Toorak's dress circle St Georges Road, home to some of the city's priciest homes, is set for a rare new apartment development.

Blood Diamond Group, an entity tied to Tina Brandi, wife of David Brandi who has been a prolific bidder on The Block over the years, has filed plans for an ultra-exclusive development across an amalgamated 3,662 sqm site at <a href="https://www.apartments.com.au/new-apartments/104-106-st-georges-road-toorak-vic-3142">104 and 106 St Georges Road</a>.

The proposal would replace two existing homes on the riverfront site with a five-level apartment building cascading down the steeply sloping land toward the Yarra River. Designed by Charles Wright Architects, the development has been carefully shaped around the site’s topography and river environs, with the upper levels stepping back to reduce visual bulk from both St Georges Road and the Yarra corridor.

Planning documents describe the proposal as “a site layout and building typology that is consistent with the emerging character of the area and which provides exceptional amenity for future residents without compromising that of neighbouring properties.”&nbsp;

<img alt="First look: Blood Diamond Group unveils riverfront apartment plans for Toorak Pavilion" data-entity-type="file" data-entity-uuid="ea19a17e-7528-4fa8-b727-05f2f7c025e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Toorak%20pavilion%20a_0.png?VersionId=rZ2IjdoUL_UrRl1sZ4wZHnQXbYUaEmUQ" />

The scheme comprises 12 apartments, including 10 three-bedroom residences, one one-bedroom apartment, and a substantial split-level five-bedroom penthouse. A 624 sqm communal rooftop terrace will crown the building, while three undercroft levels embedded into the hillside will accommodate apartments and basement parking.

The design leverages the site’s dramatic northern outlook across the Yarra River, with living areas and balconies oriented toward the water. A central atrium running the full height of the building is intended to draw natural light deep into the residences and improve internal amenity.

Landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/jack-merlo">Jack Merlo Design &amp; Landscape</a> will play a major role in softening the built form, particularly along the river edge where significant setbacks have been introduced. The proposal includes a minimum 30-metre setback from the Yarra River boundary, preserving a substantial landscaped buffer between the development and the waterway.

While a mature English Oak near the front of the site is proposed for removal, the plans retain a large English Elm closer to the riverfront, alongside other established vegetation in the lower section of the property.

<img alt="First look: Blood Diamond Group unveils riverfront apartment plans for Toorak Pavilion" data-entity-type="file" data-entity-uuid="ed3bf19b-5bc7-482f-bde7-41f709a13c3a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Toorak%20pavilion%20b.png?VersionId=SG_kBGu4rOaSPY8FtVcmPJfSCrstuOfg" />

Architecturally, the building adopts strong horizontal forms with expansive glazing and curved balcony edges facing the river. Planning documents note the upper levels “adopt a receding form” to ensure the building responds appropriately to the Yarra River environs overlay controls.&nbsp;

The surrounding streetscape is characterised by large contemporary homes embedded into the hillside, many presenting as modest one or two-storey forms to the street before expanding toward the river frontage below. The planning report notes this established pattern heavily influenced the massing strategy for Toorak Pavilion.&nbsp;

Until the recent sale of the landmark Clendon Road mansion Coonac for around $130 million, St Georges Road held the state's most expensive home, the $80,000,088 derelict "Ghost House" mansion that was bought by crypto king Ed Craven.&nbsp;

Blair House, also on St Georges Road, sold for $74.5 million in 2022.

Joel Robinson

First look: Toorak Pavilions slated for dress circle St Georges Road

Six months after a development site on Kangaroo Point’s Shafston Avenue sold for $6.55 million, plans have been lodged for a 23-storey apartment tower.

A company named JMT Mega Capital, understood to be interstate investors when the 1,222 sqm double block traded late last year through Patona Property, is proposing an 84-apartment development in place of the existing low-rise buildings.

The slender tower at <a href="https://www.apartments.com.au/new-apartments/212-220-shafston-avenue-east-brisbane-qld-4169">212–220 Shafston Avenue</a>, overlooking the Brisbane River, has been designed by <a href="https://www.apartments.com.au/architects/aplus-design-group">Aplus Design Group</a>. It will comprise a mix of one-, two- and three-bedroom apartments above six basement levels, topped by rooftop resident amenities.

<img alt="First look: 23-storey Kangaroo Point tower planned for Shafston Avenue riverfront precinct" data-entity-type="file" data-entity-uuid="7e17ba9e-553e-42ef-92b6-22081671521a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium_3.png?VersionId=hlVUf99vrOjUs.vhQs0qV0DhOncUy9T8" />

The development has been designed as a vertically articulated tower with recessed balconies, curved façades and planted edges intended to soften its scale within the evolving Shafston Avenue skyline. In the submitted Urban Design Report, Aplus Design Group said the tower had been “shaped with a slender vertical expression, articulated façades, recessed balcony zones, integrated planting and a clearly defined podium relationship, helping to reduce perceived bulk and create a more elegant contribution to the Shafston Avenue streetscape and broader Kangaroo Point skyline.”

The scheme comprises 84 apartments, including 25 one-bedroom units, 34 two-bedroom apartments and 25 three-bedroom residences. A total of 104 car spaces are proposed across six basement levels, including resident, visitor and accessible parking.

Residents will have access to rooftop communal open space and shared amenities, while the development also incorporates deep planting zones and subtropical landscaping throughout the podium and tower levels. The project includes 35 per cent communal space coverage across the site and a 17.5 per cent deep soil zone allocation to support urban greening outcomes.

The application exceeds the mapped building height under the Kangaroo Point Peninsula Neighbourhood Plan and is being assessed under Brisbane City Council’s impact assessment pathway. The design team argues the additional height is supported by the site’s strategic inner-city location, existing high-density zoning, and proximity to transport and employment hubs.

“The design has been developed to make better use of a well-serviced urban site within an established high-density residential setting, while improving the street presentation and overall quality of the public realm interface,” the report states.

<img alt="First look: 23-storey Kangaroo Point tower planned for Shafston Avenue riverfront precinct" data-entity-type="file" data-entity-uuid="1ab44b1e-ff45-4bf3-8da8-8aa0cd79db33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_10.png?VersionId=tSxeGekZOqj1e9g3PEn_yFoC3taKDp3U" />

The proposal adds to a growing pipeline of apartment developments reshaping Kangaroo Point ahead of the 2032 Brisbane Olympic Games, with demand continuing to strengthen for new housing supply in well-connected inner-city precincts.

Mosaic has nearly sold out its under-construction <a href="https://www.apartments.com.au/new-apartments/the-bedford-by-mosaic-16-30-prospect-street-kangaroo-point-qld-4169">The Bedford by Mosaic</a>&nbsp;and <a href="https://www.apartments.com.au/new-apartments/the-carter-by-mosaic-77-linton-street-kangaroo-point-qld-4169">The Carter</a>,&nbsp;while Pikos recently completed <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye Residences</a> nearby. Pikos is also delivering <a href="https://www.apartments.com.au/new-apartments/gaia-kangaroo-point-108-lambert-street-kangaroo-point-qld-4169">Gaia</a>, over 230 three- and four-bedroom apartments on Lambert Street.

First look: 23-storey Kangaroo Point apartment tower planned for Shafston Avenue riverfront precinct

A new 25-storey apartment tower proposed for Mercer Street would push Geelong’s western gateway skyline higher, with Morphy Birrell Property Group lodging plans for a project directly beside one of the city’s most significant heritage streetscapes.

The <a href="https://www.apartments.com.au/architects/fk-australia">FK</a>-designed development at <a href="https://www.apartments.com.au/new-apartments/65-67-mercer-street-geelong-vic-3220">65-67 Mercer Street</a> has now been referred to Victoria’s Planning Minister. The site sits opposite the Geelong rail corridor and immediately south of the heritage-listed St Peter and Paul’s Catholic Church and Ashby Hall precinct.

Rather than compete with the neighbouring ecclesiastical buildings, the proposal adopts a sculpted podium intended to reference the materiality and scale of the heritage context. Planning documents note the design draws cues from the “dark stone brick” church and surrounding masonry buildings, while the tower above transitions into a softer, curved form oriented toward Corio Bay and the Geelong waterfront.

<img alt="First look: Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct" data-entity-type="file" data-entity-uuid="b797d10c-d4a6-47af-b8df-1aeaa3b382be" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/public%20square.png?VersionId=QGIpcz1x1hKB6lQLl2iobyHqb6PS2Ztc" />

The development forms “Stage 5” of Morphy Birrell Property Group’s broader Mercer Street precinct strategy, following the completion of the 21-storey Miramar tower on Cavendish Street and several additional approved redevelopment stages nearby. Planning consultants Ratio said the proposal “represents an exemplary development outcome” aligned with the strategic ambitions for Central Geelong’s continued urban renewal.

The mixed-use project would replace an existing low-rise commercial building and surface parking area on the 3,320 sqm corner site. FK’s urban context report describes the proposal as a residential development comprising apartments, resident amenities, commercial space, and integrated landscaping positioned to maximise bay views and northern sunlight access.

Renders show a deeply articulated tower with curved balconies stepping above a lower masonry podium that frames a landscaped forecourt facing Mercer Street. The design intentionally preserves sightlines toward the adjacent church buildings, with the podium scaled to reinforce the heritage edge before the tower recedes upward.

<img alt="First look: Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct" data-entity-type="file" data-entity-uuid="2bdca91e-66f7-4ac7-8baa-2f93bd5b564e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/geelong%20site.png?VersionId=QOhbino4ZgzKYw5dW3QE14E.2yq.Sv87" />

The planning report highlights the site’s strategic location within 400 metres of key Geelong destinations including Cunningham Pier, the Geelong Station precinct, Deakin University, and the convention centre. Bus services run directly along Mercer Street, while the Corio Bay foreshore sits around 100 metres north of the site.

The proposal arrives amid accelerating redevelopment across central Geelong, where planning policy continues to encourage higher-density housing close to transport infrastructure and the waterfront. Mercer Street in particular has emerged as a focal point for taller apartment development due to its proximity to Geelong Station, the bay, and major civic infrastructure.

Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct

Development giant&nbsp;<a href="https://www.apartments.com.au/developers/hamton">Hamton</a> and joint venture partner Hostplus have revealed the next residential stage of their $3 billion Moonee Valley Park masterplan, lodging plans for 512 more apartments within the precinct on surplus racecourse land at 110 Wilson Street, Moonee Ponds.

The proposed development, dubbed&nbsp;<a href="https://www.apartments.com.au/new-apartments/trackside-house-110-wilson-street-moonee-ponds-vic-3039">Trackside Gardens</a>&nbsp;in the planning application, follows the <a href="https://www.apartments.com.au/news/vic/first-look-exclusive-hamton-and-hostplus-reveal-sixth-stage-of-moonee-valley-park-masterplan">recent unveiling of the sixth-stage Cox Place Precinct</a> and continues the long-running transformation of the Moonee Valley Racecourse into one of Melbourne’s largest urban renewal projects.

Positioned on the north-eastern edge of the racecourse adjacent to CityLink, Trackside Gardens will comprise three residential buildings rising between 61.8 metres and 86.4 metres within a heavily landscaped precinct shaped by Hamton’s Nature Based Cities framework.

The project forms part of the broader Moonee Valley Park redevelopment being delivered by Hamton, Hostplus and the Moonee Valley Racing Club, which is reshaping the 40-hectare racecourse site into a mixed-use neighbourhood with housing, retail, commercial space, hotels, parkland and community infrastructure.

Trackside Gardens sits separately to the recently proposed Cox Place Precinct, a five-building stage comprising around 1,100 residences, two build-to-rent buildings, two build-to-sell towers, retail, office space, and a hotel overlooking the racetrack. Together, the projects continue to accelerate housing delivery across the precinct.

<img alt="First look: Hamton expands Moonee Valley Park masterplan with 512-home Trackside Gardens precinct" data-entity-type="file" data-entity-uuid="5fc1941e-52d3-41c6-abc4-0f13fe8ae5ea" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/DA%20Edits%20%281%29.png?VersionId=7qwRHq5dcvXWNot2hNOgoQhN2GIWudNK" />

Designed by <a href="https://www.apartments.com.au/architects/dko-architecture">DKO Architecture</a> with landscape architecture by Tract, Trackside Gardens has been conceived as a botanical-style residential precinct prioritising canopy planting, communal green space, and vertical landscaping.

“The architectural vision for the proposed development centres around buildings in a botanical park setting that champions the important role of nature,” the planning submission states.

“The proposal incorporates principles of biophilic design, with landscape and environmentally sustainable development influencing the ultimate design response of the buildings and prioritising the ground plane to ensure a high amenity for both occupants and visitors.”&nbsp;

Trackside Gardens will deliver 512 apartments across the three buildings, alongside 518 basement car spaces and 523 bicycle spaces. Around 20 per cent affordable housing is proposed across the broader North East Precinct, equating to around 158 dwellings.&nbsp;

The affordable housing component will be concentrated within the Wilson East building, while the remaining apartments are expected to be delivered as build-to-sell residences.

Trackside Gardens has been designed around Hamton’s Nature Based Cities initiative, founded by Executive Chair Paul Hameister OAM in partnership with the University of Melbourne, Urbis, Ark Resources and Tract. The initiative promotes integrating higher-density urban development with significant biodiversity, tree canopy and landscape outcomes.

<img alt="First look: Hamton expands Moonee Valley Park masterplan with 512-home Trackside Gardens precinct" data-entity-type="file" data-entity-uuid="89353449-7b3c-42fd-8fd8-8bf64a5ef80f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_4.png?VersionId=X8jRt0P2L7fIWjLhfX6gPknXToXIBeLj" />

A comprehensive landscape strategy would introduce deep soil planting, vertical greening, communal gardens, and new pedestrian links throughout the site.

Planning documents state the development is targeting a 5 Star Green Star Buildings rating, a 7.5-star average NatHERS rating, and “Exemplary” Nature Based Cities certification.&nbsp;

The proposal joins an expanding pipeline of approved and proposed buildings within Moonee Valley Park, including the recently launched Eveline apartments and the approved Grandstand North and South towers.

Hamton has increasingly focused on precinct-scale, nature-led communities across Melbourne’s middle-ring suburbs, with projects spanning Hawthorn, Kew, and Moonee Ponds.

Hampton unveils Trackside Gardens, latest stage of $3 billion Moonee Valley Park masterplan

The Paul Gedoun-led <a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Group</a> has achieved another milestone in its $1 billion transformation of Rainbow Bay on the southern Gold Coast with the completion of the company’s third project in four years, the $160 million <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a> residences.

Delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a> and designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker Architects</a>, Esprit buyers have now moved into the 94 apartments across two interconnected buildings at 217-227 Boundary Street.

The successful settlement of Esprit marks another astounding chapter in the S&amp;S story, which launched its highly successful Flow apartments three years ago and created its own ultra-luxury branded fingerprint on an area craving new luxury residences.

Most early purchasers have secured gains of well over $1 million since the project launched in 2021.&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172129]

S&amp;S Projects Founding Director Paul Gedoun said the completion of Esprit reflects sustained demand for premium apartments in tightly held coastal locations.&nbsp; 
&nbsp;&nbsp; &nbsp; 
“Esprit has attracted buyers seeking a combination of quality design, considered amenity and a location that is becoming increasingly difficult to replicate,” said Gedoun.

“We identified some years ago that Rainbow Bay is a unique market where supply of luxury residences is limited, and we see the settlements in Esprit further underpinning this thinking - that for both owner-occupiers and investors.”&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172174]

A key feature of the development is ‘Club Esprit’, a 1,000sqm residents-only rooftop level combining wellness and recreation, believed to be a first for the Gold Coast, and which is fast becoming a signature of the S&amp;S brand.

Positioned to capture views across Snapper Rocks, Rainbow Bay and the Tweed River, the rooftop includes a 25-metre lap pool, gym, yoga lawn, sauna and steam facilities, ice bath, private dining spaces, outdoor cinema and landscaped areas for residents.&nbsp;

<a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a> Director Jayde Pezet, who led the sales campaign for Esprit and S&amp;S’s Flow and Awaken apartments, said the project’s performance reflects both the strength of the product and the depth of demand for premium apartments on the southern Gold Coast.&nbsp;

“In some cases, we’ve seen values double since launch, which is a clear reflection of how tightly held Rainbow Bay has become and the level of demand for well-executed projects in this market,” said Pezet.&nbsp;

“Buyers recognised early what S&amp;S Projects was delivering here, and that conviction has been rewarded as the project has progressed towards completion.”&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=214819]

Esprit offers a mix of two- three and four-bedroom apartments and sits within walking distance of the beachfront, cafés and local amenities, reinforcing its appeal as both a lifestyle and investment destination.

The project is the third completed by S&amp;S Projects in Rainbow Bay, following Flow Residences and Awaken Residences, which together have contributed to the suburb’s emergence as one of the Gold Coast’s most sought-after coastal pockets. &nbsp;

S&amp;S Projects is continuing its investment in the area with Radia, a $215 million development currently under construction.&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172175]

Gedoun said the completion of Esprit signals continued confidence in the southern Gold Coast market.&nbsp;

“We’ve seen strong interest in well-located, high-quality apartments, particularly in areas where future development opportunities are limited."

“That’s been a key factor in the performance of Esprit and the broader Rainbow Bay market”.

[smartcode_project_cta:default project_id=102921]

Owners move in as Esprit completes at Rainbow Bay

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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A Chinese family has acquired a Balwyn freehold property for $6.18 million, nearly $3 million more than its last sale three years back, reinforcing the strong demand for strategic strip retail investments in Melbourne. 
The sale of the 701 sqm property at 313-315 Whitehorse Road in the inner eastern suburb of Balwyn was brokered by CBRE’s Josh Rutman, Rorey James, Mark Wizel and Benson Zhou.
The property was sold with existing leases to bedding retailer Back to Sleep and creative agency Web Silk on a WALE (weighted average lease expiry) of four years. The tenancies provide an annual income of $376,000 net. 
The sale price translates to a building rate of $8,819 per sqm – one of the strongest rates on record for the area, according to the media release.
James linked the strong result to continued buyer confidence in Melbourne’s inner east. 
“The transaction provides further evidence that strip retail investments outside Melbourne’s prime retail precincts continue to be coveted assets, with these properties consistently achieving prices far above long term averages,” said James.
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jonathanchancellor-7SQnKwU6yx

Chinese family buys office building in inner-east Melbourne for $6.18 million

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Construction will start in October on a $12 million new shopping centre in Adelaide’s Penfield, and will include a new Foodland store, which will be Drakes Supermarkets’ 37th in South Australia.
Planning approval for the new centre was granted in July. 
The 2,600 sqm Foodland store at Eyre Village will including a full grocery offering, fresh and organic produce and Home Meal Solutions. The new store is expected to employ 150 people. 
The 1.3 hectare Eyre Village is part of AVJennings’ Eyre residential development and will house up to 10 speciality stores for which a leasing campaign is already underway. 
Upon completion, Eyre will have around 2,000 new homes, and nearly 5,000 residents. In addition, there will be recreation places and sports fields.
AVJennings state manager Brian Virgo said work starting on Eyre Village was a sign of confidence in the development. 
“Eyre is progressing well with the community growing rapidly, new homes under construction and work well underway on the creation of new parks and gardens within the development,” said Virgo. 
“Shopping at Eyre Village will add to the high level of amenity and convenience offered to residents living at Eyre, Penfield and the surrounding suburbs.” 
Intrepid Property’s Craig Feely, who is managing the leasing at Eyre Village, said the centre’s location will make it a big draw with residential communities. 
“Commercial tenancies range from 45 up to 400 square metres with leasing opportunities suiting a medical centre, pharmacy, café, takeaway food outlets and hair or beauty salons.” 
Eyre Village is due to open in May 2017.
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Work set to begin on $12 million Eyre shopping centre in Adelaide’s Penfield

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A building with a history as a food and beverage destination in Sydney’s inner suburb of Surry Hills is up for lease through Ray White Commercial.
The 368 Crown Street property is a two-level commercial terrace building with a building area of nearly 150 sqm over both levels. The rent is $11,970 per month.
Leasing agent John Skufris of Ray White said 368 Crown Street was previously known as home of the original Maltese Cafe.
“Watt’s on Crown and more recently Master Dining had been trading from these premises. Master was hatted in the 2017 Sydney Morning Herald Good Food Guide Awards,” he said.
The property has a kitchen, grease trap, exhaust, amenities as well as a balcony and courtyard.
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Restaurant/café in Sydney’s Surry Hills available on lease 

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Melbourne CBD’s office space, usually populated by technology firms and educational operators, is about to get sporty.
Level 2 of 115 Lonsdale Street will soon be the new home of 24/7 Golf, which will offer a simulated golfing experience within the 130 sqm space at all hours. 
The five-year lease within the three-storey building was struck for $55,000 per annum plus GST by Fitzroys Sales &amp; Leasing executive Stephen Land.
He said the high ceilings and direct access from the street appealed to the new tenant. 
The space will be the golf simulator’s second venue, adding to its Glen Eira Road, Elsternwick site. 
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Simulated golf player moves into Melbourne CBD 

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The Colombian Hotel, an eastern Sydney partygoer favourite, has sold for an undisclosed sum after a marketing campaign by Ray White Hotels which drew more than 80 enquiries.
The three-level hotel, a former Westpac Bank before its conversion into the popular Colombian Hotel by McHugh Holdings, enjoys great street presence by virtue of its Oxford St and Crown St corner location. It is open from 9 pm to 6 am and features poker machines and drag shows.
The selling agents were Ray White Hotels’ Andrew Jolliffe and Gerry Quinlan. Jolliffe, who in the past 12 months has sold the neighbouring Woollahra Hotel, Dolphin Hotel, Four in Hand Hotel, Light Brigade Hotel and Paddington's Royal Hotel, said he was not surprised by either the price achieved or competitive nature of the sale process. 
"In a low interest rate cycle, the opportunity to invest in hard yielding A grade property assets complete with upside triggers available to improve already impressive cash flow themes, is seldom available" advised Jolliffe. 
Interest in the highly publicized sale of the hotel drew enquiry from around the globe, said Quinlan. "We were inundated from the moment we made public the proposed sale of the hotel, with enquiry ranging from well known national hoteliers and hotel groups; to local and international property developers,” said Quinlan. 
Property Observer had previously carried the story about the hotel being listed for sale.
"The investment thesis for this opportunity was compelling, with scale, position, opportunity and profitability all central components.” 
Neither Jolliffe or Quinlan commented on the price paid or the buyer’s identity, but it's emerged Sam Arnaout's Iris Capital paid in excess of $15 million for the imposing three-storey former Westpac building on the corner of Oxford and Crown Streets in the heart of Sydney's gay nightclub scene.
The Colombian, including its hotel licence and gaming entitlements, was put up for sale by publican David McHugh in July. It last sold for $6.7 million in 2011
 Read more: <a href="https://www.afr.com/real-estate/commercial/hotels-and-leisure/iris-capital-snaps-up-colombian-hotel-in-heart-of-sydneys-gay-nightlife-strip-20160915-grgusy#ixzz4KgmwLFCj">https://www.afr.com/real-estate/commercial/hotels-and-leisure/iris-capital-snaps-up-colombian-hotel-in-heart-of-sydneys-gay-nightlife-strip-20160915-grgusy#ixzz4KgmwLFCj</a>  Follow us: <a href="https://ec.tynt.com/b/rw?id=cCUjAS_ECr5iWLacwqm_6l&amp;u=FinancialReview" target="_blank">@FinancialReview on Twitter</a> | <a href="https://ec.tynt.com/b/rf?id=cCUjAS_ECr5iWLacwqm_6l&amp;u=financialreview" target="_blank">financialreview on Facebook</a>
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Sydney's Colombian Hotel changes hands after hot marketing campaign

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Remember the TV show Deal or No Deal?  
It’s a show where the player has a suitcase that contains an amount of money. They choose cases to eliminate them in the hope to end up with the highest amount which is $200k at the end. Along the way contestants can choose to take the bank deal offered or take a risk and continue to play. They may end up with $200k or with a much smaller sum.
I used to love the show and I’m always yelling ‘take the deal!’ as I vigorously rub the tips of my fingers together (this may sound weird if you haven’t seen the show).  My pleads directed at the TV get louder as the odds get slimmer.  I realised from playing this game even though I’m a property developer, I don’t like to take too much of a risk if it means losing money.
This threw me a bit as I always thought of myself as a risk taker.  Then I worked out that I do like risk, but only calculated risk.
Calculated risk is defined as:  “A risk associated with a certain course of action which has been given full consideration prior to making the decision to pursue that action. This is usually done when the potential gain is greater than any potential harm that might occur.” investorwords.com
The bit I like in this definition is ‘...when the potential gain is greater than any potential harm...’ ah, so that’s why I like risk, it’s what I do everyday; assess the potential gains in a property deal.  Also my job as property development project manager is to ‘give full consideration’ to a development and inform our clients before they ‘pursue action’.
In a way, the show was a bit like property developing.  If you hit the jackpot, there is good money to be made.  Making the decision on what case to chose could be somewhat like choosing a development site. 
If you chose the wrong site, you can uncover a $50,000 problem and eliminate a lot of your profit.  If you chose the right site, you may create $200,000. 
Property developing is about spotting potential and taking calculated risks. That’s why I love it.
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a><a href="https://www.propertybloom.com.au/">.</a>
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Spotting property development potential and taking calculated risks: Jo Chivers

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As many predicted some time ago, the newly created investment market, where we have seen approvals for high-rise apartments hit levels never seen before, will now see a massive correction.
In December 2008, the rules for off-the-plan apartments had a significant change when the ratio for foreign investors was moved from 50 per cent to 100 per cent. Developers could not believe their luck, as this decision created new rivers of gold, albeit an eight year run.
The governments then got involved by increasing stamp duty for foreign buyers, the Chinese government shut down the facilities permitting vast amounts of monies to be withdrawn from China and the major Australian banks stopped lending to foreign buyers. When combined, this has created the perfect property storm although the gamble of relying on foreign buyers acquiring the majority of these new apartments was always fraught with danger.
What we will see in 2017 is thousands and thousands of apartments off-the-plan coming back onto the market and the big question that remains unanswered is; what will be the percentage drop from the original contract prices? It has already been mentioned that analysis of every new development in Australia that settlement defaults will be between $1 billion and $1.5 billion every month over the next twelve month window.
 
A saving grace will be that the existing housing market will continue to go on-wards and upwards simply because fewer and fewer households are selling due to the exorbitant selling costs – namely stamp duty. If you look at the approximate 700 hundred suburbs that make up Sydney – it would be fair to suggest that at least 70 per cent of these suburbs are not creating any new houses for consumption.
The NSW government has gone down the track of high density with next to no new infrastructure to absorb this construction so in many areas our roads will become gridlocked.
At some stage an independent body will commission a report to look at all the bushland within Sydney to then ascertain how many tens of thousands of residential building blocks can be created to ease the demand of all those wanting to live in Sydney.
We need to bear in mind that the population within Sydney will hit 5 million in a matter of months and our population growth is years ahead of initial projections. Building tens of thousands of apartments does not in any way, shape or form ease the demand for established houses.
Of course, there is always a few who throw in that recession word and don’t forget that a few some years ago suggested that 2016 would see Australia fall into a long overdue recession. They would have been somewhat aggrieved when last quarter Australia posted 25 years of economic growth.
Many property forecasters were quick to say, at or about this time last year, that the Sydney property market was easing (which it did) and that this was the start of a price correction. As a few of us pointed out this was more the case of buyer fatigue (which it was) with 2016 posting greater price growth than 2015. Whichever way you want to look at this the heart of the problem is that demand for established housing far exceeds supply.
A significant correction in the new apartment market will have next to no effect on the established housing markets because they are two different buyers. Secondly, the vast majority of the new apartment investor markets are foreign buyers so if they default there is absolutely no knock on effect into the established housing markets.
If anything, we will see the Australian buyers cherry-pick this market, given the cash rate will go lower and then, in turn, will chase returns. The family home is at record highs so via negative gearing households will be mopping up the newly created apartment markets at much lower entry levels with so many apartments expected to default.
Some will be saying what could possibly go wrong following Australia’s unprecedented 25 years of economic growth? Wages have fallen from 3.5 per cent growth in 2012 to 2 per cent in 2016. A positive sign is that population growth in 2012 was 1.8 per cent and in 2016 it dropped to 1.3 per cent. Household income growth and consumer spending are in decline so those economy drivers will be closely monitored in the September quarter of 2016.
Whilst some are saying retirees are doing it tough, we need to keep in mind that their homes are at presently at the highest value ever so many are taking advantage of that by taking out reverse mortgages – otherwise known as spending the kid’s inheritance (SKI).
The major problem with Sydney house prices is that planning by state governments, at best, has been appalling. Even today there is no plan – rather, approve thousands and thousands of new apartments, sell them offshore and bank the stamp duty and land taxes.
So next time you are caught in traffic, just think, how is Sydney going to cope with all these thousands of new apartments under construction?
<h4>MOSMAN – 2088</h4>
<ul><ul>
<li>Number of houses on the market this time last year – 52</li>
<li>Number of houses on the market last week – 52</li>
<li>Number of houses on the market this week – 47</li>
<li>Number of apartments on the market this time last year – 51</li>
<li>Number of apartments on the market last week – 34</li>
<li>Number of apartments on the market this week – 32</li>
</ul></ul>
<h4>CREMORNE – 2090</h4>
<ul><ul>
<li>Number of houses on the market this time last year – 7</li>
<li>Number of houses on the market last week – 9</li>
<li>Number of houses on the market this week – 9</li>
<li>Number of apartments on the market this time last year – 22</li>
<li>Number of apartments on the market last week – 12</li>
<li>Number of apartments on the market this week – 14</li>
</ul></ul>
<h4>NEUTRAL BAY – 2089</h4>
<ul><ul>
<li>Number of houses on the market this time last year – 3</li>
<li>Number of houses on the market last week – 11</li>
<li>Number of houses on the market this week – 4</li>
<li>Number of apartments on the market this time last year – 29</li>
<li>Number of apartments on the market last week – 21</li>
<li>Number of apartments on the market this week – 19</li>
</ul></ul>
ROBERT SIMEON is a director of <a href="https://www.rwm.com.au/" target="_blank" title="RWM" rel="nofollow">Richardson Wrench Mosman and Neutral Bay</a> and has been selling residential real estate in Sydney since 1985. 
He has also been writing real estate blog <a href="https://www.rwm.com.au/news/" target="_blank" title="Virtual Realty News" rel="nofollow">Virtual Realty News</a> since 2000.
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Some property markets are correcting – other markets booming: Robert Simeon

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A wide gap exists between media-generated perceptions about real estate issues and the reality revealed by research.
Examples abound. Media serves a regular diet of “affordability crisis” stories while the major affordability indexes published quarterly tell a quite different story. The annual survey by Property Investment Professionals of Australia, in which most of the major findings contradict common perceptions, provides another case in point.
The latest Adelaide Bank/REIA Housing Affordability Report finds that affordability (the national average situation) has improved to the best levels in seven years. Continuing reductions to interest rates and (small) increases to incomes have improved home-buyers’ capacity to repay their mortgages, while the overall rate of price growth has diminished.
The proportion of the median family income needed to repay an average loan in the June Quarter was 29.4 percent – down 0.6 percentage points from the March Quarter, and the lowest level since June 2009.
Those figures tell a very different story to the general theme of daily media coverage, which portrays a crisis, the death of the Great Australian Dream and a generation doomed to a lifetime of renting.
The proportion of family income needed to meet loan repayments improved in all state and territories in the past 12 months. NSW remains the most expensive place to service a home loan (35.4 percent of family income) while the ACT is the cheapest (19.4 percent of income).
The report makes a pertinent observation about the level of activity by first-time buyers. Most media reports bemoan the apparent low numbers of first-home buyers, based on highly-misleading loan statistics. The Adelaide Bank report points out that while first-home buyers are 14.3 percent of the owner-occupier market, if you exclude re-financing loans they make up 22.5 percent of the owner-occupier market 
And there’s another component to first-time buyer activity not discussed here – the number of first-time buyers who buy an investment property as a first purchase. 
The report highlights another point often overlooked by media when discussing the ability of young people to buy homes. The weighted average median house price in the capital cities is $698,000, according to this report, but the average loan size for first-home buyers is $328,000.
This reinforces the view that quoting city medians (especially the very high ones for Sydney) in the context of affordability for first-home buyers is misleading, because first-timers buy at the lower end of the market, as they have always done. First-timers don’t buy mid-range homes, not in Sydney nor anywhere else.
The second annual Property Investor Sentiment Survey by Property Investment Professionals of Australia (PIPA) shows that 71 percent of respondents think now is a good time to invest in property. This figure is up by five percentage points compared with last year.   While 32 percent of investors say recent changes to lenders’ investment policies have affected their ability to secure finance, 58 percent are nonetheless looking to buy a property in next 6-12 months.   According to the survey, 72 percent of investors are unconcerned about the potential removal of negative gearing and only 2 percent think that negative gearing concessions are a key attraction of real estate investment. This would tend to contradict general media perceptions that investors are piling into real estate, allegedly forcing up prices, because of the tax breaks.
Indeed, the survey shows that almost half of property investors are positively-geared and two-thirds of those who are currently negatively-geared expect they will become positively-geared within five years.
Close to nine out of ten prefer to buy existing properties rather than new, which would suggest the ALP plan to restrict negative gearing to new properties to encourage construction activity would be ineffective (especially given the oversupply of new apartments).
Another myth-buster is the finding that only 13 percent of investors see record low interest rates as the key reason to get into property investment. Most media commentary (usually sourced from economists) would have us believe that the key driver of the mythical “national property boom” has been record low interest rates.   PIPA chair Ben Kingsley says the survey results confirm that property investors remain focused on the long-term benefits of property investment and are not distracted by fleeting media issues like negative gearing, alleged bubbles and looming oversupply in some markets.
As an interesting sidelight from the general theme, investor views on which cities now provide the best investment prospects have the capital cities ranked in this order: Brisbane, Melbourne, Sydney, Adelaide, Perth, Hobart, Canberra and Darwin. Half of the survey respondents voted for Brisbane.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
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Quoting city medians for first-home buyers misleading

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SPONSORED POST
Commercial property can be a great investment, especially for investors who are seeking cash flow.
An investor who owns residential property would consider themselves lucky if they could get a rental return of 4 percent pa on a house and 5 percent pa on a unit/flat/townhouse. However, commercial property can provide for much higher rental returns.
It’s not uncommon for retail property to earn 7 percent pa, office property 8 percent pa and in some cases, industrial property can provide the investor with a rental return of over 10 percent pa.
The example below illustrates the difference in annual rental return over five different types of property. Let’s assume that the purchase price in each case is $500,000. 
Purchase Price – $500,000
House – Rent = $20,000 (4 percent)
Unit – Rent = $25,000 (5 percent)
Retail – Rent = $35,000 (7 percent)
Office – Rent = $40,000 (8 percent)
Industrial – Rent = $50,000 (10 percent)
The rental return can vary depending on a number of factors, such as location and quality of the building.
A higher percentage rental return is only one of the advantages so far as rent is concerned.
A residential investor has many expenses. They need to pay for council rates, water rates, repairs, maintenance, insurance, property management fees and the list goes on. This means that a significant proportion of the rent (up to 30 percent) that the residential investor receives is spent on expenses.
However, the situation for commercial property investors is very different. It is the tenant that pays for the vast majority of expenses including council rates, insurance, property management fees, etc. As a result, the commercial property investor may only need to pay out 5% of the rent received in expenses.
The example below illustrates the differences between gross and net rent. Gross rent is the rental amount that the tenant pays the landlord and the net rent is the amount of rent the landlord is left with after paying all the property expenses. Let’s assume again that each property was purchased for $500,000. 
Residential Property (rental return – 5 percent pa)
Gross Rent – $25,000
Net Rent – $18,000
 
Commercial Property (rental return – 8 percent)
Gross rent – $40,000
Net rent – $38,000 
If you study the example above, you might be asking yourself why anyone would spend $500,000 on a residential property to end up with $18,000 in rent when they could buy a commercial property and finish up with more than twice the rent! There are two main reasons for this. 
Firstly is the risk. So far as investment is concerned, a greater return is associated with a greater risk. The main risk with commercial property is vacancy. If you lose a tenant from your unit or house, it will probably take about one week to find a new tenant. However, if you lose a tenant from your industrial property, it may take months or more than a year to find a tenant.
Secondly, residential property is bought mainly for its capital growth, not rental return.
So, if it is capital growth you’re seeking, residential property is often the best asset. If it is cash-flow you want, look for commercial property.
Where to start I hear you ask? 
Your first step is to log onto realcommercial.com.au so as to have a look at the types of properties available. Secondly, speak to your accountant/financial planner/qualified property investment advisor about owning a commercial property as part of your investment portfolio.
Finally and most importantly, seek legal advice from a property lawyer. The leases of commercial property are very different to those of residential property and will probably require a legal expert to read it and explain some of the essential terms and conditions.
For more information, <a href="https://bs.serving-sys.com/BurstingPipe/adServer.bs?cn=tf&amp;c=20&amp;mc=click&amp;pli=18755997&amp;PluID=0&amp;ord=%5Btimestamp%5D" target="_blank">click here</a>.
About realcommercial.com.au: realcommercial.com.au is the leading website in Australia for commercial property, attracting an average of 1.7 million visitors a month (Source: Nielsen Online Market Intelligence, Total Traffic, average calculation May-July 2015, includes app traffic from Omniture Site Catalyst as Nielsen doesn’t report on app). It is owned and operated by realestate.com.au Pty Ltd, a subsidiary of ASX-listed REA Group Limited ACN 068 349 066 (ASX:REA).
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Why you should consider investing in commercial property: Realcommercial.com.au 

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Melbourne’s much-loved Gumbuya Park has been snapped up by the founders of Carsales.com and Jayco Caravans for $4.65 million with plans to inject more funds for a revamp. 
The investor consortium, comprising Gerry Ryan of Jayco Caravans and Wal Pisciotta of Carsales.com.au, acquired the park which is home to more than 300 animals.
The family-owned park features dingoes, cockatoos, wombats, koalas, emus and various native Australian birds. Spread on an area of 166.26 hectares, Gumbuya Park also offers rides and attractions such as paddle boats, mini cars, waterslides, pony rides, a mini golf course and toboggans. 
CBRE’s David Minty, Stephen Adgemis, Duncan McCulloch and James Beer managed the sale on behalf of the family that owns the park.
Gumbuya Park has been operating since 1978.
Minty said the incoming owners planned to inject new life into the park, which is located on the Princes Highway just outside Pakenham. 
“The buyers will look to introduce new attractions and some accommodation, helping bring the park back to its former glory” Minty said. 
“A change of hands of this iconic park will ensure it remains one of Melbourne’s most popular, small-scale amusement parks, frequented by both local residents and interstate visitors.”  
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