Brisbane-based developer <a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a> has made a striking debut on the Gold Coast, officially unveiling its $250 million COMO development in Varsity Lakes, a lifestyle-driven residential project anchored by an extensive rooftop wellness and activity precinct.

Having recently launched to market, construction has already been fast-tracked by <a href="https://www.apartments.com.au/builders/5point-projects">5Point Projects</a>, ensuring momentum continues on what is set to become a landmark residential address for the growing Varsity Lakes community.

Located at 22 Lake Street, Varsity Lakes, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO</a> will comprise 156 apartments across 16 levels, comprising one-, two- and three-bedroom residences designed for modern living. However, it is the project’s rooftop amenity offering that sets COMO apart.

[smartcode_project:default project_id=135546 project_image_fid=363510]

Designed as a dedicated wellness and recreation hub, the rooftop will feature a 25-metre lap pool, fully equipped gymnasium, and multiple pickleball and paddleball courts - amenities rarely seen in boutique apartment projects.

Residents will also have access to a sauna and plunge baths, while landscaped gardens and relaxation zones will provide tranquil spaces overlooking sweeping panoramic views across the Gold Coast skyline.

The rooftop precinct has been designed to function as the social and wellness heart of the development, encouraging residents to embrace an active, balanced lifestyle within their own building.

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[smartcode_project:default project_id=135546 project_image_fid=363512]

Red &amp; Co director David Laverty said the amenity offering was central to the project’s design from the outset.

“Amenities were at the forefront of our decisions,” Laverty said.

“Buyers today are looking for more than just an apartment - they want a lifestyle that promotes health, connection and balance.

“The rooftop at COMO has been designed to be the epicentre of that lifestyle, with a suite of wellness and recreation facilities that are quite unique for a boutique development of this scale.”

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[smartcode_project:default project_id=135546 project_image_fid=363514]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, the residences prioritise liveability, featuring spacious layouts, 2.7-metre ceilings and high-quality finishes throughout.

The development sits beside Bond University, placing residents within walking distance of education, retail and dining options within the vibrant Varsity Lakes precinct, including Robina Town Centre, Varsity Lakes Train Station and a range of leading schools.

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Laverty said the location was a key driver behind Red &amp; Co’s decision to bring the project to the Gold Coast.

“<a href="https://www.apartments.com.au/developments/varsity-lakes-qld-4227">Varsity Lakes</a> was a clear choice for us to invest in as it’s a lifestyle hub that seamlessly blends lakeside living with urbanity,” he said.&nbsp;

“Como will capitalize on this great location, delivering a project that not only creates premium homes, but a lifestyle defined by community, wellbeing, and connectivity.”

Red &amp; Co has delivered more than 500 apartments and townhouses across 26 projects in Brisbane in recent years, with COMO marking the company’s first major Gold Coast development.

[smartcode_project_cta:default project_id=135546]

Joel Robinson

Red & Co unveils amenity-rich Como development in Varsity Lakes

Gold Coast developer&nbsp;<a href="https://www.apartments.com.au/developers/big-projects">Big Projects</a> has secured approval for its second Mermaid Beach project.

The developer, currently selling <a href="https://www.apartments.com.au/new-apartments/the-frederick-mermaid-beach-2265-gold-coast-highway-mermaid-beach-qld-4218">The Frederick in Nobby Beach</a>, has secured approval for its next project just 1.5 kilomnetres up the road.

The new development, dubbed&nbsp;<a href="https://www.apartments.com.au/new-apartments/glenelg-residences-2462-2472-gold-coast-highway-mermaid-beach-qld-4218">Glenelg Residences</a>, has been designed by BDA Architecture and&nbsp;will have just under 100 apartments across an 11-storey building&nbsp;at 2462–2472 Gold Coast Highway, on the corner of Glenelg Avenue just under 300m from the future Mermaid Beach Light Rail stop.

The apartments, a mix of two- and three-bedrooms, will sit above a retail-focused ground plane and under extensive rooftop resident amenities.

<img alt="Exclusive: Big Projects plot Mermaid Beach apartment development, Glenelg Residences" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-06-11%20at%209.55.04%20am.png?VersionId=z6NV4izeuvhBSSVlY6vK6TPO1LxrFeaG" />

BDA said in its planning submission that the project is intended to support the area’s transition toward higher-density, mixed-use living. “This project offers the opportunity to generate appropriate higher-intensity development within the future Light Rail corridor of <a href="https://www.apartments.com.au/developments/mermaid-beach-qld-4218">Mermaid Beach</a>,” the submission noted.

At ground level, Glenelg Residences will include eight retail tenancies designed to activate the street frontage, complemented by a basement bar offering an additional hospitality element. Above, residents will have access to a rooftop amenity deck featuring an infinity pool, hot and cold plunge spas, day beds, and barbecue facilities.

The architectural approach adopts a restrained material palette of brick, textured concrete, and integrated landscaping, with cantilevered concrete frames and cascading planting intended to soften the built form. BDA described the design as aiming to create “a memorable sculptural mid-rise mixed-use building” that responds to both its coastal setting and urban context.

<img alt="Exclusive: Big Projects plot Mermaid Beach apartment development, Glenelg Residences" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screen%20Shot%202024-06-11%20at%209.55.45%20am.png?VersionId=cpjIVBqcT_sujmo2UMWkVyLcQ7WGJHaQ" />

The approval comes as the City of Gold Coast continues to plan for significant population growth, with regional targets requiring more than 100,000 new high-density dwellings by 2046.

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Big Projects, led by Matthew and John Barrett, is part of a growing cohort of developers that deliver construction in-house, providing a high level of confidence to prospective purchasers.
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Big Projects secures approval for Glenelg Residences in Mermaid Beach

Sherpa Group is ramping up its investment in the southern Gold Coast by lodging a development application for <a href="https://www.apartments.com.au/new-apartments/flourish-viver-87-griffith-street-coolangatta-qld-4225">Flourish Viveré</a>, a new $350 million project in Coolangatta.

The move comes after the group’s $27 million acquisition of the 2,029 sqm site on the corner of Griffith and Warner Street, last year.

They will develop 194 apartments across a 26-storey tower, which will become Sherpa’s largest project to date.

Viveré will be the next chapter in the Flourish story, following closely behind Amargo, Oasis, and the Avenues in Palm Beach, as well as Symphony in Brisbane, all designed to deliver affordable housing in lifestyle-rich locations, giving locals a real chance to secure a residence close to the beachfront.

The HAL Architect-designed project will offer a diverse range of residences, from one-, two, and three- bedroom apartments to the premium Canopy range to luxury penthouses.

<img alt="Vivere" data-entity-type="file" data-entity-uuid="c85f5a7e-a22f-4745-8def-400adb3c0b35" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-15%20at%209.53.43%E2%80%AFAM.png?VersionId=OY.chur3BPExn1exQ2q8clHqWnW_CaBi" />

“The Gold Coast is undergoing a period of immense growth, with more people drawn to the incredible 
lifestyle that’s available, leading to strong growth in property prices,” said Christie Leet, founder of Sherpa 
Group.

“Our goal at Sherpa is to ensure locals are not priced out of the market in prime locations, which is why we 
created the Flourish collection.

“Flourish Vivere will form the next chapter in our portfolio, and we are so excited to be lodging the DA, marking our first project in Coolangatta.”

A signature of the Flourish developments is the communal rooftop. Flourish Vivere will showcase a private resident’s lounge, outdoor dining with barbecues and pizza ovens, heated pool, fully-equipped gym, and a wellness centre with sauna and steam room.

<img alt="Vivere" data-entity-type="file" data-entity-uuid="c09372cc-aae6-4458-af2e-f291bd19a5e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-15%20at%209.53.49%E2%80%AFAM.png?VersionId=Sc_RLXl5jiff.tnadogXjQJ_WIpDjf3p" />

The project is strategically located to offer a walkable lifestyle, with the Strand shopping centre, cafes, restaurants, shops and the beach, all just a short stroll away.

“We have meticulously planned Vivere to build on the Flourish legacy, creating a truly special project,”&nbsp;Leet added.

“Wellness, lifestyle and community are at the forefront of every decision we make, and that has not 
changed for Vivere.”

With the DA now lodged with the Gold Coast City Council, Sherpa has moved quickly to secure LPS Group as the builder, offering buyers a level of certainty that is rarely seen in today’s market.

Sherpa has delivered 16 residential projects over the past seven years with a pipeline of $1 billion, with more under construction.

Sherpa takes Flourish brand to Coolangatta, lays plans for Flourish Vivere 

S&amp;S Projects is boosting its investment at Rainbow Bay to more than $1 billion after the prolific Gold Coast developer acquired a new site for $20.25 million and immediately laid plans for a new luxury apartment project in the sought-after precinct.

The site, which is the company’s fifth acquisition at Rainbow Bay in the past four years, will be home to the company’s largest project to date after delivering 3 sold-out projects and construction progresses on Radia worth a combined $215m. 
S&amp;S Projects is currently finalising plans for its latest strategic acquisition, a 1,518 sqm site located 209-213 Boundary Street in Coolangatta, with a development application expected to be lodged within weeks.

The luxury residential development will build on the company’s highly successful projects at Rainbow Bay, comprising Flow, Awaken, Esprit and Radia, with Radia currently under construction by Hutchinson Builders.

“We have been unflinching in our commitment to Rainbow Bay and the transformation we have helped drive in this incredible part of the Gold Coast, which is among the city’s most desirable residential locations,” said S&amp;S Projects founder and director Paul Gedoun.

“Our fifth project will reflect the best of what we have done so far to create a lifestyle precinct that is second to none.”

The latest development, which has yet to be named, is proposed to accommodate 88 luxury apartments in a design that will immerse residents in a unique wellness lifestyle that expands on the legacy of S&amp;S Project’s earlier developments at Rainbow Bay.

The development will feature an expansive rooftop garden and wellness centre with a resort- style pool, among a host of lifestyle amenities planned for residents.

“Rainbow Bay, with its beautiful, protected beach and alongside one of the world’s best surf breaks at Snapper Rocks, is the natural wellness heartland of the Gold Coast,” said Gedoun.

“We are taking every advantage to create a truly unique rooftop wellness experience with a natural feel for residents, offering stone features throughout and an underlying theme that emulates a botanical garden.”

The latest acquisition comes as S&amp;S Projects is at the completion of Esprit and construction continues on Radia, which are part of their significant portfolio undertaken by the company at Rainbow Bay since 2022.

The $215 million Radia, which comprises 38 apartments, is currently the flagship development by S&amp;S Projects at Rainbow Bay which is expected to be completed in 2027.

Jayde Pezet, of Pezet Matheson, which has managed sales and marketing for S&amp;S Projects across their Gold Coast portfolio, emphasised the developer’s commitment to continuous improvement and excellence.

“S&amp;S Projects continue to elevate the benchmark of luxury with each development," Pezet said.

“We have worked with S&amp;amp;S on their 4 other projects in Rainbow Bay and their approach reflects a team that is constantly learning, refining, and pushing the standard higher.

“Their hyper-local knowledge and deep expertise within the luxury property sector are what truly set them apart, allowing them to deliver projects that feel both globally sophisticated and authentically connected to their coastal environment”

S&amp;S Projects plans to officially launch its latest project at Rainbow Bay in the second half of this year.

“As we embark on our largest project yet, we have pulled out all stops to create another landmark development that truly reflects the relaxed southern Gold Coast lifestyle,” Gedoun added.

S&S buys $20m Rainbow Bay site for fifth beachside apartment project

Japandi, an emerging design trend that combines Scandinavian functionality with Japanese rustic minimalism, remains relatively untested in Australia’s residential development market.

As developers look to differentiate their projects and offer something distinct to buyers, Brisbane-based developer Lantona has embraced the hybrid style for its recently launched Toowong apartment project, <a href="https://www.apartments.com.au/new-apartments/koya-residences-6-josling-street-toowong-qld-4066">Koya Residences</a>, with early response to the design proving positive.

Lantona entrusted Red Door Architecture and interiors practice Luma Design Co with delivering the Japandi brief. The approach blends Japanese minimalism with Scandinavian functionality, emphasising warm, restrained interiors, natural materials and clean lines. Drawing on the Japanese concept of wabi-sabi (beauty in imperfection) and the Scandinavian principle of hygge (comfort and cosiness), it creates serene, uncluttered and sustainable living environments.

These design principles are expressed throughout the Josling Street development, both in its exterior form and across the 40 one-, two- and three-bedroom residences within.

[smartcode_project:default project_id=150787 project_image_fid=366229]

Koya reflects a deliberately scaled approach, with the five-storey form designed to align with the surrounding residential streetscape rather than dominate it.

“Koya is conceived as a building that sits comfortably within its surroundings. Every decision, from material selection to spatial planning, has been guided by long-term liveability and enduring relevance,” the developer said.

[smartcode_project:default project_id=150787 project_image_fid=366243]

Positioned within an established inner-west neighbourhood, the development sits near riverfront parklands and the Bicentennial Bikeway, while remaining within walking distance of Toowong Village and multiple public transport options connecting to the CBD, St Lucia and West End.

Lantona said the location was central to the project’s conception, pointing to Toowong’s balance of green space, transport access and proximity to major education institutions.

“<a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> combines river access, walkability, immediate CBD connection and a strong educational presence. That balance made it the obvious setting for Koya.”

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Communal amenity is concentrated on the rooftop, where a shared retreat will include a pool, dining areas and outdoor spaces oriented towards neighbourhood and city views. The design allows for both private use and small gatherings, extending the living environment beyond individual apartments.

Koya enters the market at a time when smaller-scale developments are becoming less common in established suburbs, with many recent projects in the suburb shooting for the sky.

In a nod of confidence,&nbsp;<a href="https://www.apartments.com.au/builders/brisbane-builders">Brisbane Builders</a>&nbsp;has already commenced construction on the building, which is slated for completion in early 2027. Keenan &amp; Byrne is marketing Koya.

[smartcode_project_cta:default project_id=150787]

Japandi-inspired Koya Residences launch in Toowong

Cromwell Property Group

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The real estate investor and manager Cromwell Property Group has secured approval for a $350 million mixed-use expansion of its existing Collins Street property in Melbourne’s Docklands Precinct.

The plans are to add a 55-storey mixed-use building to the site at 700 Collins Street which currently homes a 17-level, A-grade office tower which Cromwell have owned since 2004.

The new mixed-use building will comprise 265 apartments, a 4.5 star, 182 room hotel and further 13,000 sqm of office space across 13 levels, as well as a four-storey podium car park with 199 spaces.

The apartments will be a mix of studio, one, two and three bedroom apartments with residents having access to concierge services, a swimming pool and a cafe.

Bobby Binning, Cromwell’s Head of Property, says The Docklands area has come a long way since they purchased 700 Collins Street in 2004.

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"As one of the first commercial towers in the area, we saw the potential early and are now looking forward to investing further in the precinct.”
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“Overall, Cromwell has line-of-sight to a c$1.1 billion pipeline of new value add development opportunities, and this will be another good example of what we can do in this area.”

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Cromwell secures $350 million expansion approval of mixed-use Collins St, Melbourne tower

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Real estate investor and manager Cromwell Property Group (Cromwell) has lodged a development application (DA) for 700 Collins Street in Melbourne CBD’s Docklands Precinct.
The DA is for a $350 million, 55-storey mixed-use development comprising office, hotel and apartment living, as well as a four-storey podium car park with 199 spaces.
The office aspect consists of about 13,000 square metres of additional A-grade office space across 13 floors.
The DA also proposes up to 265 studio, one, two and three-bedroom apartments for which Cromwell is considering a build-to-rent model.
A suite of additional amenities including concierge services, swimming pool and café will also be available.
The DA also includes a 4.5-star, 182-room full-service hotel.
Cromwell’s Head of Property, Bobby Binning, said: “This is another exciting value-add development opportunity for Cromwell and follows hot on the heels of the $75 million development approval received at Chatswood on Sydney’s North Shore.
“The success of our asset recycling initiatives is evidenced by the recent sale of Northpoint Tower, following a $130 million redevelopment which boasts extensive culinary options as well as a rooftop bar, an eight-storey, 187-room Vibe Hotel complete with conference facilities, as well as a rooftop pool and gym.”
Cromwell has recently completed a $375 million institutional placement, executed a new three-year €225 million syndicated facility and announced the $300 million sale of its 50% interest in Northpoint Tower.
The Collins Street site is adjacent to the Southern Cross Railway Station.
The proposed development will provide 360-degree views across Port Phillip Bay, Docklands and the Melbourne CBD.
Considered the gateway to the Docklands Precinct at the western end of Melbourne’s CBD, Cromwell acquired 700 Collins Street in October 2004.
The building is a 17-level, A-grade tower, comprised of both office and retail space, as well as a newly refurbished end-of-trip facility.
it provides tenants with a refurbished lobby, large floor plates, excellent natural light, panoramic views, access to public transport and a high car park ratio.
The site is located a short walk from Marvel Stadium and benefits from easy access to retail and other amenity along Collins Street and the wider Docklands Precinct.
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j.ballantyne1990-6AQqhLzZaK

Cromwell lodges application for $350 million mixed-use development at 700 Collins Street, Melbourne

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Brisbane-based fund manager Cromwell Property Group are set to purse over $1 billion worth of strategic growth opportunities across Australia and Europe.
Cromwell have announced an underwritten $375 million institutional placement at a fixed issue price of $1.15 per new security.
They have identified a number of strategic growth opportunities across both its indirect and direct property investment segments.
The opportunities will be funded with proceeds from the equity raising, recycling of existing capital and introduction of new capital partners.
The proceeds, along with recycled capital from asset sales, will provide funding for over $1 billion of value-add development opportunities across Cromwell’s existing Australian Core+ and Active real estate portfolio.
Cromwell CEO Paul Weightman said: "Cromwell continues to identify value enhancing investment opportunities across both its Indirect and Direct Property Investments that will deliver significant medium term growth in enterprise value for Cromwell and realise significant capital returns for securityholders.
"The Equity Raising will provide certainty of funding to pursue these opportunities, strengthen the balance sheet and allow for growth in distributions.”
“Cromwell has identified over $0.5 billion of high quality Australian core office opportunities and over $0.5 billion of office and retail opportunities in Europe which are ideally suited to our ‘Invest to Manage’ strategy.
"The warehousing of these opportunities will allow us to seed new funds, co-invest alongside our global capital partners and accelerate growth of assets under management (AUM).”
“Finally, Cromwell will also look to use the proceeds from the Equity Raising along with recycled capital from asset sales and sell down of new funds to deliver over $1.0 billion of accretive value add development opportunities across the existing Australian balance sheet portfolio.”
Cromwell have reaffirmed the FY19 guidance of operating profit of no less than 8.00 cps and distributions of 7.25 cps2.
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jrobinson-rf4aSBido9

Cromwell Property Group identify $1 billion worth of growth opportunities

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Brisbane-based fund manager Cromwell Property Group is seeking to acquire London-listed RDI REIT.
Cromwell confirmed this morning to the ASX it has made an approach to the board of RDI regarding a potential transaction.
"Any transaction would be consistent with Cromwell’s strategy to work with our capital partners to grow funds under management and continue to expand its investment footprint in the UK and Europe." the submission said.
Over half of Cromwell’s $11.5 billion of assets under management as at 31 December 2018 is concentrated in Europe.
Discussion are ongoing between the parties.
"There can be no certainty that a formal offer will be made nor as to the terms of any offer," Cromwell Group went on to say.
By law, Cromwell is required to have announced a firm intention to make an offer or announce it does not intend to make an offer by April 23.
The deadline can be extended with the consent of the UK Takeover Panel.
RDI, whose largest investments include Wigan's Grand Arcade, St George's Shopping Centre in Harrow and West Orchards Shopping Centre in Coventry, is independently valued at £1.65 billion.
Their shares last closed at £1.30.
 
 
 
 
 
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Cromwell Property Group make approach to acquire London-listed RDI

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The last two weeks have yielded planning news on four separate hotel developments across Sydney, and that trend continues with two additional hotel developments on the agenda.

Sydney's general upswing in hotel accommodation is seeing thousands of new rooms either proposed or at construction over a multitude of sites. Looking to join the fray are Cromwell Property Group and established hotel developer Pro-invest Group.

Cromwell's hotel play encapsulates their existing twin tower office complex at Chatswood's 475-501 Victoria Avenue. The 6,030 square metre site includes a net lettable area of 24, 970 square metres over the two buildings, along with substantial underutilised spaces to major frontages.

It's these areas which Cromwell are looking to exploit with a $75 million build expected to deliver a new high-rise hotel and additional office space on the diagonally opposite corner.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/image108.jpg" rel="gallery-all" title="Site aerial and intended ground plan. Images: Philip Chun / Nettletontribe"><img alt="" class="image-article-full-width-580px" height="224" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/image108.jpg?itok=ujjGDrha" title="Site aerial and intended ground plan. Images: Philip Chun / Nettletontribe" width="580"></a>

<figcaption>Site aerial and intended ground plan. Images: Philip Chun / Nettletontribe</figcaption></figure>While the additional office area comes by way of a four level stand-alone building primarily fronting Victoria Avenue, project architect Nettletontribe has also added a 17-storey hotel development fronting Brown Street. 156 hotel rooms are included within the tower.

The 60.9 metre building also includes a variety of amenities such as a restaurant, gym, pool, bar and conference centre. The hotel's inclusion will also spark a major refurbishment and landscaping of the site's ground floor 

Cromwell's intentions to deliver a hotel on the Victoria Avenue site would see an eventual operator pitched into the busy Chatswood hotel sector; Quest, Sebel, Mantra, Meriton and Sikari currently have a presence in the suburb which is little more than 10 kilometres from Sydney's CBD.

Meanwhile, Mascot's 2-8 Sarah Street is drawing closer to development at the hand of Pro-invest Group.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/image106_1.jpg" rel="gallery-all" title=" View Robey Street and O'Riordian Street. Planning image: SJB"><img alt="" class="image-article-full-width-580px" height="350" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/image106_1.jpg?itok=WGEhin_Y" title=" View Robey Street and O'Riordian Street. Planning image: SJB" width="580"></a>

<figcaption>View Robey Street and O'Riordian Street. Planning image: SJB</figcaption></figure>Already with a healthy backlog of hotel developments across Australia and New Zealand, the investment firm has taken the Mascot site back to planning with a redesign in place to accommodate operator Holiday Inn Express. SJB is responsible for the project's design.

The latest submitted plans seek an increase in hotel room numbers, expanding to 178, plus external facade changes which provide the development with a lighter, brighter exterior. Initial delivery timelines for the development had a completion date targeting the last quarter of 2019.

622 guests can be housed within the proposed hotel at any given time, further boosting the already strong short stay accommodation precinct adjacent to Sydney Airport. 

Owing to the demand in Mascot for hotel accommodation, Sydney Airport's owners are considering <a href="https://www.afr.com/business/sydney-airport-eyes-more-hotel-developments-after-mid2017-mantra-opening-20170217-gufgtp">creating a portfolio of hotels</a> on airport land, whilst developer Savelle earlier this year <a href="/news/savelle-supersize-their-mascot-mixed-use-development">adjusted its Mascot mixed-use development</a> to include 187 dedicated hotel rooms and suites.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/image107_1.jpg" rel="gallery-all" title="Earlier site design for comparison's sake. Image: Pro-invest Group"><img alt="" class="image-article-full-width-580px" height="321" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/image107_1.jpg?itok=Lf9Qr_fu" title="Earlier site design for comparison's sake. Image: Pro-invest Group" width="580"></a>

<figcaption>Earlier site design for comparison's sake. Image: Pro-invest Group</figcaption></figure>
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silvermb

Cromwell and Pro-invest refine their Sydney hotel intentions

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The Cromwell Property Group today reported half-year (HY18) statutory profits, before the write down of intangibles, of $155.5 million up 1.5% on the prior comparable period (HY17 $153.2 million).
Net Tangible Assets (NTA) was up, gearing was down, and its Weighted Average Lease Expiry (WALE) has been extended with leasing activity described as being strong.
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In December 2017, Cromwell completed the $170 million strategic placement to SingHaiyi Group Ltd and Haiyi Holdings Pte. Ltd.
 A $30 million securities purchase plan, which gave retail securityholders the opportunity to acquire securities on similar terms closed earlier this month, oversubscribed at $35 million. 
“Our ability to grow our funds management business is directly linked to our ability to connect capital to opportunity. We now have many more established capital sources, a blue-chip roster of private equity and capital partners in Europe, and significantly more depth and relationships in Asia," said Cromwell CEO Paul Weightman.
Having increased short term gearing, Cromwell was now operating with gearing towards the lower end of our target range, he said.
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Total assets under management (AUM) increased by 11%, or $1.1 billion, to a total of $11.2 billion in the six months to 31 December 2017.
Cromwell’s business segments reported the following earnings: 
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<li>
Property Investment segment earnings were $58.2 million, a 6.9% decrease on the prior comparable period, mainly due to asset sales and the vacancy at Tuggeranong Office Park; 
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Asset services earnings increased on the back of higher project management fees; 
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Retail Funds Management earnings were $2.1 million, down $3.9 million from the prior corresponding period which saw $4.1 million in fees from the Cromwell Riverpark Trust extension; and 
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<li>Wholesale Funds Management earnings increased 14% on the back of the successful listing of CEREIT</li>
<li>A total of 11 property assets were externally revalued at 31 December 2017, representing approximately 48% of the property portfolio by value. Valuations for investment properties increased by $32.8 million during the half-year net of property improvements, leasing incentives and lease costs.</li>
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The weighted average capitalisation rate (WACR) was 6.34% across the portfolio, compared to 6.56% as at 30 June 2017. 
Tenant quality remains strong with Government and Government related entities contributing nearly two fifths (39.6%) and the top 5 tenants three fifths (59.7%) of gross income. 
The portfolio weighted average lease expiry (WALE) is 7.2 years. 
“The WALE has increased from 6.35 years in HY17, in part due to the commencement of the new lease with DSS at Soward Way,” said Mr Weightman. 
“The headline vacancy rate of 12.1% reflects the move by DSS out of their old building. Portfolio vacancy excluding the active assets is 2.6%,” he added. 
Cromwell’s lease expiry profile is favourable with less than 20% of leases expiring in the next three years. A third of these expiries are in the Sydney office market which is showing increased demand and rental growth over that period.” 
“There are only three expiries which represent more than 1% of income in this period,” said Mr Weightman. 
“Two of these are in assets which we are proposing to redevelop and reposition and we are in active negotiations with the tenant in the third asset,” he concluded. 
Cromwell had strong leasing activity in the half, executing 67 transactions on over 43,300 sqm of space. 58 of these were new leases on over 15,600 sqm of space including: 
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Northpoint had 25 new leases signed in the retail precinct and seven office leases; 
</li>
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Bechtel signed a new lease at HQ North in Brisbane for 1,300 sqm; 
</li>
<li>
Nine leases were signed over spaces in which speculative fit-outs were underwritten at 200 Mary street. Pro-forma occupancy is now 85%; and 
</li>
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Leases of 3,900 sqm have been signed at 207 Kent Street. The most recent transactions have achieved rentals over $1,000 per sqm gross.
There were nine renewals for 27,700 sqm with nearly 90% of this being in two deals:
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<li>Therapeutic Goods Administration (TGA Complex) for five years over 18,500 sqm; and </li>
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<li>Australian National Audit Office (ANAO) at 19 National Circuit, ACT have signed a Heads of Agreement for 12 years over 5,600 sqm</li>
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Shareholders were told Cromwell continues to recycle capital from assets that have reached the end of their optimal investment term.
Health &amp; Forestry House, twin interconnected towers in Brisbane, were sold for $69 million in the half.
Post balance date Huntingfield Avenue, TAS was sold for $4.5 million completing in January 2018 and Musk Avenue, Kelvin Grove is currently under contract.
“Northpoint will reach practical completion on 19 March on budget and time,” said Mr. Weightman. 
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“25 new retail leases have been signed and fit-outs have commenced in most tenancies. Woolworths have finished stocking shelves, the rooftop bar provider has submitted a DA and the Vibe Hotel, a 4.5 Star, 187 room hotel with conference facilities and swimming pool is due to open after Easter.” 
“Having completed the development of the podium and new hotel, we will now turn our attention to leasing opportunities in the commercial office tower, where significant interest is being shown in areas with speculative fit-outs in the 100 to 500 sqm range,” he added. 
Construction of the new property at Soward Way, ACT was completed in September, creating a new fully leased commercial office building at Tuggeranong Office Park. 
The total cost of construction was $170 million, funded from cash reserves and a $159.5 million loan facility. The building is now valued at $260 million, leased for 15 years to the Commonwealth of Australia and will add to income growth in the core portfolio in FY19. 
“I mentioned previously that the old buildings at Tuggeranong Office Park, ACT are now vacant following DSS’ move to their new premises,” said Mr. Weightman.
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“We have been progressing plans to transform the old buildings into between 330 to 350 retirement or assisted living units plus communal areas.” 
“Careful analysis has been conducted into the supply and demand of retirement and independent living units in the Tuggeranong area.” 
“We know there is a marked undersupply, with strong demand and minimal competition in the local market.” 
“The ACT government has also earmarked Tuggeranong as one of their three aged care hot spots,” he confirmed.
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Cromwell Group post half yearly profits of over $155 million

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Global real estate investment manager Cromwell Funds Management has purchased 433 Boundary Street in Spring Hill.
It provides unitholders of the Cromwell Direct Property Fund (DPF) exposure to the booming higher education market in Brisbane.
The major tenant, International Education Services (IES), works in partnership with organisations such as the University of Queensland to offer educational services for international students and education professionals.   Acquired for $42 million with a 6.7 per cent yield, the refurbished 6,000sqm building is fully leased.
It comes with a weighted average lease expiry (WALE) of approximately 12 years.    Hamish Wehl, Head of Retail Funds Management at Cromwell, said the Boundary Street investment was set to be a compelling addition to the DPF portfolio.   “The education sector is growing substantially and is Australia’s third largest export behind iron ore and coal.  
"IES, as a global leader in education services, is well positioned to benefit from the influx of international students coming to Australia,” Mr Wehl said. “With the Brisbane City Council’s clear agenda to continually attract more students to the city, combined with their vision to rejuvenate the Spring Hill precinct, Boundary Street will add long-term value and diversification to the Fund.”
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Cromwell spends $42 million on Brisbane tertiary education offering 

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Cromwell Property Group has today announced a $170 million strategic placement to SingHaiyi Group Ltd. and Haiyi Holdings Pte. Ltd., which are entities associated with Gordon Tang and Celine Tang, cornerstone investors in the Cromwell European REIT.</div>
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 SingHaiyi Group Ltd. is also listed on the Main Board of the SGX-ST and specialises in property development, real estate investment, real estate co-investing and real estate management services. With interests that span Singapore, US and Europe it has considerable expertise in real estate development, investment and management across both listed and unlisted vehicles, principally held through Haiyi Holdings Pte. Ltd. Proceeds from the strategic placement will be used to repay short term debt associated with Cromwell’s investment in CEREIT and for investment in value adding opportunities in the portfolio and potential acquisition opportunities. “I highlighted last week that the successful IPO of CEREIT was a transformative deal,” said Cromwell CEO Paul Weightman. 
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<div> Approximately 175 million new Cromwell stapled securities (New Securities) will be issued under the strategic placement at an issue price of $0.9691 per New Security. The issue price represents a 4.9% discount to the 30 day VWAP of $1.02 to 8 December 2017. The New Securities will be allotted on 15 December.</div>
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Cromwell announces new $170 million strategic placement 

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Cromwell Property Group (ASX:CMW) has entered into an agreement to sell its entire stake in Investa Office Fund (ASX:IOF) for $4.65 per unit, effectively abandoning its $3 billion plan to buy the fund.
The agreed sale price was a premium to the IOF closing price of $4.50 on October 3, Cromwell said in an ASX announcement.
Cromwell Property Securities Limited as responsible entity for the Cromwell Diversified Property Trust purchased its 9.83% stake in IOF for $4.24 per unit on 12 April 2016. The stake sale also represents an annualised equity internal rate of return of 18%, it said.
Investa Property Group (Investa) approached Weightman late Tuesday offering to buy the stake for $4.65 a share. The offer gave Cromwell, which had reached a stalemate with IOF after failing to secure additional funding to raise its bid, a way out, The Australian Financial Review added.
Since the Australian sharemarket closed on Tuesday, Cromwell sold 60.37 million shares at $4.65 to ICPF, which already holds about 10 per cent, The Australian reported.
The $276 million trade equates to about 10 per cent of the stock and was handled by UBS and Rothschild. 
Last year, Cromwell had snapped up the IOF stake, knocking off Dexus Property Group’s $2.5 billion takeover bid for Investa ­Office Fund.
“The investment in IOF has been a profitable one for Cromwell,” said Cromwell chief executive Paul Weightman.
“We would have liked to have been able to complete a deal, but as I have said previously, it became obvious to us that a friendly transaction was unlikely to proceed, regardless of the price that we offered.”
“Upon careful consideration of all of our options, we have therefore decided that the best way forward for Cromwell securityholders is to realise the value in our investment.”
“We will continue to focus on delivering value to our securityholders through the different strategic initiatives that we are currently undertaking,” added Weightman.
The proceeds of the sale will be used to reduce gearing and for other general corporate purposes, Cromwell said.
 
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Cromwell sells stake in Investa Office Fund

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Global real estate investment manager, Cromwell Property Group (Cromwell) has secured 15 leases at its flagship Northpoint Tower, signalling office space at its $130 million redevelopment is in high demand.
The raft of recent deals has been driven by both existing tenants keen to secure space ahead of the redevelopment completion in 2018.
There are also new businesses wishing to relocate to the increasingly popular North Sydney precinct predominately from businesses in the professional services and finance industry.
The most recent leases with Ignition Wealth and Sun Label follows a string of previous transactions with SJD Investment, Swisswork and Anderson IT, and existing tenants Secure Parking, Red Hat and Insurance Advisor.
Damian Horton, Cromwell Head of Property, said the flow of recent deals indicated vacant space at Northpoint would quickly fill up in coming months now demolition at the site is complete and construction commenced.
Ignition Wealth, a leading robo-advice solution provide, has signed a five-year lease for 340 square metres on level 17 which commences on 1 December.
The tenant will move from its existing tenancy two blocks away.
“Another new tenant, Sun Label, loved the building and location, and particularly the views over the Sydney Harbour from level 39.”
Cromwell has also secured a five-year lease extension to 2021 with Red Hat, a leading provider of software solutions.
The tenant has taken on additional space to a total of 760 square metres.
Insurance Advisor and Secure Parking have also renewed their leases, with Insurance Adviser taking on additional space on level 31.
Located on the corner of Miller Street and Pacific Highway, the redevelopment will feature the 187 room Vibe Hotel North Sydney as well as an eat-street and roof-top bar concept to service the ever-growing professional population of North-Sydney.
Construction of the integrated, three-level façade commenced in September.
Leasing opportunities in the retail façade for sophisticated dining, specialty retail and food outlets were launched recently by Colliers International and Property Partnership Australia.
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