Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

Docklands

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The past fortnight has brought a number of high profile approvals which have been placed firmly in the public eye, but what of the lesser known planning applications that have been given or are poised to receive the green?

85-93 Lorimer Street, 1 Warde Street and Avant at 54-64 A'Beckett street have all had their time in the sun owing to their sizeable nature, with the three projects combining to add as many as 1,780 apartments to the Melbourne skyline. Avant in particular is set to make a striking addition to the northern end of the CBD due to it's reddish-pink exterior, carrying an expected $500 million development tag along the way.

There has also been a wave of other approvals of late, all of which will add to the city's development pipeline. In a variety of locations, some of the more notable developments to gain approval include:

<h2>3 Shiel Street, North Melbourne</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/1018_3-5_shielst_tp_-_3d_view_-_view_01_-_shiel_st.jpg" rel="gallery-all" title="3 Shiel street has been given the green light. Image courtesy SPEC Property"><img alt="" class="image-article-full-width-580px" height="321" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/1018_3-5_shielst_tp_-_3d_view_-_view_01_-_shiel_st.jpg?itok=YJ6c1Xfe" title="3 Shiel street has been given the green light. Image courtesy SPEC Property" width="580"></a>

<figcaption>3 Shiel street has been given the green light. Image courtesy SPEC Property</figcaption></figure>SPEC Property have secured a permit for a project dubbed The Shiel Apartments at 3 Shiel Street, North Melbourne. Melbourne City Council saw fit to provide a permit for the 65-apartment project earlier this month.

The Shiel Street development is notable in that it along with a handful of other projects sited on Shiel Street and the adjoining Haines Street represent the vanguard push of residential developers into the Arden-Macaulay Precinct; a large tract of North Melbourne and Kensington slated to become a high density residential zone.

<h2>20-22 Queens Road and 74 Eastern Road</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/image34_3.jpg" rel="gallery-all" title="Queens Road and Eastern Road"><img alt="" class="image-article-full-width-580px" height="295" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image34_3.jpg?itok=19_PZJCm" title="Queens Road and Eastern Road" width="580"></a>

<figcaption>Queens Road and Eastern Road</figcaption></figure>VCAT have ruled on both these projects which fell under the jurisdiction of Port Phillip City Council. Respective developers JD Group and GURNER are now free to pursue their approved schemes as they see fit.

20-22 Queens Road is the larger of the two developments at 17 levels, consuming a 4,598 sqm site and holding 269 dwellings. Both projects are at the foot of Albert Park, with 20-22 Queens Road set to enjoy unencumbered views.

<h2>6-10 Keele Street, Collingwood</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/image296.jpg" rel="gallery-all" title="SJB's Keele Street design"><img alt="" class="image-article-full-width-580px" height="330" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image296.jpg?itok=eHEkmgkP" title="SJB's Keele Street design" width="580"></a>

<figcaption>SJB's Keele Street design</figcaption></figure>Keele Street comes into focus as the latest project for local developer Pirovich. Submitted during late 2014, the SJB-designed project has gained approval according to Yarra City Council. With a determination dated June 25th, the 55-apartment project over a 930sqm block has a nominal value of $12 million and looks set to join the multitude of apartments projects within postcode 3066.

<h2>Incoming</h2>

Two high-profile projects are also set to gain approval in the not-too-distant future. A planning officer's report set to be tabled before Monash City Council on July 28th recommends the approval of The Glen redevelopment at 227 Springvale Road. Initially submitted with 515 apartments over three buildings, a variety of conditions have been suggested, chief of which is the reduction of the 'Signature Tower' from 86 metres to 63.7 metres in height.

<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/about-header-2.jpg" rel="gallery-all" title="Artist's impression of the revamped Royal Womens Hospital"><img alt="" class="image-article-full-width-580px" height="329" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/about-header-2.jpg?itok=bJA6Ih-7" title="Artist's impression of the revamped Royal Womens Hospital" width="580"></a>

<figcaption>Artist's impression of the Royal Women's Hospital first stage</figcaption></figure>July 28th also looms as the date where <a href="http://www.carltonconnect.com.au/">Carlton Connect</a> will formally be adopted by Melbourne City Council. The project involves rezoning the former Royal Women’s Hospital to allow for a comprehensive redevelopment yielding three buildings which are expected to accommodate Australia’s premier innovation precinct.

Melbourne University will anchor the redevelopment which will seek to deepen the application of knowledge throughout the Australian economy according to the project's website.
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silvermb

Poised and primed: key developments gain approval

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Urban.com.au was recently invited on a tour of Array, the seventh of Mirvac's Yarra’s Edge towers, which features dual multi-level East and West penthouses. The visit included a walkthrough of the $8 million 425m2 East Penthouse, comprising four bedrooms, four bathrooms, a butler’s kitchen, a private lift and a double height living and entertaining area which opens out onto a terrace offering impressive views of Melbourne’s skyline.

<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_2691.jpg" rel="gallery-all"><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_2691.jpg?itok=W_B8hw_d" width="580"></a>

<figcaption>How's the view?</figcaption></figure>The East Penthouse includes over $400,000 worth of high end imported furnishings, bespoke artworks, as well as hand-sketched wallpaper, cushions and bed linen by renowned fashion illustrator Megan Hess, who is best known for sketching the Sex and the City book covers.

<blockquote>
We have had customers purchase multiple apartments to create their own apartments, with expansive spaces and extra bedrooms. We’ve even had some customers buy an entire floor to turn into a city abode for their family.

Array offers a new level of quality, finish and customisation that is further enhanced by our partnership with Megan Hess. The special touch Megan has put on this landmark property is sure to turn the heads of buyers who want a trophy home.
<cite>John Carfi, Mirvac Group Executive Residential</cite>
</blockquote>

Having worked for some of the world’s premier brands and designers, including Chanel, Dior and Vanity Fair, Hess’ design style has been implemented to transform the East Penthouse into an exclusive luxury home. With a brief to create an elegant, contemporary and chic penthouse with international appeal, Hess has curated the East Penthouse’s interior furnishings, sourcing bespoke items from around the globe and even creating her own pieces when necessary.

<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_2696.jpg" rel="gallery-all" title="Array East Penthouse Interior"><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_2696.jpg?itok=KGa7HZUR" title="Array East Penthouse Interior" width="580"></a>

<figcaption>Array East Penthouse Interior</figcaption></figure>Adorning the expansive spaces are ottomans and accessories by Versace, couches by Fendi, and a Roberto Cavalli leather, snakeskin look coffee table. Hess has even specially designed a marble dining table with a gold leaf base for the penthouse, her first foray into furniture design. Jonathan Adler and Coco Republic pieces complement the high fashion furnishings, creating a warm and lavish space.

<blockquote>
I am incredibly proud of the result and thankful to be given such a blank canvas by Mirvac and the trust and free rein to create a high fashion home overlooking the Melbourne CBD.
<cite>Megan Hess</cite>
</blockquote>

The complete interior package is valued at over $400,000, giving the East Penthouse’s lucky purchaser the opportunity to move into the world’s first Megan Hess interior designed penthouse, should they choose to purchase the furniture with the penthouse.

According to John Carfi the remainder of the building was finished to a standard that would rival many penthouses in the city, with the Hess touch raising the bar for the entire project.

The 39-storey tower has been designed by the Mirvac team, headed up by Mirvac’s Design Director Julian Venning, to capture the movement of the surrounding river. A rooftop sculpture crowns the building, creating a strong architectural statement when peering down the Flinders Street axis of the city as it pairs up with Tower V, forming the King and Queen of Yarra's Edge.

<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_2676.jpg" rel="gallery-all" title="Array amongst other Yarra's Edge towers"><img alt="" class="image-article-full-width-580px" height="870" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_2676.jpg?itok=62ghMoQL" title="Array amongst other Yarra's Edge towers" width="580"></a>

<figcaption>Array amongst other Yarra's Edge towers</figcaption></figure>Leading past the adjacent marina that fronts the building and a 250m2 retail space, residents and guests enter through a lavish lobby featuring a striking backlit onyx wall and twinkling overhead star lights.

Combining luxury and efficiency residents can be mindfully aware of their carbon footprint with interactive screens on the ground floor providing updates on the building’s energy consumption throughout the day and night, while green switches allow residents to turn all of their appliances off at once as they leave their home.

<blockquote>
Our customers have told us they care about these efficiency features as much as design. There is a real desire in the market to be able to live mindfully and be aware of one’s impact on the globe.
<cite>Julian Venning, Mirvac Design Director</cite>
</blockquote>

Rounding off the amenities are an onsite gym and lounge area, complemented by fully serviced marina berths with individually metered power, water facilities and the convenience of a full-time on-site marine manager and 24 hour security.

More than 90 per cent of the $219 million development has been sold, with the first residents moving in during April.

Please enjoy the photo slideshow below taken on a sunny Melbourne winter's day.
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Laurence Dragomir

A tour of Mirvac's Array at Yarra's Edge

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Berth, the prominent waterfront restaurant space in Docklands has been snapped up.
It was bought by a local Asian investor in a sale and leaseback deal negotiated by Colliers International. 
Colliers agents Guy Wells, Daniel Wolman and Oliver Hay negotiated the sale at a sub-7% yield. 
Situated on the southern side of Newquay Promenade, the 515sqm building is constructed over the waterfront within the Newquay precinct of Docklands.
The property was constructed on Crown land and is subject to a long term Crown Lease to 2101 having commenced November 2002. 
It was offered with a secure, long term lease to Berth that has been in operation for more than 10 years in Docklands, with a further 10 year lease plus options.
Development in the Docklands region began circa 2000 and since that time almost $9 billion worth of development has occurred.
This includes more than $2.4 billion worth of private development in 2011-12 which occurred across 16 projects totalling 350,000sqm of gross floor area, including about 1,500 residential apartments.
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jchancellor-FAypfDUnLy

Berth, the Melbourne Docklands restaurant space sold

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When the first images of <a href="/news/889-collins-street-next-for-lend-leases-victoria-harbour">889 Collins Street surfaced</a>, eagle-eyed readers would have noticed a second identical set of towers in the background. Having initially brushed it off as artistic license to populate a render I was surprised to learn that the development would in fact consist of four overall towers or two sets of twin towers along the north bank of Victoria Harbour.

<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/site_plan.jpg" rel="gallery-all" title="Aerial of sites within Victoria Harbour. © City of Melbourne"><img alt="" class="image-article-full-width-580px" height="305" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/site_plan.jpg?itok=CQi8pj0P" title="Aerial of sites within Victoria Harbour. © City of Melbourne" width="580"></a>

<figcaption>Aerial of sites within Victoria Harbour. © City of Melbourne</figcaption></figure>Designed by Sydney-based architect Koichi Takada, the project has gained support in the last week via City of Melbourne's Future (Planning) Committee; the final remaining hurdle is now approval from the Planning Minister's office prior to Y4 &amp; Y5/Y6 (seen in the above graphic) officially commencing.

The southern set of towers will be 75.9 metres in height while the northern pair will reach 93.6 metres, with their respective podia rising to heights of 19.5m. The pairing of towers will be such that each podium will accommodate one 30-storey and one 24-storey tower. This variance in height is intended to give the Docklands skyline a more dramatic silhouette than if the towers were to have been paired by common height.

<blockquote>
The elevations are well designed and articulated. All elevations of the towers and podia feature glazing of various types, balconies and timber or masonry finishes to balconies at podium levels, which will serve to create a visually interesting facade. Plant and lift motor rooms are fully screened.

The towers will be worthy additions to the Docklands skyline.
<cite>City Of Melbourne Future Committee Report</cite>
</blockquote>

<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/image.jpg8_zps9xhsay7e.jpg" rel="gallery-all" title="Tower elevations highlighting height variance and facade articulation. © Koichi Takada Architects"><img alt="" class="image-article-full-width-580px" height="366" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image.jpg8_zps9xhsay7e.jpg?itok=bPbakezl" title="Tower elevations highlighting height variance and facade articulation. © Koichi Takada Architects" width="580"></a>

<figcaption>Height variance and facade articulation. Image © Koichi Takada Architects</figcaption></figure>All four towers have the same articulation and a consistent material palette whereby the main elevations respond to city context and river context which is expressed and reflected in the choice of materials. The spandrel bands which wrap around the podium levels employ a rich textured palette of brick and timber drawing references to the site's maritime history (which has been lacking in Docklands so far) and presents somewhat of a departure from the typical materials which adorn some of the other apartment buildings.

The tower sections feature bands of fritted glazing of various levels of opacity and colour, which create a distinct rippled patternation across the facades while also providing the impression of a horizontal movement. This in turn creates a kinetic quality, reinforced by the various reflections of water, city and sky throughout the day.

Likened to "the strong, billowing effect" of sails in the wind, the fritted bands vary from the reddish tone of the brick to the silver tone of the weathered timber.

<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/facade_elevation.jpg" rel="gallery-all" title="Detail elevation of podium materiality and texture elevations highlighting height variance and facade articulation. © Koichi Takada Architects"><img alt="" class="image-article-full-width-580px" height="227" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/facade_elevation.jpg?itok=TrGyiYhi" title="Detail elevation of podium materiality and texture elevations highlighting height variance and facade articulation. © Koichi Takada Architects" width="580"></a>

<figcaption>Podium materiality and texture. Image © Koichi Takada Architects</figcaption></figure>Interestingly site Y4 originally carried approval for a 9-storey office development designed by Bates Smart with 875 Collins Street as its address. Similarly it is expected that the DCM-designed office tower at 839 Collins Street will be replaced by a $250 million hotel and apartment development for which Lend Lease have put to the market via an open bidding process.

This follows Lend Lease's unsuccessful attempts to secure tenants for both commercial projects before proceeding with construction. This change in strategy has largely been attributed to the strong demand for apartments both from local and overseas purchasers.

Stage One, known more formally as <a href="http://www.889collins.com.au/">889 Collins Street</a>, is due to commence construction this month pending final approval with a completion date of June 2017 forecast.

<h2>Project briefs</h2>

<ul>
<li>Project value: $600 million</li>
	<li>Four towers: 1,070 apartments</li>
	<li>Stage One: 1 x 30-storey + 1 x 24-storey, 539 apartments - 208 x 1BR, 295 x 2BR. 28 x 3BR</li>
	<li>Stage Two: 1 x 30-storey + 1 x 24-storey, 531 apartments - 218 x 1BR. 293 x 2BR. 28 x 3BR</li>
	<li>Car parking 748 spaces over 6 levels across both podiums</li>
	<li>371 bicycle spaces</li>
	<li>SOHO wrap of apartments to podiums to activate facades</li>
	<li>Landscaped rooftop to podiums</li>
	<li>1499sqm of commercial retail</li>
</ul>
<h2>Project team</h2>

<ul>
<li>Developer: Lend Lease</li>
	<li>Architect: Koichi Takada Architects</li>
	<li>Planning Consultant: Contour Consulting</li>
	<li>Waste Management: Leigh Design</li>
	<li>Wind Consultant: MEL Consultants</li>
</ul>
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A Sister Act: 839-899 Collins Street, Victoria Harbour

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Hassell Studio in conjunction with Places Victoria and City of Melbourne have devised a master plan for what many observers would consider the 'missing tooth' of Docklands. Harbour Esplanade was in years gone by expected to be an urban showcase for the area, but has stuttered and stumbled to the point where it is now akin to a patchwork of attempts to enhance the central waterfront area.

With wheels set in motion during 2014, the Harbour Esplanade Master Plan Report was put before Council for consideration during late March.

<blockquote>
The ambition of this master plan is to establish a vision of great aspiration; a vision conceived unmistakably for, and about this place, Melbourne’s primary urban waterfront. A vision that is underpinned by a number of clearly articulated and achievable design principles which will guide the realisation of a very special public place for all Melburnian’s.

A place for us to engage with our somehow yet undiscovered and wonderful harbour, place for us to invite the world to visit and be entertained. The role of the master plan is to define a clear physical structure or ‘zoning plan’ for the Harbour Esplanade waterfront promenade, that will facilitate a staged delivery of the precinct over time.
<cite>Harbour Esplanade Master Plan Report</cite>
</blockquote>

<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/image92_0.jpg" rel="gallery-all" title="A hotchpotch Harbour Esplanade to date. Image courtesy Hassell / Places Victoria"><img alt="" class="image-article-full-width-580px" height="496" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image92_0.jpg?itok=FAjjrDG_" title="A hotchpotch Harbour Esplanade to date. Image courtesy Hassell / Places Victoria" width="580"></a>

<figcaption>A hotchpotch Harbour Esplanade to date. Image courtesy Hassell / Places Victoria</figcaption></figure>Key to the master plan is a set of urban design principles conceived to ensure that future works are consistent with the overall intent of the site as defined by the vested parties. The seven principles are:

<ul>
<li>Embrace the water</li>
	<li>Provide a diverse range of experiences</li>
	<li>Integrate public spaces within the built form</li>
	<li>Take a restorative design approach</li>
	<li>Make it unique, reinforce its heritage character</li>
	<li>Re-prioritise pedestrian movement at key</li>
	<li>Program the space for day and night activation</li>
</ul>
<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/image93_0.jpg" rel="gallery-all" title="The area subject to the master plan. Image courtesy Hassell"><img alt="" class="image-article-full-width-580px" height="336" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image93_0.jpg?itok=4jxMFDqF" title="The area subject to the master plan. Image courtesy Hassell" width="580"></a>

<figcaption>The area subject to the master plan. Image courtesy Hassell</figcaption></figure>Expected within the redevelopment is the construction of a continuous wharf edge to Victoria Harbour which would see the delivery of four new decks and increased landscaping and pedestrian accessibility to both the harbour edge and adjacent the Capital City Trail. Split into north and south basins, as divided by the historic goods sheds, there is scope within the proposed master plan to allow buildings ranging between 1-3 levels atop parts of Harbour Esplanade.

Slated as a staged redevelopment by Places Victoria, the Master Plan is designed to reflect the "Scale and complexity" of the site, while providing clarity for issues such as "Location, form and design intent of any future buildings and public realm spaces within the site."

<h2>Comment</h2>

Unfortunately there's no great imagery within the Master Plan to provide any indication as to what can be expected. Factoring in the decade it's taken to arrive at this point, and granted all but the very few are on the outside looking in, it seems to be a painfully slow process to deliver Docklands with a viable urban showpiece.

Truthfully parallels can be drawn with the St Kilda Triangle flop.

Nonetheless a Master Plan is coming. What better way to provide Docklands with something truly unique then to open the Harbour Esplanade redevelopment to a design competition. Federation Square and Flinders Street Station provided excellent outcomes, Harbour Esplanade should be afforded an equally as impressive outcome.

The Master Plan documents can be viewed at <a href="http://www.melbourne.vic.gov.au/BuildingandPlanning/Planning/Pages/Planningregisteronlinesearchresults.aspx?appid=224797">City of Melbourne's website</a>.

Lead image courtesy The University of Melbourne.
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Places Victoria moves ahead with Harbour Esplanade 

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Earmarked from the outset as a stand-out design, MAB Corporation's 429-437 Docklands Drive is poised to receive planning approval from City of Melbourne. Surfacing during 2013 as a <a href="/news/the-quays-to-success">crescent-shaped hotel</a>, MAB Corporation has elected to proceed with a purely residential tower on a sizeable development plot which was formerly part of Waterfront City.

The McBride Charles Ryan-designed residential tower is set to be joined by an expansive public park as was first mooted during MAB Corporation's purchase of the land some years ago. While discussions between Places Victoria, City of Melbourne and the development team predated the November 2014 planning application submission, a recommendation of approval included within a report will be assessed by the Future Melbourne (Planning) Committee who sit this evening.

<h2>429-437 Docklands Drive, Docklands application summary</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/image29.jpg" rel="gallery-all" title="The porposed eastern elevation. Image courtesy MCR"><img alt="" class="image-article-full-width-580px" height="390" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image29.jpg?itok=R_8QrW5y" title="The porposed eastern elevation. Image courtesy MCR" width="580"></a>

<figcaption>The porposed eastern elevation. Image courtesy MCR</figcaption></figure><ul>
<li>Lot C Newquay Promenade: 8,549sqm site</li>
	<li>17 level residential building at 68.8 metres in height</li>
	<li>118 apartments: 1/2/3/4 bedroom options</li>
	<li>Provision for 63 car parking and 42 bicycle spaces</li>
	<li>Additional car spaces and bicycle bays also located within adjoining 'Promenade' development</li>
	<li>Urban park atop basement car parking</li>
	<li>GFA: 15,187sqm</li>
	<li>​Rooftop amenities</li>
	<li>Cafe spaces at ground level</li>
</ul>
The development will hold a mixture of living options, seemingly with a slant toward the higher-end purchaser. 26 one bedroom apartments are included, as are 68 two bedroom and 19 three bedroom apartments. Somewhat unusually three four bedroom apartments are designed into the higher levels of the building while two four bedroom apartments will occupy the highest habitable floor; each approximately holding 335sqm of internal area.

<blockquote>
Building C is envisaged as an iconic building within a prominent location of New Quay Central. The built form of the proposed building has been the subject of much discussion and the current form is considered to be one of high design integrity that will make a positive contribution to the precinct.

The building is proposed to be in an egg shaped form which is different to the rectangular form shown in the development plan. This form has resulted in a reduction in width and an increase in the overall height to maintain a gross floor area consistent with that anticipated in the DP. Although the height has increased the slender, narrower footprint allows for wider view cones in and around the proposed tower, including to Victoria Harbour.
<cite>Report to the Future Melbourne (Planning) Committee</cite>
</blockquote>

Above the ground level colonnade, 429-437 Docklands Drive's exterior will be draped in a 'lattice work' finish consisting of white aluminium panels arranged to provide an elliptical pattern over the tower. The remainder of the exterior will consist primarily of black aluminium finishes coupled with grey tinted glass.

<h2>Central Park</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/image28_0.jpg" rel="gallery-all" title="Expected view from Central Park. Image courtesy MCR"><img alt="" class="image-article-full-width-580px" height="397" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image28_0.jpg?itok=xYcN9pH6" title="Expected view from Central Park. Image courtesy MCR" width="580"></a>

<figcaption>Expected view from Central Park. Image courtesy MCR</figcaption></figure>Encompassing a greater area than just the tower's footprint, 429-437 Docklands Drive will see an elongated basement/services level under what will become yet another park for Docklands. Dubbed 'Central Park' and covering approximately 2,000sqm, the majority of the park will be accounted for by open lawn.

In addition to expected art installations, the park will include rain gardens, native plant species plus feature garden beds. Subject to further design, 'Central Park' would be delivered in conjunction with the tower component.

<blockquote>
The Urban Park has been designed in a manner that will provide an inviting, highly adaptable area of public open space that will be able to be utilised for community events while also providing smaller spaces that can accommodate community events such as markets and art exhibitions. The park will achieve the objective of providing a focal point for New Quay Central that is pedestrian in scale.
<cite>Report to the Future Melbourne (Planning) Committee</cite>
</blockquote>

With construction commenced on the adjoining Promenade and Aqui residential towers, 429-437 Docklands Drive and <a href="/buildings/elm-stone-387-docklands-drive-docklands">387-395 Docklands </a><a href="/buildings/elm-stone-387-docklands-drive-docklands">Drive</a> shape as MAB Corporation's next residential releases within their NewQuay precinct. To date eight residential towers have been completed by MAB Corporation since construction of NewQuay's initial buildings began in the early 2000s.
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MAB Corporation's Lot C edging closer to reality

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Apartments.com.au recently sat down for a chat with <a href="http://www.lucasre.com.au/">Lucas Real Estate</a> Managing Director Glen Lucas along with Director of Property Management and recent recipient of the Property Manager of the Year award, Dylan Emmett. On the agenda was the current state of the Docklands and its progress during the 15 years Lucas Real Estate has been active in the precinct. With an office located on Docklands Drive, it has provided Glen and the Lucas Real Estate team with first hand experience of the Docklands dynamic and its continued growth.

Recent criticism of the area, they say is unfounded and what Docklands really needs is time to develop, a continued influx of residents, some more quality food and beverage offerings and a waterfront drawcard that is unique to the area.

Apartments.com.au: Is it fair to say that you have had a heavy focus on Docklands? How did you come to be involved in the area?

Glen Lucas: I was in Docklands from 2000. I worked for MAB Corp for about 3 years and helped to set up Metro Real Estate which was their early real estate business, and then I began Lucas Real Estate. I had a property which one of the project developers wanted me to sell for him, which I did, but I didn’t realise so many owners down here were trying to lease their apartment out and they were sort of stuck with the developer and their real estate arm because there was no independent at that time. I was having people throw keys to me saying “Glen can you rent this out… can you sell this for me?”.

Very quickly my little business started to take off and a year or so later Mirvac approached me to buy their rent roll. Ultimately we bought their sales centre down at Yarra’s Edge and I guess that was my first retail real estate position location. In 2006 the market really began to rumble along and there were three of us that went there first, within a year there were about 10 of us and so on. I started ringing up Andrew Buxton asking “Andy when are you going to sell Metro Real Estate?” and every year he’d say “there’s a few agents after that Glenny”.

Eventually we purchased it and we’ve got a great relationship with MAB, we manage the marina down here on their behalf and also the car parking contracts as well.

We now have about 35 team members, two real estate offices and we’re really keen to open up an office in the CBD or Southbank, and even though we’ve looked at a few opportunities, we feel the best opportunity for us is to get the people and then proceed with the office.

UM: What are your thoughts on the current state of the market in Docklands?

GL: Last month was a ripper month for us with about 26 sales, very active with a lot of people making decisions and you know the really interesting figure is that 70% of our buyers are owner occupiers, and we see that as a real good news story for Docklands; that people are actually wanting to come down and live here in Docklands.

But I think the market is a bit patchy, it’s a different market altogether to other Melbourne areas such as Hawthorn, Kew, those sorts of areas where there’s a shortage of stock. Days on market average around 129; we average 71 days so it’s how you market and how you draw your people, but no we don’t have 20 groups coming through for an open for inspection, if we get 2 or 3 we feel that we’re pretty fortunate.

UM: What are resale values like in Docklands?

GL: If you go back to some of the earlier buildings you’ll get good gains, naturally the later buildings that are sold at $9,000-10,000/sqm are struggling to get to that sort of level although we do from time to time, but it depends on specific buildings. We’ve probably sold about half a dozen in The Quays that have either delivered people returns or close to.

I think what it comes down to is you hear a lot of reports on the market from out of area agents coming in here and not understanding Docklands, whereas our view is very simple: you have to explain what Docklands is going to look like in the future to prospective buyers. So if they have a reasonable understanding then they’ll pay a good price for the property. But if you try and sell it as someone who doesn’t know anything about the Docklands, who doesn’t know what the next tower is or infrastructure will bethen they’ll struggle.

Dylan Emmett: I think what we see down here, where there’s quality put into a development both the initial release, the secondary market and the rental market goes very strongly. Look at Mirvac's T5, which is a perfect scenario that when developer’s build quality stock people will pay good money for it.

UM: T5 would have to be one of the more sought after addresses in Docklands wouldn’t it?

GL: T5 was probably one of the better towers. 125sqm, two bedroom apartment with a 40sqm balcony and two car parks and as you guys would know, that’s a 3 bedroom or even a 4 bedroom in some other buildings. But then there’s also the facilities available was well and Mirvac certainly have a very good reputation and a good following. Their clientele generally consist of multiple buyers of Mirvac product – they do the databasing really well – so that when they do go to the market they can rely on about 20% of past clients buying into that building so their machine runs pretty well.

Lend Lease have done really well with their <a href="/buildings/concavo-8-waterside-place-docklands">Convesso Concavo</a> development as well - two high quality north facing towers; we'd love to get in there and be a bit more active.

<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/fullsizerender.jpg" rel="gallery-all" title="Lend Lease's Convesso Concavo at Victoria Harbour. © Urban.com.au"><img alt="" class="image-article-full-width-580px" height="435" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/fullsizerender.jpg?itok=jrhs86sy" title="Lend Lease's Convesso Concavo at Victoria Harbour. © Urban.com.au" width="580"></a>

<figcaption>Lend Lease's Convesso Concavo at Victoria Harbour.</figcaption></figure>UM: How has it been for you watching the Docklands develop over the last 15 or so years?

GL: Amazing. I’d go on holidays, be away for say two weeks and then I’d be rushing in to see what’s gone up… some of the towers now, as you would know go up a floor a week. I’m glad Harbour Town has sold and that there will be major changes and renovations to Harbour Town.

UM: There was a figure floating around of something like $1B worth of investment in Harbour Town by Ashe Morgan, the new owners.

GL: Well there’s a lot of space back there so I really hope they do. ING just weren’t investing back in their real estate side of their business.

UM: As specialists in the area, in terms of a policy or infrastructure what would you like to see?

GL: In terms of policy, I’d like more attention put into transport in the area here. I think if you’re on the corner of Lorimer and Montague at 8:30 in the morning or 6 at night you have no idea where the traffic is going, you don’t know what lane you’re supposed to be in – it’s just insane that intersection! And if they’re building another 29 buildings at Fishermans Bend they’re going to have to really have to do something about the transport there for sure. I think it’s something that is pretty critical.

As far as any sort of attraction is concerned I think either the wave pool beach concept, or the fountain in the middle of Victoria Harbour would be fantastic attractions down here in Docklands. The area does need something that will draw people back down here to help the retailers and restaurateurs draw crowds down here.

UM: The immediate area at NewQuay and Harbour Town will be getting another good influx of residents with MAB’s <a href="http://www.aquipromenade.com.au/aquipromenade">Aqui</a> and <a href="http://www.newquaypromenade.com.au/home">NewQuay Promenade</a> developments together with HiapHoe’s <a href="/buildings/marina-tower-6-pearl-river-road-docklands">Marina Tower</a> and hotel now under construction.

GL: For sure, that will definitely go some way to helping the area along, it’s all a cycle.

<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_0368.jpg" rel="gallery-all" title="Aqui and NewQuay Promenade piling underway. © Urban.com.au"><img alt="" class="image-article-full-width-580px" height="435" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_0368.jpg?itok=PmxbH1r3" title="Aqui and NewQuay Promenade piling underway. © Urban.com.au" width="580"></a>

<figcaption>Aqui and NewQuay Promenade piling underway.</figcaption></figure><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_0369.jpg" rel="gallery-all" title="Marina Tower and Four Points Sheraton also at piling stage. © Urban.com.au"><img alt="" class="image-article-full-width-580px" height="435" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_0369.jpg?itok=rIaMeLaf" title="Marina Tower and Four Points Sheraton also at piling stage. © Urban.com.au" width="580"></a>

<figcaption>Marina Tower and Four Points Sheraton also at piling stage.</figcaption></figure>UM: What sort of demographic do you find moving to Docklands?

DE: Generally couples and empty nesters…

GL: The kids have left home and they're tossing up what they're going to do with their lives.

DE: A lot of their families are spread across Melbourne, left, right and center so it's a great position geographically for them to base themselves down here.

UM: Does it differ for the rental market?

GL: Actually, that's a good point.

DE: You still get a fair percentage of them but the majority of our renters are basically CBD workers.

GL: And not overseas students as some people like to believe. What percentage would they make up Dylan?

DE: Less than 5%. So very few. I think it's because we're a bit away from the universities so they still gravitate towards the CBD.

UM: Why do you think Docklands generates very little positive press in the media?

GL: I think it's an easy target for lazy journalists. They may have had a bad meal (laughs). They probably have a deadline and need an easy story so they pick between Tony Abbott or Docklands, they don't really understand that it's a developing suburb barely just over half way complete as we speak… there's a lot more to Docklands still to come.

UM: Planning experts and journalists often like to compare Docklands to the existing Hoddle Grid and criticise it for lacking the same atmosphere and activity. But if you look at Melbourne's CBD 20 years ago, and we're talking about an established city with over a century of history behind it, it was pretty much dead after work hours. You compare that to Docklands which is still establishing itself as part of the city but has only been around 15 years you can't expect the same result.

GL: And that's pretty much it. You've got to give it latitude and allow the growth to occur over time. There was a report just recently, maybe 3 or so months ago about vacancies in Docklands. It actually referred to water consumption in Docklands buildings.

Some company put out a report and a journalist picked it up and ran with it when in actual fact we have here less than 2% vacancy. We cannot get enough stock to satisfy the demand and number of inquiries we receive from renters averages 110 per week.

DE: The Quays is the best example of the most recently completed building whereby that was full within 4 and a half months and that's 500 apartments. Typically in the past it has taken up to six months to fill a building so I think it's a really good indication of the increased activity that we currently have in Docklands.

UM: Gentlemen, thank you both for your time.
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Lucas Real Estate and the current state of play in Docklands

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Docklands News recently reported on a proposal by company FCT Flames in conjunction with Avant-Garde de Studio to build a 'giant fountain and flame show'. According to the report the fountain and flame show would attract more than five million people to Docklands annually and generate at least $230 million for Victoria's economy every year.

From the <a href="http://www.docklandsnews.com.au/editions/article/docklands-offered-major-attraction_10532/">Docklands News report</a>:

<blockquote>
The fountain, which could also be transformed into a floating performance and event stage, would be located in Victoria Harbour, at the end of Central Pier.

Choreographed to music, the fountain would be programmed to music during the day and flames, pyrotechnics, video projection and lasers could be added at night for an even more awe-inspiring show.

With each show running for around 15 minutes, the fountain could be programmed to run multiple times per day or just a few nights per week.

It could also be programmed to match particular themes or special events.
</blockquote>

The populist view of Docklands is one of failure, wind-swept streets, and a lack of reasons for people - other than those who live or work there - to visit. My own view is not necessarily for or against the populist viewpoint, but it does involve various feelings which could be best described as moderate disappointment with a dash of faint positive hope for the future.

We've seen many attraction ideas for Docklands over the years with the most recent prior to the fountain and light show being a wave pool and urban beach at the end of Central Pier. To be frank, Melbourne isn't a beach city.

Sure, the metropolitan area wraps around an enormous body of water, but we're not a surfie city. Likewise the way Melbourne positions itself outside the typical koala, kangaroos and life's-a-surf-beach 'brand Australia' is our greatest strength.

The aspect I like the most with this proposal as reported in Docklands News: it's a robust outdoor space which can be adapted as needed and it would be accessible from multiple precincts within Docklands.

Victoria Harbour, the stadium precinct, Central Pier itself, Newquay and Waterfront City would all benefit from increased visitor activity and the impact on retail and hospitality facilities would have a more profound impact than an enclosed beach and wave pool.

The Docklands news report explores the proposal in more detail including looking at potential residential impacts and I recommend reading it. The video below is linked from the report.

Could this be the ticket for Docklands?

<iframe allowfullscreen="" frameborder="0" height="315" scrolling="no" src="https://www.youtube.com/embed/R_5zugCFij4" width="100%"></iframe>

Lead image credit: <a href="http://en.wikipedia.org/wiki/The_Dubai_Fountain">The Dubai Fountain, Wikipedia.</a>
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Alastair Taylor

A giant fountain in Docklands: could it be the ticket?

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Last week <a href="http://www.places.vic.gov.au/">Places Victoria</a> lodged a planning application for the Harbour Esplanade Master Plan with City of Melbourne who have since commenced assessment of the master plan, and will in due course prepare a report for consideration by the Future Melbourne (Planning) Committee sometime in early 2015.

<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/tile_harbouresplanade1.jpg" rel="gallery-all" title="Harbour Esplanade. © Places Victoria"><img alt="" class="image-article-full-width-580px" height="408" src="/sites/urbanmelbourne.info/files/styles/article_full_width_580px/public/pictures/article-images/tile_harbouresplanade1.jpg?itok=b5OSlFO7" title="Harbour Esplanade. © Places Victoria" width="580"></a>

<figcaption>Harbour Esplanade. © Places Victoria</figcaption></figure>In July 2014, Places Victoria and the City of Melbourne engaged <a href="http://www.hassellstudio.com/">Hassell</a> to refine the Harbour Esplanade Master Plan for what has thus far been an underutilised urban centrepiece for Docklands. The Master Plan is a blueprint for the future development of a flexible, adaptive and changing event space by the water. It proposes an 8m wide waterfront promenade spanning the full length of Harbour Esplanade and features seven key zones:

<ul>
<li>An Urban Plaza Zone at the southern end of Harbour Esplanade including a green area and improved east-west connections and crossings for pedestrians.</li>
	<li>An Exhibition and Events Zone, with flexible spaces that can be activated for events and exhibitions.This area will include some buildings and the potential for restored heritage sheds or elements of heritage sheds.</li>
	<li>A Water Transport Zone, making provision for a future ferry terminal.</li>
	<li>A Central Entrance and Service Zone, providing a key entry point to Central Pier and a flexible area for transport services during events.</li>
	<li>A Recreation Zone at the northern end of Harbour Esplanade featuring a water play space for families, a green area and improved east-west connections and crossings for pedestrians. This area will also include some buildings and the potential for restored heritage sheds or elements of heritage sheds, however views from LaTrobe Street to the harbour will be protected.</li>
	<li>A Heritage Vessel Zone, making provision for heritage vessels to be moored in the harbour.</li>
	<li>An Active Street Edge Zone which will see the improvement of the eastern street edge in front of Etihad Stadium.</li>
</ul>
<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/harbour_esplanade_summary.jpg" rel="gallery-all" title="Harbour Esplanade Master Plan Overview. © Hassell"><img alt="" class="image-article-full-width-580px" height="375" src="/sites/urbanmelbourne.info/files/styles/article_full_width_580px/public/pictures/article-images/harbour_esplanade_summary.jpg?itok=RWbI0ziB" title="Harbour Esplanade Master Plan Overview. © Hassell" width="580"></a>

<figcaption>Harbour Esplanade Master Plan Overview. © Hassell</figcaption></figure><h2>Looking beyond Harbour Esplanade to Central Pier</h2>

Of particular interest is Central Pier; although not encompassed within the Harbour Esplanade Master Plan, Places Victoria considers it to be a vital component of the Docklands waterfront that will ultimately breathe new life into the area. As such Places Victoria intends to begin progressing ideas to develop Central Pier in 2015.

<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/tile_harbouresplanade2.jpg" rel="gallery-all" title="Central Pier / Harbour Esplanade. © Places Victoria"><img alt="" class="image-article-full-width-580px" height="408" src="/sites/urbanmelbourne.info/files/styles/article_full_width_580px/public/pictures/article-images/tile_harbouresplanade2.jpg?itok=jdmjA57E" title="Central Pier / Harbour Esplanade. © Places Victoria" width="580"></a>

<figcaption>Central Pier / Harbour Esplanade. © Places Victoria</figcaption></figure><blockquote>
Places Victoria is the custodian of the historic Central Pier on behalf of the Victorian Government and the people of Victoria. The 350 metre extension into the waterways of Victoria Harbour is almost 100 years old and, together with Harbour Esplanade, forms the centrepiece of Docklands.

In 2006, Places Victoria entered into a lease agreement with Corporate Events Australia and The Atlantic Group, which saw the historic sheds on Central Pier restored for function spaces, offices and restaurants. The lease ensures that the use of Central Pier is maximised in the short to medium-term while providing flexibility to develop a long-term vision for the development of the area.

Central Pier’s Shed 9 is now one of the largest event spaces in Melbourne and Shed 14 is home to the Woolshed Pub, the artisan bread house Mill &amp; Bakery, Italian eatery Va Bene and cocktail bar Alumbra.

Places Victoria’s long-term vision for Central Pier is for it to become the most significant public water site in Victoria – a lively, interactive public hub at the centre of Docklands that will become a major destination for residents, workers and visitors of Docklands.
<cite>Places Victoria</cite>
</blockquote>

The Esplanade Master Plan is <a href="http://www.places.vic.gov.au/__data/assets/pdf_file/0009/12330/Harbour-Esplanade-Master-Plan-Submitted-to-City-of-Melbourne-December-2014.PDF">available for viewing</a>. For more information, visit the <a href="http://www.places.vic.gov.au/precincts-and-development/docklands/building-a-community/harbouresplanade">Places Victoria website</a>.
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Places Victoria submits Harbour Esplanade Masterplan

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The conversation around a potential Docklands oversupply has been going for some years.
Adjacent to Melbourne's CBD, Docklands is conveniently located and Places Victoria has big plans for the suburb.
With construction starting in 1997, and a 25 year time frame, we're right in the latter half of the development process. Teething problems have, almost inevitably, been highly scrutinised.
Last year, we reported that <a href="/news/vic/docklands-finding-its-feet-after-a-difficult-conception">Docklands was beginning to find its feet after a difficult conception</a>. However, there were <a href="/news/water-usage-reveals-high-vacancy-rates-in-southbank-and-docklands">still reports in late-2013 that water usage was revealing high vacancy rates</a> in the area of around 11%.
The 2014 <a href="/news/vic/over-64-000-melbourne-properties-sit-vacant-prosper-australia">Prosper Australia report found that this had not improved this year</a>. In fact, in terms of water usage, Docklands has potentially the highest number of vacant properties in Melbourne.
With a median unit price of $600,000 currently, Docklands offers a gross rental yield of 4.51% with a median weekly advertised rent of $520, according to RP Data. They note the average hold period for a Docklands apartment is seven years, and while a -1.64% dip has been seen in the median price over the past three months, the 12 month growth is at 6.57% with annual average growth of 2.38%.
Glenn Lucas, managing director of Lucas Real Estate, is a resident in Docklands. He began selling real estate in the area in 2000 before establishing Lucas Real Estate in 2004. It is now the largest independent agent in the area and this year secured the Real Estate Institute of Victoria's Residential Property Manager of the Year title.
He doesn’t believe that the vacancy rate is a huge issue.
SQM Research records the vacancy rate at 4.4% at present, down from  a 2013 peak above 9%, with regular swings prior to this.
His agency’s vacancy rate sits at around 2%, and he’s quick to note that changing vacancy rates, or cyclical results, are a normal transitional part of any new market.
“Real estate goes through cycles and when a developer puts a tower to the market it’s when the market is at its highest. Then it takes a couple of years to build the tower. It takes time for the buyers to settle,” explains Lucas.
“There’s a good demand for [existing] properties, rentals are not dropping at all,” he says.
Renters come in many forms in Docklands. He points to the professional couples and singles that like the convenience of apartment living in the area, but also says a number of downsizers are also active in the area. Some students in budget apartments also make up a portion of the market.
“There is a market for one bedroom rentals, but it’s the two bedrooms that have done very well,” he says. These rent for between $450 and $650 per week.
While success in the short term may not have occurred for everyone, Lucas has seen some of the first Dockland properties that sold off the plan for $450,000 now achieving $650,000.
He shared four of their recent sales highlights:
<ul>
<li>1401/20 Rakaia Way, Docklands VIC 3008 - $915,000</li>
<li>2504/90 Lorimer Street, Docklands VIC 3008 - $1,310,000</li>
<li>1902/5 Caravel Lane, Docklands VIC 3008 - $900,000</li>
<li>2301/1 Point Park Crescent, Docklands VIC 3008 - $1,160,000</li>
</ul>
Property Observer looked through the latest RP Data to see what sales we could find.
When looking at the sales record from September 1 to today, with 72 sales, it appears gains and losses are in a strong mix. Those who held the property since 2002 or prior, particularly those with larger apartments, seem to have done well with strong gains.
However, those purchasing for the short term – as well as a pain period in 2003 where it seems a number of investors overspent – have realised losses upon selling in the past two and a half months.
Refining the search to those in even more recent days, from 1 November to today, we found the following sales:
<ul>
<li>Two bedroom, one bathroom apartment sold for $467,000 in 2008 and was listed as non-disclosed on the recent sale. It was advertised at $405,000 to $435,000.</li>
<li>Two bedroom, two bathroom apartment was bought for $677,500 in 2001 and listed non-disclosed on sale. It was advertised at $759,000 plus.</li>
<li>Two bedroom, one bathroom apartment bought in 2003 for $532,600 (after 2002 construction), it then sold in 2007 for $495,000, before selling again this month for $550,000.</li>
<li>Two bedroom, one bathroom apartment sold in 2002 for $430,000 before being purchasing in 2011 for $505,000. It sold again for $505,000 less than two weeks ago.</li>
<li>One bedroom, one bathroom apartment was listed as non-disclosed for sale price on 10 November. It transacted for $438,000 in 2002, and was asking for "offers over $420,000" this time round.</li>
<li>Two bedroom, two bathroom apartment sold at the beginning of the month for $450,000. No previous sales information available, but seems it was asking $499,000 to $539,000, before lowering the expectations to $455,000 in January 2013.</li>
<li>One bedroom, one bathroom apartment sold for $456,000 this month after selling in June for $310,000, prior to this it was bought for $301,000 in 1999.</li>
<li>Three bedroom, two bathroom apartment sold for $1,310,000 on the 14th, previously selling for $1,100,000 in 2011. Prior to this it sold for $1 million in 2008 and $1,370,000 in 2005.</li>
<li>Three bedroom, three bathroom apartment sold for $765,000 on the 11th. It was bought for $715,000 in 2013 and $683,000 in 2001.</li>
<li>Two bedroom, two bathroom apartment sold for $730,000 on 11th. It last sold for $1,025,000 in 2010.</li>
<li>One bedroom, one bathroom apartment sold for $335,000. It was purchased in February 2008 for $375,000 and March 2007 for $350,000.</li>
<li>One bedroom, one bathroom apartment sold for $380,000 on 12th. It was previously bought for $400,000 in 2009.</li>
</ul>
Looking at the list a little closer, it shows that there were three clear losses, four clear gains, three “possible” losses, one “possible” gain and one that recorded no change (though likely a loss for the investor in terms of transaction costs).
What is particularly interesting is the losses seen by those who sold to our most recent vendors in the list; even when gains are seen now there has been pain in the past. Perhaps it suggests an emerging recovery.
“Like any investment, we recommend [holding] for the medium to long term,” Lucas urges of those considering a Docklands investment.
It seems he is on the money.
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