New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

Joel Robinson

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

The long-planned transformation of Brisbane's historic Shafston Estate has taken another major step, with Capella Hotel Group announced as the luxury hospitality partner behind what will become Brisbane's first branded residences.

The project, to be known as Capella Residences Brisbane, is being delivered by Verso Projects at the landmark Kangaroo Point riverfront estate, with completion targeted for 2029.

The announcement follows a series of planning changes to the project over recent years. The site was originally approved in 2023 for a 15-level, 37-apartment development designed by Rothelowman for Burgundy Group before Verso Projects took over the 10,070 sqm riverfront holding and lodged revised plans with Kerry Hill Architects to increase the development to a 25-level tower with 51 apartments.

The latest announcement confirms Capella Hotel Group will bring its branded residential offering to the project, marking just the second Capella Residences development globally after Seoul, and the group's first branded residential project in Australia.

The <a href="https://www.apartments.com.au/new-apartments/23-castlebar-street-kangaroo-point-qld-4169">Castlebar Street development</a> will centre around the restoration of the heritage-listed Shafston House, one of Brisbane's oldest residences, originally constructed in 1851 by Reverend Robert Creyke as a single-storey cottage known as Ravenscott.

<img alt="Capella" data-entity-type="file" data-entity-uuid="2b9f4ce5-638f-4d6b-8082-3ca7e4b75fca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-09%20at%207.20.41%E2%80%AFAM.png?VersionId=f7aeqsW_DzOJI4FymWb3lD8NptSfsP7q" />

Capella said the project aligns with its focus on heritage-led developments, with the Brisbane estate combining the restored historic residence with a new luxury apartment tower and hospitality-inspired resident amenities.

Residents will have access to the Capella Living Room, a concierge-led communal space inspired by the group's luxury hotels, alongside landscaped gardens, six swimming pools, wellness and recreation facilities.

The broader estate will also include two riverfront homes, a six-berth private marina, porte cochère arrival experience, secure basement parking and a new section of public riverwalk along the Brisbane River frontage.

The heritage Postal Depot Building will also be retained and repurposed as a guest house, in line with the revised development plans.

The project represents another evolution for the site, which Kerry Hill Architects previously described as a rare opportunity to restore one of Brisbane's most significant heritage estates while creating a new benchmark for apartment living.

"The Shafston Estate provides a once-in-a-generation opportunity to restore one of Brisbane's finest heritage precincts and to reinstate residential use as a unique site perched on the edge of Kangaroo Point," Kerry Hill Architects said in its Urban Context Report accompanying the planning submission.

"The project will celebrate excellence in sub-tropical residential design, setting a new benchmark for vertical living in Brisbane."

Verso Projects, which now has an $8.5 billion development pipeline spanning more than 6,000 dwellings across apartments, townhouses, retail and commercial projects, said the partnership with Capella would elevate the development beyond a traditional residential project.

"We feel honoured to be restoring Shafston Estate to its former glory, elevating it to new heights of luxury and excellence underpinned by Capella's distinctive service ethos and design philosophy, and making it a standout landmark in Brisbane," Verso Projects CEO Steve Laffey said.

"By partnering with Capella, globally recognised for its refined approach to luxury hospitality and deep respect for cultural and historical context, we will elevate this project beyond a residential offering into a world-class destination."

Capella Hotel Group President Roland Fasel said Brisbane's emergence as a global city made it the right location for the company's Australian residential debut.

"Brisbane is a city on the cusp of something remarkable, and Capella Residences is our commitment to being part of that story," Fasel said.

"The Capella residential experience is more than luxury. It is about a sense of belonging to a place with deep meaning."

Private appointments have now opened for the project, with a display suite expected to open in late 2026 ahead of the planned 2029 completion.

Capella to launch Brisbane's first branded residences at Shafston House, Kangaroo Point

Lewis Land's latest apartment release within its <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan is targeting one of the Gold Coast's fastest-growing buyer groups, with almost a third of apartments at Solis priced below $1 million.

The seven-storey building at Biggera Waters will comprise 91 apartments, including 24 one-bedroom residences starting from $778,000, a price point Lewis Land says is aimed squarely at first home buyers struggling to enter the Gold Coast market.

<img alt="Harbour Shires" data-entity-type="file" data-entity-uuid="e7486e37-22f6-4c92-b212-9b0622070b8f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.34%E2%80%AFAM.png?VersionId=W8MJwJUCf6HkIyl_EVSksnd.QI6MZryY" />

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the developer deliberately allocated a significant proportion of the project to more affordable apartment types.

"First home buyers have been priced out of many parts of the Gold Coast, and we saw a clear opportunity to address this and play our part in a longer-term housing solution," Long said.

"That's why 24 of the 91 apartments being delivered at Solis have been designed and priced for the city's next generation of homeowners, quality one-bedroom apartments, half of which include an additional multipurpose room to maximise space and flexibility.

"This approach places 30 per cent of apartments in Solis under $1 million, and with close proximity to Harbour Town's future light rail extension connecting residents to the city's major employment and knowledge hubs, it's a win for buyers looking to secure their first property."

<img alt="Sores" data-entity-type="file" data-entity-uuid="550526d3-73ba-4710-9739-c5f4294a30ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.29%E2%80%AFAM.png?VersionId=cQQdXHt9wS0UXwZEm5Py5bH_3kAmzyhu" />

Designed by BDA Architecture, Solis will deliver a mix of one, two and three-bedroom apartments, with residences ranging up to 232 sqm. Apartments feature generous balconies and contemporary finishes, while residents will have access to Harbour Shores' lagoon pool, clubhouse, tennis court, gym, yoga studio and sauna.

The focus on first home buyers resonated with purchaser Holly Humphreys, who said she and her boyfriend spent more than a year searching for their first property before shifting their attention from houses to apartments.

"We fell in love with the first house we bid on and got our hopes up, but after repeated knockbacks we learned not to get too attached," Humphreys said.

"We offered at the high end of price guides, but sales kept going even higher. That's where we really struggled and we needed to re-evaluate our budget and our expectations. Standalone houses were off the table, and we pivoted to apartments and townhouses."

Humphreys said it was encouraging to see developers recognising the growing demand from first home buyers.

"There's a growing number of young buyers looking to enter the market earlier because they understand that getting in now can make a real difference as prices continue to rise," she said.

"It's fantastic to see a developer recognise this and then actively take measures to deliver an apartment with us in mind."

Solis is the first development planned within the second stage of the Harbour Shores masterplan, with early works expected to commence in September 2026.

[smartcode_project_cta:default project_id=113271]

Lewis Land targets first home buyers at latest Harbour Shores release, Solis

Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

[smartcode_project:default project_id=114246 project_image_fid=370116]

Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.

"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."

The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.

KOYO penthouse headlines Abadeen's $19.25 million EOFY sales flurry

Beller

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Beller's Head of Business Development and Leasing, Luke Spence recently provided Apartments.com.au with an insight into Melbourne's rental market, which shows no signs of cooling down, despite the winter months.

He discusses the impact of population growth on low residential vacancy rates in Melbourne, in addition to which suburbs are the most popular for particular buyers. 

Spence is an experienced young real estate agent who has recently been shortlisted as a finalist for the REIV Awards for Excellence ‘Outstanding Young Agent of the Year 2017’ and ‘Business Development Manager of the Year (Property Management)’ in the nationally recognised 2017 Real Estate Business Awards. 

Frequently publicised as the tightest rental market within Australia, Spence has observed that Melbourne’s metro market has experienced another drop in vacancy rate statistics.

According to Spence, the first quarter of 2018 demonstrated a drop of 0.3% from December 2017, and the second quarter appears to be following suit.

Additionally, the statistics show that January and February 2018 saw vacancy rates steady at 1.9%, while March displayed 1.8%, and April dropped another 0.1% to 1.7%.

Spence says areas with very low vacancy rates (typically sub-2%) are often referred to as ‘tight’ rental markets where rents are more likely to be increased, providing landlords with their pick of tenants, in what is otherwise known as a landlords market.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/44en6z.jpg" rel="gallery-all" title="Suburbs like South Yarra average between 1,400 and 1,500 views per listing. Image: Ryan Seychell"><img alt="" class="image-article-full-width-580px" height="357" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/44en6z.jpg?itok=Hhi3ZVsH" title="Suburbs like South Yarra average between 1,400 and 1,500 views per listing. Image: Ryan Seychell" width="580"></a>

<figcaption>Suburbs like South Yarra average between 1,400 and 1,500 views per listing. Image: Ryan Seychell</figcaption></figure>With 110,000 people relocating to Melbourne each year, this has driven down the city's vacancy rates, making it the population growth leader of Australia. 

Spence names Fitzroy, Carlton &amp; St Kilda with at least 1,800 listing views per property, as among the best performing suburbs in Melbourne. St Kilda East is next with at least 1,700 views per listing and suburbs like Elwood, South Yarra and North Melbourne average between 1,400 and 1,500 views per listing.

For units and apartments specifically, Clifton Hill is leading the charge with 1,800 views per property listing. Albert Park and Fitzroy North are also popular with 1,700 views and 1,400 views respectively, while Hampton East and Caulfield also average 1,200 – 1,300 views per listing.

Spence believes that despite it being a landlord’s market, that doesn’t necessarily mean that little effort is required on their part to attract tenants, with prospective tenants citing cleanliness and presentation as the top priorities.

<blockquote>
So, it’s a landlord’s market, right? Well, this may be good news for investors, but it doesn’t mean you are immune to the scrutiny of tenants.

The rental statistics in Melbourne are favourable for landlords, but it doesn’t mean you can take your foot off the accelerator when it comes to ensuring your investment performs the best it can. Tenants call the shots when it comes to dictating the success of your investment.

After each tenancy, it is vital that your property is clean and presentable to maximise tenant interest (even if it means putting in some elbow grease yourself). I've been leasing homes for over 11 years, and the top things every tenant looks for when choosing their next home is cleanliness and presentation – no matter how low the vacancy rates are!

- Luke Spence, Head of Business Development and Leasing, Beller
</blockquote>
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Laurence Dragomir

Beller's Luke Spence provides an update on the Melbourne rental market

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Real Estate Agency Beller recently appointed Jeremy Gruzewski as a Director, bringing with him 11 years of experience and knowledge as National Director Metro Market Auction and Investment Services at the highly respected Colliers International.

Now part of the Beller Commercial team, Gruzewski sees market opportunity for developers who are now looking at commercial office developments due to the cooling of the inner-city residential market. Strengthening rents are supporting these developments, says Gruzewski, underpinning the large number of applications and approved permits for office spaces currently in the market.

Urban.com.au asked Jeremy about his thoughts on the state of the commercial market and what's in store for the year ahead.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image17_12_0.jpg" rel="gallery-all" title="Development's like SEEK's new HQ are becoming more common in the inner ring. Image : HASSELL"><img alt="" class="image-article-full-width-580px" height="359" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image17_12_0.jpg?itok=iLxK5EYj" title="Development's like SEEK's new HQ are becoming more common in the inner ring. Image : HASSELL" width="580"></a>

<figcaption>Development's like SEEK's new HQ are becoming more common in the inner ring. Image : HASSELL</figcaption></figure>Urban.com.au: There is a significant pipeline of commercial developments either under construction or on the horizon in the CBD, Docklands etc. Beyond the core where do you expect to see a shift towards more commercial development?

<div>
Jeremy Gruzewski: There has been unprecedented supply of residential apartments in Melbourne’s core and suburbs over the last 10 years to the point that the commercial market has been left alone with minimal to no supply of office developments other than in the Docklands, which is a new market.

All other areas have seen the opposite with perfectly good office buildings replaced by residential towers.

These displaced tenants have had to find new homes and now that the CBD and city fringe are at record low vacancy rates (circa 2% for the fringe), rents are starting to rise considerably, making office developments viable.

Employers are setting the trend and demand for the location of office developments on the fringe of Melbourne with Cremorne and Richmond being two hot spots. These employers are chasing the same talent pool and this talent pool wants to work and live in the same area and not travel to Melbourne’s East (Clayton, Mulgrave) to get to work.

We have seen the most permit approvals and permit applications for office development in Melbourne’s prime City Fringe. This is in direct correlation with tenants demand and briefs for office space.

UM: We're seeing companies like SEEK looking to develop a head office just on the doorstep in Cremorne and further developments proposed along Church Street, Richmond. Similarly Hickory is pushing ahead with an office development on Clarke Street South Melbourne. Do you expect to see more of these types of commercial developments?

JG: Hickory’s development in Clarke Street is phenomenal and will set a new standard for office accommodation. It goes beyond carpet tiles and ceiling grids and becomes a place where you want to live! I believe many new developments will replicate this new look and approach.

There are approximately 25 city fringe sites that have been earmarked for office development, 90,500m2 has been approved and over 400,000 are proposed and awaiting approval. Melbourne City Fringe currently has just over 900,000m2 of office supply so if everything gets approved it is a significant amount of potential new supply.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/hickory_market_lane.jpg" rel="gallery-all" title="Hickory Group's Market Lane will set a new standard for office accommodation says Jeremy Gruzewski. Image : Hickory Group"><img alt="" class="image-article-full-width-580px" height="356" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/hickory_market_lane.jpg?itok=H79cdaG3" title="Hickory Group's Market Lane will set a new standard for office accommodation says Jeremy Gruzewski. Image : Hickory Group" width="580"></a>

<figcaption>Hickory Group's Market Lane will set a new standard for office accommodation says Jeremy Gruzewski. Image : Hickory Group</figcaption></figure>UM: What do you think would make a commercial development more attractive in the current market than say a residential? What factors do developers need to consider?

JG: Without a doubt the major factor has been the growth in face rents; this coupled with a slowing of residential apartment sales has seen the desire increase for commercial sites.

Well-situated sites close to public transport, food and beverage outlets and entertainment venues providing a work and life balance will be the key. No surprises that Cremorne, Richmond and South Melbourne are hot spots.

UM: What impact do you think start-ups and co-working spaces are having on the Commercial market?

JG: Co-working spaces have certainly had an impact, but in a positive way. They have set a new benchmark in the quality of space and added “extra” offerings that an office needs to have. They have shown that tenants will pay extra for good quality designer spaces.
</div>

Generally start-ups are smaller lease deals in relation to tenancy size but the sum of all the little deals makes their presence significant. This allows these startups to grow, and as they grow they venture into the traditional office markets.

UM: Do you think there are areas with a lot of untapped potential for both new commercial developments but also adaptive re-use?

JG:The market continues to grow and develop and with Melbourne’s continued population growth and urban sprawl we will see new areas develop. Generally activity hubs will be the most desirable.

We believe we will see supply of new office development with smaller floor plates of circa 500 m2. This more compact size is in hot demand with the highest number of enquires.

Tenants want their own brand identity and have a whole floor rather than share, and is generally the size required from the start-ups coming out of the co-working spaces. As the world changes, so do its working habits.

Commercial real estate has a ‘push and pull’ force influencing demand with more people working from home and mobile work forces, therefore, office space is shrinking.

Tenants just want better quality that creates a high-end home environment.

UM: And lastly do you think 2018 will be the year for commercial to drive forward?

JG: Yes, 2018 will definitely see an increase in commercial developments and a decrease in residential developments as proven by applications and permit approvals.

2018 will see continued investment in commercial property; we have strong enquiry from multiple buying groups and across all price ranges. Volatility in the stock market and low bank interest rates make commercial property a feasible and proven investment option.
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Beller Group's New Commercial Director Jeremy Gruzewski on 2018's commercial prospects

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Located just one kilometere from Brighton’s Bay Street retail strip, MAST is the latest apartment development to take advantage of Brighton's bayside location and cosmopolitan lifestyle, which includes a vibrant and diverse mix of restaurants, cafes, bars, nightlife and shopping.

Developed by Graceland and LOI Projects, and designed by The Buchan Group, MAST will comprise 15 boutique residences set across three levels within Martin Village, at 123 Martin Street.

The residences are available in one, two and three-bedroom configurations, with large terraces overlooking the village and providing views to the bay and city skyline. A number of retail spaces are located on the ground floor.

MAST has been designed to take advantage of Brighton’s bayside location and surroundings which include a large range of high-quality services and amenities and with the bay just a short stroll down the road.

<blockquote>
Having a sensitively to the scale and heritage of the village architecture, retaining an existing shop front and the streetscape’s grain and materiality. The building form steps back from the street to mediate scale, and in doing so, creates a sequence of deep terraces and balconies.

A robust design aesthetic is adopted for the apartment building using brick, patterned concrete and zinc cladding, providing a contemporary expression with local authenticity.

The apartment interiors are inspired by the theme of stillness and sanctuary. Soft blue-­‐green undertones, textural elements and natural light evoke a calm, tranquil luxury, delivering a timeless design that acts as a canvas upon which residents can make the apartments their own.

- David Forbes, The Buchan Group Project Principal
</blockquote>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/martin_street_-_bedroom.jpg" rel="gallery-all" title="The apartment interiors are inspired by the theme of stillness and sanctuary says David Forbes of The Buchan Group. Image : Supplied"><img alt="" class="image-article-full-width-580px" height="157" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/martin_street_-_bedroom.jpg?itok=71MJwYtU" title="The apartment interiors are inspired by the theme of stillness and sanctuary says David Forbes of The Buchan Group. Image : Supplied" width="580"></a>

<figcaption>The apartment interiors are inspired by the theme of stillness and sanctuary says David Forbes of The Buchan Group. Image : Supplied</figcaption></figure>Beller Director of Project Marketing, Heath Thompson cites MAST's spacious open plans, generous storage and luxurious finishes as major selling points, describing the dwellings as "homes more than apartments.” Thompson further outlined the appeal for apartment living in Brighton in a Q&amp;A with Apartments.com.au below:

Apartments.com.au: Do you expect to see further developments like MAST in Brighton?

Heath Thompson: With council planning regulations, land values and developer funding restrictions, these sorts of developments are becoming harder to come by.

In saying that, the marketplace certainly has a strong appetite for apartments with generous living spaces in quality locations, so we hope that more are able to be produced.

UM: Do you think Brighton is an untapped apartment market?

HT: In Brighton, we tend to see very high-end penthouse style residences which can carry some exorbitant price tags. MAST is designed to provide spacious living zones, high-quality fixtures, ample storage solutions, excellent public transport and a Bayside lifestyle without being overly expensive.

UM: Obviously Brighton's bayside location is a major selling point but what are some of the other key aspects of Brighton that make it attractive for developers and prospective purchasers?

HT: The Martin Street village has really developed a cult following. It¹s a quiet strip with fantastic cafes and shops as well as the convenience of the train station. This area hasn¹t reached its peak yet.

UM: What type of buyer demographic will apartment developments such as MAST attract? The down-sizer market or young families? 

HT: MAST is perfectly suited for the down-sizer, professional couple or aspiring first home buyer. The key to this project is the large kitchens and living spaces.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/martin_street_living_3.011.jpg" rel="gallery-all" title="The key to MAST is the large kitchens and living spaces says Beller's Heath Thompson. Image : Supplied"><img alt="" class="image-article-full-width-580px" height="335" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/martin_street_living_3.011.jpg?itok=gqh4aJaU" title="The key to MAST is the large kitchens and living spaces says Beller's Heath Thompson. Image : Supplied" width="580"></a>

<figcaption>The key to MAST is the large kitchens and living spaces says Beller's Heath Thompson. Image : Supplied</figcaption></figure>UM: Beyond the apartments, there will be retail to the ground floor - what sort of retail tenants is the development hoping to attract?

HT: We expect the retail tenancies to be occupied by speciality shops and potentially a café.

UM: How do you see Martin Street evolving over time?

HT: It's well located adjacent to Gardenvale station with the foreshore and bay trail basically down the street. Martin Street has largely been a forgotten gem until the last four or five years.

Now the village has a great feel and has become a destination strip for those seeking an experience away from the hustle and bustle of Bay and Church St. There isn't a great deal of opportunity for future development on Martin Street so there is a good chance that the village will retain its charm over the coming years.
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Brighton's latest development embraces bayside living

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Located at 999 Whitehorse Road and designed by Hayball, 999 Box Hill is a 12-storey development of 90 apartments which seeks to add to Box Hill's expanding apartment market. The development also continues the expansion of Hayball's Box Hill portfolio, and shares DNA with a number of other Hayball-designed projects in the area.

The liberal use of textured concrete is very much characteristic of a minimalist aesthetic and restrained material palette, both inside and out, with the warm tones of the timber soffits softening the robust, heavy concrete exterior. The exterior also provides a sense of movement across its facades with staggered concrete panels which appear to shift along one axis, juxtaposed with weaving glazed ribbons along the balconies which provide moments of transparency.

999 Box Hill's general form from street level is largely in the guise of a 'tower' and 'podium' typology, although at a smaller scale. Rebates extend along the height of the building and provide separation between four cubic elements of glazed and concrete faces, rotated 90 degrees with each repetition, then stacked and arranged in a manner which seeks to break down the mass of the building, but also read as complementary parts of a single composition.

As is customary with all their projects, Hayball have ensured each apartment in 999 Box Hill is provided with adequate natural light and ventilation.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/1947_whitehorse_rd_v06_s.jpg" rel="gallery-all" title="Views with and beyond. Image: Supplied"><img alt="" class="image-article-full-width-580px" height="350" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/1947_whitehorse_rd_v06_s.jpg?itok=rcP1ITj1" title="Views with and beyond. Image: Supplied" width="580"></a>

<figcaption>Views within and beyond. Image: Supplied</figcaption></figure><blockquote>
In an area undergoing rapid change and renewal, 999 is designed to provide a refined and luxurious living experience. The finely crafted architecture will draw light deep within the interiors, where there is an emphasis on wellbeing and tranquillity.

Timber and natural stone finishes take hues from the interiors of a luxurious spa retreat and the healing power of the earth’s rich mineral assets. A minimal design palette of warm gold and bronze tones further reinforces the sense of wellbeing and peacefulness throughout.
<cite>Eugene Cheng, Director, Hayball</cite>
</blockquote>

The development adds to the area's rapidly growing skyline and street wall, ensuring Box Hill is well on its way to becoming a satellite city of Melbourne. Apartments.com.au recently spoke with Beller Associate Director, Heath Thompson, to provide some insight into the Box Hill market and 999 Box Hill in particular.

Apartments.com.au: Hayball have a strong legacy of projects in Box Hill and an understanding of the market. Is this something buyers are aware of and does it influence their purchase?

Heath Thompson: It's fair to say they’re the go-to architect for Box Hill apartments. Hayball have a fantastic reputation in Melbourne as a whole, adding to this the fact they have completed a lot of work in Box Hill makes them an ideal choice.

The market is certainly aware of Hayball as an architect that provides excellence in design from an aesthetic point of view but also as a designer of quality living spaces. The market always recognises good quality property.

UM: What do you think the appeal of Box Hill is for potential buyers and likewise 999 Box Hill?

HT: Box Hill definitely has a distinct community feel that provides a natural attraction in the marketplace. Box Hill provides residents with CBD-like facilities including, shopping, dining, transport and entertainment options all within a short walk and also provides excellent access to the amenities of broader Melbourne.

UM: What is the target market for 999 Box Hill? Owner-occupiers? Investors? And what are the expectations?

HT: All of the above; investors, owner occupiers, first homes buyers and down sizers. The project caters at almost everyone. Unlike in many other projects, the developer didn't have significant acquisition costs to pass on to purchasers, which has meant the apartments are really well priced with lots of room for growth.

This, along with the significant appeals of the area, make it an attractive proposition for all buyers. The design of the project has also attracted interest from owner occupiers, with loads of natural light, ample frontage, wide liveable spaces and bathtubs (which are very rare in apartments but very handy for families with young children).

UM: And final thoughts on Box Hill? Would you say it's booming?

HT: Box Hill is like it’s own economy, and a fast developing satellite CBD. I think it is already booming and will continue to do so for some time to come. Investment in Box Hill is astounding and provides a very exciting opportunity.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/1947_whitehorse_rd_v04_s.jpg" rel="gallery-all" title="999's living areas reflect the muted material palette. Image: Supplied"><img alt="" class="image-article-full-width-580px" height="322" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/1947_whitehorse_rd_v04_s.jpg?itok=H4DMXuhz" title="999's living areas reflect the muted material palette. Image: Supplied" width="580"></a>

<figcaption>999's living areas reflect the muted material palette. Image: Supplied</figcaption></figure><h2>Project quick facts</h2>

<ul>
<li>Architect: Hayball</li>
	<li>Number of Apartments: 90 total. 7 x 1 bedroom, 72 x 2 bedroom and 11 x 3 bedroom</li>
	<li>Number of Levels: 3 basement + Ground + 11 levels</li>
	<li>Construction Start: 2017 End: 2019-20</li>
	<li>Common Areas: Level 1 courtyard with BBQ, pergola and seating areas</li>
</ul>
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