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

Joel Robinson

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

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

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

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

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

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

Bottega House secures landmark riverfront site in St Lucia 

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

SIERA kicks off construction at Northcliffe tower Exhale

Mirvac

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<div class="parsys parsys-article-content-top">
<div class="cq-article-content-paras section">
Mirvac has appointed investment bank UBS to seek off-market expressions of interest from institutional groups to form a club to develop and own build-to-rent housing in Australia.
A global roadshow is set to get under way this month, The Australian Financial Review has advised where the "magic number is 4.5 percent."
It's the upfront yield expected as Mirvac seeks a place within the long-hold residential investment property sector which has been thought to be too difficult in Australia partly because GST and tax on residential property income.
Hithertoo a developer like Mirvac built their apartments just to sell them, not to hold them back and rent them out. 
<div class="article__content">
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Seed project
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Forecast total cost
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$163m
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Forecast value on completion
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$179m
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Forecast completion date
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June 2020
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Forecast number of apartments
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257
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Forecast initial fully let net property yield
</td>
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4.5%
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</tr>
</tbody></table>
Seed project + option projects
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Forecast total cost
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$668m
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Estimated value on completion
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&gt; $750m across 4 projects
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Australian BTR Club
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Forecast equity commitment
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$164m
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Target total equity investment over time
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$1b
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Location
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Initially Sydney*
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Forecast initial operating cash yield*
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4.0%
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Forecast unlevered stabilised IRR*
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10.0%+
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Initial gearing (upon seed project completion)
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Nil
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Mirvac co-investment stake
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10%
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Initial term
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Development period of seed project + 7 years
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Delivery model
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Full development exposure
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* With exposure to other Australian capital cities over time
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<div class="cq-article-content-paras section">
According to a presentation sent to prospective investors, Mirvac is looking to raise about $164 million, initially to fund a seed project in Sydney Olympic Park.
The club will also be granted a first right of refusal over an additional three projects along the eastern seaboard with a total estimated value on completion of about $750 million. 
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<div class="cq-article-content-paras section">
The expected total project investment value is $1 billion over time, in major capital cities. Projects will have at least 100 units and include dedicated management staff, and high-end amenities, all characteristic of build to rent projects. 
The club is looking at an initial fully let net property yield of greater than 4.5 per cent. Over the longer term, a forecast 10 year un-levered stabilised return of more than 8.5 per cent is expected.
Under the build-to-rent model, institutional groups apartments blocks to lease on a long-term basis.
Build to rent is thriving in the US and in Europe but is a new asset class in Australia.
The US market known as "multi-family" has been in place for 40 years with 250,000 units completed each year. 
Australia's REST Superannuation has 3000 build-to-rent apartments in the US operated by Greystar.
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<div class="cq-article-content-media section">The UK has followed suit withe the affordability trend, now being in its fifth year of delivering build to rent projects. </div>
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j.ballantyne1990-6AQqhLzZaK

Sydney's Olympic Park to kick-off Mirvac's rent-to-build venture

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Mirvac will launch the second building at its Sydney Olympic Park development, Pavilions, in September and is targeted towards first home home buyers.
In February, Mirvac announced The Right Start initiative — where first home buyers get the first pick of apartments —  at the launch of the first stage of Pavilions. 
The scheme also offers a lower deposit and assists with the process of buying off-the-plan.
Mirvac said more than one-third of the total 69 apartments in the new building release, Verde, will be reserved for first home buyers and priced below $650,000 to qualify for full stamp duty exemption with around a dozen under $600,000, meeting the criteria for the state government’s $10,000 first home owners’ grant. 
First home buyers will be able to exchange on a 5 per cent deposit and pay the remaining 5 per cent in two annual instalments.
The 12-level Verde building will comprise one, two and three bedroom apartments from $595,000. Two and three bedroom split level terraces start from $1.39 million and have their own street entry. 
Mirvac general Manager NSW Residential, Toby Long, said the successful launch of Pavilions showed demand coming from a diverse range of buyers from all over Sydney with a greater proportion of first home owners.
<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/2017/08/28/Pavilions2.jpg" alt="">
“The Right Start lowered the deposit hurdle to get into the market allowing 55 people who had been locked out of the market to realise their dream of moving out of home or making the transition from renter to home owner,” said Long.
“That was a fantastic result and we believe first home buyers will find the boutique nature of Verde in a premium development appealing.”
Currently, more than 80 per cent of the released apartments have sold.
Mirvac recently said during its earnings announcement that it achieved a record high lot settlements for the year ending June 30, while maintaining less than 2 per cent defaults. 
The development falls in the area for which the NSW government has earmarked $10 billion for infrastructure spending, including a station on the proposed Parramatta to Sydney Metro line.
“We have a long and proud history in this area and buyers are familiar with our completed projects at nearby Rhodes Waterside, Newington and Cabarita,” said Long.
Mirvac built the Athletes Village before the Sydney 2000 Olympics.
Long said the terraces added a new dimension to living at Sydney Olympic Park for buyers who wanted the lifestyle benefits of Pavilions along with the comforts of a house and courtyard.
“High-rise living is an appealing lifestyle for many however there are others, particularly families, who value being able to walk through their own front gate and enjoy the outdoors in the privacy of their own courtyard.”
Residents’ facilities at Pavilions will include a community room, gymnasium, play area for children and landscaped spaces. There is a 4,000 square metre central courtyard as well.
The existing retail and office space is expected to expand to provide for 34,000 new jobs. 
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prateek24-ezbwHMbNAk

Mirvac set to launch second building at Olympic Park development, targets FHBs

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Leading property group Mirvac said it achieved a record high lot settlements for the year ending June 30, while maintaining less than 2 per cent defaults. 
The developer’s 3,311 lot settlements was 17 per cent higher than last year. It secured $2.7 billion in residential pre-sales.
Sydney was the strongest market for apartments, with prices holding stable and also rising while the pace was the slowest in Brisbane and Melbourne.
Mirvac said its statutory profit after tax increased by 13 per cent to $1.16 billion from $1.03 billion, helped by a rise in property values in the investment portfolio and strong operational earnings. 
Mirvac said it expects strong residential profits despite a forecast slowdown in apartment pre-sales and a drop in foreign buyer numbers.
“Buying at the right time and in the right locations has ensured we have strong embedded margins across a number of our residential development projects, particularly those in Sydney and Melbourne,” said Mirvac CEO  Susan Lloyd-Hurwitz. 
<a href="https://www.propertyobserver.com.au/images/2017/08/18/MirvacBuyerProfile.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/18/MirvacBuyerProfile.png" alt="">
“We also expect to benefit from the substantial investment in infrastructure the New South Wales and Victorian governments are making, with a number of our residential projects located near proposed major transport lines.”
Mirvac guided for an operating earnings per share of between 15.3 to 15.6 cpss for FY18, which represents an increase in earnings of between 6 to 8 per cent, and distribution guidance of 11.0 cpss, which represents DPS growth of 6 per cent. 
<a href="https://www.propertyobserver.com.au/images/2017/08/18/MirvacOperatingRes.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/18/MirvacOperatingRes.png" alt=""> 
Lloyd-Hurwitz concluded, “Our focused and disciplined urban strategy has consistently delivered stable earnings and distribution growth over the past few years, and we expect FY18 to be another successful year, driven by a secure yield from our high-quality, modern investment portfolio, embedded rental growth, and attractive returns from our high-quality development pipeline.
Shaw and Partners' analyst Peter Zuk was quoted by the Australian Financial Review as saying that Mirvac's growth outlook was "better than expected".
Zuk said strong settlement volumes eased fears on defaults while the group's Melbourne office pre-sales should generate strong profits. 
In June, Mirvac’s stock was downgraded to a "hold" by Deutsche Bank analysts, who say a likely slowdown in the apartment development market would hurt the company.
There could be a 20 per cent fall in new apartment project starts in the 2019 financial year.
Mirvac will make a full-year distribution of $386 million, representing a 10.4¢ stapled security, which is at the top end of guidance. 
 
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jonathanchancellor-7SQnKwU6yx

Mirvac reports record settlements, defaults below 2 percent

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Developer Mirvac has announced a partnership with tech co-working space York Butter Factory called Hoist in Sydney's Locomotive Workshops Australian Technology Park.
Hoist is aimed at finding collaborative to blend start-ups and corporates and offer a mixture of higher density co-working desks team spaces along with a workshop and significant events space.
Hoist will be open from August 2017, with approximately 50 seats for corporates and start-ups.
Paul Edwards, General Manager of Workplace Experiences at Mirvac, said the partnership will help to create a wider Sydney startup cluster, complimenting the NSW Government’s entrepreneurial hub in the CBD announced last week.
“At ATP, start-ups will access extensive support and advice to ensure their business grows, with direct access to the already established technology and start up ecosystem that exists at the precinct," he said.
“We’re strongly aligned with the NSW government’s plan for a complementary portfolio of Innovation Precincts, extending the support to scale ups and growing the start-up cluster beyond Sydney’s CBD."
“The Hoist partnership will be rolled out nationally and become part of the broader, highly inclusive YBF ecosystem.”
Stuart B. Richardson, Founder of YBF, said the partnership will provide start-ups and entrepreneurs with industry-centric innovation precincts in prime locations.
“The unique environment and range of stakeholders present at ATP make it the perfect location for a sustainable entrepreneurial precinct," he said.
“We’re in the fourth industrial revolution where technology is seismically changing all industries. YBF sees the launch of Hoist as a positive step toward equipping Australian companies with the tools they need to thrive in this new environment.
“Last year it was FinTech and HealthTech, this year it’s PropTech, RetailTech, cybersecurity and Artificial Intelligence, while next year the waves of disruption will continue to batter and redefine the global economy.
“Hoist and its tenants will aim to be ahead of the curve when it comes to whatever changes and disruption which come to the forefront of the global economy.
“A successful smart precinct moves away from the homogenous use of a space and mixes start-ups, corporates, entrepreneurs, the latest technologies and new property strategies to form a hybrid, allowing cross-collaboration and sharing of ideas.
“Hoist at ATP will help to cement the site as an advanced innovation district as well as a thriving community precinct.
“This partnership will allow Mirvac to help foster innovation within the property industry and wider corporate Australia.
“Around the globe we’re seeing a transformation in the way people work, the way businesses manage their workforces and the way developers create workplaces and office precincts.
“The rise of the gig economy, as well as increasing mobility and connectivity are leading to an evolution in the way we operate.
“Adapting to these changes is integral to our success and the results we deliver for our customers, and the cities and communities we operate in.”
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Mirvac teams with York Butter Factory for tech co-working space

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Three new tenants, including Property NSW, are moving into Mirvac's office tower at 101 Miller Street in North Sydney.
The new tenants -- Property NSW, Bedford CA and Access Innovation Media --  will in total occupy more than 4,700 sqm, bringing the premium grade office building to 83 per cent leased, Mirvac and joint owner and TH Real Estate said in a media release.
Property NSW has leased over 2,800 sqm on levels 21 and 22, for a five-year term, as it expands to accommodate more employees.
Bedford CA has leased over 1,428 sqm on level 16 for a seven-year term while Access Innovation Media will occupy 487 sqm on level one for a five-year term.
Mirvac’s general manager of Leasing and Agency Services, Paul Bezzina, said the commercial property market in North Sydney offered an exceptional working environment and access to retail facilities, hospitality and transport. 
“Located in the heart of North Sydney, 101 Miller Street is not only in close proximity to a variety of food and retail options, the office features fresh workspaces with refurbished ceilings, carpets and bathrooms,” said Bezzina.
Commenting on the leasing activity, TH Real Estate’s head of asset management, Australia, Jayson Egan, said the tenant demand in North Sydney remained strong. 
“With the low vacancy in the Sydney CBD, tenants are increasingly seeking alternative locations like North Sydney, which are more affordable and provide an outstanding work environment. We expect this trend to continue throughout the year,” Egan said. 
Mirvac is currently upgrading the office floors, the foyer and end-of-trip facilities which are expected to be completed later this year.
TH Real Estate is an investment affiliate of Nuveen (the investment management arm of TIAA), is one of the largest real estate investment managers in the world with about $99 billion in assets under management.
Recently, the Grand Pavilion Penthouse at the Mirvac-built Eastbourne project overlooking Fitzroy Gardens sold for close to $14 million.
 
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Mirvac's 101 Miller Street office tower has three new tenants

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The first stage release of Ascot Green, the $950 million residential masterplan at the historic Eagle Farm Racecourse in Brisbane developed by Mirvac is now on the market.
Stage One of Ascot Green will feature two towers, Ascot House and Tulloch House, with one, two, three and four bedroom apartments.
The nine storey Ascot House and 12 storey Tulloch House, both have expansive rooftop terraces with views.
Each apartment has large open plan living areas, bedrooms with extensive storage and very generous balconies overlooking the racetrack to the north or out towards Brisbane city to the south. 
Mirvac general manager of residential in Queensland Warwick Bible says Ascot Green was an Australian first, the first residential development to be built alongside a racecourse.
“Despite being surrounded by open space and greenery afforded by the Eagle Farm Racecourse, Ascot Green is unique in that it is just a few kilometers away from Brisbane city and very well connected to main transport routes and surrounded by established lifestyle amenity of Racecourse Road,” he noted.
Eagle Farm Racecourse is steeped in history, having been the centre of Ascot for some 150 years.
“To have this parcel of land become available is a truly unique opportunity as Ascot is renowned as one of Brisbane’s premier blue-chip suburbs and some of Brisbane’s best homes can be found in the 4007 post code. Ascot Green is an extension to this fantastic suburb.”
Ascot House is currently under construction, with the first residents scheduled to move in mid-2018.
For more information, <a href="https://ascotgreen.mirvac.com/?utm_source=Property+Observer+List&amp;utm_campaign=ddbce96d96-EMAIL_CAMPAIGN_2017_06_22&amp;utm_medium=email&amp;utm_term=0_a523fbfccb-ddbce96d96-245386345" target="_blank">click here</a>.
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First stage release of Eagle Farm, Brisbane's trackside Ascot Green

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Listed developer Mirvac’s stock has been downgraded by Deutsche Bank analysts, who say a likely slowdown in the apartment development market will hurt the company.
Mirvac’s stock has been downgraded to a "Hold”, with the investment bank's analysts saying they expect housing starts to slow in the next two years, The Australian Financial Review reported.
There could be a 20 per cent fall in new apartment project starts in the 2019 financial year.
Earlier this year , the $8.6 billion diversified developer had said the default rate among its apartment buyers remains below 2 percent.
Mirvac posted a 7 percent rise in profit for its first half ended December 31, capitalising on a record $3.1 billion of residential pre-sales.
Chief executive Susan Lloyd-Hurwitz had said the “moves by regulators and lenders will likely see price growth ease, however demand is expected to remain sound”. 
Deutsche analysts noted that the weakness in new apartment construction was due to banks raising interest rates for investors and and states levying higher stamp duties on foreign buyers.
"While we do not expect an increase to the official cash rate until December 2019, we note the banks are increasing rates to more risky 'interest only' customers," the analysts wrote.
The Deutsche downgrade was based on valuation, given that Mirvac's share price is now trading in line with its target price, the AFR reported.
They preferred Mirvac's exposure to the office sector – accounting for about 40 per cent of its fiscal 2017 operating profit – and its high-quality retail assets. 
Last month Mirvac launched its development of a $750 million-plus premium office tower at 477 Collins Street in Melbourne. 
"However, we have reduced our expectations for multi-family housing starts which represent around 50 per cent of the residential portfolio," the Deutsche note said.
Stamp duty increases for foreign buyers was expected to reduce their ownership count, they said.
However, the duty was "unlikely to have a long-lasting impact on house prices", they wrote, citing the Canadian experience where Vancouver house prices eventually rebounded 3 per cent after falling 7 per cent following the introduction of a 15 per cent foreign buyer duty.
Official figures last month showed a slowdown in new residential projects has already caused housing construction to fall at its fastest pace in more than 16 years, the AFR noted.
There was a 4.7 per cent decline in residential building for the first three months of the year, the biggest quarter-on-quarter decline since December 2000. 
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Deutsche downgrades Mirvac stock, cites impact from apartment market slowdown 

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Residents have been welcomed into Ebsworth, the first apartment building to be completed as part of the $8bn Green Square Town Centre development.
Developed by Mirvac and UrbanGrowth NSW, the building is situated on Ebsworth Street.
The town centre anchors a broader $13 billion Green Square urban renewal precinct which spans 287 hectares.
<img src="https://www.urban.com.au/images/2017/05/19/rsz_ebsworthnew.png" alt="">
The new town centre will deliver much needed retail and community amenity for inner Sydney, as well as jobs and over 30,500 new dwellings. A total of 61,000 people are expected to live in Green Square by 2030.
“Green Square Town Centre is a prime example of our organisation’s ambition to transform city living,” commented UrbanGrowth NSW chief executive Michael Brodie.
“It is enormously satisfying to see this strategic location that was otherwise under-utilised, so successfully transformed into a new transit-oriented development that will provide new homes, community facilities, and job opportunities so close to the CBD,” he said.
Ebsworth offers residents inner-city living, incorporating a diverse range of layouts. It is comprised of 174 one, two and three bedroom apartments with construction completed on schedule earlier this year.
Most residents have already settled and are moving into their new homes. The buyers are a mix of investors, owner occupiers and first home buyers.
Ebsworth residents will enjoy access to high quality amenities including a new Woolworths supermarket on the ground floor of the building opening mid-year, as well as landscaped parks, playing fields, a civic plaza and library, and an aquatic centre to be completed progressively by the City of Sydney.
“Mirvac is extremely proud to be partnering with UrbanGrowth NSW to deliver new homes and a new community for Sydney,” added Mirvac CEO and managing director, Susan Lloyd-Hurwitz.
“Green Square Town Centre showcases Mirvac’s commitment to developing communities within and beyond the boundaries of our developments,” she said.
Mirvac is UrbanGrowth NSW’s delivery partner in Green Square Town Centre, delivering Ebsworth, the adjoining Ovo, No. 8 Ebsworth and Ovo Portman Place - estimated to complete construction by 2018, and future residential, retail and commercial stages.
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First residents move into new Green Square Town Centre

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Mirvac has ushered in the completion of another tower within its long-running Yarra's Edge enclave. 

Forge Tower is the latest building to welcome residents to Docklands; it along with a series of low-rise townhouses represent Mirvac's first gesture within the final Wharf’s Entrance sub-precinct. The continued push by Mirvac westward within Yarra's Edge and into the final Wharf’s Entrance stage comes 17 years after the developer began formulating the precinct that holds well over one kilometre of Yarra River frontage.

Valued at $200 million, Forge includes 228 apartments within the 30 storey, 100 metre tower and was built over a two year period.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/img_9684.jpg" rel="gallery-all" title="The bulk of Forge's apartment maintain a CBD aspect"><img alt="" class="image-article-full-width-580px" height="870" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_9684.jpg?itok=htQ6lzwD" title="The bulk of Forge's apartment maintain a CBD aspect" width="580"></a>

<figcaption>The bulk of Forge's apartment maintain a CBD aspect</figcaption></figure>Aiding Forge's apartments are 302 parking spaces, 84 bicycle spaces and 229sqm of retail space at ground level, which interfaces with the new Wharf's Landing park.

Mirvac's in-house design team were responsible for the tower's overall design, and have included a broad selection of apartments within. The spread of apartment options includes five one and two-bedroom artist studios, 10 one-bedroom lofts, 56 one-bedroom apartments, two two-bedroom maisonettes, 111 two-bedroom apartments, five three-bedroom terraces and 39 three-bedroom apartments ranging up to 151sqm in size.

Artist and sculptor Ned Kahn had a hand in the design process, contributing ’Fluid Lines’ to the tower's podium. The kinetic urban art installation to the corner of Lorimer Street and Regatta Way relies upon the wind to drive ripple-like movements across the podium facade.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/img_9687.jpg" rel="gallery-all" title="Forge's kinetic facade element"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_9687.jpg?itok=hvBPyMUl" title="Forge's kinetic facade element" width="580"></a>

<figcaption>Forge's kinetic facade element</figcaption></figure>In a media release marking Forge's completion, Mirvac’s General Manager of Residential Victoria, Elysa Anderson provided the following:

<blockquote>
Wharf’s Entrance transforms what was once an old wharf, and follows the success of Yarra’s Edge to date in creating one of Melbourne’s most culturally vibrant and liveable communities with unparalleled waterfront access, a realisation of Mirvac’s purpose to reimagine urban life.

The completion of Forge is a momentous event for Yarra’s Edge, which is now home to a lively community of more than 3,000 people.

We are proud to be one step closer to realising our vision for the precinct – which has been more than 17 years in the making - of a well-connected neighbourhood of diverse residents who enjoy an enviable waterfront lifestyle, while being just a stone’s throw away from the best of what Melbourne’s CBD has to offer.
</blockquote>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/img_9680_1.jpg" rel="gallery-all" title="Podium apartments within Forge's podium"><img alt="" class="image-article-full-width-580px" height="399" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_9680_1.jpg?itok=8ysPFU45" title="Podium apartments within Forge's podium" width="580"></a>

<figcaption>Podium apartments on show</figcaption></figure><h2>Comment</h2>

As recently as last week, negative media reports continue to dog Docklands.

And the negative commentary in some regards is justified - Docklands for the most is by no means the design and urban Shangri-La that many had hoped for.

Yet it is highly successful in certain regards. The flood of residents and white-collar workers to the 'new' suburb that effectively doubled Melbourne's CBD is an undisputed success and is evidenced by the 3,000 odd residents that choose to call Yarra's Edge home.

As precinct's such as Yarra's Edge continue to add new residents, its will be intriguing to see if this 'critical mass' of people goes some way to creating more of a '24 hour' feel within Docklands, rather than the '9 to 5' moniker it has attracted.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/img_9683.jpg" rel="gallery-all" title="The oversized podium design gesture"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_9683.jpg?itok=stV-b2Mm" title="The oversized podium design gesture" width="580"></a>

<figcaption>The oversized podium design gesture</figcaption></figure>
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silvermb

Mirvac forges a new chapter within Yarra's Edge

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Online retailing is set to increase resulting in retail sales facing difficulties, according to Mirvac’s latest report.
While retail sales are facing headwinds from lower wages growth and an increase in online retailing, quality urban-based centres with an attractive tenancy mix are expected to continue to perform well.
New South Wales continues to record above trend levels of economic growth, with a large infrastructure investment pipeline, low interest rates and a lower currency supporting a positive outlook.
With a 64 per cent exposure to Sydney, Mirvac is positioned well in this environment.
<a href="https://www.propertyobserver.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2011.40.40%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/2017/04/27/Screen%20Shot%202017-04-27%20at%2011.40.40%20am.jpg" alt="">
Retail Highlights:
<ul>
<li>maintained high occupancy of 99.5 per cent 1 (99.7 per cent at 31 December 2016);</li>
<li>solid comparable moving annual turnover sales growth of 3.5 per cent and comparable specialty sales growth of 3.6 per cent;</li>
<li>achieved total sales productivity of $9,934 per square metre and remain on track to achieve a sales productivity target of $10,000 per square metre in FY17;</li>
<li>increased comparable specialty sales productivity to $9,749 per square metre with specialty occupancy costs of 14.9 per cent;</li>
<li>executed 69 leasing deals across approximately 17,500 square metres, with leasing spreads remaining positive. More than 250 lease deals have been executed in the retail portfolio in the nine months to 31 March 2017, representing approximately 36,600 square metres;</li>
<li>Broadway Sydney, NSW ranked No.1 in the Shopping Centre News’ Big Guns Awards for annual turnover per square metre for the fifth consecutive year;</li>
<li>East Village, Zetland, NSW ranked No.1 in the Shopping Centre News’ Little Guns Awards in its first year of entry;</li>
<li>progressed with the $19 million Flinders Gallery development at Birkenhead Point, NSW. The 3,500 square metres of recon figured retail space is 95 per cent pre-leased and includes several premium international brands; and</li>
<li>received development approval for a 6,800 square metre expansion at Kawana Shoppingworld, QLD, delivering cinemas and an expanded dining precinct. The project, which is expected to commence in FY18, is 85 per cent pre-leased 1. This follows the successful $85 million expansion completed in 2014, which saw sales increase 28 per cent in the 12 months post completion. Mirvac has also commenced a campaign to sell-down a 50 per cent interest in Kawana Shopping world, in line with the Group’s capital partnering strategy.</li>
</ul>
Ms Lloyd-Hurwitz commented last week that its focused urban retail strategy continued to support a solid performance during the quarter, with high occupancy and strong sales productivity maintained.
"We remain on track to achieve our FY17 targets as we continue to grow a resilient urban income stream and extract further value from our existing high quality assets.”
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