A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

Sherpa Group has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at Flourish Soleira in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

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"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

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The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

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The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

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Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with Flourish Amargo, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Joel Robinson

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

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The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

[smartcode_project:default project_id=426 project_image_fid=360300]

What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

Elevated amenity anchors daily life at Aeris, Melrose Park

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

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"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

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Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

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Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

Commercial

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NAB Asset Management, the wealth management division of National Australia Bank, has acquired close to 75% interest in Orchard Street Investment Management, a £4 billion ($7.34 billion) London-based fund focused on investments in commercial property assets within Britain.
NAB Asset Management executive general manager Garry Mulcahy told the Australian Financial Review the acquisition of Orchard Street was a stand-alone investment that is unrelated to National Australia Bank’s existing British commercial real estate loan portfolio.
Founded in 2004, Orchard Street is invested in commercial property assets across the industrial, office and retail sectors.
Chris Bartram will remain as chairman, and Philip Gadsden as managing partner.
Controlling majority interests in 12 investment boutiques with $178 billion in funds under management, the investment in Orchard Street add $5.5 billion to NAB wealth division’s total funds under management.
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NAB Asset Management acquires 75% in Orchard Street Investment Management

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Commercial, industrial and retail all in slow upswing

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A harbourfront residential development site in Neutral Bay has been sold for $6.6 million.
Phillip Wolanksi's <a href="https://www.realcommercial.com.au/property-land+development-nsw-neutral+bay-501186087" target="_blank" style="line-height: 1.3em;">Wolcar Pty Ltd sold its 813 square metre site at 117 Kurraba Road</a>.
It sold after auction to the Norfolk Group through Sam Brewer and Aaron Hatch from JLL in conjunction with Tim Abbott and Richard Harding from LJ Hooker Mosman.
The site had approval for four apartments. 
With 20 metres harbour frontage, it has an existing block of six strata title apartments which were consolidated around 2008-2009.
 
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Neutral Bay harbourfront site sold at $6.6 million

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A retail unit in Doncaster East has sold for $860,000, reflecting an increase in value of more than 100% in four years.
Shop 10 in the Devon Plaza strip shops at 958 Doncaster Road last traded four years ago for $400,000, according to RP Data.
The sale, which was conducted by Chris Alcock of Gorman Kelly, was also 31% more than it was expected to achieve at auction.
The single storey 49.5 square metre retail freehold is zoned Commercial 1 and currently leased to Canine Elegance.
The tenant has a new three-year lease with a three-year option that began in August this year for a yearly rent of $31,200, plus GST and outgoings. 
The lease includes 5% annual rent increases with a market review if the option is exercised. The lease agreement reflects a yield of 3.6% for the new owners, while the previous landlord was banking 7.8%.
Agent Chris Alcock says the sale reflects how hotly contended affordable commercial investments area among small investors and self managed super funds.
 
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Doncaster retail sells at $860,000

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Commercial Property Group is supporting the event ‘Ride For Kalydeco’.
Alex Strachan is riding his jet ski from Cronulla to Port Macquarie in order to raise money to increase awareness for Kalydeco – a drug that targets the cause of Cystic Fibrosis.
Strachan plans to raise $25,000.
The Commercial Property Group staff will be at South Cronulla beach from 7am on October 4 to see Alex off.
For more information you can visit the website: <a href="https://www.rideforkalydeco.com.au" target="_blank">www.rideforkalydeco.com.au</a>
Donate <a href="https://www.chuffed.org/project/ride-for-kalydeco" target="_blank">here</a>.
Kalydeco is the first medication that fixes the underlying CF defect. Kalydeco represents a major breakthrough in CF research as current medications only treat the symptoms, not the cause.  Kalydeco adds approximately 18 years to life expectancy of a CF sufferer; the less damage there is when Kalydeco is started, the more years that can be added to lives. 
Doctors in Australia have found that cystic fibrosis patients who surfed had healthier lungs than non-surfing CF patients. 
They found that the inhalation of a sterile saltwater mist helps clear the thick, sticky mucus from the lungs and therefore a beneficial therapy to CF patient.
As a result of this discovery, hypertonic saline was developed to mimic a “surf session” for CF patients.
 
Main image courtesy of Ride For Kalydeco.
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Commercial Property Group supporting cystic fibrosis treatment awareness

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A Chinese developer has paid $7.6 million for a 1334 square metre property in Kew.
Savills brokered the tender sale of 140-142 Cotham Road.
<a href="https://www.realcommercial.com.au/property-land+development-vic-kew-501264539" target="_blank">It has a permit to develop 33 apartments and four stores</a>.
The property sold at $4.76 million in 2010.
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Kew development site sold at $7.6 million

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The fault line between Redfern and Chippendale continues to blur with the $4.1 million sale of a unique commercial and residential melange on the Redfern side of the tracks.
The two buildings at 146 and 148 Abercrombie Street have a combination of gallery space, upper-level studio and office space in 148 while next door has ground floor warehouse space and mid-level office area that is crowned by a New York-style loft apartment. 
The package comes with two bedrooms, two bathrooms and parking for one. The land area is 316 square metres and the building area is 599 square metres. 
The vendor was Associated Displays Pty Ltd – which is owned by a couple from the NSW Central Coast (she inherited it from her father along time ago). It is likely the buildings will be converted in a single residence.
The corner building at 146 is leased until November 2014 for $51,999 without an option creating an immediate opening for rental growth. The adjoining property is subject to a lease until August 2015 with a three-year option for $27,851 a year. It was sold by First National Spencer &amp; Servi’s David Servi.
Based on these figures the current yield would be 1.9% in an area that attracts a residential yield of 3.8%
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$4.1 million Redfern residential conversion sale

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The Reserve Bank of Australia (RBA) is discussing additional steps that might be taken to reinforce sound lending practices, particularly for lending to investors, with the Australian Prudential Regulation Authority (APRA).
"The composition of housing and mortgage markets is becoming unbalanced," the RBA said in its latest bi-annual Financial Stability Review, issued today.
It also noted that "with attractive yields on Australian commercial property, many of the dynamics evident in investor housing are also playing out in this market, increasing the vulnerability of the commercial property market to a price correction".
The Reserve Bank noted that the low interest rate environment and, more recently, strong price competition among lenders had translated into a strong pick-up in growth in lending for investor housing.
"As a result, the composition of housing and mortgage markets is becoming unbalanced, with new lending to investors being out of proportion to rental housing’s share of the housing stock.
"Both construction and lending activity are increasingly concentrated in Sydney and Melbourne, where prices have also risen the most."
The bank observed that the risks are likely to be macroeconomic in nature, rather than direct risks to the stability of financial institutions.
"Property investors in Australia have historically been at least as creditworthy as owner-occupiers, and mortgage lending standards remain firmer than in the years leading up to the financial crisis.
"Even so, a broader risk remains that additional speculative demand can amplify the property price cycle and increase the potential for prices to fall later, with associated effects on household wealth and spending.
"These dynamics can affect households more widely than just those that are currently taking out loans: the households most affected by the declines in wealth need not necessarily be those that contributed to heightened activity. Furthermore, the direct risks to financial institutions would increase if these high rates of lending growth persist, or increase further."
It suggested the apparent increase in interest-only loans by both owner-occupiers and investors might also be consistent with increasingly speculative motives behind current housing demand.
"At this stage the main risk from this strong investor activity appears to be that the extra demand may exacerbate the housing price cycle and increase the potential for prices to fall later."
On the commercial property front, the bank noted strong demand for commercial property continued to boost prices, especially for CBD office and industrial properties, despite weak leasing conditions and subdued tenant demand in some states.
"In particular, lower demand from government organisations in Brisbane and mining- related companies in Brisbane and Perth has weighed on conditions in these CBD office markets. 
"By contrast, the Sydney office market, where price rises have been greatest, has been somewhat shielded from the effects of weaker tenant demand, in part because withdrawals of property from the market (particularly the conversion of older office space to residential property) have constrained supply.
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A substantial supply of office properties is under construction or being refurbished and is therefore expected to come online in the next couple of years in Sydney, Brisbane and Perth. 
"Beyond this, industry liaison indicates that the current softness in tenant demand has led to some projects being delayed or cancelled, and building approvals have declined over the first half of this year. Supply-side pressure in the retail sector should remain limited, with the increase in construction activity over the past few years largely related to the refurbishment 80 and modest expansion of existing centres, and construction of large retail centres (occupied by a single retailer).
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"One risk facing the commercial property sector is that a reversal in the strong growth in investor demand might expose the market to a sharp repricing. 
"In particular, inflows of foreign capital could slow or cease once global interest rates start to rise or if conditions were to weaken in foreign investors’ home countries. The risk may also be exacerbated by further weakness in commercial property leasing conditions.
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"Another risk facing commercial property lending, especially lending for new property development, is tenancy risk – that is, the risk that the developer fails to secure tenants for their property and consequently struggles to meet their loan repayments. 
"This risk is higher for developments with a lower precommitment rate. 
"For office property, the strength in investment demand and relative weakness in tenant demand have contributed to a decline in the average precommitment rate, though available data for selected years from the early 1990s suggest it remains significantly higher now than it was in the lead-up to the severe market downturn in the early 1990s."
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Commercial property vulnerability warning as RBA looks to tightened lending options

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The Kingswood Golf Course sale price to ISPT, the unlisted Melbourne property fund manager, has been put at $125 million.
The club announced the sale earlier this month, but without details of the price.
The sale follows the club's merger with Peninsula Country Golf Club. 
Fairfax Media report a member has initiated Supreme Court proceedings to unwind the merger.
ISPT has other residential developments including a 47.8-hectare site in Cranbourne South.
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ISPT outlays $125 million for Kingswood Golf Course

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GUEST OBSERVATION
While location and price remain the biggest considerations for anyone purchasing a new home, smart buyers are starting to look at sustainability attributes and green ratings to decide which home may be a more sustainable long-term investment.
There are a number of rating systems in the market able to assess the energy efficiency of your home.  A <a href="https://www.gbca.org.au/green-star/" target="_blank">Green Star rating</a>, however, is more than just an indicator of energy efficiency, signalling that other environmental impacts such as water use, health impacts and origins of the materials in the building, and the connections to transport have been addressed.
Many buyers are beginning to see Green Star as a mark of quality when they hunt for a new property, and evidence is emerging that a green rating translates into a higher sale price when it comes time to sell.
In the commercial sector, a large range of research – both in Australia and overseas – has found that green buildings deliver consistently higher returns.  One Australian report, <a href="https://www.api.org.au/folder/news/building-better-returns-research-report">Building Better Returns</a> (2011), found that Green Star-rated buildings deliver a 12% ‘green premium’ in value and a 5% premium in rent, when compared to non-rated buildings. 
But is this restricted to the commercial market?
A 2008 study from the ACT, <a href="https://www.eecentre.com.au/eer-house-price-act.pdf" target="_blank">Energy Efficiency rating and house price in the ACT</a>, examined the relationship between (thermal) energy efficiency and house prices, finding that each half-star increase in the FirstRate energy efficiency rating translated into a 2% increase in capital value.
Another broader American study, <a href="https://www.usgbc.org/sites/default/files/ValueofGreenHomeLabelsStudy_July2012.pdf" target="_blank">The Value of Green Labels</a> (2012), involved a pricing analysis of 1.6 million single-family home sales in California from 2007-2012.  The researchers found that, while the average sales price of a non-certified California home was $400,000, a green certification lifted the price by more than $34,800.  This translated into a 9% green premium. 
While many Australians are reluctant to pay more for a green-certified home at the moment, it is almost certain that they will pay less for non-rated, inefficient and unhealthy homes in years to come – so although a ‘green premium’ may not be much, the ‘brown discount’ for inefficient, unhealthy houses and apartments that are expensive to run will be considerable. Such homes would be worth less, and harder to sell on.
Whether a home with a green rating is more valuable right now may be up for debate, but there’s no doubt that a sustainable home uses less energy and water – and that can save you thousands of dollars each year. Add the improved health and wellbeing, and you’ve got more dollars in your pocket and better quality of life.
Romilly Madew is chief executive of the <a href="https://www.gbca.org.au/" target="_blank">Green Building Council of Australia</a>.
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