<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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GUEST OBSERVER
Applying the cognitive neurosciences to architecture and real estate development may raise some eyebrows and creates a certain amount of scepticism.
However, some solid peer-reviewed studies give reason to believe that, one day, these disciplines might be more closely aligned and complimentary than we thought. Let’s go back in time by way of illustration.
We’ve spent more than 99 percent of our entire time on the planet not in a building, but in a savannah, sojourning for millennia in the unstable worlds of the Serengeti and Ngorongoro Crater. This big fat brain of ours was thus forged outdoors, scrambling around Africa in small bands. Such pre-history affected the way we interacted with our environment. Still does. We’ve not spent enough time in civilization to outgrow our Darwinian reflexes. 
There are two ways to illustrate how this might inform the design of buildings, from workplaces to retail environments.
The first comes from something that’s been researched famously: the impact of natural environments on behavior. Well-regarded data shows that exposure to natural elements—trees, running water, even pictures of trees and running water—provide benefits ranging from shortened hospital stays for adults to increased academic performance for kids. Researcher David Strayer uncovered a 50 percent boost in problem-solving abilities after test subjects sustained a 72-hour exposure to nature. This makes perfect sense, given that 99 percent history part. The brain sees natural elements and says “I’m home.”
The second illustration also concerns evolutionary history. Most of us think humans were among the Pleistocene era’s biggest chickens, ones who got beat up a lot in the hardscrabble African plains. Just look at human fingernails and remember we competed against African lion claws for survival space. Not exactly a fair fight. With a founding population measured in the low hundreds, we almost didn’t make it.
The will to survive 
But we did make it. One reason was our ability to use our obese brains to respond and develop preferences for specific types of physical surroundings. We needed to survey the vast flatlands quickly, which might involve scrambling up a cliff, looking in the distance for sustenance and predators, formulating acquisition and avoidance strategies.
But we couldn’t stay up there forever, given our extreme physical vulnerability. We also had to be able to hide quickly. Developing simultaneous preferences for expansive space and enclosed shelter was thus fundamental to our survival.
The late geographer Jay Appleton proposed years ago Prospect-Refuge theory, which embraces this history: “People prefer environments where they can easily survey their surroundings and quickly hide or retreat to safety if necessary,” he wrote.
Designing modern buildings
How might these translate to architectural design? For companies, what kinds of spaces can get the best from your employees?
Many people want creative, friendly spaces to be competitive in the global world of 21st century business. Yet most don’t take into account the intersection between Darwin and Appleton. Designers end up either creating prospect or refuge, but never deliberately putting both together in dynamic, accessible tension.
Is that imbalance toxic? Could be. Open office spaces are a form of prospect, closed rabbit-warren offices are a form of refuge, and in isolation from each other, neither perform very well. Open offices often raise stress hormones. Closed environments don’t allow much collaboration.
These are questions behavioral researchers need to tackle in collaboration with architects, even given this evidence, because the real answer concerning toxicity is “we don’t know”.  If the data showed that such asymmetries were counter-productive, however, monolithic designs should be binned.
The pessimist in me says it’s still too early for brain science to be prescriptive. But that doesn’t mean we don’t know enough to collaborate, to design behavioral experiments capable of inserting bricks and mortar into the pages of On the Origin of Species. The optimist in me says we know just enough to fill up a blog.
While architects and developers are not neuroscientists, everybody involved in the design ecosystem should know something about how the brain works.  Better informed they might make better business and design decisions.
This article appears in <a href="https://www.jllrealviews.com" target="_blank">JLL Real Views</a> 
Dr John Medina is a developmental molecular biologist focused on the genes involved in human brain development and the genetics of psychiatric disorders. He is the author of the New York Times bestseller “Brain Rules”— a provocative book that takes on the way work and school environments are designed; a fellow of architecture firm <a href="https://www.nbbj.com/news/2014/6/19/nbbj-launches-new-partnership-program-with-leading-researchers/" target="_blank">NBBJ</a>; and holds an affiliate faculty appointment at the <a href="https://depts.washington.edu/bioe/" target="_blank">University of Washington.</a>
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jchancellor-FAypfDUnLy

Understanding how our brains work makes for better buildings

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The award-winning penthouse office in Melbourne's South Yarra has sold after having price expectations of $6.5 million plus.
It is understood to have been bought by parties associated with SecureCorp joint managing director Craig Harwood
The two-level office with 675 sqm of flexible space is set in one of Melbourne's top retail hubs.
It sits on the corner of Arthur and Chapel Street, perched above the vibrant precinct.
In 2015 it took out the Interior Design Magazine's Best Interior Design Award, one of New York's most prestigious design awards.
It was also named a finalist in the Workplace Design and Workplace Less Than 1,000 sqm categories at the 2015 Interior Design Excellence Awards in Australia.
Colliers International secured the sale of <a href="https://www.realcommercial.com.au/property-offices-vic-south+yarra-501998198" target="_blank">529 Chapel Street</a> on behalf of local developer Bill McNee.
“This is a truly unique offering – there is no other office in Melbourne that compares to this one,” agent Daniel Wolman said before the sale.
“On offer is the world’s best office in the heart of one of Melbourne’s trendiest and most sought after suburbs."
The office has communal and private workspaces, innovative entrances, steam rooms and luxury finishes with multiple rooftop terraces.
Luxury features include a Sonos sound system throughout, automated bi-fold doors, a teppanyaki grill and beer taps on the external terrace. 
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World's best small office design sells on Chapel Street

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Palace Cinemas has announced it will open a multi-screen complex on the fringe of the Sydney CBD.
The cinemas will be at Central Park on Broadway.
Palace Central will be Palace’s fifth cinema in NSW. It also recently announced a new Double Bay location.
“The most impressive thing about the Central Park location is that it’s so accessible to the people of Sydney; it’s become a major thoroughfare and a new community that we’re delighted to be a part off,” says Benjamin Zeccola, CEO of Palace Cinemas.
The 14-screen complex, which will be located on level three of the centre.
The cinema will be the new home of the Italian Film Festival and the Latino Film Festival.
Designed with a bar, the complex is scheduled to open in late 2017.
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Palace Cinemas to open on Broadway

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Melbourne’s much-loved Preston Market is all set for a makeover.  
Preston Market Developments Pty Ltd, a partnership between Salta Properties and Medich Corporation, announced that following the approval of its Town Planning Permit by the Darebin council, the upgrade is about to commence. 
The launch of Fresh Hood Market in July was the first step bringing a mix of art, music and food.
The upgrades will cover existing buildings and public spaces, amenities, including new kids play areas and landscaping. Works will commence in October with Preston Artist Market (PAM Lane), the Fruit and Vegetable block, and the Meat, Poultry and Fish Hall. PAM Lane expects to have more local artists and designers at completion.
Preston Market has become one of Melbourne’s best-loved shopping destinations and cultural hubs since trading started on the site in the late 1970s.
Salta Properties’ managing director Sam Tarascio said the makeover has been on the cards for some time. 
“For the most part, the market has not been touched since the 1970’s and we are thrilled that we can now get on with improving the market for our loyal shoppers and introduce the market to a new generation,” Tarascio said.
“The works will reinforce Preston Market’s position as a unique shopping precinct and we are looking forward to working with our traders to bring new life to the market.”  
Eco-friendly measures will also be a part of the upgrade, including solar panels, onsite waste treatment, recycling improvements and smart building technologies to cut its carbon footprint, added Tarascio. 
The renewal works have been designed by well-known Melbourne architects, NH Architecture and Breathe Architecture. 
Though some interruptions are expected during construction, Preston Market will remain open as usual.
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Melbourne's Preston Market to get facelift

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The housing market appears to be responding to a number of factors which have spurred further growth in home values. 
Official interest rates are at historic low levels which has encouraged borrowing for housing and driven housing debt to record-high levels. 
The low interest rate setting is also seeing significant competition amongst lenders which has resulted in substantial discounts to headline mortgage rates. 
Furthermore, while the total number of homes available for sale is similar to levels a year ago, there has been significantly fewer newly advertised properties listed for sale over the past few months relative to previous years. 
The low number of newly advertised dwellings available for sale has created a sense of urgency for buyers in the market, particularly in Sydney and Melbourne, and resulted in further increases in home values over this growth cycle which has been running for more than four years.
While the banking regulator has implemented policies aimed at slowing investment related credit demand, his has not resulted in a significant cooling in the housing market. The pace of investment related credit growth has slowed from a peak of nearly 11 percent per annum to 5 percent over the most rent 12 months period, however we are now seeing an uplift in lending to investors once more. 
Following the most recent interest rate cut, auction clearance rates have elevated to levels not seen for more than a year, particularly in Sydney, the nation’s least affordable housing market.
Interest rates
On August 2, the Reserve Bank (RBA) decided to cut official interest rates by 25 basis points to 1.5 percent. 
While interest rates were lowered to historic lows, headline variable mortgage rates were generally reduced by much less, with each of the Big 4 banks lowering their mortgage rates by no more than 14 basis points. 
Despite the fact that the interest rate cuts were not passed on in full to mortgage holders, mortgage rates below 4 percent are available for those who wish to move from their current lender.  With most mortgages on a variable rate, any cut to mortgage rates will improve a household’s disposable income.  Furthermore, it has become clear that it will also give them more confidence to increasingly purchase more expensive homes, well in Sydney and Melbourne at least.
Housing debt
Each quarter the RBA publishes ratios of household finances which include the ratio of household debt to disposable income. The latest data to March 2016 shows that the typical level of housing debt is 134.7 percent higher than household disposable income. 
The current ratio is a record-high but it is important to remember that it is a national snapshot and conditions across different housing markets are likely to vary substantially.  Since the current phase of growth in home values commenced in the June 2012 quarter, this ratio has lifted from 119.0 percent.
While the ratio of housing debt to disposable income has increased and is at a record-high, the ratio of housing assets to disposable income has also risen as home values have increased. 
In the June 2012 quarter, the typical value of household assets was 394.4 percent higher than household disposable income.  
By March 2016, the ratio had increased to 470.8 percent indicating a significant increase in the value housing assets.  Again, it should be remembered that this is a national measure and local market ratios are likely to be vastly different especially within areas of very little value growth over that time as well as those areas in which home values have fallen.
Properties listed for sale
Over the four weeks ending August 21 2016 there were 39,676 new (not previously advertised for at least six months) residential properties listed for sale and 229,386 total (includes new and relisted properties) properties advertised for sale. 
The number of newly advertised properties listed for sale was -3.4 percent lower than at the same time last year and new listings have been lower each week year-on-year since early June 2016.  Meanwhile, total listings are -0.9 percent lower than they were a year ago and on a weekly basis have been consistently lower year-on-year since early July of this year.  New and total listings are now starting to increase as we head closer to the beginning of the Spring Selling Season as they do each year.
While the national figures show fewer listings than a year ago, the trends are very different across individual capital cities, particularly in Sydney and Melbourne where home value growth conditions are strongest.
In Sydney, over the past four weeks there were 6,299 newly advertised and 18,951 total properties advertised for sale. Year-on-year, new listings have now been lower than they were the previous year fairly consistently since last November and are currently -20.6 percent lower than they were a year ago. 
Over the past four weeks there were 17,949 total listings in Sydney which was 0.8% higher than a year ago. 
While total listings are slightly higher than a year ago, there is very little new stock being listed for sale.  New listings are arguably more important than relisted properties, especially if the relisted stock has been for sale for a long period of time and vendors aren’t adjusting their price expectations.   Even though spring is just around the corner, there is very little fresh stock being added to the market.
It is a similar story in Melbourne where there were 7,177 new and 25,846 total residential properties listed for sale over the four weeks to 21 August 2016.  The number of new listings was -9.4 percent lower year-on-year and total listings were -0.8 percent lower.  Again, with spring just around the corner there is a relatively low supply of newly advertised properties hitting the market for sale.
Mortgage demand
One of the big challenges the RBA has is the quality and regularity of mortgage data collection. While housing finance data is published each month, owner occupier housing finance commitments are published both on a number and value basis while investor housing finance commitments are only published on the basis of value not the number of loans. 
With the investment segment having become so prevalent, it is a challenge not knowing both the number and value, particularly when investment is so strong in Sydney and Melbourne at a time when home value growth is also so strong. 
Adding to the challenge of interpreting housing finance data is the lack of clarity about how off-the-plan unit purchases are captured in the data.  It is unclear as to whether they are classified as construction of dwellings or purchase of new dwellings. Finally re-classification of large swathes of mortgages from lenders away from investment and toward owner occupiers has made reading the market even more difficult.
The latest housing finance data showed that in June 2016 there was $32.6 billion worth of commitments with the value having increased by 2.3 percent over the month following a 1.8 percent rise in May. 
Although mortgage lending is rising, it remains -2.1 percent lower than its peak in April of last year. 
Over the month, there was $20.8 billion in commitments to owner occupiers and $11.8 billion in commitments to investors.  Both segments of lending rose over the month however, owner occupier lending is -2.4 percent lower than its December 2015 peak while investment lending is -22.0 percent lower than its April 2015 peak.
Owner occupier lending remains quite strong and although investment lending has slowed significantly, there is now scope for it to increase over the coming months.  Without additional details on the number of investment loans it is difficult to know whether the increase is being driven by larger loan sizes, a larger number of loans or a combination of both.
Auction clearance rates
Auction clearance rates are one of the timeliest indicators of the housing market and they tend to be indicative of the broader housing market trends.  It is important to remember that far more homes sell by private sale than by auction and auctions are only a significant proportion of sales in the Sydney, Melbourne and Canberra housing markets.
Auction clearance rates in Sydney last week were at their highest levels in more than a year.  Sydney’s auction clearance rate has been above 70 percent for 18 consecutive weeks and in Melbourne they have been above 70 percent for 7 consecutive weeks.
As already discussed, the supply of homes available for sale, particularly in Sydney and Melbourne, is much lower than it has been over recent years.  This is particularly evident when looking at auction volumes. 
Over 2016 so far there have been 18,619 auctions in Sydney compared to 25,399 auctions at the same point in 2015.  This represents a -26.7 percent decline in the number of auctions in Sydney over the year to-date. 
In Melbourne there have been 23,779 auctions so far this year which is -9.5 percent lower than the 26,282 auctions to the same point last year.  The low volume of auction stock is likely to be resulting in the ongoing strength in clearance rates across each city.  Less stock for sale creates a sense of urgency for those looking to purchase.
So what does this mean for Spring?
It is too early to say definitively what will happen this Spring but I would be very comfortable stating that what happens with property listings will have a substantial influence on the market’s performance over the period. 
Spring is typically characterised by a fairly significant upswing in stock for sale, this is driven by the belief that Spring is the best time of year to sell (that is a topic for another day).  As supply increases, the value growth performance can slow and as we saw last year, auction clearance rates can actually start to dip.  So the amount of stock which becomes available for sale will be an important factor for the strength of the Sydney housing market.
The recent interest rate cut is another important consideration for the market’s performance. Although mortgages and the availability of them, is calculated on the borrower’s ability to repay the mortgage at a much higher interest rate, lower mortgage rates impact households by giving them the option to reduce mortgage repayments and therefore having more money each week in their pocket. 
This is because most mortgages are on a variable rate and changes to the interest rate on their largest commitment (the mortgage) have an immediate impact on household balance sheets. 
With the recent cut to interest rates, it is unlikely to mean that people that could not previously borrow now can, but it does mean that households that previously weren’t considering moving home or buying an investment property may now be more inclined to do so. 
This may result in more confidence from those looking to upgrade their property to list their home which means that they also become an additional purchaser.  If someone is now starting to consider buying an investment property it also means additional demand for housing. 
How many new buyers there are in Spring remains to be seen but it may encourage an increase in demand for purchase and could result in more people looking to sell their home.
The other major consideration, particularly in Sydney and Melbourne, but also across the rest of the country is what the prospects are for additional increases in home values over the short and medium term. 
Combined capital city home values have been rising for more than four years now however, this has largely been driven by Sydney and Melbourne due to their much stronger economies. While the economies in these cities remain strong, the increasing cost of housing due to the four plus years of value growth may be starting to deter buyers.
When you also consider that rents are increasing at record low levels (falling in some areas) and gross rental yields are at record lows, purchasing a property, particularly an investment, is looking less attractive than it has for some time.  Especially when you also factor in the heightened level of housing construction, most of which is inner city units, which is currently underway.
It is going to be interesting to see how all of these factors play out over the next few months and ultimately how the housing market performs.
Cameron Kusher is research analyst for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
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Where to for the housing market in Spring? Cameron Kusher

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Co-working, or the sharing of workspaces by different companies or people, has evolved from a trend to a “revolution”, says a recent paper by real estate consultancy JLL.
Traditionally seen as a startup model, even big companies like Philips and IBM have jumped onboard now. The number of co-working spaces has grown from a small 75 globally in 2007 to 7,800 spaces in 2015 and is expected to engage one million people globally by 2018, says JLL’s A new era of coworking.
As companies in Australia and around the world adopt co-working practices, there are a number of benefits that this rising workplace strategy presents for businesses. The paper identifies these benefits as well as the four core models of co-working that are emerging. It says that flexible or ‘liquid’ space solutions are becoming important aspects of wider Corporate Real Estate (CRE) and portfolio strategy.
The paper says the demand has been driven by the growth of creative and technology industries in addition to the changing nature of work. 
According to JLL director of Workplace Strategy, Dinesh Acharya, “An increasing number of companies across the world are realising the value that a co-working environment can provide with respect to flexibility, collaboration and inspiration. 
<a href="/images/2016/08/30/Screen%20Shot%202016-08-30%20at%201.05.37%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/30/Screen%20Shot%202016-08-30%20at%201.05.37%20PM.png" alt="">
Benefits of co-working
A tailored co-working solution can reap benefits for businesses ranging from increased innovation due to from working with entrepreneurs, start-ups and emerging technology platforms; to meeting the demand for business agility by providing flexible occupancy terms and fluid space, without the need for major organisational changes. 
Co-working can help companies attract talent and also reduce costs through more efficient utilisation of space. 
Co-working hubs can even fatten the toppling.
“Companies can realise additional benefits by paying for space ‘just in time’ to increase flexibility and reduce CRE costs, and by expanding social networks and reinforcing community to drive increased staff engagement,” said Acharya.
The results of the latest Global Coworking Survey reveal that 61 percent of co-working space providers are planning to expand their operations and almost 80% expect the number of members to increase in 2016.
However, the paper cautions the risks that co-working may expose an organisation to, such as cyber security, privacy and possible issues associated with organisational culture, if it is implemented without careful consideration, or if staff don’t buy into the reasons why co-working is being implemented.
“It is important for organisations to assess the suitability of a co-working environment for their business model and monitor the risks this type of environment could pose, as part of a strategic corporate real estate and portfolio strategy.However, with an estimate of one million people to be coworking globally by 2018, this is a testament to how far the practice has evolved since its beginnings.”
“We expect its prominence and success in the Australian market to continue growing in the near and medium-term future,” he added.  
The four core models of coworking
The paper notes that four core models of coworking are emerging which can be applied by organisations seeking to take advantage of the benefits of co-working. These are internal collaboration (internal co-working space for employees only), co-working memberships (external co-working memberships for employees), external coworking space (collaboration space for employees shared with external organisations/individuals in an external co-working environment) and internal coworking space (internal co-working space open to external organisations/individuals). 
 
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A new era of co-working: What are the benefits for businesses?

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Engineering contractor John Holland has leased office space in Melbourne’s Carlton after winning the contract for early works on Melbourne Metro, Victoria’s biggest public transport project. 
The lease is for Level 1 at 121 Cardigan Street, with the asking rent $380 per sqm gross plus GST. 
The 1,556 sqm space comprise the entire first level of the two-storey building plus majority of the car parking. 
The office space is mostly open plan, said leasing agents Stephen Land and Rob Harrington of Fitzroys.
Melbourne Metro would cost nearly $11 billion and will have five new underground stations along twin tunnels between South Yarra and Kensington. 
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Engineering firm John Holland takes new lease for Melbourne Metro project work

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A semi-detached commercial building in Port Fairy, Victoria is under contract having been listed with $1.25 million hopes.
The two bedroom property at <a href="https://www.realestate.com.au/property-duplex+semi+detached-vic-port+fairy-122200018" target="_blank">20 Bank Street</a> was built in the late 1800s and is currently occupied by the Italian restaurant L'Edera.
It was offered for sale as an unregistered plan of subdivision with separate titles expected to be issued shortly. 
The property was listed by Robertson Port Fairy agents Paul Ross and Di MacKirdy. 
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1800's commercial property in Port Fairy under contract

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A tenanted retail/office space at Toorak in Melbourne’s inner south-east has been sold for $760,000 for a yield of 5.6 percent. 
The ground floor tenancy at 7/521 Toorak Road spans nearly 110 sqm. 
The property is leased to a quality tenant and returns net rental income of nearly $43,264 per annum.
Ray White Commercial’s Paul Rizzo brokered the sale on behalf of a private owner.
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Office space in Melbourne’s inner suburb sells for $760,000

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GUEST OBSERVER
To most within the development sector, the world of construction finance beyond the major banks is largely opaque, with no clear signage or yellow pages directory to guide developers in the right direction to find the best fit for their business and project needs. 
There are a multitude of sophisticated providers of private construction or site acquisition money available to be tapped into, however most do not have a front door as such and they certainly don’t have a team of business development executives who pound the pavement looking for deals to invest in. 
They rely on origination businesses like HoldenCAPITAL to source and present the opportunities to them, which is why we commit a lot of our time to engaging with them to gain a clear understanding of what they will and won’t invest in and the terms on which they will do so. 
A point we often make to clients is that you wouldn’t waste your time trying to negotiate an important town planning issue without input from an experience town planner in order to draw on their experience, relationships and understanding of current approval authority expectations. 
Similarly, we see ourselves in the same light, tapping into the knowledge gained from settling over $340 million in new development transactions over the past 12 months and our accreditation with over 100 lenders to ensure we secure the best possible financial outcome for our clients. 
In fact, our list of lenders and equity providers is growing at the rate of about one a week and of these, some 87 are currently active in one form or another with Investor Funds, Mezzanine Lenders and Private Lenders accounting for over 70 percent of them. 
<a href="/images/2016/08/30/Screen%20Shot%202016-08-30%20at%2012.50.54%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/30/Screen%20Shot%202016-08-30%20at%2012.50.54%20PM.png" alt="">
In particular, we are seeing a growing level of demand for and supply of, Stretch Senior funding options where lenders are prepared to provide up to 86% of the Total Development Cost, in return for a total interest cost in the order of 11 percent but with more relaxed terms and conditions. This is particularly evident in the area of pre-sale debt cover, where there is scope to reduce this figure to well below the 100 percent+ required by the banks. 
The demand supply equation for construction funds tends to react quickly as evidenced when the major and second tier banks started to withdraw from the market under regulatory pressure and we saw increased demand on those smaller funds and private lenders to fill the gap. After a flurry of activity many were tapped out and we found ourselves looking further afield to meet the demand. 
Following interstate visits and trips to Asia we now have a significant number of new sources and as a result, we are finding that the capital supply is meeting demand and with a steadily growing supply of mandated transactions these new lenders are stepping up to meet the demand. 
This article was written by Dan Holden of HoldenCAPITAL, who are a bespoke construction finance firm, they arranged over $300 million of construction finance in 2015 across 52 projects. To discuss your project finance requirement please call (07) 3171 4200 or visit <a href="https://www.holdencapital.com.au/" target="_blank">www.holdencapital.com.au</a>
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