The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

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>

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

Melbourne CBD

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Three prime Melbourne CBD and St Kilda Road car park investments have come to the market, offering a rare chance to purchase assets within the sector.
Fitzroys agents Paul Burns and Chris James are marketing the three assets for the Deague family which are being offered for sale by EOI “in one line or separately”., and a total net income of more than $2.045 million per annum.
The assets include: 
1 Queens Road (pictured in title), comprises six levels of car parks with 523 bays (650 when stacked), plus 61 storage units within the 14-level office and residential building, St Kilda Rd Towers.
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452 St Kilda Road (pictured above, comprises three levels of car parking with 80 bays, plus three storage units, within a 21-level hotel and serviced apartments building.
480 Collins Street (pictured below), offering a generational chance to secure the only car park in the Melbourne CBD that has direct access from Collins Street. The asset comprises two levels of car parking with 74 bays (110 when stacked), within a 20-level office and hotel building located in the new centre of Collins Street.
Each asset is being offered with a long-term lease in place.
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The tenant has operated a profitable car parking business in each premises over many years. “Commercial car park investments are likely to be particularly strong post-COVID. Employees will inevitably prefer driving to work as opposed to using public transport, and employers will secure parking bays to accommodate this preference,” Burns said.
“The tenants in these assets have committed to not seek any rent relief as a consequence of the COVID-19 situation, guaranteeing the purchaser a 100% return on their investment, without interruption. The secure lease agreements offer no vacancy risk for almost six years, and, if or when a lease expires, there are negligible re-leasing costs.”
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Three Melbourne CBD car park investments listed

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High rise apartments in the Melbourne city and fringe areas will suffer the largest price fall as a result of the Coronavirus, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm presented an 'investor playbook' of real estate performance within each service area this month. 
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"The past few months have also impacted the rental market as high rates of unemployment have led to many young people exiting the rental market and moving back in with parents, downsizing or sharing rentals to save money," the valuation firm said. 
 This has greatly reduced housing demand, which has caused a spike in vacancy rates, leaving investors nervous about what’s to come. 
With immigration coming to a halt as well as a sharp decline in international students, investors will be feeling the pain over the next 12 to 24 months, the report noted. 
"We are also seeing quite a number of nomination sales in the CBD market, as many investors are desperate to find a new purchaser to take over their property. 
"Investors are doing this now as they had originally purchased these apartments 12 to 18 months ago and pre-committed to contracts, but with lending environments changing since then, they are unable to settle on their apartments, leaving some with no choice but to forfeit their deposits," the valuation firm said. 
A new two bedroom apartment in Melbourne CBD was sold for $630,000 in July. 
The apartment at <a href="https://www.realestate.com.au/sold/property-apartment-vic-melbourne-131936738" target="_blank">3102/135 A'Beckett Street</a> (pictured below) comprises two bedrooms, two bathrooms and open living area. 
It was last sold in 2014 for $635,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/8/10/melbourne.jpg" alt="">
A two bedroom Melbourne CBD apartment with water views has been listed for rent with a price guide of $650 per week.
The <a href="https://www.realestate.com.au/property-apartment-vic-melbourne-427127838" target="_blank">4907/605 Lonsdale Street </a>apartment (pictured below) comes with open plan ring area, modern kitchen, large balcony and European laundry. 
It is located opposite the South Cross Railway Station. 
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Melbourne CBD high rise apartments to suffer largest price falls: HTW residential 

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With current market conditions and in light of the recent events of COVID-19, a lazy $700,000 can go a long way in areas of Melbourne’s CBD and city fringe suburbs, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. 
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 Recent figures show that the median unit price for the CBD, Southbank and Docklands were $480,000, $575,000 and $609,000 respectively. It is truly a buyer’s and renter’s market for those looking in these areas, the report noted. 
A north facing corner apartment in Melbourne CBD with bay views has recently been sold for $620,000.
The two bedroom, two bathroom home is situated at <a href="https://www.realestate.com.au/sold/property-apartment-vic-melbourne-133816594" target="_blank">3017/220 Spencer Street</a> (pictured below mel ). 
It features floor-to-ceiling windows, quality carpet throughout and large balcony. 
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A new listing is a two bedroom South Bank apartment priced between $540,000 to $570,000.
The <a href="https://www.realestate.com.au/property-apartment-vic-southbank-133959162" target="_blank">204/173 City Road</a> apartment (pictured below) comes with living and dining area, black granite kitchen, and balcony with water views. 
It is set in a corner position on the 20th floor of the Melbourne Tower complex. 
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"The global pandemic has definitely shaken up the rental market in the CBD and fringe suburbs," the valuation firm said. 
Many tenants are international students unable to fly back into Australia due to travel restrictions, resulting in a spike in vacancy rates. This has left landlords nervous as this may cause a strain on their mortgage repayment ability for the property.
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"We are also seeing quite a number of nomination sales in the CBD market," the valuation firm said. 
 A nomination/nominee sale is when someone who has purchased a property can transfer to another purchaser or nominee prior to settlement. 
When a purchaser cannot settle, the purchasers will be given the opportunity to find a new purchaser to have the contract transferred in their name and finalise the settlement. 
This generally happens due to the buyer not having access to funds to settle (mostly due to banks not approving loans or other government restrictions for capital outflow). 
"With Coronavirus also impacting the rental market, purchasers of these properties have less incentive to settle on these apartments, which will also result in them forfeiting their original deposits," the valuation firm said. 
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What a lazy $700,000 can buy in Melbourne CBD: HTW residential 

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Local drivers for the residential market in the Melbourne CBD include the influence of the educational sector, population growth, local and international migration as well as local employment, according to the latest Herron Todd White (HTW) residential report. 
The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said. 
"The performance of the property market in the CBD is a result of the demand for rental properties in this area and the attractive yields that come with it," the valuation firm said. 
The report notes this is due to the strong migration and appeal of Melbourne to higher education students coming from other states and countries as well as workers relocating to be closer to the business district. This creates a high demand for apartments in the city, which makes it attractive for long term investors.
Drivers impacting the residential property market are also quickly changing in light of the recent events this year, such as the Australian bushfires and the global pandemic of the Coronavirus.
"We have since seen cuts to the interest rate by the Reserve Bank of Australia to a historic low of 0.5 percent and economic stimulus packages to be announced with the aim of boosting the economy and easing the financial fallout of these events," the valuation firm said. 
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"Notwithstanding the COVID-19 crisis, with the recent announcement of a lowered cash rate, there may be an increased interest for those seeking to buy their first home as applicants will be in a better position to refinance their current mortgage so they are able to make lower repayments each month and less interest over the life of the home loan." 
A two bedroom apartment located in the heart of Melbourne CBD has recently sold for $490,000.
The <a href="https://www.realestate.com.au/sold/property-apartment-vic-melbourne-132944150" target="_blank">2107/11 Rose Lane</a> home (pictured below) comes with designer kitchen, open plan living and secure car park. 
It is located within moments to shops, public transport, restarts and cafes. 
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A new listing is a one bedroom Melbourne CBD apartment priced at $329,000.
The 25th floor apartment at <a href="https://www.realestate.com.au/property-apartment-vic-melbourne-133530370" target="_blank">2512/181 A'Beckett Street </a>(pictured below) comprises bedroom, bathroom, open plan living and dining and stone-topped kitchen. 
The building features resort-style facilities, including gym, lounge, bike storage and rooftop BBQ terrace. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/4/melbourne%202.jpg" alt="">
Note regards COVID-19
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This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks. 
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<div>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</div>
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High demand for Melbourne CBD apartments attracts long term investors: HTW residential 

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<div class="column">Over the past few years, Melbourne CBD has witnessed an influx in supply of new apartments, according to the latest Herron Todd White (HTW) residential report. </div>
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<div class="column">The report suggests 2020 should see demand for Melbourne apartments remain steady as approvals for new residential developments hit a peak in 2017 and have since slowed down.</div>
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<div class="column">Most of these developments have been high density and located in the northern grid of the CBD.</div>
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<div class="column">"A slowdown in the residential development sector could slow the apartment supply, resulting in a boost in demand for rental properties due to strong migration and appeal of Melbourne to international and interstate higher education students and workers relocating closer to the business district, which has continually encouraged strong rental growth and helped maintain current rental returns for these CBD and inner city apartments," the valuation firm said. </div>
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<div class="column">A two bedroom apartment in Melbourne CBD has been listed for rent with a price guide of $700 per week.</div>
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<div class="column">The two bedroom, two bathroom apartment is situated at <a href="https://www.realestate.com.au/property-apartment-vic-melbourne-424612982" target="_blank">502/9-23 MacKenzie Street </a>(pictured below). </div>
<div class="column"> </div>
<div class="column">It comes with open plan living, design kitchen and terrace balcony. </div>
<div class="column"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/2/24/melbourne%20cbd.jpg" alt=""></div>
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The report notes that one of the biggest struggles in the market is settlement for off-the-plan apartments. 
It is proving a significant challenge for developers with many of the major lenders tightening or altering their lending policies to foreign investors or contracts subject to the Foreign Investment Review Board resulting in longer than normal settlement periods and further exacerbating settlement risk.
"New developments within city fringe suburbs such as South Yarra, Richmond, St Kilda, Abbotsford and Collingwood are contributing to this concern of oversupply. 
"Demand will need to remain strong if supply is to be matched over the medium term." 
A St Kilda one bedroom apartment has recently been sold for $406,000.
The 4th floor apartment is situated at <a href="https://www.realestate.com.au/sold/property-apartment-vic-st+kilda-132835810" target="_blank">408A/33 Inkerman Street</a> (pictured below).
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/2/24/st%20kilda%20.jpg" alt="">
It features open plan living and dining, designer kitchen, alfresco balcony and bedroom with fitted BIRs. 
</div>
</div>
</div>
 
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Demand for Melbourne CBD apartments to remain steady in 2020: HTW residential 

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Whilst the Melbourne city centre has experienced an increase in the number of high-rise apartments over the past few years, developers are always looking for new ways to improve city living for residents, according to the latest Herron Todd White (HTW) residential report. 
The report notes there are many apartments available on the market today, including off the plan developments.
"The median Melbourne apartment price ranges between $340,000 for a one-bedroom apartment and $840,000 for a three-bedroom apartment with the potential to generate rent of $450 per week to $910 per week respectively," the report said. 
Highlighted below are the city centre’s highest priced sale to date and highest current rental listing.
 <img src="https://www.urban.com.au/images/2019/11/18/190135%20Spring%20Street%20Melbourne.jpeg" alt="">
The highest priced sale was 1901/35 Spring Street, Melbourne (pictured above).
It was sold for $14.75 million in May.
The apartment consists five bedroom, four bathroom, and six car space. 
Located at the Paris end of the city, 35 Spring Street is known as one of Melbourne’s high-calibre buildings.
"With a modern luxury design, residents can enjoy the many features and amenities this property has to offer yet still be in the hustle and bustle of the core of the city with its renowned retail, restaurant and entertainment culture," the valuation firm said. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/18/10151%20spring%20st.jpg" alt="">
The highest rental listing in the Melbourne CBD is<a href="https://www.realestate.com.au/property-apartment-vic-melbourne-427154306" target="_blank"> </a><a href="https://www.realestate.com.au/property-apartment-vic-melbourne-427154306" target="_blank">101/51 Spring Street, Melbourne</a> (pictured above).
The apartment with three bedroom, two bathroom, and two car space has been listed for $3,300 per week.
 Overlooking the treelines of the Treasury Gardens, this mansion-like apartment is one of the Melbourne CBD’s most prized apartments.
"Taking up an entire level, this luxury dwelling features a family library, wine cellar and voluminous living spaces which can be used for formal and informal entertainment areas. This is the ultimate family home as there is something for everyone," the valuation firm said. 
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Melbourne CBD sees increasing number of sky-high apartments listings: HTW residential 

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Living close to tertiary education institutions is one of the largest forces that drive rental demand in the Melbourne CBD and CBD fringe areas, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at rental yields across the nation to dissect where to find the best returns in residential markets. 
With a population of 170,000 people and growing, the CBD is home to people coming from all ages and backgrounds.
Residents range from international students, young professionals and older couples. Melbourne has something to offer everyone 
"With two of the most prominent universities located in and near the heart of Melbourne, University of Melbourne and RMIT, international students make up the largest portion of enrolments each year, resulting in a high demand for apartments in the CBD and neighbouring suburbs, ultimately changing the rental market within the area," the valuation firm said. 
These latest statistics show that apartments in the CBD are priced at an average of $435,000 and generate $530 per week in rent, earning a 5% to 6% rental yield for investors.
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/16/mel%20cbd%201.jpg" alt="">
Latest statistics show that apartments in Carlton are priced at an average of $347,000, generating an average of $470 per week in rent, providing investors a rental yield of 7%.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/16/mel%20cbd%202.jpg" alt=""> 
"Previously known as the world’s most liveable city for seven years running, Melbourne is an attractive city for tourists and investors," the valuation firm added.
"Whether it be a short or long-term arrangement, investors are thinking outside the box and finding ways to increase their rental property returns by taking advantage of accommodation hosting platforms such as Airbnb, where most property listings are heavily concentrated in the inner suburbs of Melbourne, particularly within the CBD areas."
The HTW report suggests secondary hot spots for Airbnb listings include areas in St Kilda, South Yarra, Port Melbourne and Brunswick.
The average cost to rent an apartment via the Airbnb platform within the CBD and fringe areas can range from $120 to $190 a night.
"If we can assume that the weekly gross rent that can be collected via Airbnb is applied to the CBD’s medium price for apartments ($435,000), this would generate an upward yield of an incredible 10%.
"With the correct marketing, property and location, there are many different ways an investor can strategically maximise their property in the CBD and fringe suburbs as Melbourne is the destination for tourists, young professionals and international students." 
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International students changing the rental market in Melbourne CBD: HTW residential 

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The Melbourne city centre has seen a continued substantial increase in the supply of high rise apartments, according to a recent Herron Todd White (HTW) residential report. 
The report suggests that lifestyle changes have led to people seeking a better work and life balance; as such properties located within half an hour of the CBD and close to public transport links continue to be highly desired by first home buyers.
Developers are encouraging buyers by including amenities such as rooftop gardens, creative common facilities such as virtual golf, private dining areas with industrial kitchen facilities allowing residents to bring in a private chef and meeting rooms for the home office operator.
"For an entry level price of $580,000, you will find a one-bedroom, one-bathroom apartment in the Prima Pearl located at 35 Queens Bridge Street, Southbank (pictured above) and access to the mentioned amenities," the valuation firm said. 
"Young professional couples or small families looking to upgrade their one-bedroom apartment for a bit more room do not have to go far.
"Suburbs on the city fringe such as Collingwood, Richmond, Prahran and South Melbourne still have access to public transport to the CBD, schools and close proximity to local restaurants and cafes." 
Property types vary from townhouses and single-fronted dwellings that can accommodate two-to-three bedrooms, two car spaces and a small courtyard.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/11/richmond%20.jpg" alt="">
A three bedroom townhouse at<a href="https://www.realestate.com.au/sold/property-townhouse-vic-richmond-130425362" target="_blank"> 7 Palmer Street, Richmond </a>(pictured above) has been sold for $1.55 million.
Set on 150 square metre block, the home comprises three bedrooms, open plan living and dining area, kitchen with Miele appliances and second living area opening to balcony. 
It's situated moments from Bridge Road entertainment, amenities and public transport.
At the prestige end of the market, buyers are looking for properties with a period character or dwellings that can be easily renovated, extended or rebuilt and designed to suit their needs.
The report notes staple items within this category include basement car parking, en suite to each bedroom, a games room, swimming pool, tennis court and gym.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/11/toorak.jpg" alt="">
A five bedroom house at 26 Linlithgow Road, Toorak (pictured above) was sold for $12.15 million in March.
Set on a 1,308 square metre block, the home comprises five bedrooms, four bathrooms, and four car spaces.
It features tennis court, home theatre, gym, swimming pool and covered outdoor entertaining areas. 
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Melbourne CBD sees increasing supply of high rise apartments: HTW residential 

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Global construction company Multiplex has topped out South Tower, the new 41-level office building in Melbourne’s CBD.
South Tower at 80 Collins Street is QIC’s $800 million mixed-use project. 
The 80 Collins precinct is owned by Dexus and Dexus Wholesale Property Fund following QIC’s divestment of the asset in May 2019.
The development project is being delivered by QIC GRE until completion.
The development is located at the 'Paris end', of Collins Street and is one of the largest in Melbourne.
The precinct comprises the new South Tower which will provide office space across circa 43,000 square metres, as well as major refurbishments to the North Tower, an existing 47 level A-grade office building, and construction of a 255-room boutique hotel.
The base building design has been undertaken by local architects Woods Bagot, with collaboration from Dutch firm UN Studio on the South Tower and hotel façades.
A 5,000 square metre retail precinct over a ground and podium level will link the hotel to the North and South Towers.
It will also connect three surrounding streets through a series of laneways to become a new prestigious Collins Street shopping destination.
The new South Tower features a faceted glass exterior cantilevering towards Collins Street, and the interior will feature flexible floor plates with the ability to create inter-floor links to allow occupants to engineer their space for collaboration and enhanced connectivity.
At 216 metres tall, 80 Collins boasts panoramic views across Melbourne.
“80 Collins is also one of the most complex builds we are currently delivering in Melbourne, with the new South Tower constructed to cantilever 12 metres over existing buildings on Collins Street,” said Graham Cottam, Regional Managing Director at Multiplex.
Around 550 workers are on-site every day and around 6,000 tonnes of structural steel and 50,000 cubic metres of concrete have been used to date.
Innovative construction methods include the introduction of a double-deck lifting system with a destination control system.
This system allows the development to achieve a Premium building rating and minimises the size of the core to maximise the net lettable area.
The new South Tower has a 6-star Green Star design rating and is targeting a 5 star NABERS Energy rating.
The building is also WELL ready to allow tenants to pursue further fitout certification.
ESD features include a chilled beam mechanical system to allow for passive temperature control as well as the inclusion of intuitive lighting control.
80 Collins is on track for completion in 2020.
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Multiplex tops out QIC's Collins Street tower

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Real estate investor and manager Cromwell Property Group (Cromwell) has lodged a development application (DA) for 700 Collins Street in Melbourne CBD’s Docklands Precinct.
The DA is for a $350 million, 55-storey mixed-use development comprising office, hotel and apartment living, as well as a four-storey podium car park with 199 spaces.
The office aspect consists of about 13,000 square metres of additional A-grade office space across 13 floors.
The DA also proposes up to 265 studio, one, two and three-bedroom apartments for which Cromwell is considering a build-to-rent model.
A suite of additional amenities including concierge services, swimming pool and café will also be available.
The DA also includes a 4.5-star, 182-room full-service hotel.
Cromwell’s Head of Property, Bobby Binning, said: “This is another exciting value-add development opportunity for Cromwell and follows hot on the heels of the $75 million development approval received at Chatswood on Sydney’s North Shore.
“The success of our asset recycling initiatives is evidenced by the recent sale of Northpoint Tower, following a $130 million redevelopment which boasts extensive culinary options as well as a rooftop bar, an eight-storey, 187-room Vibe Hotel complete with conference facilities, as well as a rooftop pool and gym.”
Cromwell has recently completed a $375 million institutional placement, executed a new three-year €225 million syndicated facility and announced the $300 million sale of its 50% interest in Northpoint Tower.
The Collins Street site is adjacent to the Southern Cross Railway Station.
The proposed development will provide 360-degree views across Port Phillip Bay, Docklands and the Melbourne CBD.
Considered the gateway to the Docklands Precinct at the western end of Melbourne’s CBD, Cromwell acquired 700 Collins Street in October 2004.
The building is a 17-level, A-grade tower, comprised of both office and retail space, as well as a newly refurbished end-of-trip facility.
it provides tenants with a refurbished lobby, large floor plates, excellent natural light, panoramic views, access to public transport and a high car park ratio.
The site is located a short walk from Marvel Stadium and benefits from easy access to retail and other amenity along Collins Street and the wider Docklands Precinct.
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