<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

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 data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

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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