National developer Time &amp; Place has submitted a State Significant Development Application to the NSW Government to get its Potts Point redevelopment of The Chimes building on Macleay Street approved and underway.

Last year they had submitted the plans for the SJB-designed building through the City of Sydney Council. They are planning a brand new 12-level building with 34 apartments, reduced from the 45 previously put forward.

SJB noted in its Design Report they "investigated in detail the distinctive character of the site and local context."

"The proposed design responds carefully to the natural and built features of the site, social, economic and environmental conditions, and the layered history of Potts Point. The proposal has been designed to fit with and enhance the overall quality of the historical high-density community of Potts Point."

<img alt="Potts Point" data-entity-type="file" data-entity-uuid="d61abdc1-6ef5-486c-a9dc-17390fb30229" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-09-14%20at%209.08.06%E2%80%AFAM.png?VersionId=Rgk5PLkUJhzqbbc2fOjOUV7SQclDLNMb" />

SJB added that the proposed design provides&nbsp;multi-bedroom units to cater to the demand for quality housing in the high density area of Potts Point. The majority of apartments have three bedrooms.

"This replaces the low density of existing apartments on site, which consists predominantly of studio apartments without balconies."

Time &amp; Place have spent a reported $85 million buying all of the 80 studio apartments and car parks in the nine-level building that dates back to the mid-20th century when it was designed by Hugo Stossel, a modestly well-known post-War émigré architect who designed a number of similar residential apartment buildings in Sydney’s inner eastern suburbs.

<img alt="Time &amp; Place" data-entity-type="file" data-entity-uuid="78d20476-f6b2-4efb-8a83-12d7f38c647f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-09-14%20at%209.08.14%E2%80%AFAM.png?VersionId=ZQU4HH21p9rVcoSvw20kKpM8OsqCiJz2" />

Time &amp; Place made their intentions clear when they started buying apartments in the block a few years ago.

“Over the last 24 months, Time &amp; Place has worked collaboratively with owners at The Chimes, Potts Point, as well as representatives from the City of Sydney to ensure fair and considered outcomes were achieved for all involved," Time &amp; Place Director Evan Papadopoulos told Apartments.com.au late last year.

“A priority for our team has been to ensure that communications with all stakeholders have been consistent, thoughtful and clear from the outset. We will approach this next step in the same spirit of transparency and open-mindedness we have adopted over the course of this acquisition."

“We look forward to continuing to engage with the wider community to achieve positive outcomes for this iconic Potts Point site.”

The recent plans suggest it will cost around $100 million to construct the new building, that will feature ground-floor retail fronting Macleay Street and resident amenity in the form of two lap pools, and an outdoor gym on the third level, as well as additional communal space.

The affordable housing component, which has triggered a 30 per cent uplift in height of the building, will be operated by Bridge Housing Limited, who will assume&nbsp;management of the affordable housing dwellings within the project for a minimum of 15 years.

Joel Robinson

First look: Time & Place's take The Chimes, Potts Point redevelopment to NSW Gov

<a href="https://www.apartments.com.au/developers/jwland-development">JWLand</a> has opened the doors to a new display apartment in De Burgh, the final residential release within its Northbourne Village precinct in Lyneham.

The fast-tracked ground floor apartment, featuring two bedrooms and a large courtyard, gives prospective buyers a rare opportunity to inspect a near-finished product ahead of completion, due in late spring 2025.&nbsp;

[smartcode_project:default project_id=139989 project_image_fid=350986]

The opening comes as JWLand introduces a limited-time initiative allowing buyers to secure an apartment with a $5,000 deposit, with the remainder payable at settlement.

Traditionally, off the plan purchases require a five to 10 per cent deposit. JWLand’s $5,000 exchange offer is intended to lower the upfront financial barrier for buyers while enabling them to preserve funds for other commitments during the build phase.

&nbsp;

[smartcode_project:default project_id=139989 project_image_fid=350986]

<a href="https://www.apartments.com.au/new-apartments/de-burgh-at-northbourne-village-40-de-burgh-street-lyneham-act-2602">De Burgh</a> comprises two buildings that rise to nine storeys and step down to six toward De Burgh Street. The project features a wide variety of apartment configurations, from compact studios to expansive three-bedroom layouts, including loft-style residences.&nbsp;

JWLand’s design approach has prioritised natural light, privacy, and outdoor living, with ground-floor apartments offering private courtyards and upper-level homes benefiting from larger balconies or terraces.

[smartcode_project:default project_id=139989 project_image_fid=212889]

The display apartment, now open for viewing, reflects the broader interior specification across De Burgh. Kitchens are fitted with Fisher &amp; Paykel appliances, including induction cooktops, ovens, and dishwashers.&nbsp;

Ducted reverse-cycle air conditioning, with condensers positioned away from balconies, comes standard. Residents can also manage air-conditioning and lighting remotely via a smartphone app.

Double-glazed windows and sliding doors contribute to energy efficiency and comfort throughout the year, aligning with JWLand’s focus on durability and liveability. A 12-month post-settlement warranty, part of the JWLand Promise, supports quality assurance.

&nbsp;

[smartcode_project:default project_id=139989 project_image_fid=350984]

Residents will have access to a suite of shared amenities, including a rooftop garden with barbecue facilities, a fully equipped gym, a residents' lounge, and a parcel locker system.&nbsp;

A central landscaped courtyard will also provide green space within the development. Landscaping works have commenced, and internal fit-outs are nearing completion as construction progresses toward the scheduled late spring finish.

&nbsp;

[smartcode_project:default project_id=139989 project_image_fid=267375]

Located just 600 metres from the nearest light rail stop and three kilometres from Canberra’s city centre, De Burgh is well connected to public transport and amenities. The <a href="https://www.apartments.com.au/developments/lyneham-act-2602">Lyneham</a> wetlands border the site, while a range of cafes, restaurants, shops, schools, and universities are within proximity.

Owner-occupiers may also benefit from stamp duty concessions on off the plan purchases up to $1.02 million, provided contracts are exchanged before the unit plan is registered. Buyers will have the potential to save up to approximately $38,000, depending on the purchase amount.

[smartcode_project_cta:default project_id=139989]

JWLand opens display apartment at De Burgh, Lyneham, offers $5k deposits

Rob Steer's&nbsp;<a href="https://www.apartments.com.au/developers/steer-developments">Steer Developments</a> is doubling-down on Palm Beach, expanding its footprint with a new tower near the sand.

Steer has joined the ranks of developers taking up what is becoming precious land on Jefferson Lane, one row back from the beach.

He is seeking to develop Jardin, a nine-level, code-assessable building with 40 two- and three-bedroom apartments at 234-236 Jefferson Lane. Steer worked with the landowners to put together three sites totalling 1,242 sqm.

Steer had Plus Studio design the building, which "unfolds" among curated gardens, the Design Report submitted to the Gold Coast Council noted.

It said the building is&nbsp;“inspired by the essence of the Mediterranean, framed by sunlight, shaded by greenery, and elevated by form”.

A central architectural spine is accentuated by vertical planting, while stepped terraces to the west cascade toward the highway with integrated greenery.

<img alt="Jardin Palm Beach" data-entity-type="file" data-entity-uuid="b8a7b037-2c7b-4e68-bc8f-9b24d9cef99d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Jardin%20Palm%20Beachh.png?VersionId=Eia97cxNAYVxLUHziQxLq_uDCUE0aMfp" />

The proposal includes eight levels of apartments above a ground floor and two basement levels. There will be 24 two-bedroom and 16 three-bedroom apartments on offer.

The resident amenity is located on the ground level and will feature a swimming pool, gym, sauna, and barbecue deck.

Steer is currently delivering&nbsp;<a href="https://www.apartments.com.au/new-apartments/c-te-palm-beach-3-thirteenth-avenue-palm-beach">Côte</a>, just 17 apartments nearby on Thirteenth Avenue. After GCB, the builder of the project, collapsed, Steer brought development in-house, establishing SunBuilt.

Steer is the latest to join the ranks of Jefferson Lane. Recently Josh Foote's Ignite Projects launched Retreat Palm Beach, and Tim Gordon's Gordon Corp, in another joint venture with the Mathieson family, launched Elle on Jefferson.

First look: Steer joins Jefferson Lane, Palm Beach apartment boom with Jardin plans

Prolific South East Queensland developer Sherpa Group has snapped up two more Palm Beach sites to expand it's affordability focus Flourish brand of apartments.

They have paid a combined $30.5 million for the sites, an 810 sqm block at 7-9 Sixth Avenue, and a 2,050 sqm site at 1156-1164 Gold Coast Highway. The two sites will become Sherpa's third and fourth Flourish project locally, after Ovana and Flourish on Sixth. The developer expanded into Brisbane recently, launching Symphony, another under the Flourish banner.

Together, the Palm Beach acquisitions represent more than $42 million invested into the suburb in just over a year, underscoring Sherpa’s pivotal role in the suburb’s transformation.&nbsp;

The acquisitions follow the near-completion of Perspective Nexus and $110 million in rapid sales at Flourish on Sixth.

Christie Leet, founder of Sherpa Property Group, said the latest acquisition reflects the group’s ambition to lead Palm Beach’s renewal.&nbsp;

“Palm Beach is buzzing, but it’s been near impossible for locals to find something new that fits their lifestyle and budget,” said Leet.&nbsp;

“There’s a significant price gap between beachfront and non-beachfront properties – typically around 30 per cent, but in Palm Beach it can be closer to 100 per cent.&nbsp;

“That presents a tremendous opportunity, and we believe it’s our obligation as Sherpas to identify and deliver it for our community.”

Flourish projects are positioned as an attainable alternative to beachfront towers, offering design-led interiors, rooftop amenities and sweeping ocean views ideal for buyers ranging from young couples to rightsizers and families.&nbsp;

Leet said the response to Flourish on Sixth highlighted the unmet demand in Palm Beach.&nbsp;

“So many locals told us it was the first time they’d been able to buy into the Palm Beach apartment market,” he said.&nbsp;

“We’ve loved seeing buyers who’d previously been priced out finally get the chance to secure a home here – and that’s exactly what we want to keep delivering.”&nbsp;

The proposed development at 7 and 9 Sixth Ave will feature Flourish’s signature rooftop amenities and is scheduled to launch later this year, with construction planned to commence in Q1 2026 in partnership with local builder LPS Group.

Meanwhile, 1156-1164 Gold Coast Highway will showcase a ground-floor commercial precinct contributing to the vitality of Palm Beach as well as the renowned Flourish-style amenities, with the development application slated to be lodged next month, and construction anticipated to start mid-2026 by LPS Group, pending approval.&nbsp;

“Our partnership with LPS Group means we can and will deliver on our commitments, and that certainty gives buyers real confidence,” Leet added.&nbsp;

“Working together allows us to manage quality and timelines more effectively as we scale our pipeline across the region.”&nbsp;

Sherpa Group snaps up two more Palm Beach sites to expand Flourish brand

Kedron is the latest Brisbane suburb in-line for a large, mixed-use new precinct that will reshape the suburb.

George Weston Foods Limited,&nbsp;one of Australia and New Zealand's largest food manufacturers, has filed plans for a 3.6-hectare mixed-use precinct dubbed in the planning application as Bakery Square.

The proposal marks the first formal step in the long-anticipated transition of the former Top Taste factory site at 466–488 Gympie Road.

The application seeks preliminary approval via a variation request to facilitate a future urban renewal precinct comprising residential, commercial, retail, and community uses alongside new public open space.

According to the Town Planning Report by Urbis, the intent is to repurpose a strategically located parcel of low-impact industrial land into a connected, amenity-rich, medium-density lifestyle destination. The development would front one of Brisbane’s busiest public transport corridors and adjoin Bradbury Park, a 6.5-hectare green space.

<img alt="Kedron masterplan" data-entity-type="file" data-entity-uuid="c47d15a0-13f7-4e11-a957-c421599c4160" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/masterplan_0.png?VersionId=sQ5ApjQnSMymcAPF_1oQHA_MOPagbgz4" />

The proposal seeks to align with emerging policy directions under Brisbane: Our Productive City and the Brisbane Sustainable Growth Strategy, both of which identify the need to unlock “transition sites” for housing supply.

“The timely conversion of the site’s former industrial land will contribute to the supply of much-needed housing, especially within Brisbane’s core residential corridors," the assessment report noted.

<img alt="Kedron site" data-entity-type="file" data-entity-uuid="c3383033-10ce-4bdd-ae1b-00ac5fcd3b4f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_1.png?VersionId=yURNBeOOXL1.q3jZDexGuRX7ehVH1.gg" />

The precinct planning covers approximately 36,405 square metres over two lots: 30 Glentanna Street and 474A Gympie Road, both currently zoned Low Impact Industry and within the Chermside Centre Neighbourhood Plan area. The proposal is subject to impact assessment and has been referred to the State Assessment and Referral Agency for review.

The submitted documents frame Bakery Square as a key opportunity site on Brisbane’s northside. The Urban Context and Master Plan Report identifies the precinct as a “critical location” for establishing a contemporary mixed-use environment, capable of delivering the kind of holistic placemaking seen in other major Brisbane redevelopment areas.

Four defining characteristics support the site’s transformation:

<ul>
	<li>Proximity to transport: Located along Gympie Road, the site benefits from existing high-frequency bus services and planned future upgrades under Brisbane Metro Stage 2 to Carseldine.</li>
	<li>Lifestyle potential: With access to Chermside, Royal Brisbane and Women’s Hospital, and other employment nodes, the proposal aims to deliver a liveable, connected precinct.</li>
	<li>Co-location with green space: Bradbury Park offers an established recreation anchor, described as a “rare opportunity to co-locate high density living, a lifestyle precinct and open space.”</li>
	<li>Uncommon scale: The 3.6-hectare landholding is a rarity in Brisbane’s inner-northern suburbs, offering a blank canvas for integrated precinct planning.</li>
</ul>

Design evolution has been central to the application’s development. A height transition strategy has been proposed to mediate built form across the site and surrounding context. The tallest elements will be centrally located, stepping down toward Gympie Road, adjacent residential areas, and Bradbury Park. An “urban common” forms the heart of the site and integrates new public open space, pedestrian links, and activated edges.

“This is one of the most critical locations to establish a new mixed-use precinct with significant development uplift on the northside of Brisbane,” Urbis noted in the Urban Design Report.

“Bakery Square can provide the housing, amenity, and local character expected of a modern, infill lifestyle precinct”.

<img alt="Kedron Terraces" data-entity-type="file" data-entity-uuid="d3139767-1ccc-4c54-a929-9007ce50a375" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/masterplan%20terraces.png?VersionId=Bbl8KWayOHtGpsUeRz6.JLskqop5xjlN" />

The built form strategy anticipates mid-rise development consistent with the emerging character of Gympie Road. According to the variation document, the maximum height sought is 10 storeys (approx. 35m), though individual buildings and sub-precincts are expected to vary. The proposed code amendments would enable staged delivery across multiple sub-areas within the site, balancing residential intensity with commercial, retail, and urban services.

From a housing perspective, Bakery Square represents a significant potential boost to Brisbane’s infill supply. While the DA does not lock in a specific number of dwellings at this stage, planning documents suggest a strong emphasis on diverse housing typologies, including apartments and build-to-rent options.

The Town Planning Report notes that “the proposal enables a planning framework that will facilitate the eventual delivery of residential housing typologies to support emerging demographic needs” and directly respond to the housing supply targets identified in ShapingSEQ 2023.

<img alt="Kedron commercial masterplan" data-entity-type="file" data-entity-uuid="617fc5cf-1a92-475c-8244-8c6d859fcfc3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/masterplan%20commercial.png?VersionId=jHMPFVecoryM4XkeIi4psY3SnAbQnDEn" />

George Weston Foods Limited, an ASX-listed entity and one of Australia’s largest food manufacturers, has owned and operated the site for over five decades. The former Top Taste baked goods factory ceased operations in 2020. Since then, the property has been used intermittently as a warehouse and for contractor works associated with the recent Gympie Road upgrade.

Surrounding the site, the local context is typified by a mix of medium-density residential, retail, and light industrial uses. Chermside Westfield, Prince Charles Hospital, and the Chermside Health Hub all lie within 1.5km, reinforcing the precinct’s strategic position. The area is also undergoing broader transition, with the Kedron Future Growth Node flagged for long-term renewal.

First look: Bakery Square precinct to breathe new life into Brisbane's Kedron

Capitalisation Rates

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SPONSORED POST
In the past 18 months, there has been a continual compression of capitalisation rates, or cap rates, across Australia’s commercial property markets.
So what exactly does this tell us about where the market is now and where we are headed in the next couple of years?
Let’s start with what a cap rate is. It is the ratio of net operating income of a property to its market value – the percentage return an investor would get if they purchased the property for cash.
We spoke with Dr David Higgins, Associate Professor, Property Investment at RMIT University, and asked him what drives cap compression.
“To understand the dynamics you have to think of the influences in three parts. First, there is the demand by tenants for a certain property type and location, a factor I call space demand. Then we have to consider the supply of property available for lease and how much new stock is coming on to the market,” he says.
“Finally, and most importantly, we have to factor in the dynamics of the investment and debt markets, because property’s return on investment must be seen relative to other investment avenues, particularly cash and term deposits.”
Cap rates can be a useful guide to market expectations of what will happen to values in the future but they can be bumped around by changes in investor sentiment and alternate markets.
“A-REITS returned to the market after the shock of the GFC,” Higgins told us. “And when you look at institutions like Stockland and Dexus, you see a new breed of management. They used to be drawn to idea that big is beautiful, but what I’m seeing from the new group is that they are more selective and have tightened their risk management.
“Vacancy rates are creeping up but this is not reflected in market yields.”
The reason why is primarily because, with the official cash rate at 2.5%, investors can invest in property and borrow at a rate close to inflation to buy assets with a history of stability.
James Quigley, National Director of Capital Markets at Colliers International, told us that it is this weight of money returning to market which is driving values.
“In the 2007 peak before the GFC hit, a quality asset in the Sydney market would be yielding say at 7% but the cost of debt was around 8%. When you look at the equation now, a well-rated investor’s cost of debt could be as low as 4.5% – 5%, which means their asset is cash flow positive from day one,” Quigley says.
“What’s been driving compression is capital looking for yield. We’re seeing demand from a range of onshore investors, syndicates filled with ‘mum and dad’ investors, super funds and A-REITS.
“But we also see a lot of offshore money as well, particularly global sovereign wealth funds and private investors from Asia.
“The office lease market is still soft, with incentives up for assets with shorter WALEs (weighted average lease expiries) but there is good investor demand for quality modern offices and industrial assets like distribution centres with long-term mandates to single leaseholders.
“The change we’ve seen in recent times is offshore investors looking at office buildings with shorter WALEs with a view to converting them to residential.”
And what is likely if interest rates, as predicted by some analysts, start to rise over the next two years?
“Obviously if we see upwards movement that holds the potential to change the current equation, but right at the moment, it is the sheer weight of money which is driving the market,” Quigley says.
For more information, <a href="https://www.realcommercial.com.au" target="_blank">click here</a>.
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Capitalisation Rates

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