Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

Development

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After a brief stint during summer, the City of Melbourne's Elizabeth Street pop-up park will close on 24 March to allow for private development works at Riverview House with the Council postponing the permanent upgrade of the area to create new public space, now due to commence in 2019.

The upgrade will more than double the amount of pedestrian space in the street. We will also create a better space for people with new bluestone paving, street furniture, lighting and trees.

<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/elizabeth-street.jpg" rel="gallery-all" title="Artist's impression of Elizabeth Street South upon completion. Image : City of Melbourne"><img alt="" class="image-article-full-width-580px" height="326" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/elizabeth-street.jpg?itok=z3lSGk-n" title="Artist's impression of Elizabeth Street South upon completion. Image : City of Melbourne" width="580"></a>

<figcaption>Artist's impression of Elizabeth Street South upon completion. Image : City of Melbourne</figcaption></figure>The design for the new public space at Elizabeth Street South involves five key components:

<ul>
<li>Removal of Southbound traffic</li>
	<li>Provision of a new pedestrian area</li>
	<li>Retention of trams and terminus</li>
	<li>Upgrade of western footpath</li>
	<li>Northbound traffic retained </li>
</ul>
Construction works at 276 Flinders Street, fronting this section of Elizabeth Street, are due to commence in the next month, limiting Council's ability to build upgrade the street immediately.

The decision to postpone construction of the permanent public space is based primarily on maintaining pedestrian safety around construction activities at 276 Flinders Street and preventing damage to new public space infrastructure that would likely result from construction vehicles accessing the area.

<ul></ul>
The development at 276 Flinders Street comprises the construction of a 4,600 sqm tower building on the northern part of the podium due for completion by the end of the year. 

Designed by Baldasso Cortese who have been involved in the revistilisation of Riverview House since 2001, the new 5-storey office building will be built utilising lightweight steel and timber construction and accessed via a bridge-link from the existing tower lobby.  

<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/riverview.jpg" rel="gallery-all" title="Riverview House's second tower is set to commence construction. Image: Baldasso Cortese"><img alt="" class="image-article-full-width-580px" height="403" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/riverview.jpg?itok=t-Z8TDQK" title="Riverview House's second tower is set to commence construction. Image: Baldasso Cortese" width="580"></a>

<figcaption>Riverview House's second tower is set to commence construction. Image: Baldasso Cortese</figcaption></figure>​​​​​​​Lead Image: City of Melbourne

 
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Laurence Dragomir

Elizabeth Street pop up to close as development works commence on Riverview House

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Two fresh planning applications have emerged for West Melbourne, increasing the suburb's push toward higher density living.

Most recent to enter planning is 164-184 Roden Street, a site that is not unfamiliar to Apartments.com.au. The 3,637 square metre site initially went to planning during mid 2016 for developer Oliver Hume, with Jackson Clements Burrows Architects handling the project's design.

Picked up by Oliver Hume during late 2014, the initial proposal included 206 dwellings ( including 21 x warehouse shells), provision for 120 vehicle and 150 bicycle bays over two basement levels, plus a Jack Merlo-designed internal courtyard.

<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/image19_11_0.jpg" rel="gallery-all" title="A JCB Architects render of the initial Roden Street development"><img alt="" class="image-article-full-width-580px" height="328" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image19_11_0.jpg?itok=1xxJbIc3" title="A JCB Architects render of the initial Roden Street development" width="580"></a>

<figcaption>A JCB Architects render of the initial Roden Street development</figcaption></figure>With the <a href="/news/oliver-hume-and-jcb-add-to-the-west-melbourne-dynamic">initial 2016 proposal covered by Urban.com.au</a>, the application was eventually refused during August last year.

Still listed as an upcoming project on <a href="https://www.oliverhume.com.au/personal/project/277-merchantbyoliverhume">Oliver Hume's webpage</a>, the new application put forward during late January seeks "Partial demolition of the existing heritage building on-site, mixed-use building comprising food and drink, retail and residential and a reduction to the carpark requirements."

Nearby and a site that may have hosted a major residential tower in previous years has gone to planning, seeking what for West Melbourne is a midrange 20 level residential tower.

<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/img_3455.jpg" rel="gallery-all" title="404-418 Spencer Street will not be reaching the height of its neighbour at 420 Spencer Street"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_3455.jpg?itok=wynIikP6" title="404-418 Spencer Street will not be reaching the height of its neighbour at 420 Spencer Street" width="580"></a>

<figcaption>404-418 Spencer Street will not be reaching the height of its neighbour at 420 Spencer Street</figcaption></figure>404-418 Spencer Street sits adjacent to the recently completed Spencer Melbourne at 420 Spencer Street which includes 445 apartments and 5 retail tenancies over 40 levels. 

Covering 1,070 square metres, 404-418 Spencer Street could now host a ClarkeHopkinsClarke-designed apartment development on behalf of City Gate Pty Ltd. Submitted mid last month, 404-418 Spencer Street is the latest of a string of residential buildings that have called upon the West Melbourne end of Spencer Street.

Immediately south of the site developer Alpha 14 is adding the finishing touches to its tower dubbed Bond Quarter whilst diagonally opposite builder Maxcon has begun bulk excavation of Melbourne Village which will see 531 apartments created over two towers.

<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/img_6398.jpg" rel="gallery-all" title="Melbourne Village with 404-418 Spencer Street behind"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_6398.jpg?itok=6fXqyhC1" title="Melbourne Village with 404-418 Spencer Street behind" width="580"></a>

<figcaption>Melbourne Village with 404-418 Spencer Street behind</figcaption></figure>
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silvermb

West Melbourne in line for two additional projects

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A consortium led by Grocon in partnership with Aqualand and Scentre Group has been selected by the Barangaroo Delivery Authority to deliver Central Barangaroo. 
This will complete the transformation of the Barangaroo precinct. 
The consortium will be responsible for the design, development and delivery of Central Barangaroo which will be returned to the public as a dynamic and diverse precinct on the foreshore of Sydney Harbour.
The NSW Government chose the consortium to create and deliver a mixed-use, balanced development comprising commercial, retail, residential, public and cultural facilities across the 5.2 hectare site. 
Over 50% of Central Barangaroo will be public open space. It will also serve as a vital connection between the Barangaroo Reserve in the north and Barangaroo South. 
In a unique collaboration, established businesses Grocon, Aqualand and Scentre Group have combined their proven expertise in urban development, residential, commercial and retail experiences. 
The fusion of capabilities and experience of the three companies represents a new dynamic approach to development, bringing the very best in market to work together to provide a world-class outcome. 
The consortium’s successful proposal delivers upon the Barangaroo Delivery Authority’s vision, converting one of Sydney’s last prime waterfront locations into an inspiring new area which takes the best of Sydney today, and amplifies it for all to enjoy for generations to come. 
The construction, to be delivered in stages with overall completion in 2024, will seamlessly integrate the Barangaroo Metro Station, where up to 30,000 people will transit daily.
Grocon’s Executive Chairman, Daniel Grollo said Grocon are honoured to be selected to develop Central Barangaroo and deliver it back to the people.
"We are privileged to be working in partnership with the Barangaroo Delivery Authority and the NSW Government to create a distinctive harbour-front destination for Sydney where public space will take centre stage.
“Grocon has brought together an outstanding group of consortium partners who share a vision to combine civic and cultural attractions with recreational, residential, retail and commercial spaces. 
"The creation of a unifying place between Barangaroo Reserve and Barangaroo South will lay the foundations and shape the city’s future. 
Jin Lin, Aqualand’s CEO, said Central Barangaroo meets a key company objective.
“Aqualand is proud to work alongside the NSW Government and our consortium partners Grocon and Scentre Group to deliver Sydney’s next iconic community. 
"Central Barangaroo meets one of our key company objectives – to deliver long-term, flagship developments that create a legacy for future generations.”
Scentre Group’s CEO, Peter Allen, said Scentre Group is pleased to be part of the winning consortium, alongside partners Grocon and Aqualand. 
"We look forward to expanding on our vibrant retail offer in Sydney by bringing to life this exciting new precinct that encompasses lifestyle, recreation, entertainment, residential, commercial and retail uses.”  
The consortium looks forward to sharing the successful scheme for Central Barangaroo in the near future, when there will be opportunities for comment.
 
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jrobinson-rf4aSBido9

Grocon, Aqualand and Scentre Group awarded Central Barangaroo Precinct

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After a protracted legal battle with a Singaporean rival which ground demolition works on its Tower Melbourne project, developer CEL Australia has walked away from the project. Demolition of the existing building on the corner of Bourke and Queen Street ground to a halt in 2013 following a dispute about access to the property and damage to the adjoining buildings at140 Queen Street &amp; 27 McKillop Street.

Fellow developer Colonial Range, filed legal action in the Victorian Civil and Administrative Tribunal seeking to have the planning permit for the project revoked, which delayed the start of construction of the 226m Elenberg Fraser designed tower. With VCAT finding in its favour, CEL Australia was ready to recommence works onsite, however these plans were scuttled after Colonial Range decided to take the matter to the Supreme Court.

Colonial Range, then known as Ruby Group, originally owned both sites and had approval planning approval for a 27-storey serviced apartment tower designed by Kerstin Thompson Architects at 140 Queen Street which bridged across Penfold Place and featured a new laneway connecting Penfold Place and McKillop Street.

<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/queen_street_tower.jpg" rel="gallery-all" title="140 Queen Street had approval for a 27-storey serviced apartment tower. Image: KTA"><img alt="" class="image-article-full-width-580px" height="359" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/queen_street_tower.jpg?itok=YdzYVI-x" title="140 Queen Street had approval for a 27-storey serviced apartment tower. Image: KTA" width="580"></a>

<figcaption>140 Queen Street had approval for a 27-storey serviced apartment tower. Image: KTA</figcaption></figure>It curiously sold off 150 Queen Street to Charter Hall who then onsold it to Chip Eng Seng under its Australian subsidiary CEL Australia. They promptly engaged Elenberg Fraser to design a  71-storey tower comprising 555 apartments, but it would appear Tower Melbourne is set to join the long list of Melbourne Never Builts after requests by purchasers to cancel their contracts, resulting in CEL rescinding on the remainder.

<blockquote>
The protracted and complex nature of the legal proceedings have forced the cessation of any works on site since September 2013, and despite ongoing efforts to resolve these disputes, CEL Australia is still unable to proceed with any further demolition works on the existing building.

Consequently, the building of Tower Melbourne has been significantly delayed and the project is unable to be delivered within the Date of Registration stipulated in the contracts of sale.

CEL Australia’s first priority has always been to deliver Tower Melbourne in line with its vision for the project, and as such, has done everything within its legal power to try to reach a resolution. Regrettably, it has become increasingly apparent that there is still no resolution in sight, and with further proceedings still pending, Tower Melbourne in its current form is no longer viable for CEL Australia to develop.

Due to the delays, a number of purchasers have requested to cancel their contracts. In these instances, CEL Australia has granted their requests. Rather than waiting until the Registration Date has lapsed, CEL Australia will rescind the contracts of the remaining purchasers to release them from their contracts as soon as possible. CEL Australia is in the process of informing purchasers of this outcome.

CEL Australia has made this decision in order to ensure the best possible resolution for all stakeholders, and allow purchasers to move on.

- CEL Australia, November 2017
</blockquote>

Following from this decision it has since emerged that CEL and Colonial Range have agreed to collectively sell their respective sites. The landholdings are being marketed off market through Colliers International with both parties expecting $150 million for the combined blocks which now encompass 140-150 Queen Street and 27 McKillop Street, that combined form a 2,500 sqm development site.

Which brings us to the subject of today's article - what is the development potential of this development site in light of the current planning regime and with a Floor Area Ratio (FAR) of 18:1 limiting the height should the new purchaser not act on the Tower Melbourne permit?

Below I've undertaken a quick study to investigate the development potential of the combined sites, with the intent to try and achieve height on the site while being within an allowed planning envelope. For the purposes of the study, I have gone with a residential tower floor to floor height but with a floorplate that could accommodate office use.

<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/diagram_01-01.png" rel="gallery-all" title="Tower Melbourne and the site developed with full site coverage. "><img alt="" class="image-article-full-width-580px" height="294" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/diagram_01-01.png?itok=USBl5kOu" title="Tower Melbourne and the site developed with full site coverage. " width="580"></a>

<figcaption>Tower Melbourne and the site developed with full site coverage.</figcaption></figure>Not surprisingly a FAR of 18:1 with full site coverage results in an 18 storey-building of 45,000 sqm GFA - a stark contrast to Tower Melbourne's 71-storeys.

<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/diagram_02-01.png" rel="gallery-all" title="Setbacks applied and Public Open Space introduced"><img alt="" class="image-article-full-width-580px" height="294" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/diagram_02-01.png?itok=K1k6Thx5" title="Setbacks applied and Public Open Space introduced" width="580"></a>

<figcaption>Setbacks applied and Public Open Space introduced</figcaption></figure>By applying setbacks above the 40m podium, the height of the tower can increase, resulting in a 28-storey building overall. The introduction of open space, decreases the site coverage allowing for a larger floorplate for the tower without an increase to the GFA. Commercial office space within the podium, combined with the open space as public benefits allow for additional floor area through a Floor Area Uplift (FAU). 

<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/diagram_03-01.png" rel="gallery-all" title="Final massing and comparison diagram."><img alt="" class="image-article-full-width-580px" height="294" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/diagram_03-01.png?itok=PNSwa-44" title="Final massing and comparison diagram." width="580"></a>

<figcaption>Final massing and comparison diagram.</figcaption></figure>The resulting building envelope allows that is achieved is based on the following:

<ul>
<li>27-storeys residential + 8-storey commercial podium</li>
	<li>Public Benefits: 1,000 sqm POS @ $15,000/sqm = $15m, 13,000 sqm of office space  </li>
	<li>Residential value of additional floor space within western core: $7,500/sqm</li>
	<li>FAU Value: 7,500 sqm x 10%</li>
	<li>Floor Area Uplift: 20,000 sqm / 17-storeys ($15m ÷ $750) + 1,300sqm office</li>
	<li>Total : 53-storeys / 180m</li>
</ul>
As you can see this is still almost 50m shorter than Tower Melbourne, so for whoever purchases the combined sites, the development potential of 140 Queen Street and 27 McKillop Street is limited if the new owners don't try to revive Tower Melbourne.

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Development Scenario: 140 & 150 Queen Street 

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1,284,577 square metres is the raw number.

Apartments.com.au's Project Database is keeping tabs on close to 1.3 million square metres of office space at various stages of development across Melbourne. It is a phenomenal figure which shows just how bullish the office sector is across this city.

The aggregation of all developments followed by Apartments.com.au which contains dedicated office space was prompted by the addition of the latest major planning application to the database - Newmark Capital's <a href="/new-apartments/500-chapel-street-south-yarra">500 Chapel Street</a> - which came to light earlier this month. The total figure included mixed-use and dedicated office projects.

Of course, the headline number is by no means absolute but does take into account 94 separate developments across Melbourne.

<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/img_1126.jpg" rel="gallery-all" title="A redeveloped 405 Bourke Street will bring an extra 66,000 squre metres"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_1126.jpg?itok=z1AvVPEj" title="A redeveloped 405 Bourke Street will bring an extra 66,000 squre metres" width="580"></a>

<figcaption>A redeveloped 405 Bourke Street will bring an extra 66,000 squre metres</figcaption></figure>Firms such as <a href="http://pdf.savills.asia/asia-pacific-research/australian-research/australia-office-/savillsresearch-briefing-melbourne-cbd-office-q2-2017.pdf">Savills</a>, <a href="https://www.colliers.com.au/find_research/office/metro_office_-_second_half_2017/">Colliers</a>, <a href="http://www.jll.com.au/australia/en-au/Documents/office-investment/pdf/4Q16-Melbourne-CBD-Office-Market-Commentary.pdf">JLL</a> and <a href="https://www.investa.com.au/WWW_Investa/media/Resources/April-2017-Office-Market-Report.pdf?ext=.pdf&amp;alt=&amp;fpl=&amp;fpt=&amp;fpr=&amp;fpb=&amp;guid=0fd9d529-0db5-471f-9dbc-a3ee38ad8bf0&amp;lgW=0&amp;lgH=0&amp;mdW=680&amp;mdH=0&amp;smW=480&amp;smH=0">Investa</a> have released recent reports on the current strength of Melbourne's office market. Key points that underpin the 1,284,577 square metres in development include:

<ul>
<li>Melbourne’s CBD office market could be entering the largest development boom since the early 1990’s</li>
	<li>The Melbourne CBD office market recorded its strongest annual net absorption figure (188,670 sqm) since 1978</li>
	<li>Net absorption at its highest level since 2008 and leasing activity the strongest since 2010</li>
</ul>
Of course, Melbourne's CBD maintains the largest concentration of office space across the city, at approximately 4.7 million square metres. The current level of office-based development within the CBD stands at just under 10% of the total CBD figure, alluding to the heightened number of large-scale projects which have begun construction.

405 Bourke Street, Collins Arch, 477 Collins Street and 80 Collins Street are all subject to works, with the smallest of these adding 45,000 square metres of space.

<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/image1scross.jpg" rel="gallery-all" title="664 Collins Street is nearing completion. Image: Ryan Seychell"><img alt="" class="image-article-full-width-580px" height="676" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image1scross.jpg?itok=XmtV4POb" title="664 Collins Street is nearing completion. Image: Ryan Seychell" width="580"></a>

<figcaption>664 Collins Street is nearing completion. Image: Ryan Seychell</figcaption></figure>Docklands is not left behind either with approximately 200,000 square metres in development, but as has been outlined previously by Apartments.com.au, City of Yarra is the Melbourne's 'it' office market. Apartments.com.au is tracking 21 separate projects across the municipality that amount to 182,361 square metres in development.

The actual number is likely to be higher as a number of planning applications have yet to make it to the public sphere.

Further afield and Newmark Capital's 500 Chapel Street is shaded by Frasers Property's 254-294 Wellington Road as suburban Melbourne's largest office development in the making; the Mulgrave project encompasses 60,583 square metres.

<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/img_1189.jpg" rel="gallery-all" title="Nexus 10, one of suburban Melbourne's current office developments"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_1189.jpg?itok=EYwaIU_i" title="Nexus 10, one of suburban Melbourne's current office developments" width="580"></a>

<figcaption>Nexus 10, one of suburban Melbourne's current office developments</figcaption></figure>
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Urban.com.au is tracking 1.3 million square metres of office space in development

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The development of a 13-storey apartment building as part of a larger site development at Ormond Station to be called Ormond Place can proceed following approval from Planning Minister Richard Wynne. The approval comes following a public hearing held at Planning Panels Victoria and based on advice from a Standing Advisory Committee in and which drew strong community backlash against what has been dubbed the 'Sky Tower.'

Ormond Place will be delivered by VicTrack and developer DealCorp who has engaged architects Clarke Hopkins Clarke to develop a concept for a mixed-use scheme above Ormond Station. The station's rebuild was completed last year as part of the Level Crossing Removal project.

The development peaks at 13 storeys along North Road and drops to 6 storeys further away from the major thoroughfare. A supermarket and shops are expected adjacent to the station entry, whilst townhouses will be developed along Newham Grove, concealing the car parking beyond.

<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/project_north_road_ormond.jpg" rel="gallery-all" title="The 13-storey over site development (OSD) to be developed above Ormond Station. Image: VicTrack"><img alt="" class="image-article-full-width-580px" height="249" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/project_north_road_ormond.jpg?itok=3gAABtcs" title="The 13-storey over site development (OSD) to be developed above Ormond Station. Image: VicTrack" width="580"></a>

<figcaption>The 13-storey over site development (OSD) to be developed above Ormond Station. Image: VicTrack</figcaption></figure>A material palette has been employed which draws on the local context and character of the area, featuring timber, red brick and a more contemporary light brick, with an integrated landscape strategy to soften the buildings visually.

Ormond Place aims to build on VicTrack's mandate of developing surplus rail land into higher density outcomes with traditional developers brought in as development partners. IKON Glen Waverley is complete, while Jewell Station and Hampton Station precinct are also in the works.

<h2>Jewell Station </h2>

<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/jewell_01.png" rel="gallery-all" title="Jewell Station's new Urban Village. Images: BKK Architects"><img alt="" class="image-article-full-width-580px" height="253" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/jewell_01.png?itok=-Wm6kyAU" title="Jewell Station's new Urban Village. Images: BKK Architects" width="580"></a>

<figcaption>Jewell Station's new Urban Village. Images: BKK Architects</figcaption></figure>A partnership between VicTrack and Neometro, the redevelopment of the Jewell Station precinct in Brunswick seeks to create a "New Urban Village." following approval of plans of the station precinct development in 2016.

As part of the development, existing derelict buildings on VicTrack-owned land will be replaced by two 8-storey mixed-use buildings, containing ground floor retail and 122 one, two and three bedroom apartments.

The development will help fund improvements to the station forecourt and public realm with the historic Jewell Station building forming the centrepiece of this key civic space. The station forecourt will also feature a community garden area and artistic and cultural spaces for the local community.

Access to the station will also be improved as part of the development with a new ramp and stairs, increased bike parking, and the upgrade of the Upfield bike path.

<h2>Hampton Station precinct</h2>

<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/36_30-03-2017_1082.jpg" rel="gallery-all" title="A working image for Hampton Station precinct. Image: epc.Pacifric"><img alt="" class="image-article-full-width-580px" height="326" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/36_30-03-2017_1082.jpg?itok=2fCRcJeK" title="A working image for Hampton Station precinct. Image: epc.Pacifric" width="580"></a>

<figcaption>A working image for Hampton Station precinct. Image: epc.Pacific</figcaption></figure>Developer epc.Pacific is working with VicTrack and the Department of Health and Human Services to deliver a new $120 million predominantly residential precinct alongside Hampton Station.

Intended to become an exemplary residential project, Village @ Hampton as it has been dubbed sits on a 7,056sqm tract of land. Apartments along with a new retail/entertainment and new public plaza are envisaged.

According to epc.Pacific's website "the design of the project is being undertaken by internationally recognised and highly awarded Australian Design companies, Ashton Raggatt McDougall (ARM) Architects, Jam Architects and Rush Wright. Fronting Koolkuna Lane, the overhaul is slated to begin shortly.
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On the right track: Ormond Place gets the green light

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The hotel juggernaut across inner Melbourne is showing no signs of slowing down.

After last week's announcement that <a href="/news/mandarin-oriental-to-open-its-first-hotel-residence-property-in-australia">Mandarin Oriental will anchor the Zaha Hadid-designed 600 Collins Street</a>, three further projects have come to the fore in recent days. A long expected Southbank project is headed for a construction start, whilst Melbourne City Council is attending to two further hotel-based planning applications.

At 167 City Road, signage for builder Maxcon has appeared across the site's frontage, heralding a start to the project which has been on the drawing for roughly five years.

<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/image23_6.jpg" rel="gallery-all" title="167 City Road may be branded Ibis Styles. Image: CBRE Hotels"><img alt="" class="image-article-full-width-580px" height="337" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image23_6.jpg?itok=Tqql8Equ" title="167 City Road may be branded Ibis Styles. Image: CBRE Hotels" width="580"></a>

<figcaption>167 City Road may be branded Ibis Styles. Image: CBRE Hotels</figcaption></figure>In line with a construction start, CBRE Hotels has launched a campaign to sell the site and hotel, which is provisionally proposed as an Ibis Styles outlet. First covered by Apartments.com.au during 2013, the Peddle Thorp design has taken time to come to fruition, but now has an anticipated completion date of late 2018.

The buyer of 167 City Road will eventually inherit a building which includes 162 hotel suites.

Southbank aside, hotel projects also continue to flow into the CBD, as evidenced by applications for both 563-567 Little Lonsdale Street and 589-599 Little Collins Street.

The former is an exceptionally quick progression, with the Little Lonsdale Street site having only sold during March. Lodged with Council last month, the application for the 336sqm site seeks demolition of the onsite low-rise office building for the delivery of a residential hotel project.

<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/little-lonsdale-street_563-567_2pp_08-3-pdf-image.jpg" rel="gallery-all" title="563-567 Little Lonsdale Street as marketed. Image: CBRE City Sales"><img alt="" class="image-article-full-width-580px" height="410" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/little-lonsdale-street_563-567_2pp_08-3-pdf-image.jpg?itok=qKqLOE-i" title="563-567 Little Lonsdale Street as marketed. Image: CBRE City Sales" width="580"></a>

<figcaption>563-567 Little Lonsdale Street as marketed. Image: CBRE City Sales</figcaption></figure>Plans for Pro-invest Developments' expected hotel at 589-599 Little Collins Street have also been lodged during June.

The firm is working on the roll-out of a portfolio of 10 to 15 Holiday Inn Express hotels across Australia, on behalf of the Pro-invest Australian Hospitality Opportunity Fund. <a href="http://www.afr.com/real-estate/commercial/hotels-and-leisure/proinvest-brings-holiday-inn-express-to-melbourne-cbd-20161220-gtequs">Outlined late last year</a>, Pro-invest has targeted roughly 300 suites for the site, along with retail and office uses.

Substantially larger than the Little Lonsdale site, the planned Holiday Inn Express is set to account for two low-rise office buildings.

 
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City Road checks in; two new CBD hotel developments in the pipeline

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LJ Hooker has committed $100 million, as part of the networks 2020 vision, to accelerate the industry’s digital transformation.
Its mission is to make Australia the world’s most advanced and best served property market.
Spearheading the strategy is the newly unveiled LJX-Lab, a digital research and development vehicle.
It is hoped it will foster innovation through identifying, incubating and commercialising home-grown ‘proptech’.
It will also introduce new global best practices and technology to local markets to enrich new products, services and training.
LJX-Lab’s first game-changing development is Real Edge, a digital learning and coaching platform that delivers LJ Hooker’s world best practice training online anywhere anytime for continuous personal development of real-estate professionals.
Real Edge is aimed at enhancing the education of real estate as a profession and career; empower real-estate specialists to reach their full potential.
Company Chairman L Janusz Hooker said Real Edge is a first for an Australian real estate network and currently in beta with LJ Hooker’s 8,000 real estate professionals.
“It’s the first of many innovations LJX-Lab will release leading up to 2020 to continue LJ Hooker’s rich pioneering heritage,” he said.
To provide global insights into products and services being created in LJX-Lab, Mr Hooker has assembled an advisory board of business leaders, including:
<ul>
<li>Freelancer.com and Escrow.com, CEO, Matt Barrie (Sydney);</li>
<li>MD CSIRO Innovation Fund and Founder of Black Bird Ventures, Bill Bartee (Sydney);</li>
<li>Co-Founder and Principal of RFR Holding, Michael Fuchs (New York);</li>
<li>Director of Zoopla.com and former CEO of Countrywide Real Estate Group, Grenville Turner (London).</li>
</ul>
Mr Hooker said the group’s digital leadership had also attracted executive talent from global tech challengers that have redefined their industries including Uber, Atlassian and Freelancer.
“These specialists had no prior professional interest in real estate but are inspired by our digital strategy which enables them to apply their experiences working in global tech players to the real-estate industry,” he said.
“The digital revolution is enabling us to merge the property knowledge accumulated over our 88-year history and the expertise of our current 8,000 real estate professionals across 600 offices with the latest technology to better serve our customers.
"No single real estate network has set a digital path that equally empowers its people, its customers and its industry professionals.”
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j.ballantyne1990-6AQqhLzZaK

LJ Hooker commits $100 million to real estate digital development 

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A mixed-use development site in NSW's Liverpool with approval for 162 units has recently sold through CBRE for an undisclosed sum.
The site at <a href="https://www.realcommercial.com.au/property-land+development-nsw-liverpool-502112342" target="_blank">387-397 Macquarie Street, Liverpool, NSW 2170</a> went to the market via an expressions of interest. The zoning is B4 mixed use.
The property last changed hands back in 1989 for $1.3 million, according to RP Data.
Upgrades to the property are a set of commercial strata suites, currently occupied by retail providers cash converters, radio rentals, and motorcycle accessories supermarket -all leases due to expire by quarter 1, 2017.
The property has a land area of 2,391 sqm.
Liverpool is projected to gain more infrastructure than any other city in Australia in the next 10 years.
CBRE's Frank Oliveri and Thomas Mosca brokered the deal.
<img src="/images/2016/11/17/NSWLiverpool.png" alt="">
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jonathanchancellor-7SQnKwU6yx

Liverpool site with approval for apartments changes hands

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A 2071 square metre development land at Box Hill is for sale.
Located at <a href="https://www.rtedgar.com.au/property/423466/" target="_blank">5 – 9 Howard Street</a>, it is 500 metres from Box Hill Central.
With a Residential Growth Zone 1 that encourages higher density housing, plans for a five storey apartment complex with basement parking has been drawn up and subject to council approval.
It will provide 55 residences ranging from one to three bedrooms.
Other options on the 47 metre frontage x 44 metre depth site include a townhouse development, unit development or commercial development.
It currently sits on three period homes and will give a substantial rental income while waiting for the planning and council approval processes.
The property is also close by to Box Hill Library, the Eastern freeway and Eastern Health’s state-of-the-art healthcare facility with Wattle Park Gold Course, Box Hill Gold Course and Surrey Park nearby.
It is a short distance to Box Hill TAFE, Deakin University and others.
Expressions of interest close November 22 and is offered through RT Edgar agents Lawrence Zhu and Annabelle Feng.
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