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

Joel Robinson

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

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

WM Residences fills gap in Mordialloc townhouse market

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

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

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

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

NAB funds $1 billion Surfers Paradise apartment development, Palmera

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

First look: Aqualand joins St Leonards apartment party

Savills

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Earlier in the month Apartments.com.au <a href="/news/development-sites-presently-advertised-for-sale-offer-a-reflection-of-the-current-market">highlighted the strong field of development sites</a> currently on the market, with a slant toward suburban sites holding sway over inner city offerings. Developers gazes may well be swing back to the inner city with two prime sites offered in the interceding time, will full approvals in tow.

<h2>54-56 Clarke Street, Southbank</h2>

Planning Minster of the day Matthew Guy labelled it "a revolutionary change for the way that we design buildings in Melbourne.” And now a Melbourne Cup field of developers will no doubt run the ruler over the approved 54-56 Clarke Street with an eye toward creating Melbourne's next landmark building and the bragging rights that go with such a tag.

The development site has been listed for sale with incumbent proponent Matrix and Cube choosing to move the Southbank site on rather than proceed with a dedicated apartment sales campaign. The project dubbed 'Elysium' has thus far maintained its own website which has allowed interested parties to register their interest in the project. 
Freshly listed with both CBRE City Sales and Knight Frank, 54-56 Clarke Street is a 74 level project with approval for 288 high-end apartments and an associated ground floor cafe.

<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/image30_5.jpg" rel="gallery-all" title="Initial plans for the project had it known as Elysium"><img alt="" class="image-article-full-width-580px" height="348" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image30_5.jpg?itok=CPkS_6Kg" title="Initial plans for the project had it known as Elysium" width="580"></a>

<figcaption>Initial marketing for the project referred to the tower as Elysium</figcaption></figure>Lauded as innovative and technologically advanced, the approved 240 plus metre design by BKK Architects is unique in that a design of a similar height onsite could not likely be replicated owing to interim planning controls implemented during 2015. Thus any potential buyer of the site could deliver the approved scheme which would be considerably taller than those buildings surrounding it, both in the present and the future.

The successful buyer will have a chance to secure the site via an Expressions of Interest campaign which closes Monday the 11th of April.

<h2>10 Moreland Street, Footscray</h2>

<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/image35_1.jpg" rel="gallery-all" title="10 Moreland Street is available. Image courtesy Architecton"><img alt="" class="image-article-full-width-580px" height="764" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image35_1.jpg?itok=gV7wyFkL" title="10 Moreland Street is available. Image courtesy Architecton" width="580"></a>

<figcaption>10 Moreland Street is available. Image courtesy Architecton</figcaption></figure>10 Moreland Street was the first high-rise to gain approval within Footscray's Joseph Road Precinct. At 26 levels and 86 metres the approved design is also one of the urban renewal precinct's tallest.

Designed by CBD-based Architecton and in the hands of agent Savills, the tower is capable of accommodating 210 dwellings over the 1,277sqm site, with three street frontages holding retails tenancies.

Other notable development sites offered for sale recently in the immediate area include <a href="/buildings/liberty-one-1-warde-street-footscray">1 Warde Street</a> with 380 approved apartments in tow along with 54-58 Hopkins Street. Better known as Franco Cozzo's Footscray home, 54-58 Hopkins Street has been billed as capable of handling a sizeable tower.

<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/image33_5.jpg" rel="gallery-all" title="Architecton's take on 10 Moreland within the Joseph Road Precinct"><img alt="" class="image-article-full-width-580px" height="329" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image33_5.jpg?itok=9IGlhJLL" title="Architecton's take on 10 Moreland within the Joseph Road Precinct" width="580"></a>

<figcaption>Architecton's take on 10 Moreland within the Joseph Road Precinct</figcaption></figure>
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silvermb

54-56 Clarke and 10 Moreland enter the already strong development site field

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The Athelstone Shopping Centre in Adelaide’s north-east suburbs has been sold for a $12 million reflecting a 7.9% yield.
The property, prominently located on a 1.328 hectare land holding at 312-328 Gorge Road at Athelstone, was sold by Peter Isaksson and Rino Carpinelli of Savills South Australia,
It was sold to a private Adelaide-based investor with a total retail floor space of 4,611 square metres, anchored by Romeo’s Foodland Supermarket.
It also includes 200 car park spaces.
Romeo’s Foodland Supermarket, comprises 42.8% of the centre’s total income and is secured on a long-term lease until 2022.
Savills recorded $460 million worth of retail property transactions in South Australia in the year to December 2014, up from $209 million in the previous year, and up on the five year average of $323 million. 
In the year to December 2014, Savills recorded 51 retail property sales in South Australia, up from the previous year of 31, and up on the five year average of 43.
 
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jchancellor-FAypfDUnLy

Savills South Australia sells Athelstone Shopping Centre

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One of Melbourne's longest running planning applications has found resolution after four years. Stymied by planning authorities owing to its poorly resolved design, 212-222 La Trobe Street's owners scored a win at VCAT during March, with the tribunal granting approval following the commission of Melbourne-based Jackson Clement Borrows to redesign the twin-towered scheme.

It seems now that four years of time and expense on the proponents behalf may result in a serious windfall as the freshly approved scheme has been listed for sale weeks after approval. Billed as one of Melbourne's premier development proposals, the timing of both approval and site sale could not be better, given the record prices currently being paid for CBD development sites by developers.

<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/image159.jpg" rel="gallery-all" title="The failed proposal. Image © Simon Greenwood Architects"><img alt="" class="image-article-full-width-580px" height="290" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image159.jpg?itok=SjDcifH5" title="The failed proposal. Image © Simon Greenwood Architects" width="580"></a>

<figcaption>The failed proposal. Image © Simon Greenwood Architects</figcaption></figure>The initial scheme conceived by Simon Greenwood Architects and submitted during 2011 would have seen two towers containing 296 apartments, 100 car spaces, ground floor retail and in excess of 1,800sqm of commercial office space. At 142 metres in height the tower was considered excessive but in today's context that would not necessarily be the case.

<blockquote>
The building would appear as an extremely prominent structure, being much taller than development around it. A particularly high quality design may potentially be warranted however this is not demonstrated in the current proposal.
<cite>Future Melbourne (Planning) Committee Report, 2013</cite>
</blockquote>

City of Melbourne were less than enthusiastic about the proposal during 2012, citing concerns over height and lack of setbacks, overdevelopment, poor on-site amenity and lack of activation of the street. It was eventually rejected by the State Government in its then form.

<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/image3_1_0.jpg" rel="gallery-all" title="212-222 La Trobe Street from the State Library. Image courtesy Savills"><img alt="" class="image-article-full-width-580px" height="435" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image3_1_0.jpg?itok=mWR5MHQ1" title="212-222 La Trobe Street from the State Library. Image courtesy Savills" width="580"></a>

<figcaption>212-222 La Trobe Street from the State Library. Image courtesy Savills</figcaption></figure>Fast forward and Savills are currently spruiking the site which has hit the market for the first time in over 30 years. 212-222 La Trobe Street and 17-25 Little La Trobe Street form part of the site's five street frontages, with total site area at 942sqm.

The revised scheme by Jackson Clement Borrows features 400 apartments within two towers of 39 and 54 storeys which can be delivered simultaneously or in a staged manner. All dwellings within the proposal will achieve a minimum net floor area of 50sqm (inclusive of balconies) according to the restrictions imposed upon the project.

Externally the two towers feature what looks to be fritted curtain wall glazing to all aspects, with a skybridge linking both.

<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/image157_0.jpg" rel="gallery-all" title="New to the area. Images courtesy MGS &amp; EF"><img alt="" class="image-article-full-width-580px" height="401" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image157_0.jpg?itok=3iEp9ykv" title="New to the area. Images courtesy MGS &amp; EF" width="580"></a>

<figcaption>New to the area. Images courtesy MGS &amp; EF</figcaption></figure>Working on the likelihood that 212-222 La Trobe Street will find a buyer willing to proceed with the approved scheme, it will find itself with new neighbours in the immediate vicinity in the not too distant future.

<a href="/buildings/aurora-melbourne-central-224-la-trobe-street-melbourne">Aurora Melbourne Central</a> is due to have its site cleared next month in order for Probuild to commence construction works, while 377-391 Swanston Street looms as another large-scale residential development on the radar. Situated on the corner of La Trobe and Swanston, the MGS-designed 33 level tower would see hundreds of new student apartments delivered. Developer Far East has yet to proceed with the scheme which was approved during 2014.
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212-222 La Trobe Street: a story of chocolates and boiled lollies

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Melbourne's key western and northern suburban industrial markets have been identified as the cheapest on a rental basis in Australia. 
Data collected by Savills Australia showed that in the period to December 2013, there was a wide gap in net effective rents between the key industrial markets nationally, with rents in Melbourne at least 31% and up to 35% lower than those in Adelaide, Brisbane, Perth and Sydney.    
Savills national head of research Tony Crabb said the lower rentals were a key factor in decisions taken by both national and international corporations to locate their distribution centres in Melbourne.
He said three or four key factors mainly dominated the thinking of corporates when taking those important decisions - access to ports and airports, access to freeways, access to local markets and rentals. 
"Should all of the access criteria be equal then Melbourne rentals offer a significant cost advantage", said Crabb. "When you’re talking an average 30,000 square metre plus national distribution centre then rental savings alone can be in the order of $1 million per annum." 
Such is the interest, Savills estimates that it has received an average 250,000 to 350,000 square metres of enquiry from national and international companies seeking major distribution facilities over the past 12 months. 
Savills head of industrial Victoria, Greg Jensz said "the rent doesn’t always prove decisive but it definitely puts Melbourne in a very strong position before other factors are considered".
He said that road transport infrastructure and plans to further enhance that infrastructure also played a pivotal role in the Melbourne market’s national pre-eminence. Congested roads meant longer delivery times, greater fuel costs, and delays in delivery to clients, he added.
He also makes a point of saying that "40% of Australia’s container shipping travels through the Port of Melbourne and that is because the bulk of Australia’s national distribution centres are located here. That is no accident," Jensz said.
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Cheapest industrial rents in Australia in Melbourne's west and north

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Industrial sales across Perth reached a seven year high last year, buoyed mostly by strong interest from private investors. 
More than $800 million worth of assets changed hands from 203 properties in the 12 months to December - up on last year's $783 million and well ahead of the five year average of $620 million. 
The results were released in the Savills Key Australian Industrial Transactions Insight report which showed that only Perth and Sydney achieved a spike in transactional activity last year. 
Private investors were again the dominant buying force in Perth, accounting for 34% of the purchases. 
Based on Savills estimates, prime industrial yields as at 31 December ranged from 7.75% and 9% in the north and between 8% and 9.25% in the south. 
"The average yield for investment properties in the north in the quarter to December was 8.38%, a 25 basis point firming over the year. 
Prime industrial capital values were between $1,000 to $1,548 per square for buildings in the north, and between $811 to $1,375 per square for properties in the south. 
The report also shone a light on the shortage of larger sized industrial lots, especially in the core industrial precinct. 
"Some relief may come from larger scale developments in the areas such as Perth Airport and Jandakot Airport, and in less central locations such as Hazelmere, Forrestfield to the east and Neerabup to the north", it said. 
It expects leasing and sales enquiries to remain strong, especially for prime quality properties with warehouses, excess lay down areas and/or gantry cranes installed. 
Bullsbrook was beginning to emerge as a future industrial hotspot, it pointed out, particularly for large transportation firms. 
Savills said if the RBA were successful in stimulating growth in the non-resources side of the economy then "the industrial markets nationally should be the beneficiaries of stronger tenant demand."
"Signs of this were seen in the last six months of 2013 and Savills Research expects this trend to strengthen in 2014." 
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