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

&nbsp;

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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The western Melbourne suburb of <a href="/news">Tarneit</a> is seeing house and land development The Heartlands selling out in its various stages, with the latest 29 blocks now hitting the market.
This is Stage 21, and includes eastern-facing blocks close to the recreation centre and wetlands precinct. Blocks range from 400 square metres upwards, with prices from $160,000. The blocks are located down Barrangi Drive.
Asset1 is behind <a href="https://theheartlands.com.au/" target="_blank">The Heartlands</a>, and have previously announced that it will include future school sites and sporting area, as well as a childcare centre set to open by the end of 2015.
Asset1 sales director Mark Adams said that the focus is on a family-friendly community with accessible amenities.
“Tarneit is developing rapidly, so we’re thrilled to see our neighbourhoods flourish as new families move in to their dream homes,” said Adams.
“With homes located just moments from established parklands, Club Heartlands, proposed future school sites and the recently announced childcare centre, purchasers and their families are even closer to achieving a healthier work/life balance than ever before.”
The site is 30 minutes from Melbourne’s CBD, near to Tarneit Railway Station.
The blocks in this release span up to 484 square metres, and is the fifth stage to be released.
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jduke-EHk3XBmHkn

The Heartlands stages selling out in Melbourne’s Tarneit

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Melbourne currently has over 12,600 apartments under construction, expected to hit the market over the next three years, as well as other projects in the pipeline.
However, despite this high figure, Knight Frank’s Melbourne Apartment Market Update Residential Research has found that rents are increasing and vacancies are actually falling.
Over the past 12 months, the vacancy rate fell to 2.8% in May, a 0.4% drop, while rents increased to $390 per week. The average rental yield is currently 4.51%.
Over the past decade, the average has increased from 2.1% to 2.8% due to high construction in the apartment sector, however this is dropping back over the 12 months to May 2014, as recorded by the REIV.
Residential project marketing associate director for Knight Frank, Daniel Cashen, said that foreign investors continue to favour Melbourne.
“Growth from Asia has been underpinned by our great infrastructure, world class secondary and tertiary education and the reputation we have retained over the years as the world’s most ‘liveable city’,” said Cashen.
“Encouraged by urban renewal and migration towards inner city living, the CBD and inner/ north-west has witnessed a significant number of medium-high density apartment projects built to support this population growth; with presales continuing to support further projects,” he said.
As of March 2014, apartments across Melbourne’s metropolitan area saw 5.9% annual growth, to a median value of $454,000. Over the next five years, a 4% per annum result is expected.
“Highest capital growth was experienced in the Bayside/Frankston region at 7.3% over the last year, closely followed by north-east at 7.2%; while both realising a median value of $486,000,” he said.
Melbourne’s south-east has also increased – with 7.1% growth to $453,500. The CBD and inner/north-west region was subdued at 3.2% compared to the rest of Melbourne, however Cashen notes expectations are for 5% growth per annum for the next five years.
Interestingly, this is where 64.7% of apartments currently under construction are located.
Residential research association director Michelle Ciesielski said that the population growth has seen a 2.1% uptick on average over the past 10 years, with projections this will continue to 2029.
“Due over the next three years, there are just over 12,600 apartments currently under construction in metropolitan Melbourne, with a number of significant projects still proposed in the pipeline,” she said.
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Currently 12,600 apartments under construction in Melbourne, but vacancies reduce: Knight Frank

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Mirvac, Cedar Woods and WA-based Satterley Property Group have been pinpointed as short-listed prospects to develop the Kingswood Golf Course site in Dingley Village in Melbourne’s south-east.
The 53.4-hectare site <a href="/expert-insights/investing/mirvac-keen-to-buy-dingleys-kingswood-golf-course">has a capacity for about 700 dwellings</a>.
The Australian Financial Review puts its likely sale price as close to $100 million.
The sale is being handled by Ernst &amp; Young.
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jchancellor-FAypfDUnLy

Kingswood Golf Course sale edges closer to the pin

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Melbourne’s vegan bakery offering, Mister Nice Guy, is closing down their Prahran stall this month – though it may only be a temporary decision.
Noting that their Ascot Vale store is “bursting at the seams” forcing them to close up at Prahran, it also says business will continue at Ascot Vale as they expand the store.
They opened up shop in November 2012, giving out 1,000 free cupcakes at launch. Prior to this time, the store was florist Tony’s Flowers On Ascot.
The Prahran outlet, previously Stall 98B, will be closed from 19 July.
Wholesale and deliveries are also still available from the Ascot Vale store at 151 Union Rd, Ascot Vale.
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Mister Nice Guy Prahran stall closes, but Ascot Vale to expand

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The Uniting Church has nominated Leighton Properties as the preferred developer for the restoration of their Wesley Upper Lonsdale Street property, noting their ideal to keep the site reflecting God’s concern for the environment.
Now in documentation and approval stage, the final plans are expected for September this year for the property, which sits in the most tightly held precinct of Melbourne’s CBD.
The plan for the site is to revitalise but retain its history and cultural significance, said Leighton Properties national head of commercial Andrew Borger.
The development is to include an A-Grade commercial office tower, a Town Square and courtyard/garden spaces.
Currently, the Wesley Church is located centrally on the site. It will be retained and restored, in addition to the Parsonage/Manse, School House and Caretaker’s Cottage.
“Leighton Properties' capabilities and experience in providing innovative solutions for large-scale projects positions us well to deliver on what will become a quality, landmark development for The Uniting Church,” said Borger.
“This development offers the opportunity to positively address the underlying demand for space in Melbourne's CBD. We are looking forward to working in partnership with all key stakeholders to create a green, active, connected and welcoming urban environment that retains the best aspects of a calm sanctuary in the urban realm,” he said.
Meanwhile, Wesley Church minister Alistair Macrae, who was also a member of the Project Control Group, said that the Church’s mission was at the centre of Leighton Properties’ proposal.
“We want to ensure that the developed spaces enable relationships between people, that its uses are consistent with the values of the Uniting Church and reflect God's concern for the environment,” said Macrae.
“The transformation of this historic site as an important social, commercial and missional space places the church at its centre, opening up opportunities for the Wesley congregation to be in mission with the changing demographic of the inner-city,” he said.
Wesley Mission Victoria chief executive officer Rob Evers said Wesley was committed to the project and would return to Lonsdale St when the development is completed.
Head of property for The Uniting Church in Australia, Paul Walec, said that the transaction structure with Leighton Properties looks to balance their mission with risk and commercial outcomes.
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The Uniting Church choose Leighton for Melbourne CBD Wesley Church site

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A freehold Lygon Street, Carlton restaurant premises has sold for $1.87 million, reflecting a 4.3% yield.
The 128-130 Lygon Street premises sold to a local investor subject to a five-year lease at $81,000 a year. 
The tenant operates an Indian restaurant, Royale Fusion at the 128 square metre holding. 
With 230 square metres available space, it sold through Matthew Feld and Larry Takis from Teska Carson.
There was a recent sale at 112 Lygon, but its price has not been revealed, although Property Observer gathers next door sold last December when 110 Lygon fetched $1.5 million. They were both three storey terraces on around 120 square metres.
Last December 346 Lygon sold for $2.48 million. It was an 96 square metre holding that was up for lease at $100,000 in 2009, and then eased to national retailer Moss River. It was reportedly the first time 346 Lygon Street had been offered for sale since 1921. Teska Carson's Michael Ludski said the two-storey building in the retail precinct sold on a 4.01% yield after acquisition costs. It was subject to a new five-year lease at a net annual rental of $105,000.
Knight Frank secured $3.77 million in October last year when an 136 square metre Faraday Street corner offering at 350 Lygon went to auction.  Laree Jane, the former wife of businessman racing driver Bob Jane, was the vendor of the historic, two-storey building leased to Grill'd restaurant. It sold on a low yield of 4.2%. It had also sold at $695,000 in 1992. 
In 2012 the home of Donati's Fine Meats at 402 Lygon Street<a href="/expert-insights/investing/lygon-street-premises-of-donatis-fine-meats-smashes-records-with-emotion-driven-2-89-million-sale-at-auction"> sold under the hammer for $2.89 million</a> (pictured below).
<img src="/images/stories/2012/10/donatisflicker.jpg">
The sale of the two-storey building on a 75-square-metre site set a record for the strip, a very tight yield of 2.31% through Colliers International selling agents Jeremy Gruzewski and Tom Noonan.
The 402 Lygon Street building was up for sale for the first time in 100 years, having operated as a butchery since the early 1900s, with Donati's based there since 1972. 
Other sales on Lygon Street were the 84-square-metre premises of Intrepid Travel at 231 Lygon Street, which sold for $1.9 million in 2011 equating to $22,619 per square metre and a passing initial yield of 3.62%, and 163-165 Lygon Street, the premises of Casa Del Gelato, which sold for $2.8 million ($10,294 per square metre) in 2010 on a yield of 3.48%.
In absolute terms, the highest price paid since 2008 was $3.71 million paid for 350 Lygon Street, a two-level corner site in 2009 measuring 173 square metres, equating to $21,445 per square metre. 
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Lygon Street, Carlton restaurant sale yields 4.3% in $1.87 million sale

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A local private investor has leased out their Moorabbin warehouse facility and office to Mercury Heating and Cooling Systems.
The new lease has been organised by Savills Australia’s Daniel Kelly and Lynton Williams in the south-east bayside area of Melbourne to the heating and air-conditioning firm.
The property is located off of Warrigal Road in the area’s industrial precinct, at 85 Levanswell Road. It includes a 650 square metre office and warehouse with on-site parking and roller door access.
It is understood that the property was leased on a three year term with a three year option at $43,500 per annum net.
Kelly said that the lessee had relocated from nearby premises to here in order to upsize and keep pace with their business’ growth.
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Local investor secures tenant for Moorabbin office and warehouse

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A Doreen service station offering is open for an expressions of interest campaign until the end of the month.
The 940 Bridge Inn Road property is on a corner allotment, and covers 2,820 square metres. It includes a high clearance canopy and retail shop, as well as two adjoining retail shops.
Anchored by United Petroleum Pty Ltd, who has signed to a 10-year lease until 2022, the other two retail stores operate as a food store and noodle shop.
Paul Tzamalis, Jamus Campbell and Dean Hunt from CBRE are selling the property. The vendors are a syndicate of private investors.
“Located three kilometres south of the highly successful Laurimar Estate by Lend Lease, this asset stands to leverage off significant growth and increased traffic flow in the area, fuelled by a collection of new communities being established in the Mernda-Doreen region,” Tzamalis said.
“The property is also surrounded by several established service and food operators, such as McDonald’s cafes, takeaway outlets, a car wash and Repco, as well as a number of key  sites earmarked for development.”
The Memda-Doreen population has forecasted growth expectations of 164% for the 2011 to 2021 period, according to population forecast researchers, .id, who base their data on ABS information.
“This is an opportunity for investors to capitalise on future growth and own a corner property in what is tipped to become a highly desired commercial location,” he said.
Expressions of Interest close on 30 July at 2pm.
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Expressions of interest open for service station in fast-growing Melbourne area

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New residential development Light House from Melbourne developers Hengyi in a joint venture arrangement with Sixth Grange will bring 607 apartments to the CBD, and has already seen 75% sell. The Elenberg Fraser-designed<a href="https://%20www.lighthousemelbourne.com.au" target="_blank"> Light House</a> project includes one, two and three bedroom apartments over 69 levels.
On the corner of Eizabeth and Franklin Streets it offers 360 degree views, a 25-metre lap pool and a private dining room/cocktail lounge. Light House saw three quarters sell prior to retail launch, and is expected to begin construction later in 2014. Completion is expected for 2017.
The apartments are being sold through Colliers International.
It appears as though the early sales success may have much to do with launching offshore before releasing the properties to the Australian market, although the majority of the sales are said to have so far been to Australia-based buyers.
Advertising material references a “first launch” in Malaysia over one April weekend. Prices were recorded as starting from $368,000.
Hengyi is an affiliate of Shandong HYI, noted as one of the most affluent in China.
One-bedroom, one-bathroom apartments are currently advertised as from $360,000, with two-bedroom one-bathroom from $458,000 and three-bedroom two-bathroom from $800,000.
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Melbourne's 607 apartment Light House tower development 75% sold

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The Melbourne suburb with the most auctions was the large, middle northern suburb of Reservoir, with 284 auctions over the first six moths of 2014.
In second spot was Richmond with 241, though it tied in actual sales given a stronger clearance rate.
The two busiest suburbs reversed place on the first six months of last year, when Richmond topped the list and Reservoir was second, the REIV chief Enzo Raimondo said.
He said citywide there had been an "auction explosion" with 18,244 auctions so far this year.
TOP 10 HIGHEST NUMBER OF AUCTIONS (ALL METRO)
First half 2014
<img src="/images/2014/07/09/auctions-july-9.jpg" alt="">
TOP 10 HIGHEST NUMBER OF AUCTIONS (ALL METRO)
First Half 2013
<img src="/images/2014/07/09/auctions-july-9-tow.jpg" alt="">
(Source REIV)
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