Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

Colliers

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131-139 Sturt Street began as a 42 level development when Apartments.com.au first reported on the development application during <a href="/news/the-best-of-intentions-135-sturt-street-southbank">2015</a>. 

In <a href="/news/another-sturt-street-skyscraper-is-brought-back-down-to-earth">2017</a> the site saw a re-design which was ultimately supported by City of Melbourne planners and today the site and Hayball-designed scheme has been offered for sale.

Colliers International is handling the sale which includes 200 plus permitted apartments over 18 levels, plus a mixed-use ground floor offering that could include retail, commercial or arts uses. The site currently hosts the offices of architecture firm Hayball, who were integral in the approvals process.

The 2884.6sqm site has frontages to Sturt and Dodds Street and benefits from direct access to East Coburg, the CBD, South Melbourne and Albert Park by having the #1 tram route on Sturt Street.

The original design as we first profiled it in 2015 included 42 levels with 341 apartments, including studio, 1, 2, 3 and penthouse configurations. 226 car and 151 bicycle spaces were also included.  

The former proposal also included communal spaces over levels 12, 13 and 39 and was slated to include over 2,000 square metres of adaptable retail/commercial space.

The site is located in Melbourne's Arts precinct with near neighbours including the Malthouse Theatre and the Australian Centre for Contemporary Art. Further along Sturt Street toward the CBD, the state government recently <a href="/news/back-to-the-noughties-melbournes-arts-precinct-set-to-get-a-major-makeover">announced its intention to kick off</a> a massive investment in adapting Sturt Street to integrate with the premier arts and cultural facilities on St Kilda Road.

Phase 1 of the State Government initiative will see the site of the former headquarters of Carlton &amp; United Breweries make way for a new National Gallery of Victoria Contemporary, with subsequent phases set to see further culture industry facilities added.

<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/1704_sturt_st_v06.jpg" rel="gallery-all" title="The view to the city from the 135 Sturt Street site - image: Colliers"><img alt="" class="image-article-full-width-580px" height="190" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/1704_sturt_st_v06.jpg?itok=jXFvpnYW" title="The view to the city from the 135 Sturt Street site - image: Colliers" width="580"></a>

<figcaption>The view to the city from the 135 Sturt Street site - image: Colliers</figcaption></figure>Trent Hobart, Director of Residential at Colliers International's Melbourne office said the site is located in one of Melbourne's most sought after locations, nestled among the arts precinct and near the Royal Botanic Gardens.

<blockquote>
The location, surrounding amenity, proximity to the city and the unbelievable view lines all combine to make this the perfect location for the affluent owner occupier market.

The project has been designed by the renowned Hayball architects who have been a resident and advocate of the Arts precinct for the past 35 years. 

They have created an exceptional building, one that seamlessly fits within its Arts precinct surrounds whilst being flexible and incorporating a high end internal and external design, perfect for the city fringe residential market.
<cite>Trent Hobart, Colliers International</cite>
</blockquote>

An international expression of interest campaign is now active which closes on August 3rd at 2pm.
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Alastair Taylor

Sturt Street's prime development site listed for sale

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Melbourne builders will begin running the ruler over one of 2018's largest construction tenders. Activated last week, the tender is for the delivery of two residential towers across 85-93 Lorimer Street which combined have the potential to add 940 approved apartments to the skyline.

The sizeable site behind Mirvac's Yarra's Edge spans 8,847 square meters and is adjacent to a new tram corridor that is currently being studied as part of the Fishermans Bend planning process.

Alongside the hundreds of new apartments across both towers, the successful builder will also be required to deliver as many as 778 podium car spaces plus amenities. 53,454 square meters of approved Net Saleable Area is included under the approved Elenberg Fraser-designed scheme.

Spanning 47 and 49 levels, it remains to be seen whether the $200 plus million construction tender will be true to the approved design, or will see design modifications implemented.

<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/image7_20.jpg" rel="gallery-all" title="Ready to go. Image: Elenberg Fraser"><img alt="" class="image-article-full-width-580px" height="708" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/image7_20.jpg?itok=r9U87Z7h" title="Ready to go. Image: Elenberg Fraser" width="580"></a>

<figcaption>Ready to go. Image: Elenberg Fraser</figcaption></figure>Known as South Wharf Towers to date, the launch to tender hints toward an imminent retail launch of one or both towers.

Backed through planning by local developer Little Projects, the approved scheme was thereafter offloaded by the developer at the height of interest from Asian-based developers in the Melbourne property market. Selling agent Colliers made note during 2016 of a new Shanghai-based developer secured the development site for around $60 million.

Whilst it now shapes as one of the city's larger apartment projects in waiting, the final outcome will also see a substantial 2,100 square metre public park created, accounting for approximately one-quarter of the site. 

South Wharf Towers was initially submitted as a single 74 level apartment tower spanning 236 metres; at that height, it would have comfortably been Fishermans Bend's tallest building. Subsequent to negotiations with the State Government, the final result saw dual Elenberg Fraser-designed towers approved.

At the time of its approval, Minister for Planning Richard Wynne stated "this development reflects our vision for the future of Fishermans Bend, offering open space and well-designed apartments close to transport and services. We encourage innovative developers to put forward projects which we can be proud of decades after construction."

<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/image21_8_0.jpg" rel="gallery-all" title="Silhouetted south Wharf Towers in an evolving built for context. Image: MGA Architects"><img alt="" class="image-article-full-width-580px" height="319" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/image21_8_0.jpg?itok=jQX2slcD" title="Silhouetted south Wharf Towers in an evolving built for context. Image: MGA Architects" width="580"></a>

<figcaption>Silhouetted south Wharf Towers in an evolving built for context. Image: MGS Architects</figcaption></figure>
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silvermb

Lorimer Street residential towers draw closer to launch with construction tender announced

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The owners of the site with a permit to build the 55 Clarke Street project have put the site up for sale through Colliers International.

<a href="/news/51-65-clarke-street-shapes-as-a-southbank-tower-with-a-twist">In 2016 when we profiled the project</a>, the 1,787 square metre site originally had a proposal for 73 levels that included 112 hotel suites and 512 apartments across all three main apartment configurations.

Developer Newcity Group also engaged Ellenberg Fraser to design a tower that also included 120 car spaces and 327 bike spaces.

Fast forward and the project that was eventually approved was chopped down to 69 levels that included 565 apartments, 653 square metres of office space and a further 462 square metres of retail space.

Approval for the project occurred prior to the new floor-space ratios that are now governing new proposals on land which has a Capital City Zone in Central Melbourne with marketing material for the sale of the site with a permit referencing the 'unrepeatable' 30:1 FSR.

<a href="https://goo.gl/maps/zz7JzUpRRAR2">The site</a> sits one block back from City Road and has three frontages to Clarke, Hancock and Catherine Streets in Southbank.  Its nearest neighbours include recent developments such as Salvo's Platinum, 283 City Road and the 2013-era Habitat at 58 Clarke Street.

<h2>What they say</h2>

<blockquote>
Conveniently located in one of Melbourne’s most proven apartment market’s 55 Clarke Street features an approved planning permit to deliver one of Melbourne’s most impressive towers.

At 69 levels, the Elenberg Fraser design comprising a range of 1, 2, and 3 bedroom apartments featuring spectacular views over Port Philip Bay, Melbourne CBD and Albert Park Lake.

With a prime position located in between Melbourne CBD, and South Melbourne 55 Clarke Street will afford its future residents easy access to public transport, retail amenity, along with the arts and sporting precincts providing a dynamic and exciting lifestyle in the world’s most liveable city. 
<a href="http://www.colliers.com.au/206929/"><cite>Colliers International</cite></a>
</blockquote>

Trent Hobart, Bryson Cameron and Jun Lai of Colliers International have been appointed to sell 55 Clarke Street.

"55 Clarke Street represents an exceptional development site for connected inner city living, located in the middle of the South Melbourne lifestyle precinct, the Melbourne CBD and Crown Casino entertainment complex and the Melbourne Arts precincts, in what is considered the ultimate location for connected living,” Trent Hobart, Residential Director at Colliers International, said.

Bryson Cameron added “there is over $7 billion worth of private and public infrastructure investment within Southbank's future supply pipeline through to 2021. This includes a combination of commercial and mixed-use projects adding to the public amenity and fuelling local employment." 

The sale of 55 Clarke Street is by expression of interest which closes at 2pm on June 13th.

<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/55_clarke.png" rel="gallery-all" title="The 55 Clarke Street project render from the street - image: Colliers"><img alt="" class="image-article-full-width-580px" height="425" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/55_clarke.png?itok=xXGYYG8c" title="The 55 Clarke Street project render from the street - image: Colliers" width="580"></a>

<figcaption>The 55 Clarke Street project render from the street - image: Colliers</figcaption></figure>
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A Southbank super site goes to market

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Three years after making moves to enter the Melbourne property market, developer Woodlink is poised to realise two significant projects.

Active in southern China, Woodlink turned its attention to Melbourne three years ago with intentions of developing sites in both East Melbourne and St Kilda Road. Lodged with Port Phillip during mid 2015, 424-426 St Kilda Road's pending sales launch as Illoura House heralds another luxury residential development for the boulevard.

The Bates Smart-designed Illoura House carried a nominal development value of $155 million whilst at planning, and is a mix of private and 'executive' apartments.

<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/image293.jpg" rel="gallery-all" title="Illoura House in context. Image: Bates Smart"><img alt="" class="image-article-full-width-580px" height="368" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image293.jpg?itok=hJxhvfEP" title="Illoura House in context. Image: Bates Smart" width="580"></a>

<figcaption>Illoura House in context. Image: Bates Smart</figcaption></figure>Illurra House is a reference to the long-gone <a href="https://www.facebook.com/permalink.php?story_fbid=310223925996211&amp;id=258304471188157">mansion which was built onsite circa 1889</a> in the Victorian Italianate style. It contained forty-six rooms and maintained a highly decorative rendered facade plus an architecturally significant ornate central tower.

The modern-day Illura House will hold significantly more rooms, split between approximately 160 apartments and a similar number of executive apartments managed by Marriott International. Colliers have been tasked with handling the apartment sales campaign.

Replacing a smaller-scale office building onsite, the intended 18 level tower will reach almost 59 metres in height and hold an approximate gross floor area of 55,500 square metres. This hefty figure makes Illura House one of the largest current residential projects in Melbourne by net sellable area.

In addition to the living spaces and various amenities, retail is included across the tower's lower levels; at planning 840 square metres of retail were sought over three tenancies.

<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/image292.jpg" rel="gallery-all" title="A view down St Kilda Road. Image: Colliers"><img alt="" class="image-article-full-width-580px" height="367" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image292.jpg?itok=ykDeqhX0" title="A view down St Kilda Road. Image: Colliers" width="580"></a>

<figcaption>A view down St Kilda Road. Image: Colliers</figcaption></figure>Woodlink is also behind a second project in East Melbourne which has changed use from residential to hotel/serviced apartments.

Urban.com.au covered the <a href="/news/is-this-melbournes-most-exclusive-and-expensive-apartment-development">original planning application</a> which called for lavish apartments within a 27 storey residential tower. The smallest apartment within 502 Albert Road was to have been 108 square metres, with the three bedroom apartments averaging 220 square metres and the penthouse a whopping 372 square metres.

Ultimately though the Denton Corker Marshall-designed tower was significantly reworked, and at a lower height, to include a higher number of smaller-sized apartments in line with its current purpose.

With approval granted, Woodlink anticipates construction to commence this year with a 2020 completion date targeted.

<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/project_502-albert_st-1280x845.jpg" rel="gallery-all" title="East Melbourne's Albert Street is in line for a new addition. Image: Woodlink"><img alt="" class="image-article-full-width-580px" height="383" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/project_502-albert_st-1280x845.jpg?itok=i0FHaYB-" title="East Melbourne's Albert Street is in line for a new addition. Image: Woodlink" width="580"></a>

<figcaption>East Melbourne's Albert Street is in line for a new addition. Image: Woodlink</figcaption></figure>
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Woodlink double up for their Melbourne debut

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What seemed like a relative lull in activity within Fishermans Bend has been busted in recent weeks as the Urban Renewal Area experiences an intense period of development activity. Land transactions lead the way with a host of sites capable of accommodating developments of various sizes on the market.

As many as a dozen sites within Fishermans Bend are currently offered for sale, signalling a spike in activity within the precinct which has seen seldom few projects released for public purchase thus far.

Of the sites for sale, two come with planning approval. 199-201 Normanby Road is the largest and includes provision for 262 apartments whilst 179 Gladstone Street is a more modest schemes that unsuccessfully launched as Custom Apartments.

<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/image37_5.jpg" rel="gallery-all" title="Prospective and potential Fishermans Bend apartment developments"><img alt="" class="image-article-full-width-580px" height="256" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image37_5.jpg?itok=5Zf68MUX" title="Prospective and potential Fishermans Bend apartment developments" width="580"></a>

<figcaption>Prospective and potential Fishermans Bend apartment developments</figcaption></figure>Beyond those, the balance of sites currently on offer present as future development prospects.

South Melbourne's 90-96 Johnson Street is the largest with Fitzroys assigned to the 4,066sqm site which holds a combined frontage of 106 metres and CitiPower as a prime tenant. CBRE's 112 Munro Street also shapes as a site capable of handling substantial development with the triple fronted 2,023sqm parcel beyond the first round of offers. 

Generally smaller in nature, the balance of sites are touting development potential of up to 18 levels with 12 Thistlethwaite Street a prime example.

<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_7.jpg" rel="gallery-all" title="272-280 Normanby Road is set for redevelopment. Image: proUrban"><img alt="" class="image-article-full-width-580px" height="661" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image33_7.jpg?itok=sLmqhgSj" title="272-280 Normanby Road is set for redevelopment. Image: proUrban" width="580"></a>

<figcaption>272-280 Normanby Road is set for redevelopment. Image: proUrban</figcaption></figure>In planning happenings three separate projects have recently entered the statutory approvals process.

118 Bertie Street Port Melbourne is subject to an 18 storey mixed use development comprising residential apartments and commercial space over a site which is currently utilised by the Power Group. Further Laconia House at 179-185 Normanby Road Southbank is also subject to a retail, commercial and residential tower proposal. 

The tower would reportedly stand at 150 metres and include 318 apartments.

Also at planning is 272-280 Normanby Road which was <a href="http://www.theage.com.au/business/property/owner-seeks-to-flip-fishermans-bend-landholding-20160607-gpdk94#ixzz4AvSxLGqS">recently put on the market according to Fairfax.</a> Consultancy proUrban is running with a Hayball-designed scheme for a tower covering the site, although it remains unclear if the image above and what has been submitted for approval onsite are one and the same.

The wraps are also off 202-204 Normanby Road with City of Port Phillip providing detail on the project which would see 284 apartments created over a 40 level structure.

The flurry of land activity looks set to unleash an upswing in project releases within Fishermans Bend. Developer Third Street's P.M. Port Melbourne is set to create approximately 500 apartments for the precinct whilst Portal Properties' 181 Ferrars Street looks is likely to become the next project to head to 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/image32_3.jpg" rel="gallery-all" title="89 Lorimer Street has been sold. Image: Colliers"><img alt="" class="image-article-full-width-580px" height="359" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image32_3.jpg?itok=m0LAZ41-" title="89 Lorimer Street has been sold. Image: Colliers" width="580"></a>

<figcaption>89 Lorimer Street has been sold. Image: Colliers</figcaption></figure>At the foot of Fishermans Bend's Lorimer Precinct, 89 Lorimer Street has found a new owner with Colliers recently announcing a private offshore property developer has secured the site. With approval for 940 dwellings, the scheme was sold by local developer Little Projects after they managed to gain planning approval for the site which sits behind Mirvac's Yarra's Edge precinct.
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Buy this, sell that; Fishermans Bend begins to run hot

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The commercial sector's apparent disinterest in the western end of La Trobe Street has given rise to one of Melbourne's premier residential development sites. At the foot of Victoria Harbour, 1000 La Trobe Street has emerged as The Millennium Site, a 6,007sqm land holding with the ability to hold approximately 600 apartments.

Land owner Digital Harbour Holdings has chosen to sell the prime site following years of staggered activity within their Digital Harbour Precinct, seeking instead to capitalise upon fervent market conditions which continues to seen strong prices achieved for inner city development sites.

Selling agent Colliers International is preparing for a tide of interest from both local and international developers as The Millennium Site represents the largest single development site currently available in the City of Melbourne. The current approved commercial scheme has been superseded with the below concept, yet still allows for a total of 47,940sqm of residential living gross floor area.

<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/image134_1.jpg" rel="gallery-all" title="Artist's impression of a revised 1000 La Trobe Street. Image courtesy Colliers"><img alt="" class="image-article-full-width-580px" height="980" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image134_1.jpg?itok=MJETN2KL" title="Artist's impression of a revised 1000 La Trobe Street. Image courtesy Colliers" width="580"></a>

<figcaption>Artist's impression of a revised 1000 La Trobe Street. Image courtesy Colliers</figcaption></figure><h2>What they say</h2>

<blockquote>
The Millennium Site forms part of Melbourne’s waterside precinct which will benefit from the redevelopment of Harbour Esplanade. Situated between Southern Cross Station, Etihad Stadium, New Quay, the waterfront, and the soon to be announced E Gate precinct, The Millennium Site will be a key element within a highly connected precinct linking the Melbourne CBD to the Docklands waterfront.

There is a tram stop on the doorstep of the site and developers will be able to capitalise on the uninterrupted water and CBD views from the upper levels of any potential future development. CBD development sites are becoming increasingly popular among developers as central CBD precincts become more tightly held.”

Melbourne as a city has a diminishing supply of prime residential development opportunities, with development sites increasingly hemmed in by adjoining buildings. Docklands is not as intensively developed on a site-by-site basis, so it is becoming increasingly desirable for residential development because there are more opportunities to optimise both built form outcomes and future view lines.
<cite>Trent Hobart, Colliers International media release</cite>
</blockquote>

<blockquote>
Docklands is also becoming more connected to the CBD. Whereas once Docklands was thought of as a very separate precinct, new roadways, pedestrian access and tram super stops have seen it become increasingly thought of as part of the western core of the CBD.
<cite>Bryson Cameron, Colliers International media release</cite>
</blockquote>

<h2>All washed up</h2>

A string of commercial developments at the Docklands end of La Trobe Street have failed to materialise in recent years, much to the delight of residential developers. Subject to a low-rise commercial development, <a href="/new-apartments/695-699-la-trobe-street-docklands-vic-3008">695-699 La Trobe Street</a> is now with Salta Properties seeking approval for a 303 apartment development while the neighbouring 685 La Trobe Street development site was sold to a residential developer following its unsuccessful commercial leasing campaign.

Diagonally opposite The Millennium Site, Chinese-aligned Capital Alliance Investment Group is delivering <a href="/buildings/m-docklands-679-la-trobe-street-docklands">M Docklands</a>, a mixed-use residential and hotel tower that backs onto Etihad Stadium. The residential prospects of The Millennium Site coupled with the five most recent development site sales in Docklands averaging $7000/sqm points to the inherent value that this emerging Docklands residential pocket holds.
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Opportunity arises from a failed Digital Harbour development

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The focal point of Carlton's former CUB Brewery site has been placed on the market after CEL Australia elected to move on the approved development scheme rather than develop the asset. Situated over 2,927sqm, yet part of the larger brewery site spanning an entire block, 8 Bouverie Street is the marquee portion of the urban renewal project.

Representing the largest permitted apartment development site offered for sale since 2013, 8 Bouverie Street was <a href="/news/city-of-melbourne-grapples-with-cels-156-172-victoria-street">most recently covered</a> by Apartments.com.au during August 2014. Initially known as 156-172 Victoria Street, the newly christened 8 Bouverie Street is offered with a massive 1,035 apartments, retail space plus 222 car and 378 bicycle spaces.

Conceived and subsequently refined by Elenberg Fraser, selling agent Colliers believes 8 Bouverie Street will be attractive to developers the world over due to its sheer size and landmark location. And it is this location behind the retained bluestone facade of the brewery which was earmarked for a landmark tower as early as 2007 when site purchaser Grocon instigated an overall site masterplan.

At 78 levels it will be the tallest tower within the northern reaches of Melbourne's skyline and highly recognisable given its position straddling the border between Melbourne and Carlton.

<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/8_bouverie_hero_custom.jpg" rel="gallery-all" title="8 Bouverie Street. Image courtesy Colliers"><img alt="" class="image-article-full-width-580px" height="1377" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/8_bouverie_hero_custom.jpg?itok=Kww2CLgv" title="8 Bouverie Street. Image courtesy Colliers" width="580"></a>

<figcaption>8 Bouverie Street. Image courtesy Colliers</figcaption></figure><h2>What they say</h2>

<blockquote>
This property is a genuine opportunity for developers on a world wide scale. We anticipate demand from local institutions and large scale developers from Australia and across the globe. It’s rare to be able to buy a site of this magnitude that is ready to be developed.

The location is prime, the timing is right with almost no competition with other large scale projects in the Melbourne CBD, and the residential market is strong. The site is situated right in the middle of Melbourne’s world renowned Melbourne University and RMIT campus precincts and, being on the doorstep of the Melbourne CBD, it remains distinctly residential.
<cite>Trent Hobart, Director of Development Sites, Colliers International</cite>
</blockquote>

<blockquote>
With the recent change of State Government, we expect to see the flow of approved planning permits become more moderated while the new government settles in. This will only serve to increase the value of approved permits to developers in the short to medium term, making opportunities such as this one at 8 Bouverie Street quite rare.
<cite>Bryson Cameron, Manager of Development Sites, Colliers International</cite>
</blockquote>

<h2>Comment</h2>

The above statement is telling in that a certain level of ambiguity currently surrounds Victorian state planning, with new minister Richard Wynn on hiatus and changes flagged to the planning approvals process which point toward fewer larger towers gaining approval. Could it be that 8 Bouverie Street holds an ace in that it carries planning approval, while many other proposals (of which there are indeed many) may never be nothing more than paper developments?

Only one residential skyscraper of any note has been submitted for approval since the November 2014 state election; evidence that holiday period aside, developers look to be taking a more circumspect position toward seeking planning approval given the uncertainty in recent months.

If stature is determined by height and apartment numbers, 8 Bouverie Street heads the pack in terms of marquee Melbourne development sites; in due course the sales campaign result will be interesting on many levels.
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