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

Joel Robinson

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

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

WM Residences fills gap in Mordialloc townhouse market

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Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more international and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

First look: Aqualand joins St Leonards apartment party

Melbourne

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A charge of $900 per dwelling for new Hoddle Grid residential towers has been passed unanimously by the Melbourne City Council as they look to fund necessary infrastructure for an expected population surge.
The charge is to create a $26.5 million fund for public infrastructure needed for the expected 14,200 new residents by 2031.
However, it’s less certain who will be footing the bill.
While they are more officially called ‘developer contributions’ Fairfax Media reported that Melbourne lord mayor Robert Doyle said it is a charge that will be simply passed straight on to the purchasers of the residential units.
The levy will be regardless of when applications were lodged and will come into existence from next month.
With 25,210 residents, according to Robyn Hellman, actring manager strategic planning in the Report to the Future Melbourne (Planning) Committee, the area is rapidly growing with 9,547 new dwellings expected in 2031. This required 3,792 square metres of new community infrastructure.
The report notes that a $900 levy would be a “modest impost” on development, and in conjunction with the proposed open space contribution it would total $3,800 on a $500,000 apartment, or 0.76% of the value.
It notes that this is comparable with Central Sydney’s 1% levies. Brisbane has similar levies and in Victoria the City of Moreland collects an average of $800 per dwelling, while the City of Darebin collects an average of $851 per dwelling.
The maximum under the Act for this levy is $900, though it’s noted that to reach the infrastructure contribution it would likely need to be $1,659.12.
Another 5,260 apartments are currently under consideration for approval, and are likely subject to the levy.
From 1 July 2015, the state government is looking to introduce a standard infrastructure levy of $4,500 per dwelling.
“However the mechanisms for its application have not been defined. While the Hoddle Grid appears to fit the criteria for an SDA, this has not yet been determined by the State Government,” the report notes.
The report also suggests strongly considering the Hoddle Grid as a State Development Area.
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Melbourne City Council highrise apartment tax sparks debate

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The 100 diner East Brunswick premises of Helenic Republic have been listed for sale.
The initial price guidance was around $1.9 million for the 20 August auction.
It is just the premises for sale as the popular 273 square metre eatery will continue to trade after a newly signed 10-year lease.
The 340 square metre property is at 434 Lygon Street.
It has been listed by Made Establishment through the Killen Thomas agent John Camilleri in conjunction with <a href="https://www.fitzroys.com.au/property/8757/sale/434-lygon-street/brunswick-east-vic-3057/investment-(retail)" target="_blank">Chris Kombi at Fitzroys</a>. 
Hellenic Republic, with its new 10 year plus 5 and 5 year lease, is offered returning $120,000 per annum plus outgoings and GST 
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It comes with a wide corner frontage of about 10 metres to Lygon Street and 35 metres to Stewart Street 
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Made Establishment is jointly owned by celebrity chef George Calombaris, restaurant entrepreneur George Sykiotis, and steel industry barons Joe Calleja and Tony Lachimea.
The property traded at $824,000 in late 2007 when bought by George C Pty Ltd and Cerberos Pty Ltd.
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George Calombaris' Hellenic Republic, Brunswick East premises for sale

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Last week Melbourne got to show off its café culture to some new friends – 12 rescue cats.
<a href="https://www.smartcompany.com.au/growth/41989-hello-kitty-australia-s-first-cat-cafe-to-launch-in-melbourne" target="_blank">Australia’s first cat café</a> opened in the heart of Melbourne and the novel idea has struck a chord with customers, with the café booked out for the next few weeks.
Cat cafes are hugely popular in countries such as Japan and a number of European cities, where people who cannot own a pet due to their small apartments and long working hours can still enjoy animal affection.
Owner Anita Loughran and her partner raised over $20,000 through crowdfunding and overcame a series of unique challenges to get their small business off the ground, including <a href="https://www.smartcompany.com.au/people/42610-cat-cafe-lands-on-its-feet-after-social-media-uproar">a social media stoush</a> and finding a landlord happy enough to house 12 cats on the premises.
Loughran also struggled with Australia’s strict health and safety laws, which initially prevented her from serving food and drink with the cats.
The café is now able to serve food and drink downstairs, which patrons can take upstairs when they pet the cats.
Loughran sat down with SmartCompany to tell us how the journey has been so far.
{qtube vid:=8fiNLblE-7M}
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
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Playing cat and house: Australia’s first cat café opens in Melbourne

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Malaysian developer Mammoth has paid $12.3 million for its third development site in Melbourne.
It is a 2,271-square-metre site on Wreckyn Street in North Melbourne which was sold by the veterinary organisation, Lort Smith Animal Hospital.
With 10 bidding parties, the $5,416 a square metre sale price was a new record for a pure land acquisition in North Melbourne. 
However earlier this month, a Chinese investor with unknown intentions <a href="/expert-insights/investing/chinese-buyer-pays-32-over-reserve-a-record-land-rate-for-north-melbourne-office-site">paid $6,358 a square metre when paying $13.2 million for a 2076 square metre office building bloc</a>k at 13-21 Bedford Street, North Melbourne. 
Mammoth’s 55-level MY80 Elizabeth Street with 487 apartments is due for imminent completion.
Empire, its second high-rise apartment block, with 474 apartments over 61 levels, is due for construction commencement with 60 remaining for purchase.
The delayed settlement sale was through CBRE with Charter Keck Cramer acting as the transaction ­manager.
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Malaysian property developer Mammoth purchases North Melbourne site

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The historic Collingwood warehouse of the Hong Kong-based banker Richard Lee was passed in at weekend auction at $1.3 million.
Lee, chief operating officer of the investment banking division of CLSA, and his wife Peta, bought the property in 2010 for $905,000.
They spent the next 18 months renovating part of the 150-year-old Victoria distillery.
The four-level three bedroom warehouse at <a href="https://www.realestateview.com.au/Real-Estate/14-21-northumberland-street-collingwood/Property-Details-buy-residential-7289509" target="_blank">14/21 Northumberland Street</a> had been listed Sarah Sharp, of RT Edgar.
The warehouse conversion was within the Barrett Burston Collingwood Malthouse.
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The Barley House, 1860s Collingwood warehouse fails to sell

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Six Melbourne 7-Elevens outlets were sold last week.
The average initial yield was 4.7%.
The sales ranged between Malvern East at $2.85 million and <a href="https://www.realcommercial.com.au/property-retail-vic-mill+park-501210303" target="_blank">Mill Park</a> (pictured above) at $6.45 million with a $333,339 annual rental.
The other sales were Prahran ($4.23 million), Rowville ($5.9 million), Wantirna South ($5.6 million) and Glen Waverley ($4 million).
The buyers were private investors.
All up, the Withers family secured $71 million last week at the JLL auctions in the latest offering of 15 of its 7-Eleven service station and convenience stores.
Last week.<a href="/expert-insights/investing/yields-tighten-in-latest-7-eleven-sydney-service-station-offering"> seven NSW offerings of 7-Eleven service stations sold</a> at auction with an average 4.6% yield, tighter than the 6.8% two years ago.
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Melbourne 7-Elevens averaged 4.7% yield

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Folkestone has entered joint ventures with ID_Land to develop two new residential communities in Melbourne’s suburbs.
The listed real estate funds manager and developer acquired a call option over eight hectares of land in south-east Melbourne in a 50-50 joint venture with ID_Land, a developer that specialises in land subdivision and medium density projects.
The purchase was made on deferred terms and development planning will start immediately.
The land is diagonally opposite the 236 lot Potters Grove residential sub-division at Officer in Melbourne’s south-east growth corridor. Folkestone is developing Potters Grove in a 50-50 joint venture with ID_Land. Around 69% of that estate has settled or is under contract.
The new subdivision at <a href="/news">Officer</a> is expected to have an end value of around $30 million.
Folkestone also announced last week that a newly established Folkestone fund will work in partnership with ID_Land on a project in Melbourne’s western growth corridor.
The Folkestone Truganina Development Fund acquired an 80% interest in a 52.5 hectare residential master planned community in Truganina, 20 kilometres west of Melbourne’s CBD for $18.25 million.
ID_Land holds the remaining 20% of the land and will manage the project’s delivery.
The development will include 680 residential lots and a 3.1 hectare town centre.
A masterplan for the site, which sets out the layout of roads, housing, employment, infrastructure and amenities, is awaiting approval by the Metropolitan Planning Authority and the Victorian Minister for Planning.
The fund will seek investors after the masterplan’s approval. Folkestone will retain 20% of the fund.
This is the company’s third development fund and its first residential land subdivision development fund. 
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Folkestone joins forces with developer for two residential communities in Melbourne's south-east

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The former Bank of Melbourne boss David Airey secured Melbourne's top weekend auction result when his renovated four bedroom South Yarra home sold for $3.8 million.
David Airey and his wife Sally acquired the two-storey home (pictured above) in 2011 for $1.83 million before extensive renovations.
The 710 square metre property had pre-auction expectations of between $3.3 and $3.5 million through Jeremy Fox and Sarah Sharp of RT Edgar Toorak when<a href="/news/former-bank-of-melbourne-chief-lists-in-south-yarra"> Property Observer wrote on </a><a href="/news/former-bank-of-melbourne-chief-lists-in-south-yarra">the</a><a href="/news/former-bank-of-melbourne-chief-lists-in-south-yarra"> listing last month</a>.
The former Templestowe home (pictured below) <a href="/news/architect-phillip-mannerheims-former-templestowe-house-listed">of Victorian architect, Phillip Mannerheim</a> fetched $3.35 million having been listed with $2.4 million hopes. It is not entirely original as the current owners have extended and renovated the original residence.
<img src="/images/2014/07/30/templestowe_0000_1.jpg.jpg" alt="Architect Phillip Mannerheim's former Templestowe house listed">
They are the third owners of the home purchased 11 years ago for $870,000. 
They doubled the internal size, keeping in style with Phillip’s original vision for <a href="https://raywhitemanningham.com.au/vic/templestowe/1163486/" target="_blank">4 Winifred Court, Templestowe</a>.
The four bedroom, five bathroom house on 3,986 square metres was sold by Carmen Stenta at Ray White Manningham.
Melbourne notched up a steady clearance rate of 72% on the weekend the same last weekend but slightly lower of the 74% on the same weekend last year.
There were 560 auctions reported to the REIV, with 402 selling and 158 being passed in, 73 of those on a vendor bid.
"So far this year, more than $10.8 billion worth of homes was sold at auction, which surpasses the $10 billion value achieved over the same period in 2010," Enzo Raimondo, the REIV chief said. 
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South Yarra then Templestowe top weekend Melbourne auctions

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Nyko Property director Bill Nikolouzakis has attributed his company's 90% increase in sales in Melbourne in the 2014 financial year to buoyant property market conditions.
However, they sell through 228 intermediaries, with 73% in the financial services industry. This includes mortgage brokers, accountants and financial planners, with the other 27% being a mix of local and offshore estate agents.
“In particular, we had a very busy second half of the year (January-June) following the 46% increase in sales in the 2013 financial year, with demand from the SMSF sector playing a key role,” said Nikolouzakis.
Of their sales, 69% were made by the financial services sector. These were predominantly sales of townhouses and small apartment complexes in Melbourne’s suburbs.
The increase in demand from those selling property in the financial services is down to two points, he says.
This includes the financial services industry increasingly embracing direct property as an investment option, and SMSF trustees becoming more attracted to residential property.
A drop in SMSF investment, to 28% in 2014 financial year compared to 36% in the 2013 financial year, does not have impacted their overall positive views of the market.
“SMSF property investment is being driven by clients of accountancy and financial advisory firms and will continue to be a strong growth area for Nyko Property, despite the slight 8% drop in sales,” he said.
“While we might not see such a high increase in SMSF property investment as we did in 2013, we expect it to continue to be about 30% of our business,” he said.
“One in seven Australians invest in property so financial planners, accountants and mortgage brokers are starting to understand their SMSF clients are investing in property – with or without their advice.
“For those advisors who can value add for their clients by ensuring they are giving strategic advice both in terms of the property acquisition itself, as well as how it dovetails with the client’s investment portfolio, will benefit from growing investor interest in residential property,” he said.
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Financial services industry increasingly selling property, SMSFs playing a key role: Nyko Property

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Prices for corporate car spaces outside of Melbourne CBDs have doubled as supply dwindles, according to Savills.
The Quarter Times Melbourne Office report from Savills Australia recorded that car spaces in the suburbs, notably within the inner east and south-east and CBD fringe, have seen their rent increased by up to 145%.
In some instances, this looks like a $90 per calendar month car space rent in mid-2009 jumping to between $170 to $220.
Meanwhile, the cost of parking in the CBD is up 27%, from $550 as the top monthly rate in mid-2009, to $700 in 2014.
St Kila Road parking remains at the same rate - $240 to $300 per calendar month.
The huge rises in some areas is noted as reflecting the increasing sale and commercial development of smaller infill sites and allotments that had previously been used as cheap car parks, explained Savills Australia Victorian head of research Glenn Lampard.
“Melbourne has some of the fastest growing metropolitan regions in the nation but governments have been slow or unable to provide the necessary public transport infrastructure. That means our roads become clogged with cars looking for a parking space,” Lampard said.
“Consumers that frequent our vibrant inner city retail strips would only be too familiar with this issue over recent years, with a plethora of parking meters going beyond the retail strip, stretching into surrounding streets,” he said.
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