Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

Melbourne

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Developers who take the time to research their local market and deliver suburban apartment projects that reflect local culture and values in terms of architecture and landscaping are being rewarded, according to Savills director Julian Heatherich.
"We have seen a shift in the apartment product offering to owner-occupiers and particularly to potential owner-occupiers currently residing within immediate proximity of such developments," he said.
"Downsizers, perhaps baby boomers and the like, have embraced, indeed demanded this shift of focus from developers and it is paying dividends.
"As the market matures in this way we are seeing larger apartments, better design, more sympathetic local landscaping and streetscaping and ultimately a more successful product.’’
Heatherich said developments in suburbs like Camberwell may also benefit from the federal government’s $300,000 superannuation incentive.
He, with Jesse Radisich and Benson Zhou, is currently marketing a circa $8 million, prime corner landholding in Camberwell’s Anderson Hill precinct with a permit for 29 luxury apartments.
The incentive, announced in the May Budget, is designed to encourage retirees to downsize by allowing a non-concessional contribution of up to $300,000 into their superannuation from the proceeds of the sale of their home.
Radisich said the 553-555 Burke Road (corner Mowbray St) property was arguably the best permit approved site to be offered to the market this year.
"We expect extremely strong interest, as the project has been designed with large, high quality apartments targeted at owner-occupiers/downsizers, and this is really where the market is strongest at the moment," he said.
"The fact that the proposed project also includes prime retail fronting Burke Road within the Anderson Hill residential precinct will further enhance its prospects.
"Retail components – cafes, eateries and the like - are another relatively recent addition to apartment developments that have been embraced and welcomed by prospective purchasers."
Zhou said purchasers would have access to a level of amenity that is only available in the some suburbs - exclusive schools, a fashionable retail precinct, a prized village atmosphere, excellent public transport, and close proximity to the CBD.
"This sort of amenity is another important driver of suburban apartment projects and why sites such as this are so popular with developers,’’ Zhou said.
The 1427 square metre Burke Road property will be sold by expressions of interest closing Wednesday, July 12.
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j.ballantyne1990-6AQqhLzZaK

Locals shape apartment projects as boomers downsize: Savills

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A fully leased retail complex in Melbourne’s Southbank has been snapped up by a local investor for $3.4 million, above the $2.8 million expectations, at Savills auction.
At the transaction price, the yield works out to be a sharp 4.94 percent and underlines the robust demand for a well-located retail property.
The <a href="https://commercialpropertysearch.savills.com.au/8150dd98-3a14-e711-80c7-005056813885/Sale/Southbank/Ground,-152-Sturt-Street" target="_blank">152 Sturt Street</a> property comprises six shops totalling 1,080 square metres of retail space including a new fit-out. 
The property was sold fully leased to the City of Melbourne at a net annual rental of $168,105 on a five-year term with options.
The selling agents were Clinton Baxter, Jesse Radisich and Benson Zhou of Savills.
Baxter said strong bidding from the start had resulted in a fast-moving auction and a great result for the vendor.  
“This was an outstanding result for a property which offered all of the key attributes of a blue chip investment including a government tenancy, a long lease, the potential for very strong rental growth as the area continues to develop, and significant depreciation benefits,” said Baxter.
The property comprises the ground floor of the hugely successful 317 apartment Guild development with all apartments selling prior to the building’s completion.
The vendor was the developer behind the Guild project.
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jonathanchancellor-7SQnKwU6yx

Southbank retail complex sells for $3.4 million at Savills auction

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There are various factors that needs to be considered before an apartment could be considered a penthouse, according to Secret Agent’s latest bulletin.
In their latest bulletin, Secret Agent looked into penthouse apartments across inner Melbourne and said besides occupying the top floor of a medium to high rise building, for an apartment to be considered a penthouse, it also had to have a distinguished floor plan.
“Out of 1,908 apartments sold around inner Melbourne since January 2016 to May 2017, there were only 21 penthouse apartments," Secret Agent said.
“All of these were new, post-90s builds except for 2 warehouse conversions.
“These penthouses were concentrated around the CBD, inner East and inner South suburbs.
“Note that our results were skewed towards the sub-$3 million penthouse market, as information on apartments sold above this value is generally less accessible.
“Most of the apartments in our study are not whole-level penthouses,” the bulletin stated.
Penthouse apartments are much higher than the average price of apartments the group says.
“Unsurprisingly, the average price per square metre of penthouses ($11,076/sqm) is approximately 27% higher than the inner Melbourne average ($8,724/sqm).
“The price per internal square metre of these penthouses decreases as the number of bedrooms increases.
“Generally, 3 and 4 bedroom apartments command higher prices per unit of floor area compared to 2 bedroom apartments due to the oversupply in the broader market.
“However the opposite is true with penthouses, both in terms of price and supply, although there is insufficient data for this to be conclusive,” the bulletin commented.
Penthouse internal spaces are much larger than the average apartment as is the size of the outdoor area.
“2 bedroom penthouses (139sqm) are twice as big as the average 2 bedroom apartment (69sqm).
“As the size of the apartment increases, this difference starts to fall, with 3 bedroom (118sqm) and 4 bedroom (198sqm) apartments closing the gap with their penthouse equivalents (157sqm and 192sqm, respectively).
“While we can safely assume that penthouses are usually larger than your average apartment, there is no consistency in the size of outdoor area.
“Some penthouses have as little as a 7sqm balcony (equivalent to the median balcony size of an average apartment), to as much as a 237sqm private rooftop terrace.
“Through observation this is usually dependent on the individual apartment building; if the rest of the building has little to no private outdoor space, the penthouse is no exception,” the bulletin advised.
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<a href="https://www.propertyobserver.com.au/images/2017/06/08/Screen%20Shot%202017-06-08%20at%2011.18.48%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/06/08/Screen%20Shot%202017-06-08%20at%2011.18.48%20AM.png" alt="">
For more information, <a href="https://secretagent.com.au/" target="_blank">click here</a>.
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Factors behind Melbourne penthouse apartment market: Secret Agent

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The headquarters of auction house Mossgreen in Melbourne has been listed for sale with price expectations of more than $10 million.
The 926-930 High Street property in Melbourne’s inner suburb of Armadale is in a high-profile retail strip and close to affluent suburbs. 
The seven-day trading nature of the area are expected to be key drawcards for investors, according to agents Josh Rutman, Rorey James and Lewis Tong of CBRE, who are marketing the property.
The property sits across two separate titles and is positioned on a 1,221 sqm site.
Mossgreen Auctions has committed to a long-term, 12-year lease for the property with options.
“Long-term, secure leases are hard to find in the current market, with many economists taking a ‘lower for longer’ view on investment returns. The fixed annual rental increases will prove highly attractive to prospective investors looking to house their funds in bricks and mortar assets,” Rutman said.
Interestingly, the property was earlier occupied by Sotheby’s for two decades before being put up for auction in 2012.
The property is being offered through an international expressions of interest campaign closing on June 28.
Built in 1912, the former Armadale Picture Theatre has been extensively restored and renovated to become a successful exhibition and entertainment venue.
The building comprises several auction rooms, art galleries and tea-rooms, and has 20 metres of dual frontage.
Founded in 2004, Mossgreen is a combined auction house and art gallery and has become Australia’s leading auction service – overtaking Sotheby’s. Notable artists associated with Mossgreen include Charles Blackman, Brett Whiteley and Russel Drysdale. 
It is understood Mossgreen have additionally taken leases over several buildings to expand its business.
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Auction house Mossgreen's headquarters in Melbourne listed

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The Melbourne Theosophical Society has listed its Melbourne CBD building its held for 45 years.
It is expected to fetch around $20 million through Savills agent Nick Peden, Clinton Baxter and Benson Zhou.
MTS paid $180,000 for 124-130 Russell Street in 1972, opposite the QT Hotel.
The five level retail and office building totals 2591 sqm on a 519 sqm site with nearly 22 metres of frontage to Russell Street and second frontage to Melbourne Place.
Peden said it reflects one of the best CBD purchase opportunities in 2017.
"Opportunities like this simply do not come up very often," Peden said.
"The fact that the building has been held for nearly 50 years is testament to that."
He said while the property was fully leased to a number of tenants on short term agreements, it offered significant upside as it is with the current very low net rental representing massive growth potential.
"The property has extraordinary upside from a rental point of view alone without taking into consideration its many other attributes."
Savills agent Clinton Baxter said one of the property’s key selling points was its potential value to a range of purchasers to occupy, redevelop, refurbish, subdivide, value-add or simply invest.
"The property will be attractive to a wide cross section of buyers from around Australia and internationally, particularly from Asia, not simply because of its exceptional east end CBD location and strong growth prospects, but also due to its potential to suit a number of different buyer options."
 
 
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jrobinson-rf4aSBido9

Melbourne Theosophical Society lists its Russell Street building

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Speculators are snapping up land lots in Melbourne and then selling them for higher prices to cash in on the surge in lot prices in the city’s outer suburbs.
In response, Melbourne greenfield developer Villawood Properties has changed its sales contracts to block sales on its land lots by speculators.
Villawood says it is illegal, with the main driver being the recent rise in prices of land lots in Melbourne and record low supply.
Prices are up $27,000 since the start of the year and heading towards a median of $300,000, according to project marketers Red23, The Australian Financial Review reported.
The law firm which draws up Villawood's contracts flagged the issue of purchasers nominating an alternative buyer.  
There are more than 250 lots for sale on Gumtree, with most of the contracts yet to settle.
"Speculators are buying lots because they are seeing that prices are going up. They are then reselling the contract for tens of thousands of dollars before they settle," Villawood founder and executive director Rory Costelloe was cited as saying by the AFR.
"I met a guy in the Good Guys recently, who told me he had paid $30,000 to buy a contract for one of our lots.
"We've had advice and believe it's not legal to nominate another buyer for profit."
Prolonged wait times for new lots to be titled – up to 18 months – is also driving some buyers to sell their lots to other parties.
Costelloe said Villawood doesn’t “want speculators in our estates”. 
“We want to sell lots to people who are going to build their homes on them," he said.
Villawood Properties changed its contracts last weekend so that only immediate family members can be nominated as an alternative buyer. 
The developer, one of the biggest in Victoria with 22 estates, will also restrict families to buying only one lot per new land release.
In one example, a buyer called "Isabelle" sold the contract to a lot in Villawood's Elements Estate in Truganina for $260,000. She bought it for $220,000 less than a year ago.
Another Gumtree vendor, "Sumit", told the AFR he was selling because his developer kept on delaying the titling of his lot.
"It was meant to be last November. Then they moved it to January, then March, then May. Now they are saying August."
Gumtree vendor "TK" said he was selling his lot in Merrifield in the northern suburbs because he had bought a bigger site elsewhere.
"I bought this site not even a year ago for $450,000. Now the same lots are selling for $550,000."
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Villawood says speculators selling off its Melbourne land lots for profit

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A tenanted property with potential for development in Melbourne’s university precinct has been listed for sale.
The <a href="https://www.realcommercial.com.au/property-land+development-vic-melbourne-502375906" target="_blank">478 &amp; 480-488 Elizabeth Street</a> site is to be sold subject to a current planning permit application for a 68-level retail, residential and hotel tower.
The site is being marketed by commercial property group CBRE’s Josh Rutman, Mark Wizel and Lewis Tong.
Offers recently closed with no indications of a sale yet although expectations are for above $30 million.
The combined landholding is 1,172 sqm and the floor area is 2,601 sqm.
<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/2017/06/06/MelbournDevSite1.jpg" alt="">
The property benefits from its location on the CBD's education and medical precincts, amongst the retail core and the Queen Victoria Market, with Melbourne Central Station closely.
The site has frontage to Elizabeth Street.
The site offers significant existing improvements with refurbishment potential for office, residential and/or office uses (STPA).
 
 
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Site with development potential in Melbourne's university precinct up for sale 

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A historic building in Brunswick has just sold for $3,140,000, a little below its expected listed price tag. 
The 1903 Federation Free Style building at <a href="https://www.realcommercial.com.au/property-land+development-vic-brunswick-502300374" target="_blank">307 Victoria Street</a> comprises a warehouse, showroom and penthouse.
The property was listed in 2016 for sale by negotiation with a $3.5 million price tag.
It has housed designer printing business Papers Of Distinction since 1997, founded by vendor Jillian Houlihan.
Set on the Boase St corner, the 527 sqm property has Art Nouveau detailing, including tulip mouldings.
It was also formerly the United Friendly Societies medical dispensary building.
The building has three titles selling as one parcel. It has three frontages.
The zoning is Commercial 1.
Upstairs is a 'New York style' apartment with rooftop terrace and high ceilings, while the showroom has three offices and open fire place.
The selling agents were Peter Sowersby and Jane Sowersby of Walshe &amp; Whitelock and ICR Property Group’s Julian Materia and Raff De Luise.
ICR’s Raff De Luise had said at the time of listing that most of the potential buyers planned to live in the two-bedroom penthouse and operate their business beneath.
 
 
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Brunswick warehouse with penthouse sells for over $3 million

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The $1 billion 447 Collins Street is set to transform Melbourne’s city skyline.
Colloquially dubbed the “Pantscraper” for its twin towers joined by a sky bridge, Cbus Property’s 42-storey mixed-use development comprises 49,000sqm premium-grade office space, a five-star W Hotel and 202 boutique residential apartments.
Designed by New York-based SHoP Architects and Melbourne-based Woods Bagot, 447 Collins Street will deliver Melbourne’s first WELL-rated building and have five-star NABERS and Green Star ratings.
Construction on 447 Collins Street has commenced and completion is anticipated for late 2019.
Three major legal firms, King &amp; Wood Mallesons, HWL Ebsworth Lawyers and Gadens, have committed to office space.
King &amp; Wood Mallesons was the first to commit, securing 8,345sqm, and was quickly followed by HWL Ebsworth Lawyers for 6,500sqm across three levels, and Gadens for 5,000sqm across two-and-a-half levels.
<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/2017/05/25/Collins%20Arch%202.jpg" alt="">
Sole leasing agent Colliers International is seeking other top-tier financial-sector tenants to fill the vacancies.
“447 Collins Street is now 60 percent leased,” national director of Colliers International’s Melbourne CBD Office Leasing team, Andrew Beasley, said.
“We have only four low-rise floors and three high-rise floors left to offer – and they’re likely to be leased quickly, if the other pre-commitments are any indication.”
Marriott International’s W Hotels brand will debut in Melbourne with a 294-room offering, including 40 suites, an Extreme Wow suite, gym and heated indoor pool, due to open in 2020.
“The vision is to activate the west end of Collins Street, with W Melbourne welcoming a bar, restaurant and spa to the precinct and encouraging people to linger at night,” Mr Beasley said.
The residential component of 447 Collins Street, being marketed as Collins Arch, will comprise 202 luxury one-, two- and three-bedroom apartments positioned across the building’s highest floors and oriented to maximise panoramic views of the city.
The sky bridge will house the residential amenities, including a statement pool with views from the 34th floor to the city below, a gym, wine cellars, residents’ lounge and two private dining rooms with a catering kitchen, accessed by residents from both east and west towers.
Penthouse residents on levels 38 and 39 will HAVE residences with indoor and outdoor living spaces.
“The idea of a city-within-a-city drove the design – we wanted to create a new amenity for Melbourne that will be an amazing place to live, work or play,” SHoP Architects principal, William Sharples, said.
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Pantscraper Melbourne development set to transform skyline

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Melbourne’s Outer East region had the highest weekend auction clearance rate, according to CoreLogic’s latest report.
The property data firm says that out of the 89 auctions in the Outer East 88.8 percent resulted in a successful outcome.
This is followed by the North East with 81.6 percent and the North West with 81.3 percent.
<a href="https://www.propertyobserver.com.au/images/2017/05/29/Screen%20Shot%202017-05-29%20at%2011.21.10%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/05/29/Screen%20Shot%202017-05-29%20at%2011.21.10%20am.jpg" alt="">
With only 68.7 percent of its 201 auctions cleared the Inner region had the lowest auction clearance rate.
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-ashwood-125351978">235 High Street Road</a>, Ashwood (above) was sold for $1.32 million.
Similarly a three bedroom townhouse at <a href="https://www.realestate.com.au/sold/property-townhouse-vic-malvern+east-125362438">3/1 Grant Street</a>, Malvern East (below) was sold for $1.06 million.
<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/2017/05/29/3_1%20Grant%20Street.jpg" alt="">
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