New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

Joel Robinson

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

The long-planned transformation of Brisbane's historic Shafston Estate has taken another major step, with Capella Hotel Group announced as the luxury hospitality partner behind what will become Brisbane's first branded residences.

The project, to be known as Capella Residences Brisbane, is being delivered by Verso Projects at the landmark Kangaroo Point riverfront estate, with completion targeted for 2029.

The announcement follows a series of planning changes to the project over recent years. The site was originally approved in 2023 for a 15-level, 37-apartment development designed by Rothelowman for Burgundy Group before Verso Projects took over the 10,070 sqm riverfront holding and lodged revised plans with Kerry Hill Architects to increase the development to a 25-level tower with 51 apartments.

The latest announcement confirms Capella Hotel Group will bring its branded residential offering to the project, marking just the second Capella Residences development globally after Seoul, and the group's first branded residential project in Australia.

The <a href="https://www.apartments.com.au/new-apartments/23-castlebar-street-kangaroo-point-qld-4169">Castlebar Street development</a> will centre around the restoration of the heritage-listed Shafston House, one of Brisbane's oldest residences, originally constructed in 1851 by Reverend Robert Creyke as a single-storey cottage known as Ravenscott.

<img alt="Capella" data-entity-type="file" data-entity-uuid="2b9f4ce5-638f-4d6b-8082-3ca7e4b75fca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-09%20at%207.20.41%E2%80%AFAM.png?VersionId=f7aeqsW_DzOJI4FymWb3lD8NptSfsP7q" />

Capella said the project aligns with its focus on heritage-led developments, with the Brisbane estate combining the restored historic residence with a new luxury apartment tower and hospitality-inspired resident amenities.

Residents will have access to the Capella Living Room, a concierge-led communal space inspired by the group's luxury hotels, alongside landscaped gardens, six swimming pools, wellness and recreation facilities.

The broader estate will also include two riverfront homes, a six-berth private marina, porte cochère arrival experience, secure basement parking and a new section of public riverwalk along the Brisbane River frontage.

The heritage Postal Depot Building will also be retained and repurposed as a guest house, in line with the revised development plans.

The project represents another evolution for the site, which Kerry Hill Architects previously described as a rare opportunity to restore one of Brisbane's most significant heritage estates while creating a new benchmark for apartment living.

"The Shafston Estate provides a once-in-a-generation opportunity to restore one of Brisbane's finest heritage precincts and to reinstate residential use as a unique site perched on the edge of Kangaroo Point," Kerry Hill Architects said in its Urban Context Report accompanying the planning submission.

"The project will celebrate excellence in sub-tropical residential design, setting a new benchmark for vertical living in Brisbane."

Verso Projects, which now has an $8.5 billion development pipeline spanning more than 6,000 dwellings across apartments, townhouses, retail and commercial projects, said the partnership with Capella would elevate the development beyond a traditional residential project.

"We feel honoured to be restoring Shafston Estate to its former glory, elevating it to new heights of luxury and excellence underpinned by Capella's distinctive service ethos and design philosophy, and making it a standout landmark in Brisbane," Verso Projects CEO Steve Laffey said.

"By partnering with Capella, globally recognised for its refined approach to luxury hospitality and deep respect for cultural and historical context, we will elevate this project beyond a residential offering into a world-class destination."

Capella Hotel Group President Roland Fasel said Brisbane's emergence as a global city made it the right location for the company's Australian residential debut.

"Brisbane is a city on the cusp of something remarkable, and Capella Residences is our commitment to being part of that story," Fasel said.

"The Capella residential experience is more than luxury. It is about a sense of belonging to a place with deep meaning."

Private appointments have now opened for the project, with a display suite expected to open in late 2026 ahead of the planned 2029 completion.

Capella to launch Brisbane's first branded residences at Shafston House, Kangaroo Point

Lewis Land's latest apartment release within its <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan is targeting one of the Gold Coast's fastest-growing buyer groups, with almost a third of apartments at Solis priced below $1 million.

The seven-storey building at Biggera Waters will comprise 91 apartments, including 24 one-bedroom residences starting from $778,000, a price point Lewis Land says is aimed squarely at first home buyers struggling to enter the Gold Coast market.

<img alt="Harbour Shires" data-entity-type="file" data-entity-uuid="e7486e37-22f6-4c92-b212-9b0622070b8f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.34%E2%80%AFAM.png?VersionId=W8MJwJUCf6HkIyl_EVSksnd.QI6MZryY" />

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the developer deliberately allocated a significant proportion of the project to more affordable apartment types.

"First home buyers have been priced out of many parts of the Gold Coast, and we saw a clear opportunity to address this and play our part in a longer-term housing solution," Long said.

"That's why 24 of the 91 apartments being delivered at Solis have been designed and priced for the city's next generation of homeowners, quality one-bedroom apartments, half of which include an additional multipurpose room to maximise space and flexibility.

"This approach places 30 per cent of apartments in Solis under $1 million, and with close proximity to Harbour Town's future light rail extension connecting residents to the city's major employment and knowledge hubs, it's a win for buyers looking to secure their first property."

<img alt="Sores" data-entity-type="file" data-entity-uuid="550526d3-73ba-4710-9739-c5f4294a30ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.29%E2%80%AFAM.png?VersionId=cQQdXHt9wS0UXwZEm5Py5bH_3kAmzyhu" />

Designed by BDA Architecture, Solis will deliver a mix of one, two and three-bedroom apartments, with residences ranging up to 232 sqm. Apartments feature generous balconies and contemporary finishes, while residents will have access to Harbour Shores' lagoon pool, clubhouse, tennis court, gym, yoga studio and sauna.

The focus on first home buyers resonated with purchaser Holly Humphreys, who said she and her boyfriend spent more than a year searching for their first property before shifting their attention from houses to apartments.

"We fell in love with the first house we bid on and got our hopes up, but after repeated knockbacks we learned not to get too attached," Humphreys said.

"We offered at the high end of price guides, but sales kept going even higher. That's where we really struggled and we needed to re-evaluate our budget and our expectations. Standalone houses were off the table, and we pivoted to apartments and townhouses."

Humphreys said it was encouraging to see developers recognising the growing demand from first home buyers.

"There's a growing number of young buyers looking to enter the market earlier because they understand that getting in now can make a real difference as prices continue to rise," she said.

"It's fantastic to see a developer recognise this and then actively take measures to deliver an apartment with us in mind."

Solis is the first development planned within the second stage of the Harbour Shores masterplan, with early works expected to commence in September 2026.

[smartcode_project_cta:default project_id=113271]

Lewis Land targets first home buyers at latest Harbour Shores release, Solis

Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

[smartcode_project:default project_id=114246 project_image_fid=370116]

Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.

"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."

The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.

KOYO penthouse headlines Abadeen's $19.25 million EOFY sales flurry

Southbank

<html><body>
It was announced by the Premier and Planning Minister this morning that <a href="/new-apartments/one-queensbridge-street-1-23-queensbridge-street-southbank">One Queensbridge Street, Southbank</a> - previously known as Queensbridge Tower - has been approved.

A media release distributed this morning confirmed the project will maintain 388 hotel suites and 708 residential apartments across its 90 floors.

<blockquote>
The Government has also taken steps to ensure Crown Melbourne and the Schiavello Group give back to the state, with a $100 million community benefits package, including:

<ul>
<li>A $25 million upgrade to Queensbridge Square, including landscaping and two new cafes</li>
	<li>A further $15 million for the Sandbridge Rail Bridge</li>
	<li>Landscaping and public realm improvements on Southbank Boulevard, including a new bike strip</li>
	<li>Street furniture and additional trees along Queensbridge Street, and better connectivity with Freshwater Place</li>
</ul>
<cite><a href="http://www.premier.vic.gov.au/4000-jobs-created-in-a-boost-for-victoria/">Victorian Government media release</a>, 9/2/2017</cite>
</blockquote>

3,000 direct and indirect jobs are anticipated during the construction phase and once complete a further 1,000 operational jobs are expected to be created.

<h2>The pecking order</h2>

We've come a long way since Rialto ruled over Melbourne's skyline.

<table border="1" cellpadding="1" cellspacing="1" style="width:100%;">
<thead><tr>
<th scope="col">Project / Building</th>
			<th scope="col">Height (metres)</th>
			<th scope="col">Status</th>
		</tr></thead>
<tbody>
<tr>
<td><a href="/new-apartments/one-queensbridge-street-1-23-queensbridge-street-southbank">One Queensbridge Street</a></td>
			<td>323</td>
			<td>Approved</td>
		</tr>
<tr>
<td><a href="/buildings/australia-108-southbank-70-southbank-boulevard-southbank">Australia 108</a></td>
			<td>319</td>
			<td>Under Construction</td>
		</tr>
<tr>
<td><a href="https://en.wikipedia.org/wiki/Eureka_Tower">Eureka Tower</a></td>
			<td>297</td>
			<td>Built</td>
		</tr>
<tr>
<td><a href="/new-apartments/38-freshwater-place-southbank">38 Freshwater Place</a></td>
			<td>272</td>
			<td>Planning Assessment</td>
		</tr>
<tr>
<td><a href="/buildings/west-side-place-melbourne-250-spencer-street-melbourne-vic-3000">West Side Place Tower 1</a></td>
			<td>270</td>
			<td>Registration and Sales</td>
		</tr>
<tr>
<td><a href="/buildings/aurora-melbourne-central-224-la-trobe-street-melbourne">Aurora Melbourne Central</a></td>
			<td>267</td>
			<td>Under Construction</td>
		</tr>
<tr>
<td><a href="https://en.wikipedia.org/wiki/120_Collins_Street">120 Collins Street</a></td>
			<td>265 (spire height)</td>
			<td>Built</td>
		</tr>
<tr>
<td><a href="https://en.wikipedia.org/wiki/101_Collins_Street">101 Collins Street</a></td>
			<td>260 (spire height)</td>
			<td>Built</td>
		</tr>
<tr>
<td><a href="/buildings/sapphire-by-the-gardens-63-la-trobe-street-melbourne-vic-3000">308 Exhibition Street Tower 1</a></td>
			<td>254</td>
			<td>Planning Assessment</td>
		</tr>
<tr>
<td><a href="/buildings/sapphire-by-the-gardens-63-la-trobe-street-melbourne-vic-3000">308 Exhibition Street Tower 2</a></td>
			<td>254</td>
			<td>Planning Assessment</td>
		</tr>
<tr>
<td><a href="https://en.wikipedia.org/wiki/Bourke_Place">Bourke Place</a></td>
			<td>254 (antenna height)</td>
			<td>Built</td>
		</tr>
<tr>
<td><a href="https://en.wikipedia.org/wiki/Prima_Pearl">Prima Pearl</a></td>
			<td>254</td>
			<td>Built</td>
		</tr>
<tr>
<td><a href="https://en.wikipedia.org/wiki/Rialto_Towers">Rialto Towers</a></td>
			<td>251</td>
			<td>Built</td>
		</tr>
</tbody>
</table>
* heights rounded to nearest metre.
</body></html>

Alastair Taylor

One Queensbridge Street approved

<html><body>
The Southbank, Melbourne apartment of Lin Tan, who heads up Rubberduck Café in Malaysia, has been listed for sale.
It is on <a href="https://www.corerealty.com.au/3418499/" target="_blank">level 26 in the Triptych building</a> on Kavanagh Street. She paid $1.95 million for the apartment in 2010.
There are three bedrooms, two with built-in storage and the master with a full ensuite.
There is a large open-plan living room with a stone-topped Miele kitchen and butler’s pantry.
Floor-to-ceiling windows capture views over the Botanic Gardens and communal facilities include an indoor lap pool, rooftop garden and concierge service.
The property is listed with Corene Chan of Core Realty with $2.5 million hopes.
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firstname1-iYD4UYzvBa

Rubberduck Café's Lin Tan lists in Southbank

<html><body>
Having heard of the importance of street setbacks and tower separation over the previous two years as part of the Government's push for better tower design outcomes, somewhat of a built form quirk is emerging on Southbank's Coventry Street.

Should the recently submitted 31 Coventry Street gain approval, it would allow four towers to be built wall to wall, with the quartet each spanning approximately 20 levels. With no street or tower setbacks involved, the result would be a solid build form that stretches roughly 90 metres on the horizontal plane.

This seems to fly in the face of what has been drummed into all and sundry in recent years. But of course it's not a black and white matter when considering equitable development opportunities, discretionary design controls which veil the site/surrounds and existing built form precedents.

It could be argued that having this solid wall of towers is a poor design outcome, yet at the same time why should 31 Coventry Street be treated any differently than the towers which have been approved before it over recent times.

<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/image3cov.jpg" rel="gallery-all" title="Elenberg Fraser's initial renders for 31 Coventry Street"><img alt="" class="image-article-full-width-580px" height="299" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image3cov.jpg?itok=JDFhyyRZ" title="Elenberg Fraser's initial renders for 31 Coventry Street" width="580"></a>

<figcaption>Elenberg Fraser's initial renders for 31 Coventry Street</figcaption></figure>In isolation, 31 Coventry Street is one of two apartment developments for Headland Properties which are currently at planning.

With precinct-specific design controls in a state of change, the developer has taken the opportunity to push through with the project which is the amalgamation of the Coventry Street plot and 22-24 Wells Place. The latter southern facing site did hold approval for a slim Pandolfini Architects-designed residential tower.

The amalgamation of the Wells Place and Coventry Street plots has allowed for an increased apartment yield, which totals 120. This sum is split between 40 single and 80 dual bedroom options, with premier two bed, two bath layouts facing Coventry Street.

Assisting the proposed tower is basement car parking for 94 vehicles, a ground floor showroom and rooftop amenities.

<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/image16cov.jpg" rel="gallery-all" title="Pandolfini Architects' superseded Wells Place design"><img alt="" class="image-article-full-width-580px" height="444" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image16cov.jpg?itok=zQ7rtLWC" title="Pandolfini Architects' superseded Wells Place design" width="580"></a>

<figcaption>Pandolfini Architects' superseded Wells Place design and Elenberg Fraser's equivalent</figcaption></figure>Project architect Elenberg Fraser describes the design as follows:

<blockquote>
The Wells place facade references a New York style masonry brick facade. This treatment wraps around to the Eastern and Western facades to provide privacy screening to the adjacent properties. Additionally this facade treatnent acts as an effective solar shading device.

The proposed design for the 31 Coventry sheet facade is an architectural screening element. This provides the opportunity to set the buildings glazing line back from the sites northern title boundary.
<cite>Elenberg Fraser</cite>
</blockquote>

The remaining trio joining Elenberg Fraser's vision for Coventry Street are at different stages of delivery.

Evolve Development has seen the completion of The Guilfoyle at 39 Coventry Street come and go, with the developer also poised to begin construction on Botanic Melbourne at 25-29 Coventry Street which includes 288 apartments over 20 levels. The project has an end value of $190 million and has a targeted 2019 completion date.

Botanic Melbourne is also noteworthy in that Evolve Development control the adjoining 23 Coventry Street, thus preventing development of that site in order to preserve views and amenity from their pending tower.

Rounding out the quartet that combine to create the 'Wall of Southbank' is Coventry Haus, with Hamilton Marino Builders progressing the build that will eventually see 68 apartments within the slim 20 level 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/img_4442.jpg" rel="gallery-all" title="31 Coventry Street in the foreground with 33 Coventry under construction"><img alt="" class="image-article-full-width-580px" height="870" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_4442.jpg?itok=w8ah089q" title="31 Coventry Street in the foreground with 33 Coventry under construction" width="580"></a>

<figcaption>31 Coventry Street in the foreground with 33 Coventry under construction</figcaption></figure>
</body></html>

silvermb

Hitting the wall on Southbank

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The latest research from CoreLogic's Southbank Melbourne Cityscope shows property sales have decreased in the past three months.
The property investment firm says that sales recorded in the quarter ending November 2016 totalled $610.6 million, a decrease from the $952.9 million recorded in the three months to August 2016
But a large increase from the $187.9 million recorded to May 2016.
This data brings the 12 month total to $2.306 billion, an increase from the $1.261 billion recorded the same time last year.
The table below shows sales recorded for the past eight updates of Southbank Cityscope.
<a href="/images/2016/12/05/Southbank-01.jpeg" target="_blank">Click to enlarge</a>
<img src="/images/2016/12/05/Southbank-01.jpeg" alt="">
Recent standout sales in the Southbank area include:
<ul>
<li>Twenty8 Freshwater Place, at 28 Freshwater Place, Southbank, comprising a 26-level building with retail space on the ground level and 19 levels of office space, has sold for $286 million through Colliers International Melbourne. The sale represented an initial yield of 6.60% on passing income of $18,876,000;</li>
<li>A vacant development site, at 7-23 Spencer Street, Docklands, an 8,607 sqm block of vacant land at site preparation stage has been sold for $97 million through CBRE Melbourne and JLL Melbourne.</li>
</ul>
<a href="/images/2016/12/05/Southbank-02.jpeg" target="_blank">Click to enlarge</a>
<img src="/images/2016/12/05/Southbank-02.jpeg" alt="">
Properties for sale in Southbank in November 2016 include:
<ul>
<li>Hilton Melbourne South Wharf, at 2 Convention Centre Place, South Wharf, a 5-star hotel comprising ground floor lobby and retail space, a four-level podium and 396 rooms, for sale through JLL Hotels &amp; Hospitality and</li>
<li>202-214 Normanby Road, South Melbourne, a high single-storey brick factory-workshop building being marketed as a development site of 1,518 sqm, for sale through CBRE Melbourne.</li>
</ul>
Significant leasing opportunities in Southbank in November 2016 include:
<ul>
<li>210 Kings Way, South Melbourne, a five-storey brick and concrete office building with a 6,135 sqm building area and 56 car parks, has office space ranging from 670 to 1,890 sqm for lease through Lemon Baxter;</li>
<li>South Wharf Office Tower at 30 Convention Centre Place, South Wharf, a 12-level office tower with parking for 404 cars, has office space of 491 to 2,665 sqm for lease through Colliers International Melbourne; and</li>
<li>182 Kings Way, South Melbourne, comprising two office buildings, has office space ranging from 1,390 to 1,900 sqm for lease through CBRE Melbourne.</li>
</ul>
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Southbank property market declines in past three months: CoreLogic

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The deeper pockets of Southbank continue to tick over as developers line up the next wave of apartment projects in the area.

Most recent to planning is 83-89 Coventry Street, with the large corner site of 976sqm landing with City of Melbourne in recent days. Proposed is a 20 storey reisdential tower with ground level retail and basement carparking.

At the time of sale near on two years ago, the site was offered by Colliers with a "World class scheme for a new iconic tower prepared by one of Melbourne’s best architects." With the passage of time, it likely that a new scheme has been created for the site which abutts the area's tallest building under construction, <a href="/buildings/kings-domain-southbank-68-dorcas-street-southbank">Kings Domain</a> the 24 storeys.

<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/image67_3.jpg" rel="gallery-all" title="Colliers successfully sold 83-89 Coventry Street"><img alt="" class="image-article-full-width-580px" height="369" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image67_3.jpg?itok=1UEEDGDA" title="Colliers successfully sold 83-89 Coventry Street" width="580"></a>

<figcaption>Colliers successfully sold 83-89 Coventry Street</figcaption></figure>83-89 Coventry Street joins 175-187 Sturt Street, which is the precint's other major apartment development at planning.

Lodged during July, the development application calls for a mixed use building which would replace a low-rise commercial complex. Although the scheme has yet to be advertised, likely images of the development have appeared on the website of <a href="http://g3projects.com.au/projects/southbank">G3 Projects</a> in recent times.

Its sweeping form and unique exterior finishes make the tower an aesthetically pleasing sight, while its height is lower to that of the diagonally opposite <a href="/new-apartments/248-250-sturt-street-southbank">250 Sturt Street</a>, which won approval at 16 levels.

<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/image68_6.jpg" rel="gallery-all" title="G3 Projects are involved with 175-187 Sturt Street"><img alt="" class="image-article-full-width-580px" height="356" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image68_6.jpg?itok=z5O4mZ1T" title="G3 Projects are involved with 175-187 Sturt Street" width="580"></a>

<figcaption>G3 Projects are involved with 175-187 Sturt Street</figcaption></figure>In terms of projects nearing public launch, a selling agent has been appointed to The Evermore.

Across a large Dorcas Street land holding, Xu Hui International Group operating as Landence Group in Melbourne, is expected to launch full retail sales of for the twin towered project in the new year. Designed by Hayball, the project initially gained approval for 492 apartments although it has since been refined by the development team, with 400 plus apartment still expected.

The balance of active apartment projects in this pocket of Southbank is split between Evolve Development's <a href="/developments/southbank-vic-3006">Botanic</a> which is at tender, and the under construction <a href="/new-apartments/coventry-haus-33-coventry-street-southbank">Coventry Haus</a> and <a href="/buildings/kings-domain-southbank-68-dorcas-street-southbank">Kings Domain</a>.

The combination of the above projects would add approximately 1,000 apartments to the areas already healthy population.

<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/image69_5.jpg" rel="gallery-all" title="Hayball's final design for The Evermore"><img alt="" class="image-article-full-width-580px" height="655" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image69_5.jpg?itok=dt4g-TRj" title="Hayball's final design for The Evermore" width="580"></a>

<figcaption>Hayball's final design for The Evermore</figcaption></figure>
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Southbank continues to attract development attention

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A restaurant investment in the heart of Southbank is now for sale.
The property is located <a href="https://www.realcommercial.com.au/property-retail-vic-southbank-502141674" target="_blank">1G/ 133 City Road, Southbank</a>.
It is currently leased for seven years with options to extend it even further.
It has a building area of 190 sqm with extensive contemporary fitout.
The rental yield for this property is $85,000 per annum net with reviews of four percent annually. There is a security deposit of $21,353.15
The property is listed for November 23 auction through Ray White agent Brett Diston.
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Restaurant premises in heart of Southbank for on auction

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The penthouse on the 86th floor of Eureka, one of the tallest buildings in the southern hemisphere, has hit the market.
And there's whispers that the 85th floor empty shell is soon set for imminent JLL listing. 
<a href="https://www.rtedgar.com.au/property/424157/8601-7-riverside-quay-southbank/" target="_blank">The 86th floor</a> is a lavish New York style Art Deco inspired apartment listed by entrepreneur Anthony Podesta.
Perched almost 300 metres above Riverside Quay, Southbank, the 660 sqm, whole floor apartment fitout was two years in the making.
It comes with four ensuited bedrooms, a library, large entertaining space, theatre room and even has Eureka Towers only gas fireplace.
There are designer imported fittings, with French oak parquetry flooring and hand crafted Art Deco ceilings. Italian marble is used throughout the apartment.
Podesta, a former high school teacher, made his fortune by founding McMillan Shakespeare, Australia's largest provider of salary packaging and notated leasing.
RT Edgar agents Tim Wilson and Anthony Grimwade are seeking offers over $18 million in conjunction with Melbourne Sotheby's agent Greg Herman.
For the more establishment buyer there's the 99 Spring Street penthouse offering which has been listed by Greg Hargrave. 
This article was first published in the Weekend Australian Mansion Australia property section.
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Eureka penthouse hits the market

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The proposed new Melbourne Conservatorium of Music (MCM) on Sturt Street is shaping to become much more than a cutting edge venue. While the project has been given coverage to date across a range of mediums, very little has been said regarding the project playing an integral part in the wider push to enliven the Arts Precinct and Southbank as a whole.

With plans for the $105 million complex now on display, it's an apt time to explore the projects intentions for Southbank at large.

Covering a site area of 5,100sqm, project lead John Wardle Architects have been joined by landscape architects ASPECT Studios in conceiving a site-specific response, with the aim of encouraging activity across the site and the wider area. Tying in with initiatives such as City of Melbourne's <a href="/news/transforming-southbank-boulevard-and-dodds-street">Transforming Southbank Boulevard</a> project, MCM will create a new active linear axis between Sturt Street and Dodds Street.

Dodds Street has been earmarked by the City Of Melbourne as a prime candidate for conversion to a pedestrian thoroughfare, providing Southbank with additional public space.

Located across from the West Block of the Melbourne University's adjoining campus, this new connector will see the reconfiguration of a number of existing onsite buildings in order to deliver plazas, lawns, more intimate parks and courtyards, set around a common pedestrian pathway. It's expected that when these outdoor spaces (including performance areas) are not utilised by university students, they will be made available to outside organisations.

<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/image38_5.jpg" rel="gallery-all" title="Exterior perspective. Image: Image: John Wardle"><img alt="" class="image-article-full-width-580px" height="267" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image38_5.jpg?itok=lWdk-YlY" title="Exterior perspective. Image: Image: John Wardle" width="580"></a>

<figcaption>Exterior perspective. Image: Image: John Wardle</figcaption></figure>According to the advertised documents, the MCM's design is in part based upon four key themes held within the wider ranging <a href="http://archive.creative.vic.gov.au/files/ea1c6732-f4f6-4c04-b8c0-a2d0012231f0/Melbourne_Arts_Precinct_Blueprint.pdf">Melbourne Arts Precinct Blueprint</a>. They are:

<ul>
<li>Bring life to the streets</li>
	<li>Create a ‘Melbourne’ experience</li>
	<li>More to see and do</li>
	<li>Make connections</li>
</ul>
Further, the following design principles have been instilled within the MCM design:

<ul>
<li>Green Spine: Green infrastructure such as semi-advanced tree planting and water sensitive urban design. Rain gardens will tie the open space together as a green spine</li>
	<li>Landscape Structure: The East and West ends of the open space will be designed as urban anchors. Materials and landscape form will be responsive to the design and/or strategic objectives of Sturt Street and Dodds Street</li>
	<li>Landscape Character: The open space will be comprised of three segments responding uniquely to their surrounding context such as street and buildings interface</li>
	<li>Intimate Spaces: Provide a series of small-scale spaces that provide comfortable locations for individual comfortable spaces for day to day use such as lunch, having coffee, studying and reading</li>
	<li>Performance Fields: The design will incorporate a level of spatial flexibility</li>
	<li>Pedestrian Movement: The open space will provide a strong connection between Sturt Street and Dodds Street for pedestrians. Secondary linkages into the adjacent VCA campus will provided. The plans for building 877 will provide a future food or beverage outlet and bicycle storage</li>
	<li>Frontages &amp; Sight Lines: The interfaces with both Sturt Street and Dodds Street will have considered design responds. Critically the interface with Dodds Street will be designed in coordination with the City of Melbourne</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/image36_3.jpg" rel="gallery-all" title="Landscape plan for the project. Image: John Wardle/ASPECT Studios"><img alt="" class="image-article-full-width-580px" height="352" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image36_3.jpg?itok=VbkcEiXx" title="Landscape plan for the project. Image: John Wardle/ASPECT Studios" width="580"></a>

<figcaption>Landscape plan for the project. Image: John Wardle/ASPECT Studios</figcaption></figure>To facilitate the above principles, demolition will be required across two sensitive and historic buildings.

Building 877 fronting Sturt Street will be partly demolished, while building 878 is set for full demolition. This demolition will allow for an expanded public realm and the activation of the site's edges with a cafe and end of trip facilities earmarked for the overhauled spaces. Both buildings are partially included under heritage overlay (HO389).

Heritage aside, the new MCM looks to have squared away both its tertiary and public intentions, while also adding itself to the growing list of remedies designed to bring Southbank's somewhat flailing public realm up to scratch.

Construction expected to commence during 2017.
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Southbank street life flourishes under the new Melbourne Conservatorium of Music proposal

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A Hong Kong based developer has paid $8.8 million for a Southbank development site.
It comes with plans for a $80 million Fender Katsalidis designed, 38 level residential tower.
Savills agent Nick Peden brokered the <a href="https://commercialpropertysearch.savills.com.au/256601/Sale/Southbank/18-Moray-Street" target="_blank">18 Moray Street deal</a> with Clinton Baxter and Jesse Radisich at $20,000 a square metre of land and $70,000 per apartment.
"The sale set a strong new benchmark for Southbank land," Peden said. 
“The transaction clearly demonstrates the ongoing appeal of the Melbourne market to Asia-based developers wishing to undertake projects to meet the needs of our rapidly growing population, and the price reflected that."
The 446 square metre corner site had a permit for a 124 apartments.
The sale was finalised promptly on unconditional cash terms and subject to two short term leases returning $120,000 per annum net.
He said the site was one of the last major permit-approved development opportunities within the prized Crown Casino precinct.
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Savills sells Southbank Fender Katsalidis tower site for $8.8 million

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One of the largest approvals during the Matthew Guy planning era is quietly going about facilitating changes to the permitted scheme that will significantly increase the project yield.

Dubbed Ultimus Tower, when under the guidance of selling agent CBRE City Sales 38 Freshwater Place changed hands at the turn of the year, with Sydney-based interests now driving the project. PCT Developments and Management is listed as the applicant for the revised scheme, with GL Investment Co Melbourne Pty Ltd installed as the newest site owner.

Post its initial submission during 2013, the Metier3-designed skyscraper was eventually granted approval by the current Planning Minister in March 2015. The permit at the time allowed for a 73 level mixed-use tower which forms part of the wider Freshwater Place precinct, but which also holds a Power Street frontage.

With a nominal development cost of $400 million, the most recent design iteration, set above a 3,096sqm site, will round out the Freshwater Place Precinct.

<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/image119_0.jpg" rel="gallery-all" title="Intended ground level pedestrian treatment. Planning image: Metier3"><img alt="" class="image-article-full-width-580px" height="379" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image119_0.jpg?itok=udyvNZ_O" title="Intended ground level pedestrian treatment. Planning image: Metier3" width="580"></a>

<figcaption>Intended ground level pedestrian treatment. Planning image: Metier3</figcaption></figure>Under a Section 72 amendment the tower in its external appearance will remain much the same at 272.25m tall at its roof level, although internally the configuration will be altered heavily.

With Metier3 still acting as project lead, the latest owners have sought to boost apartment numbers from 482 to 607. Premium apartments account for 14 of the 607, and are considerably more larger with internals of up to 195sqm. Overall, apartment sizes fall back into line with what could be considered the norm; single bed apartments of typically 50sqm, doubles with 70-80sqm and triples with 115-125sqm.

In line with the originally approved plan, a hotel component has been retained, although suite numbers have fallen from 390 to 299. The approved office space of some 1,288sqm has been eliminated as has the majority of retail space within the scheme; from 3,083sqm to a mere 538sqm.

Car parking provisions remain unchanged at 480, with both motorbike and bicycle allowances increasing.

With a new plot ratio of 36.8:1, setbacks to the north and west have been increased to 10m, with the eastern flank remaining unchanged at 5m. The podium height increases to 9 levels or 32.85m, with a new larger Gross Floor Area of 113,898sqm. This placed the tower among one of Melbourne's largest developments.

<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/image122_0.jpg" rel="gallery-all" title="Power street perspective. Planning image: Metier3"><img alt="" class="image-article-full-width-580px" height="1248" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image122_0.jpg?itok=aKv3Hl4D" title="Power street perspective. Planning image: Metier3" width="580"></a>

<figcaption>Power street perspective. Planning image: Metier3</figcaption></figure>As part of the revised application documents, a tentative timeline for construction has been included as part of the amended aviation application. The building itself and crane utilised in the construction process will be well under the PANS‐OPS barrier, but the building will penetrate the Essendon OLS barrier by 58.75m; the crane even moreso.

To this end the tower crane is expected to begin operation during August 2017 and continue through to September 2019.

These dates would suggest a best case scenario.
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