Lendlease’s Barangaroo South precinct is officially complete, marking the culmination of a 15-year urban regeneration project that has revitalised Sydney’s harbourfront.&nbsp;

In 2009, the NSW Government’s Barangaroo Delivery Authority appointed <a href="https://www.apartments.com.au/developers/lendlease-development">Lendlease</a> as developer to transform what was once an inaccessible container port on the western edge &nbsp;of Sydney’s CBD into one of the city’s most thriving mixed-use destinations. Today, Barangaroo South is home to more than 1,800 residents, 23,000 workers, 95 retailers and welcomes 33,000 visitors each day. The precinct stands as an international benchmark for large-scale urban regeneration.&nbsp;

International Towers Sydney, the three flagship commercial buildings at the centre of &nbsp;Barangaroo South, together with engineered timber buildings Daramu House and &nbsp;International House, attracted major corporate tenants from the outset, including Westpac, &nbsp;PwC and KPMG, who are still there today. These workplaces remain some of the most &nbsp;sought after in Sydney’s CBD with over 95 per cent occupancy– a testament to the appeal of world-class, modern infrastructure alongside the precinct’s dining and entertainment that &nbsp;are a drawcard for businesses.&nbsp;

One Sydney Harbour, the three luxury residential towers designed by world-renowned architect Renzo Piano, has achieved more than $4 billion in sales since its launch in 2019, while setting new Australia property price records. This includes the three-level penthouse that crowns Residences One which sold for more than $141 million in 2019 – the most expensive individual residential property ever sold in Australia. &nbsp;

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Barangaroo South is also Australia’s first mixed-use carbon-neutral development, an accolade achieved through energy-efficient and innovative infrastructure, including a district cooling plant with a harbour water heat rejection system, a recycled water &nbsp;treatment plant, onsite solar and an embedded electricity network.

The precinct has maintained its Climate Active Carbon Neutral certification since 2019, affirming its &nbsp;reputation as the gold standard in large scale, sustainable urban renewal. Additionally, its &nbsp;world leadership status has been validated by the Green Building Council of Australia’s &nbsp;6 Star Green Star Communities recertification (Pilot v.2).

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First Nations cultural values were embedded throughout the planning and delivery of the project. The precinct honours Barangaroo, a prominent First Nations woman, through its &nbsp;name. Public art, street names, and design elements across the precinct reflect and &nbsp;celebrate First Nations cultures and connections to Country.&nbsp;

The project's completion positions Barangaroo South as a legacy urban transformation delivered through long-term partnerships and world-leading urban regeneration and placemaking capabilities. &nbsp;

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Tony Lombardo, Group CEO Lendlease, said&nbsp;Barangaroo South represents one of the most significant urban regeneration projects in Australia.

"[It] demonstrates what can be achieved through an ambitious vision, innovative placemaking, long-term commitment and strong partnerships. The precinct has changed the face of Sydney's waterfront, established new benchmarks &nbsp;for sustainable development, and provided a model for urban regeneration that continues &nbsp;to inform our approach to creating places that deliver long-lasting value.”&nbsp;

Tom Mackellar, CEO Development Lendlease, said&nbsp;Barangaroo South has reconnected the city to its harbour in a way that seemed unimaginable 15 years ago and turned it into a thriving precinct where people can live, work and gather on the harbour’s edge.&nbsp;

“This precinct is the result of countless contributions, led by the NSW Government who set the ambition, supported by investment partners who believed in Lendlease’s vision, imagined by architects and designers, shaped by consultants and artists, and brought to &nbsp;life by our dedicated construction teams. &nbsp;

“What we’ve created here is more than buildings – it’s the best of placemaking, sustainability, arts and culture and quality design. Barangaroo South has become an integral part of Sydney that will serve our city and economy for generations.”

Staff Writer

Barangaroo South’s 15-year transformation of  Sydney’s waterfront officially complete

CBE Asia Pacific has lodged plans for a prominent corner site in Fitzroy North, with a proposal that integrates state-significant affordable housing alongside heritage adaptation and new retail.

The application covers a consolidated 2,024 sqm parcel at 201–215 Queens Parade and 6–12 Dummett Crescent. The site includes the heritage-listed Former Clifton Motor Hill Garage, fronting Queens Parade, and vacant land to the rear abutting Dummett Crescent.

According to planning documents prepared by proUrban, the proposal seeks approval for a 12-storey residential building comprising 98 apartments, including a component of affordable housing, over a ground floor retail podium integrated within the heritage structure. Approximately 780 sqm of retail space will occupy the ground floor, while residents will have access to over 850 sqm of communal amenity.

The built form presents as two connected volumes: a 12-storey tower addressing Dummett Crescent and a five-storey volume fronting Queens Parade, the latter consistent with a separate Heritage Victoria permit granted in 2023. The tower reaches a maximum height of 38.26 metres, with upper-level setbacks of 14 metres from the western boundary to reduce visual bulk. A 1.5-metre footpath widening is proposed to Dummett Crescent Lane.

Parking is provided across four basement levels, accessed via Dummett Crescent, with a total of 142 car spaces and 143 bicycle spaces.

The architectural response by <a href="https://www.apartments.com.au/architects/cht-architects">CHT Architects</a> is framed by a need to reconcile new density with a sensitive heritage overlay. The Former Clifton Motor Hill Garage, identified as a place of State heritage significance, will retain its key façades, with demolition and reconstruction limited to approved elements.

As noted in the Heritage Impact Assessment, the proposal remains consistent with the Heritage Victoria permit, which allows "partial demolition, reconstruction and new works, involving the construction of a five-storey multi-use development and three basement levels".

Affordable housing has been embedded into the proposal under Clause 53.23, with specific apartment allocations aimed at enhancing housing diversity within the Queens Parade Activity Centre.

"The proposal is generally consistent with the relevant policy objectives and the intent of the Yarra Planning Scheme," proUrban states in its planning assessment, citing its alignment with strategic documents including Plan Melbourne and Victoria’s Housing Statement.

CHT Architects' plans emphasise a tiered design that acknowledges the site's varied interfaces—from the elevated Heidelberg Road ramp reserve to the recently built Clifton Views aged care facility to the north-east.

CBE Asia Pacific has not been previously active in this precinct, but the project joins a wave of higher-density residential proposals along the Queens Parade corridor, spurred by Melbourne’s broader push to increase affordable housing in well-connected inner-urban areas.

The site benefits from direct access to the Queens Parade tram corridor and proximity to Clifton Hill Station (approximately 200 metres), as well as green open spaces including Mayors Park and Raines Reserve. Clifton Hill Primary School and the Queens Parade retail village lie within walking distance.

First look: CBE Asia Pacific plans 100-apartment Jenkin House on Queens Parade, Fitzroy North

ALT Pasta, one of Melbourne’s most beloved inner-city pasta bars, has been confirmed as one of the first tenancies for the highly anticipated <a href="https://www.apartments.com.au/new-apartments/comme-prahran-182-194-commercial-road-prahran-vic-3181">Comme Prahran</a> development, marking an exciting next chapter for the cult favourite as it prepares to expand into the heart of <a href="https://www.apartments.com.au/developments/prahran-vic-3181">Prahran</a>.

Fresh off being named National Best Italian Restaurant at the 2025 Restaurant &amp; Catering Hostplus Awards for Excellence, ALT continues to solidify its reputation as a quietly confident leader in Melbourne’s dining scene. Lauded for its reinterpretation of Italian pasta through a Korean and Japanese lens, the restaurant has grown into a staple since opening three years ago, and its new Prahran outpost will only deepen its local impact.

“From the very beginning, ALT has been about respect - for tradition, for ingredients, and for the process,” shares Mino Han, ALT’s founder, a Korean-Australian chef whose vision is shaped by cultural duality and craftsmanship.&nbsp;

“We’re not trying to reinvent the wheel, just make something beautifully familiar, feel quietly special,” added Han.

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Positioned at the entrance to Comme Prahran and directly opposite the iconic Prahran Market, the new venue will celebrate the interplay between casual comfort and elevated detail. Designed in collaboration with Rooftop Architecture, the same team behind ALT’s flagship city location, the space will mirror the neighbourhood’s laid-back energy while staying true to the brand’s understated refinement.

Diners can expect a frequently changing menu that takes advantage of the market’s daily produce, along with set menu offerings exclusive to this location. A distinctive chef’s table and open kitchen format are also in the works, allowing guests to experience ALT’s signature intimacy and transparency in a new light.

ALT Prahran won’t replace the original venue; rather, it complements it.

“Our city site is like our heritage bottle; it’ll age gracefully. Prahran is where we’ll play, explore new ingredients, and bring something special to the community,” Mino notes.

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For Comme Prahran, a boutique development by Leeka that blends heritage with multi-dimensional wellness, ALT Pasta’s arrival signals a meaningful addition to its vision of cultural connection, food-first living, and local engagement.

“Being part of Comme is more than just opening a second venue. It’s about contributing to a neighbourhood with character, history, and a strong sense of community. That’s something we deeply relate to,” says Mino.

Sustainability and cultural identity are deeply embedded in the ethos of ALT. From ingredient sourcing to interior design, the new location will reflect both environmental mindfulness and a spirit of inclusion, embodying the values of Melbourne’s diverse, forward-thinking culinary scene.

Comme Prahran is scheduled for completion in late 2027, with ALT Pasta expected to be among the first tenancies to open its doors shortly after.

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National best Italian restaurant ALT Pasta to open at Comme Prahran, bringing refined familiarity to Melbourne’s culinary heart

National BEST Italian restaurant ALT Pasta to open at Comme Prahran

&nbsp;Boutique development and construction firm Ryser has filed plans for its debut apartment building.

Ryser, founded by Jonthan Ryan and Wil Prosser, has sought to develop <a href="https://www.apartments.com.au/new-apartments/sorelle-4a-fern-place-woollahra-nsw-2025">Sorelle</a>, 28 new apartments at 4a Fern Place, Woollahra.

The&nbsp;750 sqm site on the edge of Bondi Junction falls within the Grafton Precinct Heritage Conservation Area, though it is currently vacant and not identified as a contributory item.&nbsp;

<a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> has been commissioned to design Sorelle, creating an eight and a nine-storey building with six apartments dedicated to affordable housing to support essential workers&nbsp;under the NSW Government’s low and mid-rise housing policy.

The dwelling mix includes 12 one-bedroom units, six one-bedroom affordable units, six two-bedroom units, and four three-bedroom residences.<img alt="4A Fern Place, Woollahra." data-entity-type="file" data-entity-uuid="86626941-772d-49c5-8d31-a8e42f44cdcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Fern%20bldg%20st.png?VersionId=tWIzXYX9gD60nP1L3..Z0BFbY5mafb36" />

According to the planning documents submitted to the Woollahra Council, the development responds to the complex interface of heritage fabric and urban infrastructure with two mid-rise residential buildings oriented to the north and designed to capitalise on sweeping views over Sydney Harbour and Bellevue Hill.&nbsp;

“The proposal aims to hero some of the brick detailing of Woollahra, celebrating the existing datums of Fern Place, whilst embracing the strong verticals of the Holy Cross Church and Bondi Junction with a nod to the historic iron works and iron rich soils of the area,” Woods Bagot noted in their Design Report.

&nbsp;

Only three car parking spaces are proposed, alongside 33 bicycle bays, in a move that leverages the site's proximity to Bondi Junction train station, just 400 metres away.

Architecturally, the material palette incorporates Corten steel and face brickwork to reference the site’s industrial past and local geological character. Landscaping features include a communal garden bridging the two buildings at ground level, landscaped setbacks to protect visual privacy, and a small corner park intended to soften the public interface.

<img alt="4A Fern Place, Woollahra." data-entity-type="file" data-entity-uuid="f71766d6-aa14-44df-9bc5-42f91890fd4a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Fern%20bldg%20rear.png?VersionId=uh7u1rJ6NJF5OqyRs9iNJcy6R9ssgaXU" />

Ryser said Sorelle "brings together the best of both worlds, the intimacy of village life with the amenity and luxury of modern design."

The developer said the project marks the first of three developments they will be announcing shortly, a key step in their&nbsp;evolution as a builder-developer delivering meaningful, high quality urban outcomes across Sydney.

The expectation is the Woollahra LGA will become popular for developers with the signal from the NSW Government they will deliver&nbsp;<a href="https://www.apartments.com.au/developments/sydney-nsw" target="">Sydney</a>’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around&nbsp;<a href="https://www.apartments.com.au/developments/woollahra-nsw-2025" target="">Woollahra</a>&nbsp;and&nbsp;<a href="https://www.apartments.com.au/developments/edgecliff-nsw-2027" target="">Edgecliff</a>&nbsp;stations.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/next-stop-woollahra-train-station-delivering-up-to-10-000-new-homes-in-the-heart-of-sydney">Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney&nbsp;</a>

Joel Robinson

First look: Ryser plans two apartment buildings on Woollahra, Bondi Junction border

ASX-listed developer <a href="https://www.apartments.com.au/developers/cedar-woods" target="">Cedar Woods</a> didn’t miss a beat when the opportunity arose to acquire a prime residential development site in one of Perth’s most popular suburbs. In 2019, the developer secured the former Wembley TAFE site, a 1.4-hectare parcel perfectly positioned on the western edge of <a href="https://www.apartments.com.au/developments/subiaco-wa-6008" target="">Subiaco</a>’s vibrant centre.

The first stage, <a href="https://www.apartments.com.au/new-apartments/incontro-subiaco-133-salvado-road-subiaco-wa-6008">Incontro Townhomes</a>, delivered 41 contemporary homes that embrace the suburb’s unique blend of nature and urban energy. Now, Incontro Apartments continues that story, offering a collection of new residences in a market limited with new residential stock. The rarity of a development in such a prime pocket hasn't been lost on buyers, with more than 60 per cent already sold in the early stages of construction.

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Set on the tree-lined Bishop Street, in a quiet pocket within Western Subiaco, Incontro Apartments offers convenient access to several lush parks and recreation spots.&nbsp;

Within the estate is Incontro’s Little Green, a linear park that connects the Incontro townhome precinct with the future apartment building. This peaceful stretch of landscaped parkland features shaded seating and communal spaces for residents to relax and interact close to home.&nbsp;

Less than 400 metres away is find Henderson Park, a perfect spot for morning walks, weekend picnics or casual exercise. Neighbouring Henderson Park is Mabel Talbot Park, home to Jolimont Lake and a playground, while just a little further lies Pat Goodridge Park, offering a large sports field and another playground.&nbsp;

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For something closer to home, Subiaco Common provides a peaceful green retreat right on your doorstep - ideal for reading under the trees, walking the dog or relaxing with friends.

Beyond the parks and open spaces, Incontro residents are just moments from everything that makes Subiaco such an enviable place to live.&nbsp;

Down the road is Bishop Street Café, a local favourite for a morning caffeine fix. Subiaco’s Rokeby Road and Hay Street are lined with retailers, cafés, vibrant bars and some of Perth’s most loved dining spots, from long lunches at Refuge Small Bar or Juanita’s, to weekend brunch at Community Coffee Co. or Boucla Café. Add to that a strong sense of local community, regular markets, and the energy of Subiaco Square, and it’s easy to see why Subiaco continues to be one of Perth’s most liveable and in-demand suburbs.

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Construction of Incontro Apartments is now underway by <a href="https://www.apartments.com.au/builders/emco-building">EMCO Building</a>. With completion expected in mid-2027, buyers have the chance to join a thriving Subiaco community in the not-too-distant future. &nbsp;

One-bedroom apartments are now sold out, with only a selection of two-bedroom apartments and just three three-bedroom residences remaining. Each features generous layouts, stylish finishes and private balconies to enjoy the leafy outlook that makes this Subiaco address so special. Prices start from $925,000*.

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Over 60 per cent sold as Incontro Apartments captures Subiaco’s leafy appeal

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.”

“We will consider potential operating partners in the new year,” Mr Binning concluded.
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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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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; 
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Bechtel signed a new lease at HQ North in Brisbane for 1,300 sqm; 
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Nine leases were signed over spaces in which speculative fit-outs were underwritten at 200 Mary street. Pro-forma occupancy is now 85%; and 
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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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jonathanchancellor-7SQnKwU6yx

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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Cromwell Property Group

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