IN BRIEF

<ul>
	<li>
	Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.
	</li>
	<li>
	Construction on The Waterline is complete, with the first residents expected to move in from mid-October.
	</li>
	<li>
	Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.
	</li>
</ul>

<hr />
Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.

Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.

[smartcode_project:default project_id=113271 project_image_fid=366708]

Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.

“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.

“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.

“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”

[smartcode_project:default project_id=113271 project_image_fid=366709]

The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.

The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.

Each residence also has three secure basement car spaces and additional storage.

“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.

“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”

<img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" />

Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.

Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.

Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.

“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.

“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.

“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”

Sky Homes are priced from $3.65 million.

Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.

Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.

Harbour Shores is being marketed by Colliers International.

[smartcode_project_cta:default project_id=113271]

Joel Robinson

Lewis Land opens sky home display as The Waterline completes at Harbour Shores

St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.

The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.

Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.

It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.

<img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" />

The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.

The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.

The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.

<img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" />

Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.

The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.

The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.

Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.

The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.

<img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" />

&nbsp;

The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.

Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.

Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.

<a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a>

Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.

Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.

Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.

<a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station">First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</a>

&nbsp;

First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

When the opportunity arose for South Australian developer Palumbo to return to Kent Town, where it had previously delivered East Park Apartments and the East 
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.

The decision was quickly vindicated, with more than 30 apartments sold within the first month of launching <a href="https://www.apartments.com.au/new-apartments/royal-apartments-kent-town-2-8-north-terrace-kent-town-sa-5067">Royal Apartments</a> to the market.

The 206-apartment development, which will bring significant new supply to Adelaide's tightly held eastern city fringe, also gives <a href="https://www.apartments.com.au/developers/palumbo">Palumbo</a> the opportunity to bring new life to one of Kent Town's most recognisable watering holes.

[smartcode_project:default project_id=6109 project_image_fid=376073]

Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.

"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.

"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."

[smartcode_project:default project_id=6109 project_image_fid=376072]

The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.

For Palumbo, the project also marks a return to familiar territory.

The developer completed East Park Apartments next door more than a decade ago and jumped at the opportunity to develop in Kent Town again when the Royal Hotel site became available.

"The opportunity emerged, and we moved to secure the site," Palumbo said.

"We were approached by the previous landowner, who said they had extensive commitments in Sydney and weren't in a position to deliver the project.

"We took over the site and within six months recut the design scheme to be more in keeping with the type of development we want to bring to Adelaide.

"Now we're on the market and those changes have really resonated with local buyers."

That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.

Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.

"Local owner-occupiers have always been our market," he said.

"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."

[smartcode_project:default project_id=6109 project_image_fid=376068]

The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.

South Australia's current stamp duty settings, which allow&nbsp;eligible homeowners in South Australia aged 60 savings of up to $103,830 on stamp duty when they downsize to a new property valued at up to $2 million,&nbsp;have helped encourage downsizer activity, while younger buyers in their late 20s and early 30s have been attracted to the opportunity to live immediately outside the CBD while still being able to walk into the city.



Location has been a major part of the proposition for both buyer cohorts.

[smartcode_project:default project_id=6109 project_image_fid=376075]

Royal Apartments sits on North Terrace directly opposite the Adelaide Park Lands, with residents able to walk through the parklands toward the East End, Rundle Street and Rundle Mall.

Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.

Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.

"There's very few allotments on that side that can be developed," he said.

"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."

Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.

Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.

Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.

[smartcode_project:default project_id=6109 project_image_fid=376067]

The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.

A porte-cochère-style arrival and drop-off area has also resonated with buyers, particularly those attracted to being able to walk into the CBD during the day while retaining secure vehicle access at home.

Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.

The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.

Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.

Buyer confidence had initially been impacted by uncertainty surrounding the Federal Budget and broader economic conditions, but Palumbo believes sentiment is beginning to improve against a backdrop of significant investment flowing into South Australia.

He pointed to increased activity across defence and resources, including Olympic Dam, as potential long-term drivers of the state's economy and housing market.

"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.

"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."

Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.

[smartcode_project_cta:default project_id=6109]

Palumbo's return to Kent Town strikes early chord with buyers

Go-to builder-developer <a href="https://www.apartments.com.au/developers/graya">GRAYA</a> is continuing to bulk out its already impressive and diverse apartment portfolio across South East Queensland. Their latest milestone is securing development approval for Silk, its boutique riverfront apartment development in St Lucia.

The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.

<a href="https://www.apartments.com.au/new-apartments/silk-st-lucia-16-18-sandford-street-st-lucia-qld-4067">Silk</a> will rise 15 levels from an 810 sqm site at 16-18 Sandford Street, occupying a prominent bend of the Brisbane River with a prized northern aspect across Orleigh Park toward the Brisbane CBD.

The approved scheme will comprise 16 split-floor and six full-floor residences, continuing GRAYA's move into larger-format apartment developments targeting Brisbane's prestige owner-occupier market.

The project has been designed around the site's broad river frontage and dual-direction views, with GRAYA prioritising larger residences, privacy and outlook over apartment yield.

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="aa5c2349-f96c-4914-a812-1f2cd6827af8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.44%E2%80%AFAM.png?VersionId=WY0vEU_7vYjeRJKQHiCwFdMxu8PvFh52" />

GRAYA Co-founder and Chief Executive Officer Rob Gray said the project had been shaped around local homeowners wanting to remain in St Lucia without maintaining a traditional family home.

"St Lucia is one of those suburbs people do not want to leave," Gray said.

"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.

"True riverfront opportunities here are exceptionally scarce. What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.

"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."

The approval comes as new apartment development continues to increase across the St Lucia and neighbouring Toowong corridor, although direct riverfront sites remain considerably more tightly held.

GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.

"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.

"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.

"The fundamentals here are as strong as anything we have assessed in Brisbane."

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="d0f3d734-65e1-48e8-8ed3-2e0715ffcdd9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.56%E2%80%AFAM.png?VersionId=sOLSs_jdHkXLWbBKzRyayf5BfTb2vPsD" />

Silk will see GRAYA return to a stretch of the Brisbane River where it already has recent construction experience. The vertically integrated group recently completed ARC in neighbouring Toowong as builder for developer Spyre, delivering the riverfront project on a constrained site.

GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.

The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.

Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.

The developer-builder has also recently lodged plans for its largest project to date, <a href="https://www.apartments.com.au/new-apartments/the-silo-19-chester-street-newstead-qld-4006">The Silo</a>, a proposed <a href="https://www.apartments.com.au/news/qld/graya-buys-frasers-newstead-site-plans-the-silo-between-james-street-and-gasworks-precincts">$700 million mixed-use development</a> in Brisbane's James Street precinct.

Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.

Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.

<hr />
<h2>SILK PROJECT FACTS</h2>

Developer-builder: GRAYA

Project: Silk

Location: 16-18 Sandford Street, St Lucia

Apartments: 22

Built form: 15 levels

Site: 810 sqm riverfront holding

Mix: 16 split-floor and six full-floor residences

Status: Development approved

Next step: Construction planning underway

[smartcode_project_cta:default project_id=152168]

GRAYA greenlit for riverfront St Lucia apartment development, Silk

Abadeen has released the whole-floor penthouse crowning its recently completed <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences</a> development in Cremorne, bringing the near-300 sqm residence to market for the first time.

Occupying the entire top floor of the boutique Lower North Shore development, the penthouse includes 221 sqm of internal living and a 74 sqm wraparound terrace, with a prized north-facing aspect taking in views across Middle Harbour.

The residence has been completed and fully furnished following a collaboration between Abadeen Executive Chairman Justin Brown and internationally recognised interior designer Jack Freeman, Founder and Managing Director of FREEMAN &amp; CO.

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and Freeman approached the penthouse as a finished home, sourcing furniture, artwork, lighting and objects from Australia and overseas.

[smartcode_project:default project_id=114246 project_image_fid=378718]

Pieces from Parisian design house Pierre Augustin Rose sit alongside contemporary artworks and bespoke lighting, with Freeman drawing on recent visits to PAD Paris and Salone del Mobile Milano for the final collection.

Brown said the aim was to create a penthouse that felt more like a large-scale private home than a traditional apartment.

"The experience begins the moment the lift doors open. You're welcomed into an elegant dining room before the home opens into an extraordinary living space framed by sun-drenched harbour views.

"Every time someone walks through the front door they pause. It's not just the view, it's the incredible sense of space, the warmth created by the northern sunlight that fills the interiors, and the way every room connects so effortlessly.

"It has all the proportions of a luxury home, while delivering the effortless lifestyle and personalised experience of living in a world-class six-star hotel, combined with the simplicity and convenience of apartment living."

[smartcode_project:default project_id=114246 project_image_fid=378713]

A secure lift provides exclusive access to the penthouse level, opening to a dedicated arrival foyer and dining area before the residence expands into its main living and entertaining spaces.

Floor-to-ceiling glazing runs across the northern side of the home, connecting the interiors with the terrace and Middle Harbour outlook.

The penthouse also features a fireplace and substantial chef's kitchen, while the wraparound terrace has been designed to accommodate both everyday outdoor living and larger-scale entertaining.

[smartcode_project:default project_id=114246 project_image_fid=378720]

Freeman said the interiors had been deliberately kept restrained to complement the scale, natural light and outlook already established by the architecture.

"The penthouse is a serene study in quiet luxury," Freeman said.

"The interior pairs soft, sculptural forms with warm timber, pale stone and a restrained neutral palette. Curated artwork and metallic accents add depth, while abundant natural light creates a calm, effortlessly refined atmosphere. In my world, less is always more."

Freeman said the approach was centred around collecting individual pieces rather than simply decorating the apartment.

"Every material, every object and every piece of furniture has been curated with intention. I am a true believer in collecting versus decorating.

"The architecture already provided extraordinary natural light, remarkable volume and an uninterrupted connection to Middle Harbour. Our role was to complement those qualities with unique one-of-a-kind pieces of fine art and collectible design sourced from recent travels around the world."

[smartcode_project:default project_id=114246 project_image_fid=378694]

Among the collection are solid bronze sculptures by Lorenzo Quinn, alongside a curated crystalware collection and pieces sourced from international design fairs.

Park Residences sits opposite Cammeray Golf Club, Cammeray Croquet Club and Grand Slam Tennis Cammeray, around 300 metres from Neutral Bay Village and its established collection of restaurants, cafés and retail.

Brown said the combination of a whole-floor floorplan, northern aspect and proximity to Neutral Bay was becoming increasingly difficult to find on the Lower North Shore.

"Completed whole-floor penthouses with a sun-drenched north-facing aspect and sweeping Middle Harbour views are exceptionally rare," Brown said.

"Add a quiet position opposite golf, croquet and tennis facilities, a level walk to Neutral Bay Village and only minutes to the CBD, and you have a lifestyle that's incredibly difficult to replicate.

"This is a home that offers the privacy and generosity of a luxury residence together with the convenience of one of Sydney's best-connected harbourside locations."

The penthouse will be exclusively marketed by SRM Residential.

[smartcode_project_cta:default project_id=114246]

Abadeen unveils penthouse at Park Residences in Cremorne

Goldfields

<html><body>
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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