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

Goldfields

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Developer Goldfields, is celebrating the sell-out success of its Prahran East project, 525 High Street which has exceeded a residential value of $45 million in just a matter of weeks, after initially achieving 50% sales in just over a week.

<a href="/news/goldfields-looks-to-strike-gold-with-two-marquee-projects">Covered on Urban.com.au last year</a>, the 7-storey building designed by JCB Architects and featuring 46 boutique residences has proven particularly popular with a mix of downsizers, empty-nesters, and professional couples. Further to this all purchasers have been owner-occupiers.

<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/00417683_img_08_1600x.jpg" rel="gallery-all" title="525 High Street, provides unimpeded views towards the city skyline."><img alt="" class="image-article-full-width-580px" height="304" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/00417683_img_08_1600x.jpg?itok=eJEH5NBw" title="525 High Street, provides unimpeded views towards the city skyline." width="580"></a>

<figcaption>525 High Street, provides unimpeded views towards the city skyline.</figcaption></figure>This is also indicative of the appetite amongst the owner-occupier market for spacious, well-designed residences in highly desirable locations with unimpeded views towards the city. As long as developers keep providing such a product, there will always be demand there according to Goldfields' Managing Director Marco Gattino during an interview last year.

<blockquote>
Buyers are becoming a lot more discerning, so in order to achieve the sales rates required to make the projects feasible, you need to deliver certain outcomes. There's never an oversupply of well located, well designed and well executed product and that's what 525 High is.
<cite>Marco Gattino, Managing Director, Goldfields</cite>
</blockquote>

As a follow up to last year's article, Goldfields’ Chief Operating officer, Lachlan Thompson spoke to Apartments.com.au regarding 525's success while providing an insight into what key factors led to its success.

Apartments.com.au: What do you attribute the sales success of the project to?

Lachlan Thompson: A combination of a high end luxury design and an impeccable location. The large floorplans and unique views to the CBD were also a key factor in the project’s success. I also think that the owner-occupier market won’t (don’t have to) compromise on location, Prahran East Village is right in the heart of everything, yet still quaint and a bit more relaxed than Hawksburn or Toorak Village.

UM: What type of buyer has 525 High Street attracted?

LT: All of 525 High Street’s purchasers are owner-occupiers, with local downsizers making up a strong contingent and over a third of the buyers coming from within a 10km radius. As well as downsizers, we also had several professional couples and young families, creating a really nice blend of future residents for the building.

UM: Were you surprised by the response the project has received?

LT: I keep saying to anyone who will listen to me that the medium density home market is well and truly back to location, location, location (and quality quality quality). We knew we had a great project in a blue chip location and our design team, Hecker Guthrie and JCB Architects, really helped to execute Goldfields’ vision for the site, which was to create high-end apartments that are extremely well designed, that felt both refined and stylish whilst being very liveable.

Because of this, we were confident that we had a successful project on our hands, however the speed of sales perhaps took us a little by surprise. The team at Marshall White Projects did a great job in harnessing and qualifying the huge amount of leads we were receiving.

<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/00417674_img_06_440x.jpg" rel="gallery-all" title="The interiors have been design by Hecker Guthrie."><img alt="" class="image-article-full-width-580px" height="302" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/00417674_img_06_440x.jpg?itok=K6bs0ERE" title="The interiors have been design by Hecker Guthrie." width="580"></a>

<figcaption>The interiors have been design by Hecker Guthrie.</figcaption></figure>UM: When is construction due to commence and be completed?

LT: We are being very particular about which builder wins the job as we need to make sure their past work is suitably qualified to deliver this project. We are expecting to engage our preferred builders in March and commence construction in April, with a view for completion in late July, 2018.

UM: Has the success of 525 made you consider fast tracking your next project?

LT: The hard work has only just begun on 525 so whilst we are actively looking to acquire our next premium apartment project, our delivery team is hard at work ensuring 525 is on track for our purchasers.

We’re currently assessing a number of opportunities that we feel align with our vision. We anticipate to bring our next project into the market towards the end of this year.

UM: And do you have your next development already lined up?

LT: Towards the end of last year we launched Patch Apartments in North Fitzroy: an 11 level building aimed at young professionals looking for an affordable and secure home in a high-quality building that’s well supported by local amenity. We are also in the early stages of construction of a mixed-use development in Cheltenham, The Village, which consist of 170 apartments, commercial office and ground floor retail and we’re on track to complete construction on 48 apartments in High St Windsor in July this year.
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Laurence Dragomir

Lachlan Thompson discusses 525 High Street's success

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Melbourne based developer Goldfields has recently launched two premium apartment developments: Patch and 525 High Street..

Located at 243 Queens Parade in Fitzroy North, Patch is a 12-storey building comprises 83 one, two and three-bedroom apartments, a communal terrace on level eight and ground floor retail space. The communal terrace on level eight, includes a 300sqm tree-dotted deck, indoor and outdoor dining facilities, and a communal kitchen/cooking area with views towards the CBD.

525 High Street is a 7-storey building comprising 44 one, two and three-bedroom apartments and two Townhouses designed by JCB Architects, with interiors by Hecker Guthrie. The development is located within Prahran East Village, and has earmarked an independent organic grocer to occupy the ground floor retail space.

After almost a decade as one of the founding partners of Asset1 which has been involved in a range of developments, Marco Gattino created Goldfields during 2010. The move came about from Gattino's desire to establish his own business with a strong focus on developing premium residential projects.

Urban.com.au recently spoke with Goldfields’ Managing Director Marco Gattino regarding the progress and interest in the company's two current projects.

<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/patch.jpg" rel="gallery-all" title="Patch, Queens Parade. Image courtesy of Fieldworks"><img alt="" class="image-article-full-width-580px" height="725" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/patch.jpg?itok=zYjSo6R0" title="Patch, Queens Parade. Image courtesy of Fieldworks" width="580"></a>

<figcaption>Patch, Queens Parade. Image courtesy of Fieldwork</figcaption></figure>Urban.com.au: Goldfields acquired Patch from previous owner Wulff Projects selling the site with a permit in place. What attracted you to that particular site and project?

Marco Gattino: One of the attractions for us was to acquire the site on the basis that it had a permit. We made a few adjustments and enhancements to the permitted scheme but certainly having a permit in place allowed us to get traction quite quickly in terms of launching the project. It's fair to say most of the planning risk was taken out of the process and we were overall quite happy with the design of the building and retaining Fieldwork as the architects, who apart from producing the original design, we feel are a good local firm (and were) based in Clifton Hill.

They understand the demographic, they understand the area and I believe they've done a very good job of delivering a very design-focused project that is in keeping with what the area demands.

UM: In addition to the permit for the site, did you identify North Fitzroy as an area with a great deal of investment potential and opportunity?

MG: The whole North Fitzroy/Clifton Hill area was very attractive to us because of its transport linkages, with Patch well-serviced by tram, but also within walking distance of Rushall and Clifton Hill stations. If you look at the local demographics, a quarter of the population in Fitzroy is aged between 25 and 34.

Public transport becomes very important to that demographic. as is itsproximity to the city.

UM: Is it fair to say there's still a degree of resistance to higher density development in areas such as Fitzroy North and Clifton Hill, and did this factor into your decision to acquire the site with a permit already in place?

MG: No doubt. A developer would always welcome a site that has town planning approval in place, for those reasons. Patch sits within a location that's essentially an island site made up of multiple properties.

So Patch is just one part of a larger regeneration of that particular area along Queens Parade, where there will be higher densities which I think will end up creating its own brand and positioning within the market place. I believe over time, as the area evolves, it will be a go to destination and a desirable place for people looking to live in North Fitzroy.

We're one of the first developments to kick off in the area and anyone that buys into Patch is part of a greater, grander evolution of that particular area of North Fitzroy, and that will ultimately help enhance capital values.

UM: When did you go to market with Patch and how have sales progressing thus far? And when are you hoping to commence construction?

MG: At launch weekend we achieved close to 30% in sales and that was just over three weeks ago, and we are now sitting at just a tick over 40%. We had our initial run where it was well promoted and well positioned and now the sales are ticking along. With that in mind we're looking at commencing construction in February next year, with a 14 month build.

<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/image30_10.jpg" rel="gallery-all" title="525 High Street. Image courtesy of Goldfields"><img alt="" class="image-article-full-width-580px" height="347" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image30_10.jpg?itok=Yiyb462W" title="525 High Street. Image courtesy of Goldfields" width="580"></a>

<figcaption>525 High Street. Image courtesy of Goldfields</figcaption></figure>UM: Moving onto 525 High Street in Prahran, Goldfieds has engaged another quality multi-residential architect in Jackson Clements Burrows. Can you talk a bit about that?

MG: What happened there Laurence is we identified the site over a year ago, and we quickly realised that it was a trophy site that most of the significant players in this space had kept their eyes. We were fortunate enough to acquire the site and so we knew we had to do the site justice which immediately meant using top grade consultants.

So if you think about the demographic and the fact we've been overwhelmed with owner-occupier demand, the spec had to be right. Interiors had to be designed right so Hecker Guthrie came to mind very quickly, as did JCB because we knew the building had to be striking and commensurate to the area.

It's going to be one of the few larger scale 7-storey buildings in that location. We had to do it justice and I believe JCB have done the site justice, so this to us is one of our most exciting built form projects.

One of the challenges with the site was dealing with... there are two real faces to the building being to the north and the south. The northern face is a unique opportunity so far as it's an elevated site which sits above a heritage protected area, so we're talking about unencumbered views to the north and for those who want to be part of the vibrant activity there's the southern face.

But being able to have those views over Prahran and South Yarra towards the city really makes it 525 High unique.

UM: With the shift in the market towards more owner-occupier stock it would seem that projects such as Patch and 525 have been quick to respond to that shift?

MG: I think Patch appeals to both: it offers something for the investor, but also the owner occupier.

Whilst 525 may attract the odd investor it has been primarily set up, positioned and priced for the owner occupier, and it is the perfect location for those living in a home in Armadale, Toorak and Malvern. They're still close to the areas they're familiar with but at the same time 525 High gives them the opportunity to live in something fresh for the next phase of their life.

UM: So is 525 High primarily targeted at downsizers and empty nesters?

MG: Correct. We all know the amount of equity that a lot of these empty nesters now have in their home and the ability to trade down in terms of value, but still live in something they're proud to call home while at the same time generating a cash surpluses.

UM: It is widely reported in the media that there is an oversupply of apartments in the market, but it would appear that there is still very much an appetite for owner occupier product. As a result the quality of the apartment buildings and the apartments themselves seems to have improved from where they were even a couple of years ago. Would that be a fair assessment?

MG: I would say so. The bar is constantly being raised and we are all pushing each other in terms of our outputs to the market, so the level of quality naturally goes up. Equally as important, buyers are becoming a lot more discerning, so in order to achieve the sales rates required to make the projects feasible, you need to deliver certain outcomes.

In response to the notion of "are we in a bubble?" and "is there an oversupply?" there's never an oversupply of well located, well designed and well executed product and that's what 525 High is.

525 High was launched a week ago (at time of interview) and is already 50% sold which is an overwhelming response. In particular there has been huge demand for three bedroom apartments so we've very well placed and very satisfied with the sales, which have exceeded our own expectations even though we knew the site would attract a lot of interest.

We look forward to commencing works early next year.
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