For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

[smartcode_project:default project_id=147685 project_image_fid=359136]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

[smartcode_project:default project_id=147685 project_image_fid=359127]

The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

[smartcode_project_cta:default project_id=147685]

Joel Robinson

Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

[smartcode_project:default project_id=1979 project_image_fid=363268]

Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

[smartcode_project:default project_id=1979 project_image_fid=363229]

The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

[smartcode_project:default project_id=1979 project_image_fid=363284]

The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

[smartcode_project:default project_id=1979 project_image_fid=363228]

According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

[smartcode_project_cta:default project_id=1979]

Why now is the time to buy in Melbourne's premium apartment market

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

La Vera closes in on completion as Macquarie Park continues residential transformation

Shopping Centre

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A renovation to the food court at Australia Fair shopping centre in Southport, which started in January, has been completed.
The renovation to the central food court area, which not been renovated since 1995, was stage one of its $25 million-dollar revitalisation project.
The cafeteria-style layout has a new floor plan featuring a mix of lounge style bench seating, high bars, upgraded amenities and pendant lighting.
Australia Fair general manager Ramon Otten said works to the were the most recent in a major phase of the centre’s redevelopment project, which also includes a revitalised Scarborough Street entrance, ground floor concourse and new-look Coles.
“Following on from the successful redevelopment of Coles, together with the Scarborough Street entrance and ground floor concourse, we are excited to unveil the next stage of Australia Fair’s revitalisation, being the new-look central food court,” Otten said.
“The transformation will see customers enjoy a selection of international dining options, from fresh salads, sushi and Vietnamese, as well as new furniture and facilities, as the iconic Broadwater facing food court becomes a modern dining precinct that exudes a strong coastal ambience with a contemporary new-look.”
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/4/27/DSC05563.jpg" alt=""> 
Otten said a variety of bench seating and phone charging stations have been installed as part of the revitalised food court’s new offerings, in addition to Free Wi-Fi, now available throughout the precinct, and four large televisions, set to air Foxtel.
The ceilings of the food court have been replaced with new plasterboard and feature battens, while the amenities have also received a cosmetic refurbishment including new tiling, partitions and fixtures.
Otten said feedback from shoppers on the new Scarborough Street frontage, Coles Australia Fair and the ground floor concourse had been ‘extremely positive’, following its official unveiling in November last year.
“Stage one of the revitalisation project has already been extremely well-received by our shoppers, who have provided positive feedback on the new look and feel to this part of the Centre,” he said.
“We have carried on the same vibe through to the new-look food court, which will also complement our popular alfresco dining precinct, Australia Fair Metro.
“This is in line with our commitment to improving the Centre’s overall customer experience.”
Other new food tenancies that have recently joined include Vintage Grind, Uncle Bills, Stellar Vietnamese Street Food and U Grill.
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j.ballantyne1990-6AQqhLzZaK

Australia Fair completes stage one of $25 million revitalisation

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A South Australia shopping centre has sold for $10.5 million, representing a yield of 7.25% on a fully leased basis.
Adelaide real estate investor, PPI Funds Management, acquired the Greenacres Shopping Centre via an off-market campaign that saw Savills Australia approach a select number of investors.
Capital Transactions agents Peter Isaksson and Rino Carpinelli brokered the deal on behalf of Graham Investments, achieving a rate of about $3,500 per square metre.
“PPI Funds Management had been eyeing the asset for some time,” Isaksson said.
“They already own the adjacent Coles supermarket and bulky goods site so Greenacres Shopping Centre is a strategic acquisition, as it consolidates ownership of a major metropolitan-district complex to a total site area of about 43,226 square metres.”
Specialty retailers already operating in the centre include H&amp;R Block, Greenacres Surgery medical clinic and National Pharmacies, as well as a BankSA branch.
Carpinelli said the buyer recognised the future upside potential of the property, based on its busy suburban location just 12 kilometres north-east of the CBD. 
Carpinelli said South Australian shopping centres were becoming a popular market among investors, as record sale prices being achieved for shopping centre listings on the eastern seaboard were pricing out local buyers.
 
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Savills secures neighbour on shopping spree at SA's Greenacres

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Adelaide real estate investor PPI Funds Management has bought the Greenacres Shopping Centre near the CBD for $10.5 million.
It sold fully leased with a yield of 7.25 percent, achieving around $3,500 per sqm.
Savills Australia brokered the off-market deal having approached a select number of investors.
Savills agents Peter Isaksson and Rino Carpinelli brokered the deal on behalf of Graham Investments, suggesting the buyers had been eyeing the asset for some time.
“They already own the adjacent Coles supermarket and bulky goods site so Greenacres Shopping Centre is a strategic acquisition, as it consolidates ownership of a major metropolitan-district complex to a total site area of about 43,226sqm," Isaksson said.
Specialty retailers already operating in the centre include H&amp;R Block, Greenacres Surgery medical clinic and National Pharmacies, as well as a BankSA branch.
Carpinelli said the buyer recognised the future upside potential of the property, based on its busy suburban location just 12 kilometres north-east of the CBD.
“Greenacres Shopping Centre is superbly positioned on the corner of North East Road and Muller Road, next to a high-performing Coles supermarket and Liquorland, giving it critical exposure to daily passing traffic,” he said.
Carpinelli said South Australian shopping centres were becoming a popular market among investors, as record sale prices being achieved for shopping centre listings on the eastern seaboard were pricing out local buyers.
“Savills is also sourcing speciality retail tenants for a new retail complex in Victor Harbor, which is anchored by a Coles supermarket, Liquorland and Bunnings Warehouse,” he said.
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Developer goes on shopping spree for Greenacres

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A private investor has snapped up Morningside Plaza Shopping Centre, in Brisbane’s inner east at a record yield of 5.1 percent.
The figure matches the lowest ever recorded yield for a neighbourhood centre sale in Queensland. 
The off market transaction was brokered by Peter Tyson &amp; Jon Tyson of Savills for $23.8 million on behalf of Melbourne based veteran shopping centre developer and investor Lascorp Development Group. 
The Coles anchored property is located in Morningside, around five kilometres east of the Brisbane CBD with frontage to Junction Road. 
The 4,431 sqm enclosed mall is anchored by a 3,000 sqm Coles Supermarket with nine specialty shops and car parking for 233 vehicles. 
Savills, Peter Tyson said that whilst Morningside Plaza was not for sale, we received an aggressively priced offer from a private investor to purchase the asset.
“The buyer was seeking a suitable metro asset and was attracted to the long lease security from Coles the inner Brisbane location” Peter Tyson said. 
Savills also negotiated the sale of the centre to Lascorp in 2013. 
Lascorp then undertook an extensive refurbishment and repositioning of the centre, significantly improving parking, traffic and shopper foot flow through improved vertical transport, mall upgrade works and tenant remixing. 
“Metropolitan centres anchored by Coles or Woolworths in the sub $30 million price point are typically tightly held and have become an increasingly rare commodity in the marketplace”, Peter Tyson said. 
“We expect yields for quality neighbourhood assets to remain firm throughout 2018, reflective of this strong ongoing demand and tight supply.” 
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jrobinson-rf4aSBido9

Savills sell Morningside Plaza near Brisbane for record yield

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Golden Age Group has recently launched the website for its Sky Garden Residences, to be developed above airspace as part of The Glen redevelopment project. City of Monash initially approved plans for the $500 million redevelopment of The Glen shopping centre in Glen Waverley in 2015.

Key features of The Glen redevelopment include:

<ul>
<li>an expansion of the retail centre across the existing car park in Springvale Road, Glen Waverley</li>
	<li>three apartment towers above the retail podium, with the highest being 20-storeys</li>
	<li>a new public square at the entrance to the shopping centre, with cafes and restaurants creating a cosmopolitan connection between Kingsway and The Glen.</li>
</ul>
In November 2016, Council approved an amended permit for the residential towers at 235 Springvale Rd, Glen Waverley which was once again amended and approved in January 2018. 

Key aspects of the proposed amendments relate to modification of the overall massing, layout and mix of residential apartments of Building A, (Signature Building), B (Urban Building) and Building C (Kingsway Axial Building). 

Each building will increase in overall height by 1m and will adopt a new facade treatment to what was originally approved.

The revised plans prepared by RotheLowman include an additional 89 car spaces and the provision of 555 apartments across the three towers comprising of: 

<ul>
<li>127 x 1 bedroom apartments; </li>
	<li>371 x 2 bedroom apartments; and </li>
	<li>57 x 3 bedroom apartments. </li>
</ul>
<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/the_glen_skygardens.jpg" rel="gallery-all" title="Sky Gardens as the name suggests has 4,000 sqm of communal open space. Image : skygardenresidences.com.au"><img alt="" class="image-article-full-width-580px" height="221" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/the_glen_skygardens.jpg?itok=bGaRtxSZ" title="Sky Gardens as the name suggests has 4,000 sqm of communal open space. Image : skygardenresidences.com.au" width="580"></a>

<figcaption>Sky Gardens as the name suggests has 4,000 sqm of communal open space. Image : skygardenresidences.com.au</figcaption></figure>A large part of the project's appeal according to Golden Age Group is the 4,000 sqm of open space across the three towers and the views on offer from within, which encompass the Dandenong Ranges and the Bay.

The new residences will also take advantage of their position within the newly revitalised shopping and entertainment precinct of The Glen Shopping Centre.

<ul></ul>
The first stage of the redevelopment of The Glen - the Fresh Food Market Hall - opened in September 2017 and is located on the lower ground level offering a wide choice and variety of fresh produce and specialty ingredients in one location.

The Fresh Food Market Hall features an ALDI, latest format Woolworths, Coles and 60 boutique food retailers and specialty stores.

Vicinity Centre's redevelopment of The Glen will occur across five stages spanning three years which will create a new 'town square' with dining over two levels, new mini-majors, a fresh food market hall and 240+ select stores on completion. The five stages of the redevelopment are summarised below.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/img_8048.jpg" rel="gallery-all" title="Probuild has advanced construction on The Glen "><img alt="" class="image-article-full-width-580px" height="377" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_8048.jpg?itok=o_dIE0Op" title="Probuild has advanced construction on The Glen " width="580"></a>

<figcaption>Probuild has advanced construction on The Glen</figcaption></figure>The Glen Stages :

<ul>
<li>Stage 1 - Now Open: Fresh Food Market Hall</li>
	<li>
	Stage 2 - Early 2018: New Food Gallery
	</li>
	<li>
	Stage 3 - Late 2018: Fashion &amp; Lifestyle
	</li>
	<li>
	Stage 4 - Late 2019: David Jones, Premium Fashion &amp; New Town Square
	</li>
	<li>
	Stage 5 - Early 2020: Mini Majors Precinct
	</li>
</ul>
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Laurence Dragomir

Sky Garden residences launched as construction progresses on The Glen

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The Cooloola Cove Shopping Centre has been sold to the Brisbane-based Altor Capital for $12.85 million.
The private equity and syndication firm bought the Woolworths anchored neighbourhood shopping centre off-market.
Savills agents Peter and Jon Tyson negotiated the off-market deal.
The Cooloola Cove Shopping Centre is located in the Cooloola region north of the Sunshine Coast in South East Queensland.
The largest residential development in Cooloola Cove is Cooloola Sands, a master planned community which is proposed to ultimately comprise over 800 homes.
Altor Capital Director, Phil Rhodes said that the deal was well suited to their investment model.
“We were attracted to the yield and growth potential, underpinned by long lease security to Woolworths and the ongoing population growth,” he said. 
The Centre comprises a modern single level, neighbourhood shopping centre which was completed in July 2009. 
The Centre has a lettable area of approximately 4,300 square metres anchored by Woolworths with 10 specialty tenants along with grade level car parking for 233 vehicles.
“Neighbourhood centres anchored by Coles or Woolworths in the sub $15 million price point are becoming more scarce over time,” Tyson said.
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Cooloola Cove Shopping Centre sells for $12.85 million

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The Maroondah Village Shopping Centre in Melbourne’s north-east has been listed for sale, representing one of the first Victorian neighbourhood shopping centres to be offered for sale in 2018.
The single level Croydon North neighbourhood shopping centre is anchored by a strongly trading Coles Supermarket.
There are 10 specialty retailers, spanning a site area of 9,707 square metres which includes 2,000 square metres of surplus land and 113 at grade car parks.
The centre is 98% leased with an annual net income of $850,000.
Located 30 kilometres north-east of the Melbourne CBD, the centre benefits from a rapidly rising population which is expected to see more than 20% growth by 2036.
"The very strong Asian demographic - a population now exceeding 20% of the region’s total population - has also seen the median house price rise to more than $1 million and a retail catchment with an increasing level of disposable income," according to CBRE agent Mark Wizel.
The zoning allows for more intensive mixed use development.
He said the current owners had purchased the centre with the idea of acquiring neighbouring sites to allow for future expansion of the Coles Supermarket or for a redevelopment of the entire property.
The owners successfully acquired those properties and they are now being offered with the existing shopping centre for sale.
"The opportunity for value add investors to acquire a well leased centre like this one at a price point of under $20 million is something very rare in any metropolitan location not only in Victoria but along the entire eastern seaboard,’’ Wizel said.
The offering, which follows the recent on-market campaign of the Stockland owned Highlands Shopping Centre, sees offers closing March 29.
 
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Maroondah Village shopping centre on the market

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The St Ives Shopping Centre in East Ipswich, southwest of Brisbane, has sold to the Sydney-based Mintus for $30,450,000.
The deal, negotiated by Savills agents Peter and Jon Tyson in conjunction with Shane Sax of Pace Property, included six adjacent properties.
The 38,200 square metre shopping centre with parking for over 500 cars includes a Woolworths as well as food outlets including Domino's, Red Rooster and Subway.
There are 49 speciality tenants in total.
Jon Tyson said that the sale followed an expressions of interest campaign conducted late last year.
"The centre attracted strong interest from the market. The sale was well contested resulting in multiple bids, primarily from private investors," he said.
The main centre was marketed with six adjoining properties included an 11 shop strip retail centre, two freestanding commercial buildings, two vacant mixed use development sites and a vacant house, each on separate titles.
The combined sites total over 6.25 hectares, situated alongside the Ipswich Motorway in Brisbane's western growth corridor. The Woolworths Supermarket is the only full line supermarket in an expansive trade area.
Peter Tyson said that the St Ives Shopping Centre and the adjoining holdings were amalgamated over many years.
“The Centre has been tightly held with the transaction following over two decades of ownership by the same group," Tyson said.
"Buyers were attracted to the value-add potential of the large scale land holding which featured significant embedded real estate value and a flexible "Major Centres" zoning which allows for mixed use development up to 12 storeys.”
Mintus director Mel Hazzouri said that the St Ives Shopping Centre and its land holding was the perfect fit for their portfolio.  
“The centre allows for plenty of value add and redevelopment for the future. We look forward to significantly adding value in the short term, working with the retailers and the community to bring St Ives back to its full potential,” Hazzouri said
“The market is showing ongoing demand in early 2018, with tighter stock levels expected to ensure competition from cashed up investors and drive momentum well into the New Year,” Tyson said.
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East Ipswich shopping centre sells for over $30 million

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Property tycoon John Gandel has lost his case seeking to claw back $20 million in his dispute with the Chadstone Shopping Centre retailer Myer.
It alleged there had been a mistake in the drafting of the variable outgoings provisions in the lease for Myer Chadstone.  
It was alternatively suggested there that those provisions have been misinterpreted.
The variable outgoings covered payments such as council and water rates, land tax, building insurance and property management fees. 
ASX-listed Vicinity Centres said it was "disappointed" by the decision and advised it was "considering its options".
"The Supreme Court of Victoria handed down judgment in favour of Myer and dismissed the claims made by the landlord," it said in a statement to the market. 
Vicinity recently advised the portfolio valuation increase of $324.1 million or 12.1% uplift in its investment in Chadstone Shopping Centre.
Chadstone was independently valued at $6 billion with the capitalisation rate firming from 4.25% to 3.75%.
It advised Chadstone continues to trade strongly following completion of the $666 million (Vicinity share: $333 million) major development in June 2017. 
The case resulted in an 84 page judgement in the Victorian Supreme Court with Justice Clyde Croft rejecting the claims made by the joint owner of Chadstone for rectification of the lease and payment of alleged unpaid outgoings between 2000 and 2016 totalling $19.14 million, plus GST, interest and costs. 
Justice Croft dismissed the plaintiffs' claims that mistakes in the lease contained "infelicities or absurdities" that resulted in underpayment by Myer and misinterpretations that needed rectification.
He also dismissed claims there could have been "incompetence, and possible negligence" by eight experienced lawyers and property professionals that drew up the original lease. 
"There is, in my opinion, simply no basis for supposing such endemic incompetence or negligence on the part of these apparently relevantly skilled and experienced individuals," Justice Croft ruled. 
The action was brought by fund manager Perpetual, acting as a custodian for Gandel Management, and Bridgehead, the landlord of Myer Chadstone.
The original negotiations took place nearly three decades ago.
Witnesses' recollections of at least 14 drafts exchanged between various parties were "sporadic and hazy, as would be expected", the judge noted.
The lease was executed in September 2001 and the plaintiffs discovered the mistake 11 years later.  
Myer did lose its defence that the legal action was disallowed by the statute of limitations.
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John Gandel loses $20 million Myer recoupment case

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The AMP Capital Shopping Centre Fund (ASCF) and the AMP Capital Diversified Property Fund (ADPF) have each acquired a 25 per cent stake in Indooroopilly Shopping Centre.
They've bought it from Eureka - Real Assets, acting on behalf of Commonwealth Superannuation Corporation (CSC), in a deal worth more than $800 million.
AMP Capital has assumed management of the super-regional centre on behalf of investors, which is located seven kilometres from the Brisbane CBD in the city’s affluent inner west.
Operational since 1970, the centre underwent a major redevelopment in 2014 and currently comprises a gross lettable area of 116,447 sqm.
Indooroopilly Shopping Centre represents a compelling investment opportunity for the funds’ investors due to its long-term asset management and development potential underpinned by leases to seven major tenants such as Myer, David Jones, Coles and Woolworths, and 14 mini majors including H&amp;M and Uniqlo.
The asset benefits from favourable demographics, with average household income in the centre’s catchment area 22 per cent higher than the Brisbane average; good transport links; and strong trade area fundamentals including growing retail spend.
Retail spend in the area is forecast to increase from $3.2 billion currently to $3.8 billion in 2021. The centre also offers long-term mixed use development opportunities including the potential to add 90,000 square metres in gross floor area.
AMP Capital Shopping Centre fund manager Conrad Sinclair said the acquisition of a stake in Indooroopilly Shopping Centre on behalf of our investors is in line with the fund’s strategy of owning super- regional retail assets that dominate their trade area and with further potential for expansion.
"The fund’s investors now have an 81 per cent exposure to regional and super-regional shopping centres," he said.
"The deal follows a successful $200 million equity raising for ASCF, which was oversubscribed indicating the appeal these assets hold for investors.”
AMP Capital Diversified Property Fund Manager Kylie O’Connor said Indooroopilly Shopping Centre is a good fit for ADPF’s portfolio.
"It is consistent with the fund’s strategic objective to hold a diversified portfolio of high-quality assets across sectors, with a higher weighting towards regional and super-regional retail assets," she said.
"We also believe now is the right time to invest in south-east Queensland due to improving economic conditions and strong population growth in the state.”
AMP Capital has a strong presence in south-east Queensland, with a portfolio that includes the recently- redeveloped Pacific Fair on the Gold Coast.
AMP Capital Global Head of Real Estate Carmel Hourigan said Indooroopilly Shopping Centre is in the sweet spot of what AMP Capital does well for its investors.
Simon Rooney of JLL and Lachlan MacGillivray of Colliers International handled the transaction. 
They said there was a lack of transaction evidence in the regional shopping centre sector over 2015 and 2016, but three regional shopping centres have traded in 2017.
In addition to the sale of Indooroopilly, Highpoint Shopping Centre reflected a yield of 4.25% and Chatswood Chase reflected 4.75% – although both were direct off-market transactions.
Selling for a sub-4.5% yield, Indooroopilly services the inner western and southwestern suburbs of Brisbane and represents one of only four super-regional centres in Brisbane. Located in an extensive trade area comprising close to 650,000 people, Indooroopilly is a major retail destination attracting an estimated 12 million customer visits a year. 
The average per capita income in the main trade area is 30% above the Brisbane metropolitan average and the population growth in the past 5 years has been 2.3% per annum, significantly higher than the Australian average of 1.7%.
Originally built in 1970, Indooroopilly was expanded in 1987, 1998 and most recently in 2014 to approximately 116,447 sqm of total lettable area. The shopping centre is anchored by Myer and David Jones; Kmart and Target; and two supermarkets, Coles and Woolworths.
There is a 16 screen cinema; 14 mini majors; more than 300 specialty shops; and parking for close to 4,600 cars.
Its recent $450 million redevelopment, completed in 2014, included the addition of the first Uniqlo and the first H&amp;M stores in Queensland. 
The total site area is approximately 7.8 hectares.
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