Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

Commercial Development

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Plans for Melbourne’s tallest building — 322 metres — have been given the green signal by the Daniel Andrews’ government. 
James Packer’s Crown casino will expand its Southbank site to eight hectares for its $1.75 billion 90-storey tower.
On completion, the 1 Queensbridge Street site will have a 6-star hotel with 388 rooms, 708 apartments, a pedestrian skybridge and visitor attractions.
It will eclipse Eureka Tower by 25 metres. 
Planning Minister Richard Wynne, who had earlier taken a firm hand to curtail over-development of sites, approved the project – which is claimed to represent $2.1 billion in economic benefit - after 12 months of talks with the developer and Melbourne City Council, according to Fairfax Media.
Premier Andrews said the project would create 4000 jobs; 3000 during construction and another 1,000 once up and running.
"It's not just about height though, the quality of this design outcome, particularly the public realm benefits that will be accessible for all Victorians, really mark this out as a very, very special project," Andrews was quoted as saying.
But the decision was met with criticism from several quarters. 
Melbourne City councillor Rohan Leppert from the Greens said the tower "makes a mockery" of new rules for skyscrapers introduced by Wynne last year. This was, he said, "particularly due to the complete lack of setback to Queens Bridge Street and the sheer bulk of the building".
He also questioned why the public had not had any opportunity to have input into the tower decision.
Wynne amended the planning scheme in order to approve the tower, instead of the usual process of first seeking formal feedback from Melbourne City Council.
RMIT Planning academic Michael Buxton was also quoted in the report as saying Crown appeared to have created its own rules for the site.
"There is supposedly a rule in place for projects like this, but there are no rules, and the more powerful you are the fewer the rules," Professor Buxton said.
Crown and its joint venture partner Schiavello Group will pay $100 million towards a community package that will see a $25 million upgrade of Queensbridge square, and $15 million towards Sandridge rail bridge.
Construction is expected to start in 2018 and could take up to six years to finish. 
There will be no gambling within the building.
The announcement comes a day after an Auditor-General report found Victorian Commission for Gambling and Liquor Regulation oversight of gambling and money laundering at Crown Casino was inadequate, said the AAP in a report.
The VCGLR accepted the report and Andrews said if it needed extra government support he would "only be to happy" to provide it.
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prateek24-ezbwHMbNAk

Crown casino wins approval for Melbourne’s tallest tower

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Building firm Bold has opened its new headquarters in Queensland's North Lakes Business Park complete with cafe and million dollar design studio.
The 2,500sqm site at 49 Flinders Parade includes the 500sqm Evolve Design Studio, offices on the second level and a roof top entertainment deck, with lounge and bar.
Bold owner-director Brett Boulton said Bold was focused on developing high-quality displays in strategic corridors, with a total of nine opening or underway and more in the planning stages.
"It is the largest showroom of its kind in Queensland, with full scale kitchen, bathroom, media and bedroom displays, along with every fitting, finish and colour scheme available," he said.
"Over the past six years we've established a reputation in Brisbane, Ipswich and the Sunshine Coast and now is the prime time to expand to the Gold Coast.
"As one of Australia's fastest-growing regions, it is exactly the type of market we want to be in.
"Our plan has always been to have an active presence across the four key growth areas in the South East corner." 
"The Queensland Government's boosted first home owner's grant is stimulating interest at the lower end of the market, allowing first home buyers to get into a brand new home from as little as a couple of thousand in savings.
"At the same time, the low interest rate environment has led to a spike in demand across a variety of market segments, as more people are able to access finance."
For further information visit <a href="https://www.boldliving.com.au" target="_blank">www.boldliving.com.au</a>.
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jonathanchancellor-7SQnKwU6yx

Bold opens new Queensland headquarters

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GUEST OBSERVER
Going green has gone from being a luxury option to a necessity for the built environment sector today.
For cities around the world it has a key role to play in helping to cut their long-term carbon footprint. In Singapore, for example, the built environment is responsible for almost a quarter of our carbon emissions.
To reduce this we need to change not just the way buildings are constructed and run but also the perception of sustainability.
In the early stages of Singapore’s green building movement, green building practices were not perceived to offer any competitive advantage. However, today, we are seeing a shift in mindset with green buildings now regarded as a form of value creation for developers. Adding green building certifications such as Singapore’s Building and Construction Authority’s (BCA) Green Mark to a development’s list of credentials can help boost the developer’s corporate image and the prestige of such developments.
Singapore: A green work in progress
Such moves are driving rapid change. Over the past decade, Singapore has greened almost one-third of its building stock including improving energy and water efficiency, using eco-friendly construction material and creating healthier indoor space. It is well on track to achieving the target of greening 80 percent of all the buildings by 2030 to meet the standards set by the BCA Green Mark certification process.
Other cities can learn from the initiatives used to make progress. The Singapore government, for example, offers incentives for higher green building ratings. One of the most popular for developers is to obtain up to 2 percent additional Gross Floor Area when they achieve higher Green Mark ratings for new developments.
For older buildings, BCA also provides support to building owners to co-fund up to 50 percent of the energy efficiency retrofit cost. We’ve seen that retrofitted commercial buildings can benefit from an increase in their capital value of about 2 percent.
This is proof that profit and eco-consciousness can go hand-in-hand for green real estate.
The rise of green-minded tenants
It’s not just developers embracing sustainability; increasingly, green real estate is driven by tenants. Businesses which strongly advocate corporate social responsibility are increasingly expecting a better indoor environment, lower operating costs and enhanced market value for their spaces.
Once again, governments can help boost demand for sustainable buildings by extending green building certifications to tenants. In Singapore, the public sector champions this by leasing office spaces only from buildings which are at least certified Green Mark GoldPLUS. Public sector events are also required to be held in Green Mark-certified venues.
Real estate intermediaries are also stepping up to meet such demands. Through green leases and green facilities management, they now offer prospective building tenants a way to differentiate themselves by making a positive commitment to the environment, without undermining the viability of their business.
However, there’s a flipside to this as more buildings meet green standards, the additional value these currently provide is likely to decrease. To truly reflect the advantages offered by green buildings, more efforts by real estate appraisers will be required on how best to capture the value of green attributes.
All of this is just the start of a long-term sustainability commitment. The next challenge for cities is to ensure that green building practices are self-sustaining. A critical factor is to have a business environment that values green spaces and the people who created them.
Building for the future
Regulation will have huge impact on the future of green real estate around the world. Following the Paris agreement which came into force on 4 November 2016, sustainability regulations will become even more relevant to global real estate investors. For example, in the European Union, cities will be going beyond just greening buildings, to having net-zero buildings as a regulatory requirement.
Jurisdictions will also be created to mandate public disclosure of building energy use data, further intertwining energy use into decision-making on leasing and investment.
Stepping out of the “business as usual” approach may appear daunting, but with strong industry leadership and greater collaboration among all stakeholders, coupled with a forward-looking mandatory framework, the road to having “future-ready” green buildings and cities is a promising one.
This article by Ang Kian Seng, group director (Environmental Sustainability) at the Building and Construction Authority in Singapore, appeared in <a href="https://www.jllrealviews.com/viewpoint/why-green-real-estate-is-the-way-forward/" target="_blank">JLL Real Views</a>.
 
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jchancellor-FAypfDUnLy

Why green real estate is the way forward

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A Darlinghurst, Sydney island site with a with four street frontages is on the market for the first time in 24 years.
The property, 256 Crown Street, Darlinghurst, has the potential for 40 residential units.
It is on the market through expressions of interest closing March 22.
It is a block bounded by Crown Street, Kells Lane, Foley Street and Langley Street.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/15/Screen%20Shot%202017-02-15%20at%201.41.14%20pm.jpg" alt="">
The listing states the site is 'governed by extremely favourable planning controls for re-development including a 5:1 FSR and B4 Mixed Use Zoning."
Agents Gemma Isgro, Michael Khouri and Nicholas Heaton of CBRE have the listing.
“The market eagerly awaits rare opportunities such as 256 Crown Street, Darlinghurst.
This asset will demand a lot of interest from a wide and varied group of buyers, including investors; developers both locally and off-shore” Ms. Isgro said.
Mr Khouri commented it was "one of the best city fringe investments to hit the market.”
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Darlinghurst island site listed after 24 years

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Sydney based developer Romeciti has purchased a 1-hectare site in Macquarie Park.
The development is located at 82 Waterloo Road, a 2-minute walk from Macquarie Centre and Macquarie University station.
It is also adjacent to a green open space.
“Because of population growth, high paying jobs and quality education, Macquarie Park has become Sydney’s most sought after address, strongly supported by the government,” a representative from Romeciti says.
Romeciti has developed other projects across Sydney, including Manly, Rosebery, Top Ryde, Epping and Eastwood at the Eastwood Central development where $100 million worth of real estate was sold following its launch in December 2015.
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j.ballantyne1990-6AQqhLzZaK

Romeciti secure Macquarie Park development site

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SPONSORED POST
The 2.5% Building Allowance deduction is something most property investors already know about. However, there’s also a 4% Building Allowance available for some buildings.
The Building Allowance (sometimes referred to as the Capital Works Deduction) is a deduction that lets property investors offset the hard construction costs of their investment property against their assessable income.
Hard construction costs may include items such as concrete, brickwork, common property items that are not plant and equipment, and even excavation. This deduction is allowed under Division 43 of the Income Tax Assessment Act (ITAA) 1997, which sets out deductions for Building Allowance.
Now, what’s so good about claiming a 4% Building Allowance? Well obviously the higher the deduction, the less tax you might have to pay.
The Building Allowance is one of those “non-cash deductions”. This means you don’t have to fork out the cash to claim it, you already did when you purchased the property.
For example, if your building was built for $250,000 and the plant and equipment was $30,000 – this leaves a Division 43 claim of $220,000. At 2.5% annually this amounts to a $5500 deduction. At the 4% rate the claim is $8800 per year.
How do you claim the 4% Building Allowance on a property?
Option 1
Buy a manufacturing building where the core activities qualify under Section 43-150 of the ITAA 1997.
Buying a building that qualifies under the industrial activities of s43-150 of the ITAA 1997 is likely to qualify the industrial building for a 4% write off.
For instance, buildings involved in refining petroleum, milling timber, freezing primary products, printing, curing meat, canning or bottling, might qualify.
Other operations that qualify are likely to include buildings in which items are brought in or maintained in the condition in which they are sold. For instance, recently we were able to claim this allowance for a major car manufacturer on the property where its vehicles were serviced.
But not all industrial buildings qualify. If you have purchased a single factory in a complex of 50 factory units, it’s unlikely your building will qualify.
Option 2
If you buy several units that can be defined as “short-term traveller accommodation” you may be able to claim a 4% Building Allowance.
ATO ID 2003/513 has provided clearer definition as to what can now be defined as short-term traveller’s accommodation. Unfortunately, it’s not good news for investors, as most serviced apartments fall back into the 2.5% category.
If your serviced apartment has a kitchen, you should be claiming 2.5% not the 4% building allowance – unless you own 10 in the same building.
Some investors expect to receive the 4% building allowance because they own a holiday house and have it fully furnished. But this type of accommodation does not fit into the category.
The construction needs to have started after February 27, 1992 to be eligible. This type of investment generally has the highest depreciation claim as a proportion of the purchase price. This is in part due to the higher building allowance but also because these types of investments have more plant and equipment in them. They generally have lifts, pools, and also are often fully furnished.
But a high depreciation schedule does not necessarily make a good investment. Many people have been burnt in the past buying these types of investments based upon the available tax deductions.
Any downside?
Surely there must be some downside in claiming the 4% Building Allowance? Well there’s no such thing as a free lunch.
There is one downside: any amount claimed under Division 43 will need to be factored in when calculating your capital gains tax liability. This rule applies generally to assets acquired after July 1, 1997.
But under the principal of “a dollar today is better than a dollar tomorrow”, coupled with the CGT relief allowed, it’s still worth the exercise, especially to higher income earners.
For more news and information about commercial property, visit <a href="https://www.realcommercial.com.au/news" target="_blank">www.realcommercial.com.au/news</a>
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po-LsXgBTHBmX

Building allowance: how 2.5% can become 4%

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The Western Australian State Government is selling an entire townsite with more than 20 freestanding cottages with offers closing January 31.
The listing of Tone River, <a href="https://www.domain.com.au/lot-83-radburn-road-strachan-manjimup-wa-6258-2013236116" target="_blank">Lot 83 Radburn Road, Manjimup</a> WA 6258 says the town ceased working as a wilderness retreat in 2008 and "not a lot has happened since then until now".
The property, 42km's from Manjimup town centre and approximately 335km's from Perth, features a town hall, modern workshop, reception office, undercover BBQ area, beach volleyball court, tennis court and swimming hole.
The total area of land is approximately 39.82 hectares, with two house sites on the property privately owned outright and not part of the sale.
According to the listing it is set up for a group of people or a club to purchase and renovate over time.  
"Yes it's going to need some imagination, hard work and vision, but the end result could be as amazing and as big as you dream it!
"It's zoned Tourism Enterprise under the Manjimup Shire Town Planning Scheme so you can't live here full time (except for a caretakers residence). but you can holiday here as much as you like or create your own holiday centre."
The listing is through Colin Wallbank of LJ Hooker Pemberton. 
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Tone River townsite, WA, listed for sale

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The Sydney developer TWT Property Group has reportedly taken a majority stake in the $40 million amalgamated five-lot residential site including the Mill Hill Hotel at Bondi Junction (above) in Sydney's east.
TWT will develop the site at 59-69 Oxford Street, which comes with a development approval for a mixed residential/commercial project with 70 apartments with original owner, Allen Linz's Rebel Property Group, according to the Australian Financial Review.
It includes heritage conservation works for four commercial terraces at 63-69 Oxford Street. 
TWT and Rebel will develop the 12-storey residential tower with a ground floor public hotel and three levels of basement car parking as a full-equity project.
TWT is formerly known as Auswin TWT.
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TWT to JV with Allen Linz on Mill Hill Hotel, Bondi Junction redevelopment

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Stage one of the $500 million redevelopment of Toowoomba’s Grand Central Shopping Centre has been opened.
Upon completion of the two-level retail galleria precinct in 2017 a walkway will link the existing centre across the railway line.
It will feature Toowoomba's first H&amp;M store.
Buchan Group Director Gerry Holmes said the galleria was carefully crafted to maximise retail sightlines and visual amenity, enhancing the shopping experience.
“Critical to the success of any retail development is its master plan. While remaining flexible, this master plan embodies sound retail planning principles, placement of major tenants, clear pedestrian access, appropriate carparking and circulation, and relevant goods servicing provisions,” he said. 
“The opening marks a 20-year milestone for The Buchan Group, which has worked on all stages of the centre, from its concept design and 1996 opening, to master planning the current redevelopment for QIC during the past ten years.”
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Stage one opened in Toowoomba's Grand Central redevelopment

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The $150 million expansion of Narellan Town Centre in Sydney’s south-west is expected to be complete later this year, with the mall’s floor space set to double to 70,000 sqm. 
The northern section of the Town Centre is due for completion late 2016, with the overall development expected to be completed mid-2017, according to the Buchan Group, which is working on the redesign and upgrade.
Among the improvements is a sky bridge over Camden Valley Way that joins the existing southern shopping precinct to the new northern sector. 
The Buchan Group was appointed by Dart West Developments in 2009 to provide architectural and interior design services to the project, revising the centre’s original design concept to create a modern town centre.
The Town Centre is expected to act as a catalyst for further developments in the area and surrounding suburbs.
The Buchan Group’s project director Anthony Palamara said upon completion the new building would “redefine Narellan Town as a new central hub and town centre for Sydney’s south west”.
“The project brief was developed in conjunction with Council and the owners Dartwest Developments. The process involved the consideration of international and local benchmarking to create a major townscape adorned with hard and soft landscape, flanked by restaurants and an active plaza space,” he said.
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“In terms of standout features, this adjoining sky bridge is the pinnacle of the centre’s extraordinary design as it links the north and south retail precincts seamlessly and effortlessly for shoppers.”
The expanded town centre will rival other major shopping centres in the area, including Macarthur Square in Campbelltown, according to the media release.
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