<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

Off the plan

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GUEST OBSERVER
Are you looking to buy property off the plan? Buying a property is likely to be one of the largest purchases you will ever make so making sure you buy the right property is really important.
Buying a property on your own can be extremely difficult and stressful and you might not have access to all the correct data and latest information available. How do you know that this property will be a solid investment? Is your data correct? Which suburb should you be investing in for capital growth? 
To help take the stress and complications out of buying a property, it is important that you seek the help and guidance of property specialists such as iBuyNew who are experts in this field. However, you should not just go with the first company you come across – it is essential that you thoroughly research the company as well to ensure that they are reputable, trustworthy and have your best interests at heart. 
There are plenty of cowboys out there who only care about lining their own pockets and can be quite pushy with their sales techniques. You can rest assured that our property consultants are not like this and we also work with reputable developers to give you peace of mind that your property is of the highest quality.  
SO, WHY SHOULD YOU BUY PROPERTY WITH IBUYNEW?
When it comes to buying property off the plan, iBuyNew isn’t your average real estate agent.
We pride ourselves on our exceptional customer service alongside our extensive range of high quality projects, allowing you to review, compare and make an informed decision all under one roof utilising one of our professional property consultants.
As mentioned previously, buying a property on your own can be a challenging and stressful experience. This is because you might not have access to the correct data or even have access to the most up to date research. Buying a property can also be costly and making sure you have the right advice when you’re making such a large purchase as a property is extremely important. There’s nothing worse than paying a substantial amount of money for a property that will drain your pockets rather than line them.
WHY CHOOSE IBUYNEW?
There are a number of reasons as to why you should buy a property with iBuyNew. HERE ARE OUR TOP 7 REASONS: 
<ol>
<li>INDEPENDENT AND IMPARTIAL ADVICE - We offer independent and impartial advice and our consultants are paid a flat fee irrespective of whether you’re spending $300,000 or a million dollars. Many other real estate agents are paid a commission, so the more you spend, the more they gain.</li>
<li>ACCESS TO THOUSANDS OF PROPERTIES – No one else in Australia has access to the properties we have. We have the largest variety of off the plan apartments across Sydney, Melbourne and Brisbane. This gives you an extensive choice of properties to view and compare and we have offices in Sydney, Melbourne and Brisbane where you can come in and speak to our Property Consultants face to face.</li>
<li>ACTIVELY SEEKING NEW PROJECTS - We’re always on the lookout for exciting new properties and developments and developers are coming to us before they’ve even launched to the market. If you want to be in first you really should be talking to us. The earlier you get in, the greater choice of apartments you have and you might even have the opportunity to choose your preferred colour scheme and finishes.</li>
<li>FLEXIBLE - We’re small enough to be flexible and make sure that we look after you, but big enough to be respected in the marketplace. We realise that every client is different so we can tailor the right property to suit your needs and requirements.</li>
<li>VARIETY OF BACKGROUNDS - Our property consultants come from very different backgrounds including financial planning, accounting and mortgage broking. This allows us to provide you with extra advice on building that property portfolio you’re looking for, especially if you are a first time buyer or investor.</li>
<li>WE ARE PROPERTY CONSULTANTS - One thing that makes us really different from other real estate agents is that we’re not real estate agents, we’re Property Consultants. We’re here to hold your hand all the way through the journey, from the time that you’re looking at a property, through to exchange, over to settlement and beyond. Once you have been assigned to a Property Consultant they will work with you every step of the way to meet your end goals and even help you with your future property purchases.</li>
<li>WE DON’T JUST SELL YOU A PROPERTY – we actually tailor the experience for your needs. We make sure that what you’re looking for is what we are able to offer you and if we can’t we’ll let you know that we can’t help and point you in the right direction of someone that can.</li>
</ol>
We have hundreds and hundreds of clients who are very happy with us so if you want to find out more about what the service is like from iBuyNew, then let us know and we will be happy to pass on more information to you.
Technology investment company Disruptive Investment Group Limited has decided to increase its stake in off-the-plan property marketplace iBuyNew.com.au to 100% for $5.9 million. Read the full story <a href="/news/disruptive-investment-group-to-increase-stake-to-100-in-property-marketplace-ibuynew-com-au">here</a>. 
Mark Mendel is founder and chief executive officer of iBuyNew and can be contacted <a href="https://www.ibuynew.com.au/">here</a>.
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jchancellor-FAypfDUnLy

Why buy new? iBuyNew.com.au's Mark Mendel

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Technology investment company Disruptive Investment Group Limited has decided to increase its stake in off-the-plan property marketplace iBuyNew.com.au to 100% for $5.9 million. 
DVI owns a 50% stake in Find Solutions Australia Pty Ltd (FSA), the owner of iBuyNew, with an option to acquire the remaining 50% in 2019.
DVI's Board recently announced that DVI has entered into a binding term sheet (Term Sheet) to accelerate the exercise of this option to acquire the remaining stake. 
The FSA stake of $5.9 million (comprising both cash and DVI stock) implies an enterprise value of $11.8 million for <a href="https://www.ibuynew.com.au/" target="_blank">iBuyNew</a> (IBN). Additionally, the vendors of FSA have warranted that IBN has at least $2 million in deferred cash income comprising expected commissions to be paid on settlement of various contracted property purchases.
The deal is expected to be completed before July this year subject to approval from shareholders.
iBuyNew connects prospective buyers of property in Australia with more than 2,700 new and Off The Plan (OTP) properties.
Founder and CEO Mark Mendel will continue to lead the business and has agreed to accept nearly 75% of the purchase price ($4.4m) in DVI scrip. The cash of $1.5 million will be paid in three tranches.
He will also join the DVI board as an executive director subject to shareholder approval. 
“We are very pleased to have entered into this binding Term Sheet. iBuyNew is a technology business disrupting a huge industry in a remarkable way, and Mark Mendel has proven to be a strong and capable operator. Revenue is increasing rapidly, the business is delivering earnings, and we have a huge market to conquer,” said Dr Adir Shiffman, non-executive director and chairman. 
DVI will issue 245.75 million shares at 1.8c per share which will be subject to escrow restrictions for 24 months post completion.
Andrew Jensen, currently a non-executive director of DVI, will become an executive director of DVI.
 Mark Mendel is founder and chief executive officer of iBuyNew, recently wrote there’s nothing worse than paying a substantial amount of money for a property that will drain your pockets rather than line them.
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prateek24-ezbwHMbNAk

Disruptive Investment Group to increase stake to 100% in property marketplace iBuyNew.com.au

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Demand for off the plan units is expected to continue within Darwin, with first home buyers expected to drive continuing growth through to 2016, according to Herron Todd White.
Herron Todd White's September Month in Review found while the pace of demand is less than 2012 and 2013 peaks, development across Darwin is steady.
"With the continuance of very healthy incentives available for new stock we would expect that the demand for off the plan units will continue," the report noted.
"The existing unit market is very largely dependent on the next move from the NT Government. It is widely considered that a reinstatement of FHOGs on existing property, particularly entry level units, will help boost this section of the market through late 2015 and into 2016. 
"The most recent data as produced by the REINT highlights that the overall Darwin median unit price is $480,000 which remains quite stable only falling 1% year on year to June 2015."
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Darwin's off the plan demand to continue: Herron Todd White

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Entry level property investors and first time buyers, cashed up older downsizers buying an executive unit following the sale of the family home and international investors are keen for off the plan apartments in Sydney, according to Herron Todd White.
The Herron Todd White residential month in review for September found significant growth for high-rise and high density apartments within the inner Sydney area in suburbs such as Barangaroo, Central Park, Ashmore Precinct, Green Square, Harold Park, Wolli Creek Precinct and Mascot.
Typical price entry points for off the plan below for Zetland, Wolli Creek and Mascot.
<a href="/images/2015/09/04/Screen%20Shot%202015-09-04%20at%209.36.12%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/04/Screen%20Shot%202015-09-04%20at%209.36.12%20PM.png" alt="">
The report said many Sydneysiders are buying units off the plan and waiting up to three years before occupation is available which is risky in the current market.
"Buyers have seen prices rise from when they originally purchased the unit to when they settle," the report noted.
"Risks associated with buying off the plan is if the market declines they are stuck at the higher price and have to wait it out until the market settles and catches up. In some cases this can take years.
"This has been seen in areas where supply has flooded the market and values have stalled or dropped."
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Sydney's Central Park, Wolli Creek and Green Square units in strong demand: Herron Todd White

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Some $101 million in off the plan sales were secured at Penrith in western Sydney on the weekend.
The sales were in <a href="https://thorntoncentral.com.au/" target="_blank">the Thornton Central project</a> where a further 191 apartments were sold. 
Construction commenced last month on the DKo project.
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The $62.5 initial stage of Thornton went to the market in late 2014 with all 151 apartments set over four buildings selling out very quickly through Home and Land Direct, an independent boutique real estate agency that specialises in residential property development, land and home sales and new apartments in Western Sydney. 
The $101 million stage will be built over one five-storey and two nine-storey buildings.
"We had strong interest from first-home buyers as expected, because the pricing is below the stamp duty threshold and attracts the first-home buyers grant," First Point Projects' executive director Mark Hovey said.
The developer, First Points Projects and St Hilliers First Point are developing the Thornton project with a mid-2016 completion schedule. 
Thornton apartments start at $395,000 for a one-bedroom, from $495,000 for two bedrooms and around $640,000 plus for a three-bedroom unit.
The 500-plus apartment and 5,500 sqm commercial precinct adjacent to Penrith train station is the first multi-level residential apartment precinct to be built in the heart of Penrith.
The precinct is part of the wider Thornton community, masterplanned by UrbanGrowth NSW.
St Hilliers executive chairman, Tim Casey, said there was an increasing demand for quality residential developments throughout Western Sydney.
“An apartment precinct in the Penrith city centre is unprecedented. This is a game changer and reshapes how people will live.
“The proposed retail precinct with its cafés, restaurants, a gymnasium, a supermarket, hotel and medical centre will give residents inner city living at their doorstep.
“The new community of around 5,000 residents will have high quality residential, commercial and retail amenity adjacent to the train station with recreational features, a water canal, village green and other open spaces,” said Mr Casey.
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Penrith's Thornton Central secures further off the plan apartment sales

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I fear for investors enticed into buying generic off-the-plan apartments at over-the-top prices.
It’s happening in and around the CBDs of all our biggest cities but, increasingly, it’s also happening out in the suburbs. It’s not going to end well for many buyers.
Reports suggest people were clamouring at the weekend to buy units in a proposed development in central Blacktown, paying up to $775,000. 
Nothing wrong with the location – I’ve been advocating the Blacktown area for a long time and it’s delivered handsomely with price growth averaging 13% per year over the past three years.
Blacktown is consistently the most popular suburb in Sydney in terms of sales numbers and the Blacktown City LGA is the leading municipality in NSW for population growth. 
There were 940 homes sold in the suburb of Blacktown in the 12 months to May, according to Australian Property Monitors, with the median house price rising 19% and the unit median up 13%.
But paying the prices reportedly achieved in the Blacktown unit project is beyond reckless. 
The median price for a Blacktown house on land is $545,000 and the mid-range unit fetches $385,000. To pay double the suburb’s median price for an off-the-plan unit flouts basic investment rules and defies common sense.
A couple of years from now, after all the heat and hysteria has evaporated from Sydney markets, I would hate to be the vendor trying to find a buyer for a Blacktown at $800,000-plus, assuming they’re hoping for some capital gain.
Apparently buyers queued up to “snap up” 106 units in Altitude Tower, a planned 24-storey building on the edge of Blacktown’s CBD. Most of them sold at the weekend, reportedly, to a mix of first-time buyers, next-time buyers and investors.
Prices ranged from $395,000 for a one-bedroom unit to $775,000 for a three-bedder on one of the upper levels.
One newspaper report featured a first-home buyer who paid $425,000 for a one-bedroom unit. The median price for all units sold in Blacktown in the past 12 months is $385,000, so where is the value in a one-bedroom unit at $425,000? 
A couple of weeks ago I received an email from a consumer who was thinking of buying in the project. She was considering a two-bedder for around $600,000. I suggested it made no sense to buy a small unit at a price well above the suburb median for a three-bedroom house on land. A view over Blacktown does not justify the price distortion. 
It’s a common phenomenon – new developer product marketed off-the-plan at prices that bear no relationship to established pricing levels in the location. It’s simply bad investing.
I was presented with a Melbourne example recently: a townhouse project in South Morang with two-bedroom townhouses for $443,000, when you could buy the typical house on land for less than that. When the suburb’s unit median price is $310,000, a small townhouse for $443,000 is over the top. 
I urge all investors considering purchases like this to ask themselves this question: is this the best buy I can find in Australia at this moment? 
When buyers are considering off-the-plan developer product at inflated prices, the answer almost certainly is NO. 
TERRY RYDER is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a> 
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Paying some top off the plan prices is just reckless: Terry Ryder

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Property developers have concerns local investors and home buyers could struggle to find finance for their off the plan purchases - bought over the past two years - but due now for settlement as banks toughen their lending criteria.  
"This is causing alarm across the industry," said Tim Brown, chief executive of the Mortgage and Financing Association told the Australian Financial Review. 
"Many of these are first-time buyers who will not be able to fulfil their finance obligation under the contract and will lose their deposit as many of the banks will not finance any investment loan over 80% and in some cases will not lend on investment at all," Tim Brown said. 
Having put down a 10% deposit, apartment buyers typically arrange finance for the rest as the apartment nears completion - now set to find that finance has become both more expensive and harder to secure.
Many lenders now require minimum 20% purchaser funding.  
Bank are under pressure from the Australian Prudential Regulation Authority and the Reserve Bank of Australia to cool investment book activity to growth of less than 10%.
An APRA spokesperson said its aim is to "reinforce sound lending practices by setting a threshold of 10 per cent growth in authorised deposit-taking institutions' lending portfolios over a 12-month period".
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Off the plan settlement finance tightening alarm after APRA clampdown

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The entire 100th floor of the southern hemisphere's tallest building under construction was bought by an undisclosed businessman based in China.

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The apartment cost more than $33,000 per square metre,&nbsp;spanning the entire top floor of <a href="/buildings/australia-108-southbank-70-southbank-boulevard-southbank">Australia 10</a>8, with its&nbsp;own grand entrance foyer on level 98 as well as a private glass elevator.&nbsp;&nbsp;
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<img alt="" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2015/01/15/TPA8467_Australia_108_E01_Hero%20Elevated.jpg" />

The 750 square metre penthouse atop the Australia 108 development at 70 Southbank Boulevard, sold at the off the plan asking&nbsp;price. The building&nbsp;is&nbsp;due for completion in 2019.

<img alt="" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2015/04/08/southbank%20april%208%20one.jpg" />

It equals the reported sale in <a href="/new-apartments/sydney-nsw">Sydney</a>'s Bondi Pacific at an unconfirmed $25 million last November to Andrew Roberts, the former chief executive of Multiplex.

The Bondi Beach off the plan sale was initially reported as $21 million, then advised it was higher, so still subject to conjecture. Its $25 million price reflected&nbsp;$28,000 for the 900 square metre Sydney beachside property.&nbsp;The average sale rate was $40,000 per square metre in Pacific Bondi Beach&nbsp;and $45,000 in the sold-out Barangaroo apartments.

The off the plan Roberts purchase is next door to the penthouse that set the previous record in 2013 at $21 million when the chief information officer of Caledonia Investments, Will Vicars, bought adjoining penthouses for $10.1 million and $10.9 million with plans to amalgamated them into one apartment.

The previous highest apartment sale was in <a href="/new-apartments/east-melbourne-vic-3002">East Melbourne</a> of a $19.3 million sub-penthouse apartment in the prestige Salta project, 150 East overlooking&nbsp;Fitzroy Gardens.

Over 1,000 apartments of the 1,105 on offer at Australia 108 have been sold.

The penthouse deal was reported by Fairfax Media as done between CBRE Residential Projects and Tim Kennan, owner of KM Sales and Marketing, who was representing the project's Singapore-based developer World Class Land.

<a href="/expert-insights/buying/stellar-75-success-rate-in-australia-108-apartment-offerings">CBRE managing director of residential projects Andrew Leoncelli</a> noted&nbsp;three local buyers had shown interest in the penthouse.

Australia 108 penthouse sells at record equalling $25 million asking price

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As crazy as it sounds, settling a new off the plan apartment requires you to be even more organised then when you purchased. It is an exciting time and you are well on your way to reap the advantages of apartment ownership, such as:

<ul>
<li>Freedom and flexibility.</li>
	<li>Predictability and stability.</li>
	<li>Accumulating capital and equity.</li>
</ul>
A quick recap: you have picked your apartment out with Apartment Register, signed the contract of sale and paid your 10% deposit, and the construction of the development has commenced. Now what do I do? Depending on the size of the building, construction will take on average 18 months to two years before you can settle and move in or rent the apartment.

Over the course of the construction of your off the plan apartment, My Real Estate Mate will update you with photos and construction commentary from the builder and developer. It is a fascinating and rewarding time to watch one of your lifetime's largest purchases be built from the ground up.

The settlement process involves every person you interacted with when purchasing the apartment, to ensure the process runs smoothly. The following tasks are required to be completed:

<ol>
<li>Final inspection.</li>
	<li>Certificate of Occupancy.</li>
	<li>Settlement time and date confirmation.</li>
	<li>Valuation report.</li>
	<li>Statement of Adjustments.</li>
	<li>Transfer of funds.</li>
	<li>Registration of the title / transfer of land.</li>
	<li>Handover packet.</li>
</ol>
The handover packet will include your keys, appliance guarantees and other information, such as the appointed body corporate manager. The body corporate will require a number of apartment owners within the development to be on the committee which manages operational matters of the development. The body corporate manager will hold an annual general meeting, which you can attend to be kept up to date with items such as building maintenance.

Effective the day of settlement, Apartment Register recommends connecting all apartment services such as electricity and water and commencing insurances. You don’t want to move in in the dark! As a new owner, you will need to book the time and date to move in. This is to ensure a lift is allocated to ensure smooth, stress free day. Depending on the development move in schedule, you may only be allowed to move in on a weekday.

If you are an investor, you will need to appoint a rental agent. Apartment Register recommends interviewing local agents as they know the area and may have potential tenants ready to move in. You will need to sign a rental agreement with the agent, along with placing an advertisement on various real estate websites.

The rental agent will then hold open days throughout the week to gain interest and take apartment application forms from prospective tenants, who will have to provide information on their current employment status, referees and rental history. You as the vendor choose your tenant from the application pool and then enter into a tenancy agreement.

Your rental agent will provide you with regular apartment inspection reports to ensure the tenant is looking after the apartment, along with monthly or fortnightly financial statements.

My Real Estate Mate hopes you found our summer reading series useful and remember to be nice to your neighbour! Our previous articles in this series:

<ul>
<li><a href="/news/my-real-estate-mate-summer-reading-series-purchasing-off-the-plan-apartments">Purchasing off the plan apartments</a></li>
	<li><a href="/guides">Buying off the plan: the first move</a></li>
	<li><a href="/guides">Buying off the plan: the nitty gritty</a></li>
</ul>
Apartment Register is a value added service offering our clients first pick of apartments in new off the plan developments prior to public launch. Register here and we will be in contact with you straight away.

Cameron Clarke is licensed real estate agent and managing director of My Real Estate Mate and Apartment Register; a joint venture partner of Alamar AV Communications Pty Ltd, publisher of Apartments.com.au. Each Saturday over summer Cameron will provide provide commentary and tips on all things apartments.

Cameron's published commentary is not designed to be taken as financial advice and should you wish to register with Apartment Register, Apartments.com.au strongly recommends registrants consider their financial position and do their own research before entering into contracts for sale.
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cameron

My Real Estate Mate summer reading series: Buying off the plan - the finished product

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Calculator ready! In our third instalment of Apartment Register’s Summer Reading Series we will identify key investor considerations.

You will often hear the term ‘vacancy rate’ which is a calculation based on tenanted dwelling within an area and is used as a tool to determine rental demand. A 3% vacancy rate is the point at which a market is set to be evenly balance between landlords and renters, that is equilibrium.

Calculating an off the plan property rental yield by taking your property's purchase price, and the yearly rent (weekly rent times by 52). Divide the yearly rent by the purchase price and times the result by 100 to get yourself a percentage. This percentage is your gross rental yield. For example:

<ul>
<li>Purchase Price: $500,000</li>
	<li>Weekly Rent: $465</li>
	<li>Annual Rental Income: $24,180</li>
	<li>Calculation: $24,180 / $500,000 * 100</li>
	<li>Gross Rental Yield = 4.83%</li>
</ul>
In order to calculate the net rental return, you will need to subtract other associated expenses such as the annual body corporate fee.

The body corporate is an annual fee for the maintenance and insurance of all public areas of the building. This may be cleaning the public areas to maintaining the lifts and if the building has a swimming pool or gym, the cost to clean and manage these services.

New off the plan apartment developers will typically provide you with marketing collateral outlining the position and proximity to amenity, as well as independent research information including demographic and infrastructure data and analysis, that presents all the facts and figures to ensure a purchaser can make an informed decision.

Included in the information packet is a deprecation schedule. Inclusions in new off the plan apartments are able to be depreciated; indicative depreciation schedules are supplied by developers at the point of sale and a company such as BMT Quantity Surveyors can provide a depreciation schedule specifically for your apartment.

The Victorian Government offers a stamp duty concession when you purchase property off the plan. Effectively as a purchaser you pay duty on the improved value of the land, that is, the completed construction value including GST as at the contract date. As you are buying off the plan, in most cases construction will not yet have started at the date of contract, therefore the percentage saved by purchasing off the plan versus purchasing the same completed apartment is significant.

Inclusions, also referred to as fixtures and fittings, includes items such as the brand of kitchen oven to the type of benchtop, be it stone or stainless steel. There is no wrong or right appliance type or brand within an apartment, it will have been chosen by the interior decorator and architect to best reflect the apartment building brand and positioning.

When Purchasing a new off the plan apartment you will have to choose an internal colour preference - usually from two colour palates - and this will invriably come down to a choice of a light theme and a dark theme. The colour variations will often include the colour of the carpet or floorboards, kitchen bench and splash back to the bathroom wall tiling.

Ceiling heights will vary from some rooms: this is due to the air conditioning type, ventilation from kitchen and bathroom, all those pipes need to fit somewhere so it is just something to be aware of and is perfectly normal to see a variance in ceiling heights listed.

My Real Estate Mate always recommend you review the Contract of Sale and instruct your solicitor to do so also. Items we recommend to check include the inclusion list, and that the floor plan of the marketing material is the same as in the contract of sale. Also check the nomination clause, as you might purchase the apartment in your own name and when you settle may want to allocate the asset to your superannuation fund. You will need to sign three copies of the contract of sale: a copy will be for your record, the developer and solicitor. Make sure you keep it in a safe place for your records, your bank will also request a copy for settlement.

If you are an investor and searching for healthy rental yield and capital growth off the plan apartment opportunities, feel free to contact My Real Estate Mate through Apartment Register on Apartments.com.au and we will be in contact with you straight away.

Cameron Clarke is licensed real estate agent and managing director of My Real Estate Mate and Apartment Register; a joint venture partner of Alamar AV Communications Pty Ltd, publisher of Apartments.com.au. Each Saturday over summer Cameron will provide provide commentary and tips on all things apartments.

Cameron's published commentary is not designed to be taken as financial advice and should you wish to register with Apartment Register, Apartments.com.au strongly recommends registrants consider their financial position and do their own research before entering into contracts for sale.

Lead image courtesy Pixabay.
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