&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Joel Robinson

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more internation and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

First look: Aqualand joins St Leonards apartment party

<section data-scroll-anchor="false" data-testid="conversation-turn-5" data-turn="user" data-turn-id="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" data-turn-id-container="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" dir="auto">Time &amp; Place’s plans to transform the former David Jones factory building in Surry Hills into a mixed-use residential precinct have gone on exhibition through the NSW Government’s In-fill Affordable Housing pathway.</section>

<section data-scroll-anchor="false" data-testid="conversation-turn-6" data-turn="assistant" data-turn-id="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" data-turn-id-container="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" dir="auto">
The Marlborough House proposal, lodged for the <a href="https://www.apartments.com.au/new-apartments/marlborough-house-47-97-marlborough-street-surry-hills-nsw-2010">47-97 Marlborough Street</a> site, would see the adaptive reuse of the heritage-listed warehouse building alongside the construction of new residential additions and a separate apartment building on the northern portion of the site.

The proposal seeks approval for 172 apartments across three buildings, including 15 per cent affordable housing managed by a community housing provider for at least 15 years from occupation.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="5d1d3c2a-bf13-47d6-a335-7c01102cdee1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.36%E2%80%AFAM.png?VersionId=cjMYrbR.BLUlWH4dar0RVDDo0bG.u2YT" />

Interior view from the Northern Building Penthouse overlooking the park

&nbsp;

The redevelopment is planned for the prominent 3,413 sqm site bounded by Marlborough Street, Goodlet Street and Lansdowne Street, directly opposite Eddie Ward Park and around 200 metres from the Surry Hills light rail stop.

Time &amp; Place acquired the former David Jones building in 2024, marking the first time the property had changed hands in around 50 years.

Designed by Wardle, the proposal centres around the adaptive reuse of the former David Jones factory, originally constructed between 1913 and 1935 in the Inter-War Chicagoesque architectural style.

Wardle noted in its Architectural Design Report that the building “occupies a significant place in the industrial and cultural history of Surry Hills” and at its peak was “the largest department store manufacturing facility in Australia, employing over 800 people and fuelling the growth of Sydney’s fashion and retail industries.”

The practice said the project positions itself “not as an isolated intervention, but as a contributor to the civic, social, and architectural grain of the precinct.”

The proposal would deliver 75 apartments within the retained southern heritage building, 59 apartments within the central addition, and a further 38 apartments within the new northern building fronting Lansdowne Street.

Planning documents show the scheme would comprise a mix of heritage apartments, new-build apartments, townhouses and penthouses.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="57758518-40a3-4b83-958c-d06e96a2cffa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.42%E2%80%AFAM.png?VersionId=VerlX9ST5xgBi8.1_YRsqdWTJeT6ygjs" />Interior View of the Heritage Building Apartment

The development would also include a ground-floor retail tenancy on the corner of Marlborough and Lansdowne streets, rooftop communal open space, a landscaped pedestrian link along the western edge of the site, and basement parking accessed from Lansdowne Street via a car stacker system.

&nbsp;

The scheme emerged from a competitive design process run by Urbis, with Wardle ultimately selected as the winning architect ahead of FJC Studio, TZG, Architectus and Wilkinson Eyre.

The Design Integrity Panel later described several aspects of the Wardle scheme as fundamental to the project, including “the stepped character of the new addition to the north of the site”, the landscaped western pedestrian link, and the “garden arrival” experience separating the original Marlborough House from the heritage addition.

Wardle’s design heavily references the site’s industrial and heritage history, while also responding to the surrounding Surry Hills streetscape.

The Architectural Design Report describes Surry Hills as “a finely grained neighbourhood with beautiful and expressive brickworks throughout the suburb,” with the proposal introducing a material palette intended to sit comfortably alongside the existing warehouse fabric and neighbouring terraces.

The report also outlines the project’s relationship with Eddie Ward Park and the broader landscape context of the area.

“Marlborough House occupies a site of deep cultural memory and the neighbouring Eddie Ward Park is of local ecological significance, where natural systems, topography, and stories have long shaped human experience,” Wardle noted in the report.

The architects said the proposal sought to “rebind built form to Country” through landscape, materiality and the adaptive reuse of the heritage structure.

<img alt="Marlborough House" data-entity-type="file" data-entity-uuid="9ae3f2f9-c85f-477a-a6f8-b43f6cb97c41" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.53%E2%80%AFAM.png?VersionId=B.qUCLqRvJOR.n9CvYcTpaknIX9LuqKZ" />

The project is also being progressed under the NSW Government’s in-fill affordable housing provisions, allowing developments that include affordable housing to access additional height and floor space incentives.

Under the plans, 2,593 sqm of the project’s floor space would be dedicated to affordable housing, slightly exceeding the required 15 per cent threshold.

In its Design Excellence Strategy, Urbis said the project aimed to “sensitively adapt and enhance the heritage-listed building on site through alterations and additions that preserve its historical significance” while delivering “high-quality market and infill affordable housing development in Surry Hills.”

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in&nbsp;<a href="https://www.apartments.com.au/developments/south-melbourne-vic-3205">South Melbourne</a>, and have future projects, <a href="https://www.apartments.com.au/new-apartments/the-wilmot-173-burke-road-28-hope-street-glen-iris-vic-3146">The Wilmot</a>&nbsp;in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>, the redevelopment of the Northcote Plaza, and another tower in South Melbourne.

The developer broke into Sydney just a few years ago with Two Tides in Manly. They have another project nearby, which is at the ultra-luxury end of the market on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach.

It is also continuing to work through the <a href="https://www.apartments.com.au/news/nsw/first-look-time-place-settles-on-design-for-the-chimes-potts-point-redevelopment">redevelopment of The Chimes building</a> on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as a project on <a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Mosman's Redan Street</a>.
</section>

First look: Time & Place unveils Marlborough House redevelopment designs for former David Jones warehouse in Surry Hills

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

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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