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.

&nbsp;

&nbsp;

&nbsp;

&nbsp;

&nbsp;

[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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Former property tycoon Warren Anderson became homeless on Wednesday and bankrupt on Thursday.
Anderson has lost his battle to overturn his bankruptcy, the<a target="_blank" href="https://www.propertyobserver.com.au/residential/property-developer-warren-anderson-goes-quietly-this-time-departing-fernhill-after-three-decades/2011112452520"> day after he vacated Fernhill, his prized western Sydney rural estate</a>.

The Perth federal magistrate’s court rejected<a target="_blank" href="https://www.propertyobserver.com.au/western-australia/warren-anderson-seeks-to-overturn-bankruptcy-and-stay-put/2011081251141"> his request to have the bankruptcy annulled</a> after creditors owed more than $39 million blocked the attempt.

Magistrate Toni Lucev’s judgment suggested Anderson had not disclosed the full extent of his debts and had failed to co-operate with the bankruptcy trustee.

The Australian Financial Review noted it appeared Anderson had walked away from the bankruptcy proceedings as he failed to file a response to creditors and was unrepresented at the final hearing earlier this month.

According to court documents he claimed he had no income, no money in any bank accounts, no car and relied on family and friends for funding.

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jchancellor-FAypfDUnLy

Warren Anderson homeless and bankrupt

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All luxury apartments in the recently completed Buckhurst block in Point Piper have now been sold.
<img src="/images/stories/buckhurst2.jpg">
The ELK development group secured $68 million in sales of  the six harbourfront Buckhurst Avenue apartments. The whole-floor units were designed by architect Alex Popov, with interiors by Ruth Levine Designs, following two years of construction. There was a choice of two colour palettes.
<img src="/images/stories/buckhurst3.jpg">
The Seven Shillings Beach holding cost $40 million in 2007 when it was bought from Western Australian mining family the Wrights.
The apartments have about 390 square metres of internal space, with an additional 30 square metres of wintergarden balcony terrace (with gas barbecues), which come with fully retractable glass doors. They have four bedrooms and four bathrooms, with the fourth bedroom designed as a home office. The main suites have harbour views. Some come with same-floor parking spaces for four cars.
<img src="/images/stories/buckhurst4.jpg">
The shared gardens at the water's edge come with cabana, gym, sauna and barbecue area. They sold through Ken Jacobs of Christie's International and Bill Malouf of LJ Hooker Double Bay, who begun the marketing with hopes of $35,000 per square metre for the units.
Buyers included architect Harold Finger and Graeme Kirk, from the Kirk Group printing company. The final apartment to sell was the garden apartment, which sold at an undisclosed $11 million plus.
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Luxury Buckhurst Point Piper harbourfront block sells out

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It appears that Chauncey Gardner – from the 1979 film Being There – may have taken a job as RBA governor's Glenn Stevens' speechwriter.

No gardening references in his speech <a href="https://www.rba.gov.au/speeches/2011/sp-gov-241111">On the Use of Forecasts</a> to the Australian Business Economists annual dinner, but it was all about the weather - strong south-easterly winds bringing in moisture from the Tasman Sea; probability assessed as 30% of thunderstorms; rain and areas of low cloud; very strong winds and windshear near the ground, not to mention heavy rain or hail; and waiting for the storm to pass.

It transpires that the Reserve Bank governor does a bit of aviation in his spare time, and hence he’s a serious user of weather forecasts, he told the crowd of economic forecasters.

“Despite the criticism aimed at weather forecasters, the forecasts I have seen in use for aviation are generally pretty good. And the saying that economic forecasters are there to make weather forecasters look good has something going for it. Of course one big difference in economics is that some decisions based on forecasts may alter the outcomes – as in the case of economic policy decisions, or spending decisions by businesses and households – whereas our response to a weather forecast will not actually alter the weather. That factor makes economic forecasting more difficult than weather forecasting. Still, some aspects of the process of weather forecasting are valuable in the economic sphere.”

Stevens ended his insightfully disarming speech: “to those of you here who do not have to make forecasts, I hope you realise how fortunate you are! To those who do, I offer my sympathy – and best wishes for clear vision over the year ahead.” 
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RBA's Glenn Stevens has his Chauncey Gardner moment - but it's all about the weather, not the garden

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As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
 
Investors in coastal apartments are facing a massive hike in strata fees as a result of insurance firms pushing up premiums by as much as 800% since an escalation in natural disasters.
The situation has reached crisis levels, with the House of Representatives Standing Committee tasked with examining the performance of the insurance industry in the wake of the floods, extending its remit to include an investigation of residential strata insurance.
Committee chairman Graham Perrett says he has received evidence of massive increases in insurance premiums since Cyclone Yasi, including one example where premiums went from $14,500 in one year to being offered at $81,000 in the next year.
Andrew Hayes, who owns a three-bedroom unit in a complex of 18 apartments in Cairns North, says annual insurance payments for each unit holder would rise from $830 per unit to $2,906 as a result of Zurich Insurance pushing up annual strata premium by 350%.
Zurich Insurance has quoted an annual strata premium of $58,374 for the forthcoming year of compared with $14,948 charged in the previous year, The Australian reported.
Jo Anne Cracknell, who owns an apartment in Cardwell in Far North Queensland, says insurer CGU has pushed up annual premium by nearly 400% from $12,470 last year to $43,776 for the year ahead.
Similar dramatic price hikes have also been noted by the Unit Owners Association of Queensland.
Warren Entsch, MP for Leichhardt in Far North Queensland, who has driven a push on behalf of constituents facing significantly higher insurance bills, has welcomed the inquiry.
“This is an action that needed to happen and it needed to happen quickly. If this issue is not addressed by the next round of insurance premiums I have no doubt we will see people forced out of their homes,” Entsch says.
Assistant Treasurer Bill Shorten says a closer look into the insurance issues in Queensland has made him aware of the “increasingly serious issue now that many people are renewing their strata title insurance policies".
"In particular I've been concerned about the news coming out of cities and towns like Cairns, Townsville, Port Douglas and others in the region, where anecdotal evidence suggests residential strata insurance is becoming an increasing issue."
In its October 2011 fact sheet on residential strata insurance, the Insurance Council of Australia says premiums will continue to rise and “may seem expensive”.
However, it defended these increases by saying that when the premium is divided by the number of individual strata units involved it will “often be less than that paid by standalone households in the same area”.
This apparent lack of sympathy aside, the Insurance Council does acknowledge that “areas such as Far North Queensland have experienced significant premium increases in recent times and some insurers have adjusted their appetite for underwriting in these areas”.
The parliamentary inquiry will focus its investigation on northern Australia will include examining the magnitude of the increases in the cost of residential strata insurance over the past 5 years, “the reasons for these increases and whether these increases are likely to be sustained”.
It will also look at the extent to which “the nature of body corporate arrangements are contributing to affordability difficulties”.
It is expected hearings will start in late January with unit owners, body corporate managers and real estate agents encouraged to make submissions.
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Strata insurance premiums surge in wake of Queensland natural disasters, giving investors financial grief

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The 2012 real estate market will remain much the same as 2011, with Sydney the best bet for investors, according to RP Data national research director Tim Lawless.
“I expect all consumer activity (retail trade, lease finance and housing finance) to remain subdued as households continue to pay off debt and look to reduce their debt burden,” he told Sold magazine.
“So long as these conditions continue, the prospects of any significant growth in property values remain a way off.”
He says in the best scenario values will increase in line with inflation, but Sydney and Brisbane are likely to remain healthy.
“The overall prospects would appear to be strongest in Sydney after no growth in values for such a long time, and Brisbane due to its relative affordability to Sydney.”
“Melbourne is likely to be the weakest performer after values have increased by almost 45% from the beginning of 2007 to August 2011.
“If interest rate cuts do come to fruition, as many expect, we will probably see an increase in sales activity, however I do not expect that it will result in a significant uplift in values.”
Darwin has the highest yields among Australian capitals, with population growth strong and many short-term residents unwilling to commit to buying a house.
“Many residents do not live in Darwin for the long-term there has historically been strong rental demand,” Lawless says.
Lawless says the auction market is weak at the moment due to low levels of consumer confidence, slow growth in housing finance and general consumer caution.
“Last week, the weighted average capital city auction clearance rate was recorded at 46.4%. At the same time in recent years, the clearance rates were 54% in 2010, 72.4% in 2009 and 47.6% in 2008,” he says.
With credit harder to secure following the global financial crisis, Lawless says property values will increase at a much lower rate.
“Investors must be aware of this, and I believe should have a much greater focus on positively geared investment properties rather than the negatively geared ones, which have historically been so popular.”
He says a possible December rate will lead to consumers being more optimistic about housing, a statement <a href="https://www.propertyobserver.com.au/trends/consumers-intend-to-buy-a-house-but-holding-off-on-a-car-westpac-red-book/2011111652395">supported by Westpac’s Time to Buy a Dwelling Index. </a>
 
 
<a href="https://www.propertyobserver.com.au/trends/consumers-intend-to-buy-a-house-but-holding-off-on-a-car-westpac-red-book/2011111652395"> </a>
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Sydney tipped to be best-performing residential market in 2012: Tim Lawless

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Business information provider Bloomberg is considering moving into the Dexus 1 Bligh Street flagship office tower, according to reports.
Bloomberg currently leases about 1,200 square metres of space on level 36 of the 50-level Gateway Building at Macquarie Place, the wedge-shaped glass tower overlooking Circular Quay.
Both buildings form part of the $13 billion property portfolio managed by Dexus.
According to the Australian Financial Review, Bloomberg is seeking about 2,400 square metres of premium grade space and is currently considering a number of options.
The floor plates in 1 Bligh Street are about 1,600 square metres.
The paper reports that Dexus has a propsal with another tenant that would take the occupancy of six-green star rated 1 Blight Street to 67% by the end of the year. Dexus is targeting occupancy of 80% by June next year.
Dexus lists the current vacancy rate in 1 Bligh Street at 51%, with law form Clayton Utz the major tenant.
In October, <a target="_blank" href="https://www.propertyobserver.com.au/office/dexus-will-take-four-years-to-lease-1-bligh-street-merrill-lynch-analyst/2011101951988">Merrill Lynch analyst Simon Garing forecast</a> it would take at least four years to fully lease 1 Bligh Street.
1 Bligh Street has won numerous architectural, design and sustainability awards since being completed earlier this year.
The <a target="_blank" href="https://www.propertyobserver.com.au/office/government-aims-to-move-into-dexus-ultra-green-1-bligh-street/2011103052118">Commonwealth government also intends to move into the building</a>.
 
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Bloomberg considering move to Sydney's 1 Bligh Street

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Colliers International has confirmed Warren Anderson has exited the historic Fernhill estate in Sydney's Mulgoa, making way for its sale with vacant possession.
It reports the property, placed on the market by receiver KordaMentha, has drawn widespread interest from developers, high-net-worth individuals and horse racing identities within Australia, Europe and Asia.
Colliers International NSW development director of residential Guillaume Volz, who is handling its sale, says the holding comprises <a href="https://www.propertyobserver.com.au/residential/property-developer-warren-anderson-goes-quietly-this-time-departing-fernhill-after-three-decades/2011112452520?source=flicker2" target="_blank">15 lots totalling 653 hectares, of which 404 hectares form part of Fernhill.</a>
“Fernhill is arguably one of Australia's grandest estates,” Volz says.
"Buyers' interest since the property was first listed has been very strong, however Mr Anderson's occupation caused difficulties with inspections.
"Now he has left, parties can progress their interest in the knowledge that vacant possession is assured.
"Fernhill will be sold and the mansion will remain part of New South Wales' remarkable history."
No revised price estimate was given. Its initial hopes were $50 million plus.
 
 
 
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Marketing begins in earnest for Fernhill after Warren Anderson finally vacates

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<img src="/images/stories/lavazzaquote.jpg">
– MMM breakfast broadcaster Eddie McGuire, when a caller boasted of a pricey new home accessory. 
 
 
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Quote of the week: Coffee machines pricier than real estate

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{yoogallery src=[images/stories/august19block39]}
The Richmond cottage renovated by Polly and Waz on The Block 2011 is now yielding its buyer a 9.2% gross yield, sort of, according to its leasing agent.
It was the Cameron Street cottage that sold at $855,000 under the hammer to the buyer’s agent Frank Valentic at its televised August auction.
His recent AdvantEdge newsletter suggested the agency’s property management team had achieved a “great result” for the landlord.
“We achieved a rental of $995 per week fully furnished, much higher than the estimate of $700 per week from local Richmond agents.
“With around $40,000 in the building, chattel and furniture depreciation, our client will achieve a whopping 9.2% return,” Valentic advised in an unusual method of calculating yields.
Valentic said the 9.2% was its approximate gross rental yield after taking into account the estimated depreciation.
Its $995 asking rent reflected a 6.05% typical gross yield.
<a href="https://www.propertyobserver.com.au/victoria/friday-form-guide-yields-of-up-to-7.5-on-the-block/2011081851199/Page-2" target="_blank">Before auction listing agent Russell Cambridge estimated it would rent for between $700 and $750 per week</a>, or a gross rental yield of 4.9%
The investor was taking an overseas holiday at the time of the auction.
“We think we’ve bought really well; the land value there alone, we would estimate to be about $650,000 to $700,000 for the single fronts, and if you were to rebuild a three-bedroom two-bathroom house from scratch, you probably couldn’t do it for $400,000, so it’s well below replacement value,” Valentic wrote.
“It makes it really attractive for our client,” he said, adding that the investor “plans to hold on to the property for five to seven years and should see good capital growth in the area over that time frame”.
<a href="https://www.propertyobserver.com.au/renovating/sneak-peek-of-the-block-2012-as-small-stumbling-block-delays-south-melbourne-reno/2011112252495" target="_blank">The Block 2012 filming is well underway on Dorcas Street, South Melbourne</a>.
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Winning Richmond cottage in The Block 2011 grossing 9.2% rental yield, sort of

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Sydney is one of six global prime residential markets where prices are forecast to fall by up to 5% over 2012, according to Knight Frank.
It is the third straight year that Knight Frank has forecast a drop in top-end Sydney house prices, with the poor 2012 outlook based in part on weaker economic activity.
The other prime markets set to experience similar relatively modest price declines are Ho Chi Minh City (Saigon) and Hanoi in Vietnam, Singapore and the European cities of Bordeaux and Madrid. 
In total seven Asia Pacific cities are expected to suffer house price falls in 2012.
Kate Everett-Allen, head of international residential research at Knight Frank, says the slowdown in luxury price performance is most evident in Asia.
“Here, the flood of cheap money brought about by a surge in domestic wealth and stimulus measures in the US and Europe was followed by a wave of monetary tightening measures to squeeze inflation. As a result the annual price growth of luxury homes in Hong Kong, Singapore and Shanghai now stands at 7.8%,” she says.
Luxury house prices are expected to fall in 44% of cities on the Knight Frank’s Prime Global Cities Index with drops of up to 10% expected for Hong Kong, Geneva, Shanghai, Mumbai and Manama (the capital of Bahrain). 
No price changes are expected in 12% of cities on the index, while 44% are forecast to experience price growth in 2012 with Moscow and Paris among the strongest performing markets.
According to Knight Frank, the expected drop in price falls in the seven Asia Pacific cities is partly being driven by government regulation, which was brought in after 2008 in an attempt to cool housing markets before they experienced US and European style crashes.
“These steps were bolstered in recent years, as concerns over speculative investment rose and rising household wealth created price pressures. The measures have proved hard-hitting and have included curbing multiple home ownership, halting bank loans for uncompleted projects and increasing interest rates,” the report says. 
<img src="/images/stories/kf.gif">
 
Outside of Asia, the main reason for price falls in 2012 is the growing global economic uncertainty emanating from the Eurozone and extending to other parts of the world. 
Limited supply in several markets is the pivotal factor in pushing prices higher in London, Paris, Moscow, Nairobi and Kuala Lumpur. 
Liam Bailey, head of research at Knight Frank, says three key themes will determine the performance of prime city markets in the short- to medium-term: “the scale of global wealth generation, the ongoing search for ‘safe-haven’ investments and the growing divide between the prime markets in the West and the rest of the world”.
 
 
 
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