<a href="https://www.apartments.com.au/developers/coronation-property">Coronation Property</a> has received development approval for Archer &amp; Albert, a 32-storey, mixed-use residential development in the heart of Chatswood.

Located at 57–61 Archer Street and 34 Albert Avenue, <a href="https://www.apartments.com.au/new-apartments/archer-albert-chatswood-57-61-archer-street-chatswood-nsw-2067">Archer &amp; Albert</a> will deliver 150 new homes, including affordable housing, alongside ground-floor and podium retail, commercial space, a heritage house activated as a café, additional ground-level activation, and a landscaped publicly accessible park designed for community use.&nbsp;

<a href="https://www.apartments.com.au/new-apartments/archer-albert-chatswood-57-61-archer-street-chatswood-nsw-2067">Archer &amp; Albert</a> is one of the few large-scale residential developments in the heart of Chatswood City to progress through a council-led architectural design competition and secure development approval, positioning it at the forefront of design led housing.&nbsp;

<img alt="Archer" data-entity-type="file" data-entity-uuid="33cb754a-1493-4203-bd16-096d320597f6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A%2BA_C03_EXT_StreetScape_ID1.jpg?VersionId=oLUPFVAMxuRUTH1Bwki16R48cEo.vLeB" />

Designed by global architecture practice <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, long-term collaborators of the Coronation team, the project draws inspiration from the Sydney Blue Gum High Forest and the leafy character of the South Chatswood Heritage Conservation Area. The design integrates a restored heritage-listed home and establishes a landscaped connection between Chatswood’s urban centre and its surrounding residential neighbourhoods.&nbsp;

“This is an important project for us and our first entry into the North Shore,” said Joe Nahas, Managing Director of &nbsp;Coronation Property.&nbsp;

“We are deliberate about where we invest and build, <a href="https://www.apartments.com.au/developments/chatswood-nsw-2067">Chatswood</a> stands out because the fundamentals are already strong. Transport, employment, education, retail and health are all in place. Archer &amp; Albert is about adding new housing into a centre that already works and building on what exists.”&nbsp;

<img alt="Chatswood" data-entity-type="file" data-entity-uuid="620fcd78-00be-489b-823a-ca353387b91b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A%2BA_C04_EXT_PARK_HA_ID2.jpg?VersionId=NxSl04Zl1rzt94xlXNA6CNzSR9XMyLgP" />

Aras Labutis, Head of Urban Transformation at <a href="https://www.apartments.com.au/developers/coronation-property">Coronation Property</a>, said the project reflects a disciplined, collaborative approach to city shaping.&nbsp;

“Chatswood sits at an important junction between high-density commercial activity and established residential &nbsp;neighbourhoods," Labutis said.

"Our focus for Archer &amp; Albert was to manage that transition carefully, respecting what’s already there &nbsp;while contributing something new that feels deliberate and enduring."

The approved scheme delivers:&nbsp;

<ul>
	<li>A 32-storey mixed-use tower comprising 150 homes, including 41 affordable housing dwellings • 530sqm of ground-floor retail, dining and commercial offerings&nbsp;</li>
	<li>A 760sqm wellness tenancy integrated within the podium&nbsp;</li>
	<li>A restored heritage building, thoughtfully reimagined as a café overlooking the park&nbsp;</li>
	<li>A landscaped public park, designed as a calm green retreat in the heart of Chatswood&nbsp;</li>
	<li>Resident amenities include a premium gym, golf simulator, mahjong room, dedicated wellness areas, private &nbsp;dining facilities and a curated wine room&nbsp;</li>
	<li>Deep private balconies designed to capture outlooks and northern light&nbsp;</li>
	<li>A refined material palette of natural stone, timber and terracotta&nbsp;</li>
</ul>

[smartcode_project_cta:default project_id=29796]

Joel Robinson

Coronation receives green light for Archer & Albert apartments in Chatswood

Leading Sydney developer <a href="https://www.apartments.com.au/developers/deicorp">Deicorp</a>, in partnership with Metrics Credit Partners, has officially broken ground on its landmark $1.8 billion Kings Bay Village project in <a href="https://www.apartments.com.au/developments/five-dock-nsw-2046">Five Dock</a>, marking the beginning of construction on one of the most significant urban renewal precincts within the Parramatta Road Corridor.

A sod-turning ceremony was held at the project site on Parramatta Road, with NSW Premier Chris Minns and NSW Planning Minister Paul Scully joining Deicorp Chairman Fouad Deiri OAM and Metrics CEO and Managing Partner Andrew Lockhart, to mark the significant milestone.

Located at 129-154 Parramatta Road, <a href="https://www.apartments.com.au/new-apartments/kings-bay-village-five-dock-53-75-queens-road-five-dock-nsw-2046">Kings Bay Village</a> will transform more than three hectares of underutilised land into a highly connected new neighbourhood comprising 1,185 homes, including 218 affordable dwellings for essential workers, alongside new retail, commercial, and community spaces.

[smartcode_project:default project_id=146120 project_image_fid=356895]

Designed by award-winning architects <a href="https://www.apartments.com.au/architects/turner-studio">TURNER</a>, the precinct blends crafted brick architecture with a pedestrian-focused urban layout across six buildings of varying scale. The project will deliver 14,700sqm of retail and commercial space, 6,500sqm of public open space, and a new 2,290sqm landscaped park and civic plaza that will form the social heart of the community.

Kings Bay Village is positioned minutes from the future Five Dock Metro Station, supporting the NSW Government and City of Canada Bay Council’s shared ambition for a more connected, liveable and revitalised Parramatta Road Corridor. Deicorp will also contribute more than $80 million towards new and upgraded local infrastructure, including pedestrian laneways, an activated streetscape and significant public domain works.

Fouad Deiri OAM, Chairman of Deicorp, said Kings Bay Village represents a defining opportunity for Sydney’s Inner West.

&nbsp;“Today marks the beginning of a precinct that will deliver lasting benefits for the Five Dock community - new homes, new open spaces, and a vibrant mixed-use environment that brings people closer to transport, services and amenities,"&nbsp;Deiri says.

“We are proud to be delivering much-needed housing, including affordable homes for essential workers, in partnership with the NSW Government and the City of Canada Bay. Kings Bay Village is urban renewal at its best - thoughtful, connected and community-focused.”

[smartcode_project:default project_id=146120 project_image_fid=356894]

Metrics CEO and Managing Partner Andrew Lockhart said the company is proud to support more housing and infrastructure in a key Sydney corridor. 
&nbsp; 
“Metrics and Deicorp share a proven track record of delivering high-impact projects that align closely with the NSW Government’s housing and infrastructure priorities. Kings Bay Village marks our most significant Sydney development to date, offering quality homes, essential infrastructure, and dynamic public spaces.” 
&nbsp; 
“This project reflects our ongoing commitment to creating value by supporting economic growth, job creation, and delivering excellent outcomes for our investors,” he said.

With Kings Bay Village now underway, Deicorp’s pipeline of apartments under construction across Sydney has increased to 5,102. Kings Bay Village is scheduled for completion in Q2 of 2029.

[smartcode_project_cta:default project_id=146120]

NSW Premier and Planning Minister join Deicorp and Metrics to break ground on $1.8 billion Kings Bay Village precinct

When Antoinette Chan and her architect husband, Peter began casually searching for an investment property, they weren’t expecting it to evolve into a life-changing family decision.

But one visit to the display suite of <a href="https://www.apartments.com.au/developers/abadeen-group">Abadeen</a>’s <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-1-11-rodborough-avenue-crows-nest-nsw-2065">KOYO</a> development in Crows Nest changed everything, and sparked a remarkable story of three generations choosing to live side by side in one of the suburb's most architecturally-striking new developments.

Antoinette, her mother Janet Khoo, and her sister, who is currently living in Singapore, each purchased an apartment in the same building, creating a rare and meaningful multi-generational living arrangement underpinned by modern design, community values, and premium convenience.

[smartcode_project:default project_id=108800 project_image_fid=356083]

“It wasn’t planned,” says Antoinette, who purchased a three-bedroom garden apartment with her husband and teenage daughter. “Peter came across KOYO and encouraged me to visit because he had a lot of respect for Abadeen’s previous work. As soon as we saw it, we knew it wasn’t just an investment, this was a home.”

Shortly after, Antoinette suggested her mother, Janet Khoo, take a look at the same development. A long-time inner-city resident who had recently sold her property in The Rocks, Janet had experienced some health setbacks and was contemplating a move closer to her daughter.

“I walked into the display apartment, and it just felt right,” says Janet. “I didn’t look anywhere else. The space, the simplicity of the design, the light, everything gave me a sense of peace. It’s a new beginning, but it also feels like home.”

[smartcode_project:default project_id=108800 project_image_fid=356093]

In a stroke of serendipity, Janet selected the two-bedroom apartment next door to her daughter, completely unaware of Antoinette’s purchase. Around the same time, Antoinette’s sister, who resides in Singapore, viewed the property via a virtual tour and chose to buy the apartment directly above Janet’s.

“We were all drawn to KOYO individually, and it just happened that our homes ended up vertically stacked, ground, first, and second floor,” Antoinette laughs. “It was a coincidence, but also a sign. This is where we’re meant to be.”

Designed by celebrated architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, KOYO delivered on all fronts for the Chan-Khoo family.

“Our garden apartment gives us the feel of a standalone home but with none of the maintenance,” says Antoinette. “All three bedrooms open onto a generous private garden, which is perfect for our dog Archie, and for entertaining. The open-plan layout and high ceilings make it feel airy, calm and luxurious.”

[smartcode_project:default project_id=108800 project_image_fid=356092]

For Janet, security and accessibility were top priorities, and KOYO offered the ideal balance.

“At my age, I didn’t want to be climbing stairs,” she explains. “The first-floor apartment opens directly to the garden, and the building is small, which gives it a more personal, village-like feel. Yet I’m just steps away from my daughter and granddaughter. That gives me so much peace of mind.”

The family also appreciated the thoughtful amenities that avoided the excesses of some larger developments.

“We didn’t want a complex with too many facilities we wouldn’t use,” explains Antoinette. “KOYO has everything we need, generous storage, secure parking, beautifully landscaped walkways, and a stunning rooftop terrace with BBQ facilities that feels serene rather than busy.”

[smartcode_project:default project_id=108800 project_image_fid=355428]

The location was another critical factor in the family’s decision. Though they had always lived closer to Sydney’s eastern suburbs, Antoinette says the transformation of Crows Nest was a revelation.

“When we returned from living overseas, we discovered Crows Nest had become this vibrant, walkable hub,” she says. “We love being able to stroll to cafés, restaurants, and shops on Willoughby Road. The new Metro makes the commute into the CBD effortless, and our daughter can walk to her school, it’s just next door."

Janet agree. “I was worried about giving up my inner-city lifestyle, but I’ve fallen in love with this area. It has everything I need, supermarkets, quiet streets, friendly faces, and it’s all a short walk away. I feel safe, independent, and connected.”

[smartcode_project:default project_id=108800 project_image_fid=356085]

While design and location were important, the family also credits their decision to Abadeen’s reputation and responsiveness. With decades of experience delivering high-quality residential projects, Abadeen’s track record helped build trust during a volatile market period.

“The waiting game was tough, especially after selling my old apartment,” says Janet. “But the Abadeen team kept me updated every step of the way. They were professional, courteous, and transparent.”

Antoinette said Peter works in property and had already heard of Abadeen. "The quality of their work really impressed us, and as the project neared completion, they went above and beyond to keep us informed and supported. That level of communication is rare.”

Only a handful of three-bedroom residences remain for sale, priced from $3.5 million.

[smartcode_project_cta:default project_id=108800]

Three generations, one address: How a family found sanctuary and connection at Abadeen's KOYO in Crows Nest

Sydney-based developer Gold Partners Australia is making its move on the Gold Coast, launching what is one of the most affordable towers to the booming Broadbeach market.

Its <a href="https://www.apartments.com.au/new-apartments/harmony-on-broadbeach-2797-gold-coast-highway-broadbeach-qld-4218">Harmony on Broadbeach</a> project, just 400m from the beach, has prices starting from $975,000 for its two-bedroom apartments that measure nearly 90 sqm internally.

[smartcode_project:default project_id=113098 project_image_fid=355607]

There will be 113 two- and three-bedroom apartments spread out across the 33-storey tower on the 1,201 sqm site that will front First Avenue. Gold Partners Australia, which has delivered several major projects in Sydney's Norwest and has an active pipeline with projects in Hornsby and Carlingford, secured the block vacant, and want to start preliminary site works early next year through their in-house construction capability.

DBI Architects designed the tower with a four-level podium which will have an open-air swimming pool, sun deck, outdoor lounges, alfresco dining spaces, and a gym with adjoining yoga lawn. A hospitality venue will anchor the building at street level.

[smartcode_project:default project_id=113098 project_image_fid=355611]

Olympus Property Group is selling Harmony on Broadbeach on behalf of Gold Partners Australia. Olympus Director Deanna Lockett says the project is resonating with everyone from locals, investors, those moving from interstate, and second home buyers from Brisbane.

"There's been nothing new come to the market in Broadbeach at this price point for nearly a year," Lockett recalls. "It hits the sweet spot of affordability, good sized apartments, in a great location."

Construction will commence in Q2 2026, and wrap up, all going well, by the end of 2028.

[smartcode_project_cta:default project_id=113098]

Harmony on Broadbeach launches to booming Gold Coast suburb

Display apartments play a crucial role in helping buyers imagine how a space will look and feel once complete.

At <a href="https://www.apartments.com.au/new-apartments/the-albertine-by-mirvac-melbourne-31-queens-lane-melbourne-vic-3004">The Albertine</a> in Melbourne, development giant Mirvac has partnered with furniture maker and retailer MCM House to create a fully furnished, full-scale prototype that showcases the proportions, finishes, and design intent of the project’s three-bedroom residences.

As an added incentive, purchasers of any two- or three-bedroom apartment can receive up to $50,000 worth of MCM House furniture, allowing them to curate their new home with the same craftsmanship, contemporary design, and aesthetic showcased in the display apartment.

<a data-entity-type="file" data-entity-uuid="ae2e947b-2d51-4288-88fa-a35638e3be0f" href="https://www.apartments.com.au/new-apartments/the-albertine-by-mirvac-melbourne-31-queens-lane-melbourne-vic-3004"><img alt="Albertine" data-entity-type="" data-entity-uuid="" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-11-25%20at%209.27.26%E2%80%AFAM_1.png?VersionId=T5uSwgtTFwd1m5EdQF1inB.tBDgxqbtZ" /></a>

Oversized sofas, solid timber dining tables, and relaxed, low-profile seating demonstrate how the space accommodates real furniture, helping buyers clearly visualise how their new apartment could look, complete with pieces that genuinely suit the scale and design of the home.

The styling is simple but deliberate, with materials that pick up on the apartment’s natural light and neutral tones, creating cohesion without crowding the space.

<a data-entity-type="file" data-entity-uuid="355f10d8-ee75-4546-a42e-4a54abcc806e" href="https://www.apartments.com.au/new-apartments/the-albertine-by-mirvac-melbourne-31-queens-lane-melbourne-vic-3004"><img alt="Albertine" data-entity-type="file" data-entity-uuid="3e0b920b-3f17-47f0-8885-f67697a5f842" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-11-25%20at%201.17.07%E2%80%AFPM.png?VersionId=tPcmBls5kt_SLqE2ONXrxgk5SnC1xERs" /></a>

Mirvac is now welcoming buyers through the display at The Albertine. Quietly yet conveniently positioned just off St Kilda Road on Queens Road, the development has attracted strong interest from inner-Melbourne and Bayside downsizers, professional couples seeking luxurious low-maintenance living, and design-focused buyers who want proximity to the CBD.

Apartments have been designed by Mirvac's inhouse design team with owner-occupiers at the forefront.&nbsp;The living and dining areas open directly onto a balcony, reinforcing the project’s emphasis on indoor-outdoor flow, while kitchens feature integrated appliances and soft-curve cabinetry which mirror the larger architectural themes at play throughout the building.

<a data-entity-type="file" data-entity-uuid="e8f9b371-17e1-4122-a615-074113096135" href="https://www.apartments.com.au/new-apartments/the-albertine-by-mirvac-melbourne-31-queens-lane-melbourne-vic-3004"><img alt="Albertine" data-entity-type="" data-entity-uuid="" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-11-25%20at%209.30.16%E2%80%AFAM.png?VersionId=NCYvtMavnE1_YDhX6slAr7g84MWP0Ymp" /></a>

The Albertine offers one to four-bedroom residences complemented by exclusive resident-only amenity, including The Circadian Club, a wellness centre with an indoor pool and spa, gym, yoga and Pilates studio, and sauna, as well as The Elysian Room, a private dining space on level 10 with sweeping views across Melbourne.

Mirvac will welcome residents to The Albertine in 2026, having recently celebrated topping out the&nbsp;

<a href="https://www.apartments.com.au/developers/mirvac">Mirvac</a>&nbsp;recently topped out&nbsp; the topping out of The Albertine, with completion expected in 2026.

To find out more about the generous furniture offer with MCM House, enquire below.

[smartcode_project_cta:default project_id=138659]

Mirvac unveils The Albertine display, offering up to $50k in MCM House furniture

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.

<blockquote>
"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.”
</blockquote>

<blockquote>
“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.
</blockquote>
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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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