned for Asia Pacific. 
During the year, Accor opened a record 38,700 rooms, mainly under franchise and management contracts. 
Of the total number of new rooms, 47% were located in Europe and 33% in the Asia-Pacific region, consolidating its leadership positions in these geographies. 
By the end of 2011, the group's hotel base stood at 531,700 rooms, half of which were operated under franchise and management contracts.
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Australia the target of Accor hotels expansion in Asia Pacific 

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Peter Bond, the new owner of a cyclone-damaged resort on Dunk Island, off far north Queensland, says it could be many months before construction begins on his proposed new resort.
The island was devastated in February 2011 by Cyclone Yasi.
The mining entrepreneur bought the island in December – and <a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/leisure/dunk-island-in-fnq-rumoured-to-have-sold-to-linc-energy-boss-peter-bond/2011120252645" target="_blank">after initial confusion as to his intentions,</a> announced plans to build a five- or six-star eco resort.
The Linc Energy boss, who bought the island for about $10 million, was ranked as the 12th richest person in Queensland in the recent Sunday Mail top 100 rich list with an estimated wealth of $607 million.
"It is a big task, and we've only just taken over the island – we're only just getting on with it," Bond has told the ABC.
"The reality is it's the rebuild that matters, so by the time our architects get on with that and we really get on with construction, that's many months away, I'm afraid."
He says he hopes “day trippers” will be able to return by Christmas.
"I'd like to get the spit working again, so I'd like to get a cafe down there," he says.
"I'd like to get that area cleaned up and I'd like to get that usable for day visitors again this year.
"With the help of the government to get the jetty going ... that's the big area, get the jetty and the spit going, and we've ticked a big box."
 
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jchancellor-FAypfDUnLy

Peter Bond says construction of new Dunk Island resort could be months away

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The premises that house well-known Sydney eateries Otto Ristorante and Kingsleys Steak and Crabhouse on Woolloomooloo’s Finger Wharf have been acquired by global fund manager Aviva Investors Asia for $16.3 million. 
Aviva has acquired Lots 6 and 7, which houses Otto Ristorante covering 747 square metres of retail space, and Lot 8, home to Kingsleys Steak and Crabhouse, which measures 570 square metres. 
Michael Gilbert of Chesterton, who negotiated the sale alongside colleague Michael Stokes, told Property Observer Lot 5, the 540-square-metre premises of Manta restaurant, had been withdrawn from the market for the time being “while works are carried out that will increase the capacity of the restaurant and, naturally, the turnover portion of the rent”. 
<a href="https://www.propertyobserver.com.au/new-south-wales/woolloomooloo-wharf-restaurant-offerings-comes-with-%2425-million-hopes/2011072750928" target="_blank">Four strata retail lots had been listed for sale in July</a> last year with expectations of about $25 million. 
“Looking back $25 million was possibly a tad optimistic, but all sides are happy at [a yield] of 8%,” Gilbert says. 
Gilbert and Stokes sold the premises on behalf of property investment syndicate Quantum Group, which valued them at $16.5 million in 2000. 
In late 2004, the leaseholds covering the four properties were transferred at $22 million to Tower Trust Limited, which replaced JP Morgan as custodian of Quantum’s property trusts. There were 80 members of the syndicate after its $22 million acquisition. 
A consultancy report compiled by Urbis in 2004 revealed that total turnover from the four restaurants rose from $15.3 million per year in 2001 to $21.7 million per year in 2004, equating to an average turnover productivity level of $12,400 per square metre. 
In a December 2007 investor presentation the properties were valued at $28.5 million, a 30% increase on the purchase price, with a gearing level of 58%.
 
 
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Woolloomooloo premises of Otto Ristorante and Kingsleys sell to global fund manager

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The historic Olderfleet building in Collins Street has been sold for about $67 million by the Australian Unity Property managed office trust –below the price expectations of $72 million.
Offers for the intricate neo-Gothic facade building at 477 Collins Street closed last August.
Mark Pratt, the general manager of property, mortgages and capital markets at Australian Unity Property, says selling the property enabled AUI to provide investors with enhanced liquidity and ”higher than expected capital returns.”
“Strong demand, tight supply and a lack of development in Melbourne over the past three years presented us with a unique window of opportunity to maximise the value of the Olderfleet Building on behalf of investors.
“While we considered a range of alternative options including refurbishing the property, we determined the best outcome for investors was to sell the property into an improving market, achieving a sale price above current book value,” Pratt says.
<img src="/images/stories/olderfleet.jpg">
The sale to Aviva Investors Asia Pacific Property Fund – a fund managed by Singapore-based fund manager Aviva Investors Asia Pte Limited – was packaged by the Sydney fund manager Propertylink after being marketed by CBRE, according to the Australian Financial Review.
Its valuation was $65.4 million as at November 2010. As at December 2009 there was a $63 million book value for the building – a decrease of $3.75 million from its 2008 book value.
Olderfleet is 100% leased, and the car park is leased and operated by S&amp;K Car Park Management. Its office tenants include Accenture, CapGemini,  Ernst &amp; Young, Melbourne Conference &amp; Training Centre and Allens Arthur Robinson law firm.
The complex consists of an eight-storey office building behind a series of classified historic facades dating back to 1884 – and protected from demolition during the 1970s building boom by public lobbying – a well as a large car park.
With a dual frontage site of 3,899 square metres, it has more than 40 metres of prime retail frontage on Collins Street.
The office investment has 11,986 square metres of net lettable area and a commercial car park of 598 bays off Flinders Lane.
Located between William and King streets in the CBD's popular western core, the property was offered as substantially under-rented.
It has a net passing income of $5.7 million per year.
The office complex was built by Becton in 1985 behind the row of three historic terraces.
It was sold in 1994 by Becton Corporation for $40 million to Singaporean interests at a yield of 14.75% on its then net income of $5.9 million a year.
The sale occurred about the same time that Michael Buxton retired from Becton, thereby ending his two-decade long partnership with Max Beck.
It was later sold to the Acumen Office Trust established by Multiplex Capital in 2002 for $56 million.
Multiplex Capital achieved strong returns for investors, delivering an income yield of 9% per annum for the two years to 2007, which represented a total return of 11.3% over the five-year period. By 2007 Multiplex Capital had renewed leases for more than 11,000 square metres of space.
In 2007, after sounding out investors, there was a transfer of management rights to Australian Unity Property Limited.
Australian Unity Investments is the funds management arm of financial services, health and retirement living services provider Australian Unity.  It has more than $11.5 billion in funds under management as at January 2012.
 
 
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Historic Olderfleet building in Melbourne’s CBD sells for above book value but below expectations

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The controversy over troubled shopping centre group DFO continues, after a Victorian Supreme Court justice on Tuesday decided business partners of the company's two former owners David Goldberger and David Wieland could launch a legal case against them. 
The decision comes after months of complicated legal battles and financial tussles over the business, which has resulted in a number of court cases and has even involved the former chairman of the Australian Competition and Consumer Commission, Graeme Samuel.
Supreme Court Justice Jennifer Davies ruled yesterday that the business partners of David Wieland and David Goldberger could launch a legal case against the two millionaires.
The case revolves around a $14 million emergency line of credit used by DFO developer Austexx to construct the company's South Wharf facility.
The two Davids were former directors of Austexx. The case is brought against them by Texxcon, a subsidiary of Melbourne-based construction and engineering firm Contexx.
According to Texxcon, Austexx borrowed $14 million from a joint venture company called Nominexx. That funding was to be used after a separate funding line had been dried up.
However, Texxcon claims this loan was not repaid, and that Austexx has engaged in misleading and deceptive conduct.
While both Davids and DFO manager Geoff Porz were able to stop Nominexx from suing the company – due to their presence on the board – Justice Davies has given Texxcon representatives permission to sue.
Texxcon claims Wieland, Goldberger and Porz breached their directors' duties by saying Austexx could pay back the money, although all three have denied this is the case.
Both Wieland and Goldberger slipped off the BRW Rich 200 list last year after Austexx went close to collapse and was forced to sell assets to reduce a $1 billion debt.
Separately, a property development company called Verticon in which the two Davids were major shareholders was placed in administration last year.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
 
 
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pmcstafford-pr9eMARWoN

Court gives former business partners the right to pursue $14 million claim against DFO founders 

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The median house price in Mornington and surrounds, according to Residex. This is up 0.7% on the previous year.
 
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The median house price in Geelong and surrounds, according to Residex. This is up 6.3% on the previous year.
 
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The median house price in Berwick, according to Residex. This is up 7.1% on the previous year.
 
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The median house price in Castlemaine, according to Residex. This is up 5.4% on the previous year.
 
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The median house price in Warrnambool, according to Residex. This is up 1.2% on the previous year.
 
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The median house price in Bendigo, according to Residex. This is up 6.6% on the previous year.
 
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The median house price in Wodonga, according to Residex. This is up 6% on the previous year.
 
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The median house price in Moe, according to Residex. This is up 4.6% on the previous year.
 
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The median house price in Shepparton, according to Residex. This is up 6.2% on the previous year.
 
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The median house price in Portland, according to Residex. This is up 5.4% on the previous year.
 
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The median house price in Mildura, according to Residex. This is up 3.9% on the previous year.
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cknowlton-QnEa6ntUYP

Mornington pips Geelong in regional house prices: Residex - 12 localities from dearest to cheapest

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The following are the January median house prices for 16 regions across New South Wales:
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The median house price in Wollongong, according to Residex. This is up 3% on the previous year.
 
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The median house price in the Blue Mountains, according to Residex. This is down 0.2% on the previous year.
 
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The median house price in Newcastle, according to Residex. This is about the same as the previous year.
 
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The median house price in Penrith Windsor, according to Residex. This is up 3.3% on the previous year.
 
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The median house price in Southern, according to Residex. This is up 1.9% on the previous year.
 
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The median house price in the Central Coast, according to Residex. This is down 1.1% on the previous year.
 
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The median house price in the North Coast, according to Residex. This is down 3.9% on the previous year.
 
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The median house price in the South Coast, according to Residex. This is down 3.7% on the previous year.
 
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The median house price in the Hunter Valley, according to Residex. This is down 3.7% on the previous year.
 
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The median house price in Bathurst Orange, according to Residex. This is up 2.2% on the previous year.
 
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The median house price in Mudgee District, according to Residex. This is up 2% on the previous year.
 
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The median house price in New England, according to Residex. This is down 1.4% on the previous year.
 
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The median house price in Riverina, according to Residex. This is down 4.4% on the previous year.
 
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The median house price in Dubbo and North West, according to Residex. This is up 2.2% on the previous year.
 
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The median house price in Western New South Wales, according to Residex. This is up 2.2% on the previous year.
 
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Wollongong pips Newcastle in regional house prices: Residex - 16 localities from dearest to cheapest

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The Reserve Bank has acknowledged the need for the major banks to raise interest rates outside of the official rate cycle due to the higher price they have paid recently for covered bonds.
Released after the major banks all pushed up their variable mortgage rates by between 0.06% and 0.1%, the minutes acknowledged the higher price the banks paid for funding.
The Commonwealth Bank and Westpac were forced to pay a higher price for $6.6 billion worth of covered bonds in mid-January.
The two banks were forced to pay 175 basis points and 165 basis points respectively over the benchmark swap rate.
“The Australian banks had issued sizeable amounts of covered bonds in a number of offshore markets in recent weeks at these higher spreads,” the RBA February minutes say.
“Furthermore, the cost of swapping funds raised in offshore markets into Australian dollars had increased in recent months.
“There had also been two large issues of covered bonds in the Australian market, which had repriced the local bank debt curve significantly higher.
“Over the same period, Australian banks continued to compete actively for deposits, which resulted in the reductions in most deposit rates not fully matching the recent reductions in the cash rate.
“Collectively, these developments had increased banks’ overall cost of funding relative to the cash rate and had narrowed the difference between banks’ lending rates and funding costs.”
However, the higher funding costs have been dismissed by analysts from investment bank Societé Generale.
“Our calculations suggest that almost all sources of funding of Australian banks except long-term overseas are cheaper than their post-GFC highs and have kept falling since the second half of 2011 in absolute terms,” the bank says.
ANZ has hit back at this report, telling The Australian Societé Generale makes the simple mistake of analysing absolute funding costs, rather than the funding costs relative to the official cash rate.
“We agree that absolute funding costs have been falling, but relative to the official cash rate they have increase.”
Yellow Brick Road founder Mark Bouris agrees that funding costs for new lending have risen but says the game is about “averaging and smoothing out your costs, not just passing them on to your customers”.
 
 
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RBA acknowledges banks' higher funding costs

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Hotel giant Hyatt Hotels Corporation has blocked an attempt by billionaire Clive Palmer to remove it as the manager of the Coolum resort on the Sunshine Coast, after Palmer accused Hyatt of poor management and siphoning $60 million in funds from the resort over the past 20 years. 
Hyatt took Palmer to the Brisbane Supreme Court yesterday after Palmer had announced he had dumped the company as the manager of the resort, removing its signage and sacking Hyatt's general manager, Maurice Holland.
Hyatt argued that Palmer had breached the contract between the two by trying to remove it as resort manager and by sacking the general manager.
Palmer represented himself in court, and told Justice Glenn Martin that the resort could still be run without Hyatt, and that the general manager, Maurice Holland, was sacked in the resort's best interests in mind.
While Palmer threatened to close the resort if the injunction was granted, Martin granted it anyway.
"(I'm satisfied) there will be sufficient funds... to cover the short-term of the injunction I propose and secondly, the defendants good corporate citizens will not abuse their position if an injunction is granted for such a short period."
Martin said the injunction would protect Hyatt's reputation, get Holland his job back and protect the interests of those who own villas within the resort.
The case will return to court on March 1.
The action came after Palmer released a statement yesterday saying the company had been siphoning $60 million in funds over the past two decades "back to their headquarters in Chicago and there has been a major cover-up of these activities".
"We have uncovered this activity since taking over the resort last year. This should be of concern to the operators of other Hyatt resorts around Australia and worldwide. The Hyatt hasn't given the property the priority it deserves. The Hyatt Group doesn't even have a full-time employee in Queensland and we believe they are not even represented in Australia."
Hyatt's lawyers said in court that the allegation was false.
Palmer, who bought the resort in July of last year, said that despite Hyatt running the resort for over 20 years, "it has just led to millions of dollars in losses to the owners". He also commented he was surprised to learn staff were never paid bonuses.
The move comes just a day after Palmer threatened the Football Federation of Australia with court action if it tried to take away his licence – the billionaire has garnered a reputation for himself in the sport, sacking players and making controversial comments about the state of the game.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
 
 
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