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

CBRE

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A private investor has secured a presence in Dandenong South’s industrial market with the purchase of a 1,119 square metre property for $1,575,000.
CBRE negotiated the deal of 41-45 Williams Road on behalf of Scanlon Property Holdings and Bracken Property Holdings, with the sale reflecting a building rate of $1,407 per square metre.
Located three kilometres from the Eastlink Freeway, the property is occupied by multinational aerospace and transportation specialist Bombardier Inc – a Canadian Stock Exchange listed company until April 2019.
CBRE's Ben Mensink said the attraction of a global tenant provided investment confidence in the property.
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j.ballantyne1990-6AQqhLzZaK

Investor takes flight to Dandenong industrial precinct 

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CBRE Hotels has been appointed to sell the Grand Hotel Cairns on a freehold going concern basis.
Positioned on a 2,035sqm landholding, the well-known traditional pub style venue is located on a high profile corner in the heart of the Cairns CBD.
The venue comprises the Croc Bar – featuring a distinctive timber crocodile bar top and serving as a prominent communal space within the hotel – as well as an adjoining public bar including a casual lounge and dining area, which services a classic hotel menu catered for by the full commercial kitchen.
The hotel also features two alfresco dining areas, a separate designated gaming room with 20 machines and first floor accommodation comprising 19 guest rooms, communal lounge and kitchen areas.
It also includes an adjacent dual lane drive through with two detached bottle shops. 
Paul Fraser said the strong level of enquiry recorded throughout the successful sale of the Cairns Courthouse Hotel reflects astute investors interest in the leisure market.
Offers close November 23.
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Grand investment opportunity in Cairns hotel market

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Close to four years of yield compression has pushed Sydney’s CBRE office yields to a historical, pre-GFC low.
There's potential to fall further, new research from CBRE suggests.
A new report from the group highlighted that Sydney CBD core prime office yields reached a nine-year low of 5.2% in Q3, while secondary yields are 20 basis points off their pre-GFC low of 5.9%.
CBRE’s Michael Pisano said while the office sector was reflecting similarities with the market pre-GFC, there were key differences that suggest the current growth cycle could be maintained for longer.
“Capping off an impressive run in yield compression over the past three and a half years, Sydney CBD office yields have reached pre-GFC lows - without the same level of market rental growth to stimulate pricing when compared to the market in 2007,” Pisano said.
“Evidencing this, the drivers of the current market are vastly different when compared to the previous cycle, which further suggests a greater degree of sustainability.”
CBRE head of research Stephen McNabb said the Reserve Bank’s approach to monetary policy had created an environment that was conducive to a healthy commercial property market.
“A long period of lower interest rates has been the key stimulus to the current cycle, however the next phase will be supported by lower vacancy rates and forecast rental growth,” McNabb said.
“The other difference between now and the pre-GFC peak is that the fundamental outlook for the Sydney office market is looking solid. Vacancy - currently 5.6% - is expected to fall to 3.3% by 2018 and prime effective rent growth is running at a 23% annual rate in Q3 2016.
“Importantly this rent growth is following, not leading, the yield compression which is in stark contrast to the performance of the office market after the GFC.”
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Sydney CBD office yields at pre-GFC lows

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A Brisbane-based private investor has paid $4,880,000 for the Plains Junction Shopping Centre in Browns Plains, in South East Queensland.
CBRE’s Michael Hedger and Joe Tynan negotiated the sale of the retail convenience centre, which is located in the heart of one of Brisbane’s strongest retailing precincts.
The 28 Browns Plains Road asset was sold on behalf of the long term owner – a Sydney investor who had owned the property for over 10 years. They had paid $3 million in 2004.
Mr Hedger said the centre had a strong national tenant profile with Westpac and Suncorp occupying over 80 percent of the building area, alongside major national brands Woolworths, Officeworks, BCF and McDonalds.
Mr Tynan said the Expressions of Interest campaign had attracted over 110 enquiries, with the strong buyer interest resulting in a tight sale yield of 6.3 percent.
The purchaser of Plains Junction Shopping Centre was represented by commercial buyers’ agent Damien Holliday from Prosper Group. 
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Brisbane shopping centre at Brown Plains Road sold

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The Swansea Hotel in NSW’s Lake Macquarie region has sold for around $13 million to Laundy Hotels – the largest private hotel owner in the country.
The Swansea Hotel is located at the gateway to Lake Macquarie.
It is situated on a large 3,235sqm site, two hours from Sydney and 30 minutes from Newcastle.
<img src="/images/2016/10/05/Laundy.jpg" alt="" width="512" height="243">
The hotel was fully renovated in 2015 (image above before its renovation).
It was sold through CBRE with 30 poker machines by the Bernie family.
The Laundy's are the largest private hotel owner in the country and own venues such as the Watsons Bay Hotel and the Woolwich Pier Hotel.
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Swansea Hotel sold to the Laundys

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A former church and adjoining residential property in the heart of Cronulla has been listed for sale.
The Uniting Church has appointed CBRE’s Simon Lytton and Peter Vines in conjunction with Peter Starr of McGrath.
The sale involves a 1920s church and a neighbouring residential property at <a href="https://www.realcommercial.com.au/property-land+development-nsw-cronulla-502110582" target="_blank">12 and 14 Wilshire Avenue</a>.
<img src="/images/2016/09/29/Church.jpg" alt="" width="390" height="278">
 
The properties will be offered for saleseparately or in one line.
The potential uses include childcare, medical, residential conversion or redevelopment.
CBRE’s Mr Lytton said the campaign presented a rare opportunity to acquire a major north facing site on one of the most prestigious streets in South Cronulla.
“The properties are situated in a highly sought after location, close to Shelly Park and Cronulla Beach,” Mr Lytton said.
“Given the size of the land and the exclusive location we are expecting overwhelming interest from both local investors and from buyers Sydney wide.
Up for sale is 12 Wilshire Avenue, comprising a single storey, five-bedroom brick house on a site of 891.6sqm. Included is a detached building presently set up as classrooms, with the two building have a combined areas of 267sqm.
The adjoining 14 Wilshire Avenue is an existing brick church with a rear hall, also on 891.6sqm.
Mr Lytton said the character of the 1920s church, which included timber flooring and a pitched tile roof, would appeal to buyers seeking a unique conversion opportunity. The church and hall have a combined total area of 385sqm.
“Sydney is currently experiencing the strongest residential conditions in over a decade,” Mr Lytton said.
“This has underpinned a sharp increase in demand for versatile and well located development sites due to the lack of available, quality stock.”
Expressions of Interest for 12 &amp; 14 Wilshire Avenue close 20th October 2016.
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Uniting Church offers significant site in Cronulla

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Local and international developers now have the opportunity to run the ruler over what is one of Melbourne's largest permitted CBD development sites. 299 King Street has been placed on the market in the knowledge that it is one of the last remaining super-sized developments within Melbourne's CBD that was not subject to evised planning rules which were introduced during 2015.

Dubbed <a href="http://www.kingstowermelbourne.com.au/">Kings Tower</a>, the 208 metre residential scheme design by Plus Architecture looms as a trophy purchase for the eventual buyer, with CBRE Melbourne City Sales handling the campaign.

Included within the approved 66 level envelope are 400 plus dwellings above a podium featuring a variety of communal uses and provision for both car and bicycle parking. CBRE Melbourne City Sales expect that the eventual buyer may proceed with the residential scheme as is, or introduce other uses such as a hotel, serviced apartments and/or student accommodation, subject to Council approval.

<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/king_street_chinese_v2_cl_02.jpg" rel="gallery-all" title="Kings Tower as rendered from street level. Image: CBRE City Sales"><img alt="" class="image-article-full-width-580px" height="1305" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/king_street_chinese_v2_cl_02.jpg?itok=cBFdY6DW" title="Kings Tower as rendered from street level. Image: CBRE City Sales" width="580"></a>

<figcaption>Kings Tower as rendered from street level. Image: CBRE City Sales</figcaption></figure><h2>What they say</h2>

<blockquote>
Only four major development sites have come to the market in 2016, and we are seeing a major uptick in demand from offshore developers who have been waiting for quality sites to become available.

After receiving planning approval, the vendor received several private approaches by local and offshore groups, and has subsequently decided to offer the property to the open market.
<cite>Josh Rutman, Director, CBRE Melbourne City Sales</cite>
</blockquote>

<blockquote>
It is interesting to observe the ongoing appetite from Asia for high profile development sites. We have seen almost $300 million of development site sales in Melbourne over the past two months, some with planning approval and others without.
<cite>Mark Wizel, Senior Director, CBRE Melbourne City Sales</cite>
</blockquote>

<blockquote>
A lot of the developments in the area are very rectangular," she said. "King Street is a main arterial road for people passing through the CBD and although this building is not at the edge of the CBD grid, it's close enough that it becomes a beacon travelling from the north and south.
<cite>Jessica Liew, Director, Plus Architecture</cite>
</blockquote>

<a href="/news/planning-application-295-309-king-street-melbourne">First appearing on Urban.com.au in early 2015</a>, 299 King Street's design impetus came chiefly from Constantin Brancusi's Bird in Space, Alvar Aalto's Savoy Vase and the iridescent nature of a bubble which captures the reflection and refraction of light waves via its surface. The resultant approved design features pearlescent façade would produce a pink, bluish, purple effect depending on how light is cast over the tower.

The tower also incorporates curvaceous lines with a bulge in form toward its peak, providing it with a point of difference in relation to many of the nearby buildings.

At a floor space ratio of almost 40:1, 299 King Street is an unrepeatable design, with the pending implementation of new planning controls seeing a ratio of 18:1 blanket the CBD and Southbank, although there is limited scope for an increased ratio subject to public benefit clauses.

<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/image3299.jpg" rel="gallery-all" title="Kings Street frontage. Image: CBRE City Sales"><img alt="" class="image-article-full-width-580px" height="758" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image3299.jpg?itok=p83UOyFk" title="Kings Street frontage. Image: CBRE City Sales" width="580"></a>

<figcaption>Kings Street frontage. Image: CBRE City Sales</figcaption></figure>Located in the CBD's western precinct, Kings Tower is set to add to the continued transformation of the area, which has seen elevated levels of development over the last decade. Upper West Side and the pending delivery of West side Place which includes Melbourne's first Ritz-Carlton underline the degree of change seen within the western precinct.

CBRE Melbourne City Sales have cited government data within their sales material, showing that an estimated 45,000 new dwellings are required in the inner city over the next 15 years to accommodate population growth.
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silvermb

A king sized opportunity presents itself in the CBD

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As one the city's in demand new apartment locations, West Melbourne continues to consistently churn out development news.

Last week architecture firm Buchan Group confirmed that its former studio at 133 Rosslyn Street West Melbourne had received planning approval for a new residential complex. Replacing the firm's former office will be a new 9 storey design for developer Starland Pacific Group.

With PDS Group installed as Development and Project Manager, 133 Rosslyn Street will now proceed to apartment sales with construction expected to begin later this year. 165 apartments will be supplemented by 150 basement vehicle 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/external1-1aa.jpg" rel="gallery-all" title="Buchan Group's rendered 133 Rosslyn Street"><img alt="" class="image-article-full-width-580px" height="332" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/external1-1aa.jpg?itok=MF2Eie_O" title="Buchan Group's rendered 133 Rosslyn Street" width="580"></a>

<figcaption>Buchan Group's rendered 133 Rosslyn Street</figcaption></figure>Set over a 2,550sqm site, the development plot was sold during 2014 for in excess of $14 million, with CBRE City Sales and Gross Waddell handling the transaction. Buchan Group will still be involved by way of providing ongoing architectural and interior design services for the project.

<blockquote>
Our aim is to create an exciting and cohesive new residential development that brings a positive addition to the emerging architecture of West Melbourne. We are thrilled that the project has received Planning Approval and look forward to its progress.
<cite>Nick Nigro, Principal Head of Delivery, Buchan Group</cite>
</blockquote>

Also last week CBRE City Sales successfully sold a development site located at 137-157 Adderley Street West Melbourne. Subject to a current planning application for an eight level apartment development, the site was secured for $9.4 million by one of five bidders at the onsite auction which was conducted last Friday.

<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/image2wmelb.jpg" rel="gallery-all" title="Raw 3D's impression of 137-157 Adderley Street, West Melbourne"><img alt="" class="image-article-full-width-580px" height="383" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image2wmelb.jpg?itok=aKB8H8hG" title="Raw 3D's impression of 137-157 Adderley Street, West Melbourne" width="580"></a>

<figcaption>Raw 3D's impression of 137-157 Adderley Street, West Melbourne</figcaption></figure>Included within the intended project which also maintains a Rosslyn Street frontage are 88 apartments, one cafe space of 120sqm and 72 car parking bays. Whether on not the above Michael Ellis Architects scheme for the site is maintained by the new developer remains to be seen.

Nearby and demolition has begun in earnest on Alpha 14's upcoming residential project at 386 Spencer Street West Melbourne. Bond Quarter will be a 16 storey building maintaining 105 one &amp; two bedroom apartments. Designed by Hayball, the project is currently at construction tender and will follow The Wallace which is Alpha 14's current West Melbourne apartment project at construction.

During March, 50-56 Batman Street West Melbourne landed before Melbourne City Council with a new planning proposal for a residential hotel. Formerly The Arkadia Centre, the property sold for $8.78 million after a campaign held during mid 2015.

At 868sqm the site is close to new builds that over recent years along Batman Street have generally peaked at 15 storeys.

<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/image7wm.jpg" rel="gallery-all" title="Flagstaff Green and Rosslyn Street"><img alt="" class="image-article-full-width-580px" height="208" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image7wm.jpg?itok=nfeDnRWF" title="Flagstaff Green and Rosslyn Street" width="580"></a>

<figcaption>Flagstaff Green and Rosslyn Street</figcaption></figure>Two pending projects have also reared of late. SPEC Property's 15-31 Batman Street has appeared online dubbed Flagstaff Green.

The project has undergone a number of design changes over the course of planning with a notable reduction in height also included. Flagstaff Green is SPEC's latest endeavour and follows on from the developer's intention to sell two sites with approved apartment schemes in North Melbourne and South Melbourne.

Last but not least Trennery Property is going with a new preliminary design image for 185 Rosslyn Street. After purchasing the site from Australia Post during 2015, Trennery has replaced an initial RotheLowman planning application with new intentions.

The project is likely to include residential and hotel uses, a medical centre, various retail spaces and substantial residential gardens as seen in the image above.
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West Melbourne's development scene as fluid as ever

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Earlier in the month Apartments.com.au <a href="/news/development-sites-presently-advertised-for-sale-offer-a-reflection-of-the-current-market">highlighted the strong field of development sites</a> currently on the market, with a slant toward suburban sites holding sway over inner city offerings. Developers gazes may well be swing back to the inner city with two prime sites offered in the interceding time, will full approvals in tow.

<h2>54-56 Clarke Street, Southbank</h2>

Planning Minster of the day Matthew Guy labelled it "a revolutionary change for the way that we design buildings in Melbourne.” And now a Melbourne Cup field of developers will no doubt run the ruler over the approved 54-56 Clarke Street with an eye toward creating Melbourne's next landmark building and the bragging rights that go with such a tag.

The development site has been listed for sale with incumbent proponent Matrix and Cube choosing to move the Southbank site on rather than proceed with a dedicated apartment sales campaign. The project dubbed 'Elysium' has thus far maintained its own website which has allowed interested parties to register their interest in the project. 
Freshly listed with both CBRE City Sales and Knight Frank, 54-56 Clarke Street is a 74 level project with approval for 288 high-end apartments and an associated ground floor cafe.

<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/image30_5.jpg" rel="gallery-all" title="Initial plans for the project had it known as Elysium"><img alt="" class="image-article-full-width-580px" height="348" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image30_5.jpg?itok=CPkS_6Kg" title="Initial plans for the project had it known as Elysium" width="580"></a>

<figcaption>Initial marketing for the project referred to the tower as Elysium</figcaption></figure>Lauded as innovative and technologically advanced, the approved 240 plus metre design by BKK Architects is unique in that a design of a similar height onsite could not likely be replicated owing to interim planning controls implemented during 2015. Thus any potential buyer of the site could deliver the approved scheme which would be considerably taller than those buildings surrounding it, both in the present and the future.

The successful buyer will have a chance to secure the site via an Expressions of Interest campaign which closes Monday the 11th of April.

<h2>10 Moreland Street, Footscray</h2>

<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/image35_1.jpg" rel="gallery-all" title="10 Moreland Street is available. Image courtesy Architecton"><img alt="" class="image-article-full-width-580px" height="764" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image35_1.jpg?itok=gV7wyFkL" title="10 Moreland Street is available. Image courtesy Architecton" width="580"></a>

<figcaption>10 Moreland Street is available. Image courtesy Architecton</figcaption></figure>10 Moreland Street was the first high-rise to gain approval within Footscray's Joseph Road Precinct. At 26 levels and 86 metres the approved design is also one of the urban renewal precinct's tallest.

Designed by CBD-based Architecton and in the hands of agent Savills, the tower is capable of accommodating 210 dwellings over the 1,277sqm site, with three street frontages holding retails tenancies.

Other notable development sites offered for sale recently in the immediate area include <a href="/buildings/liberty-one-1-warde-street-footscray">1 Warde Street</a> with 380 approved apartments in tow along with 54-58 Hopkins Street. Better known as Franco Cozzo's Footscray home, 54-58 Hopkins Street has been billed as capable of handling a sizeable tower.

<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/image33_5.jpg" rel="gallery-all" title="Architecton's take on 10 Moreland within the Joseph Road Precinct"><img alt="" class="image-article-full-width-580px" height="329" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image33_5.jpg?itok=9IGlhJLL" title="Architecton's take on 10 Moreland within the Joseph Road Precinct" width="580"></a>

<figcaption>Architecton's take on 10 Moreland within the Joseph Road Precinct</figcaption></figure>
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54-56 Clarke and 10 Moreland enter the already strong development site field

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South Yarra has consistently been a hot spot for apartment development for some time, yet the suburb's Forrest Hill Precinct continues an unprecedented surge of large-scale planning applications which continue to land with City of Stonnington.

The latest to join the ranks is 37-41 Claremont Street with Artisan Architects last week submitting plans for a 31 level residential tower on behalf of LK Property Group. Sold by CBRE City Sales during June of this year, the 970sqm site will likely see 324 new apartments added toward the northern end of Forrest Hill Precinct.

Incidentally 37-41 Claremont Street is LK Property Group's third current foray into the South Yarra apartment market with Gisele at 300 Toorak Road under construction and the suburb's tallest proposal, <a href="/buildings/capitol-grand-241-toorak-road-south-yarra">Capitol Grand</a>, at sales.

<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/12189526_1146896592007142_6297621148415691697_n.jpg" rel="gallery-all" title="Street level perspective of the proposed tower. Image courtesy Artisan Architects"><img alt="" class="image-article-full-width-580px" height="511" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/12189526_1146896592007142_6297621148415691697_n.jpg?itok=eRlu9feR" title="Street level perspective of the proposed tower. Image courtesy Artisan Architects" width="580"></a>

<figcaption>Street level perspective of the latest addition. Image courtesy Artisan Architects</figcaption></figure>The Forrest Hill tower will also accommodate 182 vehicles and 920sqm of commercial floor space within a building holding 36,546sqm of GFA, placing it among the precinct's largest. 37-41 Claremont Street is also another collaboration between architect and developer, following on from Opus Tower on City Road which has all but topped out.

<h2>Forrest Hill by the numbers</h2>

Currently the <a href="/developments?field_lga_tid=120&amp;items_per_page=10">Forrest Hill subcategory</a> within the Apartments.com.au project database is holding 13 high-rise residential towers which are at various stages of the development cycle, with a combined yield of 3,010 apartments. Yarra House and Lucia are at the tail end of construction while Claremont Manor's floorplate is above ground. The remainder are at planning, approved or registrations &amp; sales.

The four most recent planning applications lodged with City of Stonnington do tell a story of a more adventurous Forrest Hill Precinct of late. 42-48 Claremont, 671 Chapel, 37-41 Claremont and 16-22 Claremont are all considerably taller than the average Forrest Hill build over the history of the renewal precinct, and account for 1,216 dwellings or 40% of all apartments currently monitored by Apartments.com.au.

<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/syarra.jpg" rel="gallery-all" title="The most recent quartet looking for their place within Forrest Hill"><img alt="" class="image-article-full-width-580px" height="384" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/syarra.jpg?itok=G-_14HMy" title="The most recent quartet looking for their place within Forrest Hill" width="580"></a>

<figcaption>The most recent quartet looking for their place within Forrest Hill</figcaption></figure>The largest of all apartment developments within the precinct is yet to appear publicly. According to <a href="http://www.theaustralian.com.au/business/property/fridcorp-harry-goles-plan-apartment-towers-worth-800m-in-melbourne/story-fnko7zi0-1227439130820">The Australian</a>, Fridcorp's 627 Chapel Street will hold roughly 550 apartments in a $500 million mixed-use tower that will rival neighbour Capitol Grand at approximately 150 metres in height.

An overview of all current major apartment developments within South Yarra's Forrest Hill Precinct is seen below.

Lead image courtesy CBRE City Sales
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