<section data-scroll-anchor="false" data-testid="conversation-turn-5" data-turn="user" data-turn-id="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" data-turn-id-container="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" dir="auto">Time &amp; Place’s plans to transform the former David Jones factory building in Surry Hills into a mixed-use residential precinct have gone on exhibition through the NSW Government’s In-fill Affordable Housing pathway.</section>

<section data-scroll-anchor="false" data-testid="conversation-turn-6" data-turn="assistant" data-turn-id="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" data-turn-id-container="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" dir="auto">
The Marlborough House proposal, lodged for the <a href="https://www.apartments.com.au/new-apartments/marlborough-house-47-97-marlborough-street-surry-hills-nsw-2010">47-97 Marlborough Street</a> site, would see the adaptive reuse of the heritage-listed warehouse building alongside the construction of new residential additions and a separate apartment building on the northern portion of the site.

The proposal seeks approval for 172 apartments across three buildings, including 15 per cent affordable housing managed by a community housing provider for at least 15 years from occupation.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="5d1d3c2a-bf13-47d6-a335-7c01102cdee1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.36%E2%80%AFAM.png?VersionId=cjMYrbR.BLUlWH4dar0RVDDo0bG.u2YT" />

Interior view from the Northern Building Penthouse overlooking the park

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The redevelopment is planned for the prominent 3,413 sqm site bounded by Marlborough Street, Goodlet Street and Lansdowne Street, directly opposite Eddie Ward Park and around 200 metres from the Surry Hills light rail stop.

Time &amp; Place acquired the former David Jones building in 2024, marking the first time the property had changed hands in around 50 years.

Designed by Wardle, the proposal centres around the adaptive reuse of the former David Jones factory, originally constructed between 1913 and 1935 in the Inter-War Chicagoesque architectural style.

Wardle noted in its Architectural Design Report that the building “occupies a significant place in the industrial and cultural history of Surry Hills” and at its peak was “the largest department store manufacturing facility in Australia, employing over 800 people and fuelling the growth of Sydney’s fashion and retail industries.”

The practice said the project positions itself “not as an isolated intervention, but as a contributor to the civic, social, and architectural grain of the precinct.”

The proposal would deliver 75 apartments within the retained southern heritage building, 59 apartments within the central addition, and a further 38 apartments within the new northern building fronting Lansdowne Street.

Planning documents show the scheme would comprise a mix of heritage apartments, new-build apartments, townhouses and penthouses.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="57758518-40a3-4b83-958c-d06e96a2cffa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.42%E2%80%AFAM.png?VersionId=VerlX9ST5xgBi8.1_YRsqdWTJeT6ygjs" />Interior View of the Heritage Building Apartment

The development would also include a ground-floor retail tenancy on the corner of Marlborough and Lansdowne streets, rooftop communal open space, a landscaped pedestrian link along the western edge of the site, and basement parking accessed from Lansdowne Street via a car stacker system.

&nbsp;

The scheme emerged from a competitive design process run by Urbis, with Wardle ultimately selected as the winning architect ahead of FJC Studio, TZG, Architectus and Wilkinson Eyre.

The Design Integrity Panel later described several aspects of the Wardle scheme as fundamental to the project, including “the stepped character of the new addition to the north of the site”, the landscaped western pedestrian link, and the “garden arrival” experience separating the original Marlborough House from the heritage addition.

Wardle’s design heavily references the site’s industrial and heritage history, while also responding to the surrounding Surry Hills streetscape.

The Architectural Design Report describes Surry Hills as “a finely grained neighbourhood with beautiful and expressive brickworks throughout the suburb,” with the proposal introducing a material palette intended to sit comfortably alongside the existing warehouse fabric and neighbouring terraces.

The report also outlines the project’s relationship with Eddie Ward Park and the broader landscape context of the area.

“Marlborough House occupies a site of deep cultural memory and the neighbouring Eddie Ward Park is of local ecological significance, where natural systems, topography, and stories have long shaped human experience,” Wardle noted in the report.

The architects said the proposal sought to “rebind built form to Country” through landscape, materiality and the adaptive reuse of the heritage structure.

<img alt="Marlborough House" data-entity-type="file" data-entity-uuid="9ae3f2f9-c85f-477a-a6f8-b43f6cb97c41" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.53%E2%80%AFAM.png?VersionId=B.qUCLqRvJOR.n9CvYcTpaknIX9LuqKZ" />

The project is also being progressed under the NSW Government’s in-fill affordable housing provisions, allowing developments that include affordable housing to access additional height and floor space incentives.

Under the plans, 2,593 sqm of the project’s floor space would be dedicated to affordable housing, slightly exceeding the required 15 per cent threshold.

In its Design Excellence Strategy, Urbis said the project aimed to “sensitively adapt and enhance the heritage-listed building on site through alterations and additions that preserve its historical significance” while delivering “high-quality market and infill affordable housing development in Surry Hills.”

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in&nbsp;<a href="https://www.apartments.com.au/developments/south-melbourne-vic-3205">South Melbourne</a>, and have future projects, <a href="https://www.apartments.com.au/new-apartments/the-wilmot-173-burke-road-28-hope-street-glen-iris-vic-3146">The Wilmot</a>&nbsp;in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>, the redevelopment of the Northcote Plaza, and another tower in South Melbourne.

The developer broke into Sydney just a few years ago with Two Tides in Manly. They have another project nearby, which is at the ultra-luxury end of the market on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach.

It is also continuing to work through the <a href="https://www.apartments.com.au/news/nsw/first-look-time-place-settles-on-design-for-the-chimes-potts-point-redevelopment">redevelopment of The Chimes building</a> on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as a project on <a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Mosman's Redan Street</a>.
</section>

Joel Robinson

First look: Time & Place unveils Marlborough House redevelopment designs for former David Jones warehouse in Surry Hills

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

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

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

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

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

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

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

Bottega House secures landmark riverfront site in St Lucia 

Surfers Paradise

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Horse owner David Henderson and wife Rhonda have bought back into the Gold Coast market, downsizing to a $3.5 million Surfers Paradise apartment.
They recently sold their opulent <a href="https://www.realestate.com.au/sold/property-house-qld-mermaid+beach-126034226" target="_blank">Mermaid Beach mansion</a> (above) for $16.5 million to Austworld group's Sam Raso and wife Rosa.
The Henderson's built the house in 2010 after paying $4.5 million for the absolute beachfront 1,210 sqm block surrounded by parkland.
Designed by Paul Uhlmann, the Hedges Avenue home had five bedrooms, five bathrooms, a library, gym, sauna, and a mancave with bar.
It came with a Magnesium-chlorinated pool and spa.
It was sold through David's brother Luke, an agent at John Henderson Professionals Mermaid Beach.
When they sold the apartment the Henderson family indicated they did not plan to go too far.
Their new <a href="https://www.realestate.com.au/sold/property-apartment-qld-broadbeach-124901238" target="_blank">Gold Coast bolthole</a> (below) is a 340 sqm apartment spanning the 12th level of the Waterline building.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/15/henderson.jpg" alt="">
There are four ensuited bedrooms.
Michael Kollosche at Kollosche Prestige Agents sold the apartment. 
Henderson was one of the owners of the 2013 Melbourne Cup winner Fiorente.
This article was first published in The Weekend Australian.
 
 
 
 
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firstname1-iYD4UYzvBa

Gold Coast horse owner David Henderson downsizes

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A Surfers Paradise apartment, priced at $320,000, has followed the trend and is willing to accept Bitcoin as legal tender
The<a href="https://www.realestate.com.au/property-unit-qld-surfers+paradise-127084094" target="_blank"> two bedroom apartment</a> will be sold tenanted at $370 a week, which would reflect a strong six percent yield for the buyer. The lease expires in February 2018.
Set in Cannes Court, the three storey walk up complex between Broadbeach and Surfers Paradise, the partly furnished apartment features an open plan living area which opens to a balcony.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/5/Surf2.jpg" alt="">
It last traded for $285,000 in 2008.
Ray White Broadbeach/Mermaid Waters agent Melissa Sekulic has the listing.
Buying property in Bitcoin has flooded the markets in the last two weeks.
The first home to hit the headlines offering Bitcoin was a home in Melbourne's The Basin. The vendor was only interested in a part Bitcoin payment for the home.
A home in Far North Queensland followed, willing to accept a 100% payment in Bitcoin for the $1.2 million home. That would equate to 100 Bitcoin at its current average price of around $12,000.
The 32 hectare rural estate known as Wooroonooran Falls at the foot of Mt Bellenden Ker, is happy to take the full transaction in Bitcoin.
The home is steeped in history. It was owned by one of the first settlers in the area, the Hon. Victor Nelson Hood, the nephew of Lord Nelson and the Godson of Queen Victoria.
The four bedroom, one bathroom Queenslander was built in 1948. Views from the front verandah look over the sugar cane fields.
Grandview, another Victoria home, this one north of Melbourne at Mount Macedon, was advertised as happy to also take full Bitcoin payment for the home, priced at $2.5 million.
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jrobinson-rf4aSBido9

Surfers Paradise apartment accepting Bitcoin payment

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Citimark Properties has gained funding for its $200 million Markwell Residences project in Surfers Paradise.
Located just 180m from the beach, Markwell Residences will the largest residential tower to be built in Surfers Paradise in more than eight years.
Citimark, based in Brisbane, has secured an offshore senior debt funding facility and has appointed Hutchinson Builders to begin construction of the 46-level, 210 apartment tower in the New Year.
Citimark Properties joint managing director Angus Johnson said the apartment and retail project was now 75 per cent sold after reaping the combined benefits of limited supply, high demand, increased infrastructure investment and the competitive advantage of being an established local developer.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/28/Markwell2.jpg" alt="">
Johnson said Australia’s constrained development finance market with Australia’s major banks had made projects of this scale difficult to get off the ground, particularly for private developers.
“The shortage of finance has impacted significantly on new supply despite very evident demand and the Gold Coast having one of the highest population growth projections in Australia,” he said.
“Citimark has a long track record with all four major trading banks and for the first time in our history, we did not approach any of them to fund the construction of Markwell Residences.
“We believe the Gold Coast is fundamentally one of the strongest markets in Australia with a significant undersupply, growing population and more than $12 billion in private and public infrastructure investment in the immediate region.”
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/28/Markwell1.jpg" alt="" style="font-size: 12.16px;">
The project’s funding was arranged by James Walsh, National Director of Deloitte Real Estate in Australia, who said the Markwell Residences project was attractive to financiers for a unique combination of reasons.
“There is a significantly low supply of new projects actually being constructed in the central Gold Coast region,” Mr Walsh said.
“This is reflected in the record low residential vacancy rate across the Gold Coast which was recently estimated at 0.9 per cent and the lowest of Australia's largest six cities.
Citimark Properties joint managing director Robert Pullar said Markwell Residences presented a unique competitive opportunity.
“The funding proposal took advantage of the current favourable market fundamentals which outrank other Australian east coast capital city markets, while partnering with a leading private Australian developer with a demonstrated 30-year-plus track record of successful projects,” he said.
“Appointing a top tier builder with a strong track record and national exposure was also a key component in securing a competitive and favourable senior debt funder.”
“Hutchinson Builders are Australia’s largest privately owned building company and we have partnered with them for over 30 years,” Mr Pullar said.
“The track record between our two companies added a lot of value to the Markwell project funding program.”
Johnson said interest from the Australian market had been integral to the project’s sales success with most sales sourced from local and Sydney-based agents.
“We purchased several sites on the Gold Coast ahead of the current cycle because we understood the impact of these fundamentals,” he said.
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Citimark Properties gains funding for $200 million Surfers Paradise building

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A whole floor apartment in Jade on the Gold Coast has been offered for sale.
After a turbulent few years after completion, the now tightly held Surfers Paradise block of 15 has seen just two sales in the last four years.
The <a href="https://i1.au.reastatic.net/1064x682-resize,extend,r=33,g=40,b=46/19b1ce53948c26134350b7eb2ca84ebecbbc8632a5c102752444b6f20aff8ec0/main.jpg" target="_blank">fourth level apartment</a> with three ensuited bedrooms is up for sale through Harcourts Coastal agent Tolemy Stevens who is asking $4.25 million.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/2/JADE2.jpg" alt="">
It was traded at $3.4 million just last year, and initially at $4.7 million in 2006.
The 320 sqm apartment's most impressive feature is the beach-facing wrap around balcony complete with its own private heated pool.
The master bedroom has a spa and steam room. There's also a study and a media room. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/2/JADE1.jpg" alt="">
The $96 million complex was completed by the Bezzina Group in 2006 to a collaborative design by Sydney architect Vic Lake and Brisbane architect Scott Peabody.
It came with a shiny Ticu Gold blade roadside exterior.
The biggest sale came in 2012 when $7 million was paid for the 14th floor unit. 
Queensland golfing champion Adam Scott bought in to the block early, but after the GFC hit sold the redundant garden apartment at a loss.
He paid $4.4 million for the two level apartment off the plan in 2004 and sold for $1.94 million in 2013.
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jonathanchancellor-7SQnKwU6yx

Whole floor Jade, Surfers Paradise apartment offering

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The McGrath Group has lost its veteran Surfers Paradise agent John Natoli who has told clients he intends to pursue his passion for underwater photography.
"Mr Natoli has left McGrath to pursue other interests and we greatly appreciate his contribution to the company over the years," the agency told Property Observer.
Asked to nominate stars remaining within the agency, the McGrath spokesperson declined.
"We are confident in the strength of our brand and the quality of our sales team on the Gold Coast and look forward to a successful Spring selling season."
Widely respected as one of the Gold Coast’s foremost authorities on prestige property, John Natoli has a very successful career, the last seven years at McGrath, much of it with conjunctional partnerships with James Ledgerwood, who departed the group for The Agency earlier this year.
He has been REIQ Gold Coast Salesperson of the Year. It came two years into his career.
John has been selling high-end residential real estate since 1993, specialising in Mermaid Beach, Broadbeach Waters, Surfers Paradise, Isle of Capri and surrounding suburbs.
John sold beachfront and riverfront property as well as luxury penthouses and sub-penthouses.
He has set a large number of property records including the highest price for beachfront land in Surfers Paradise in 2003 for $17.5 million and highest beachfront house sale on Main Beach in 2004 for $13.45 million.
In 2004 when at PRD he sold a two-storey beach shack on 963sqm of prime Main Beach beachfront for a whopping $13 million, which worked out to be $13,500 a sqm.
It made the three owners a profit of $11.3 million in just six years."Underwater photography is now an ever-consuming passion," he blogged several years ago.
He started around 2003, diving weekly mainly at <a href="https://www.julianrocks.net/Shop2/hooked_on_web_book.pdf" target="_blank">Julian Rocks, Byron Bay</a>.
"I love getting upto the Great Barrier Reef into warmer waters and better visibility at least once per year."
His favourite marine life - sharks, mantas and anemone fish - were taken using a Nikon D70 in an Ikelite Housing w/single 125 Strobe. 
He hasn't ruled out a return to property sales, The Gold Coast Bulletin advised.
McGrath Surfers Paradise is headed by Craig Caughlan whose Sutherland Shire-based family has been involved in property development since the 1970s.
In his late 30s, he started his real estate sales career at McGrath in Sydney under the tutelage of Matt Lahood before taking up selling at Penrith with another agency.
He has been at the McGrath Surfers Paradise office since January last year.
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jchancellor-FAypfDUnLy

Shark loving estate agent John Natoli calls time at McGrath Surfers Paradise

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The Surfers Paradise trophy home at 113 Commodore Drive is going under the hammer next month.
The late 1980s mansion was built for the tourism and resort developer Keith Williams.
The <a href="https://www.realestate.com.au/property-house-qld-paradise+waters-126255742" target="_blank">Mediterranean-style riverfront residence</a> was built by legendary Gold Coast construction figure Ron McMaster.
Keith’s wife Thea travelled to Italy with architect Roger Parker to get inspiration for the home which features a three-level staircase inspired by the Vatican.
There are arched windows, wrought iron chandeliers and Roman bath-style pool.
The mansion was subsequently owned by Dreamworld founder John Longhurst.
It was bought in 2013 by its current owners, local businessman Sep Abedian and wife Flora who have bought elsewhere.
Mr Abedian, the brother of Sunland Group founder Soheil Abedian, says he was drawn to the home’s status, size and outlook.
Spanning three levels and covering 1200sq m of floorspace, the home features an eight-seat cinema, grand entry, games room with wet bar, seven-car basement garage, wine cellar, gym, workshop, jetty, pool and spa.
There are reminders of the original occupants with the Williams family crest still adorning wallpaper in the games room.
The property’s noteworthiness was highlighted in 2015 when the Abedians were asked by the Gold Coast City Council to open up their home as part of the inaugural Gold Coast Open House program that celebrates important architectural landmarks.
Matt Gates, of Ray White Prestige, is marketing the 1489sq m property.
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j.ballantyne1990-6AQqhLzZaK

1980s Keith Williams mansion hits the market at Surfers Paradise

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A three-level apartment building with seven bedrooms in three units in Surfers Paradise has sold at auction for $6.55 million.
The property at <a href="https://www.realestate.com.au/property-unitblock-qld-surfers+paradise-125786206" target="_blank">32 The Esplanade</a> was bought by town planner Jason Hague.
The 433 sqm property, opposite the beach, was the only last free-standing home in Surfers Paradise on the Esplanade, said selling agent Amir Mian of Prestige Property Agents Southport. 
“It had three units and could have been used as a private residence – it was a proper brick and tile building. But the position and the zoning – there were no height restrictions. Position was the main thing,” Mian told The Australian Financial Review about the reason for the sale.
He said the final price exceeded the expected $6.5 million tag.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/08/TheEsplanade2.jpg" alt="">
New owner Jason Hague said he been looking around for a while and “got wind that it was going to come on to the market”.
“I love the Gold Coast. I've lived in Sydney, I've lived in London and I love that CBD living – that's what Surfers Paradise is about,” he added.
“There's a lot of money being spent on infrastructure. That Light Rail – that works because of density. It's a linear shape, the Gold Coast. It doesn't need a system that radiates out. It just needs a train line that drops off at nodes and around those nodes you get density. And it works. There are not too many places where you can say that can be achieved in Australia.” 
The Light Rail is going to be connected to Helens Vale shortly, which will connect directly to Brisbane by train. Besides, there has been an infrastructure boost because of the 2018 Commonwealth Games.
“The Gold Coast is maturing. That Light Rail has put it in a different league, in respect of where it was and where it's going. Investors are seeing that. Hoteliers are seeing that.”
The sale price translates to $15,128 per square metre, and shows the strength of the market, added Amir Mian. 
Hague said as of now the place will be for his family and whoever rents out the other units.
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Town planner buys Gold Coast apartment building for $6.55 million 

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A split level Soul, Surfers Paradise beachfront apartment has been listed for mortgagee sale.
Located at <a href="https://www.realestate.com.au/property-apartment-qld-surfers+paradise-125847162" target="_blank">4103/4 The Esplanade</a>, the 41st floor double storey apartment has views of the ocean and balconies on both level for alfresco dining.
It has 330 sq m space.
The first level has the open living room along with the formal dining with kitchen.
A study is also located on the first floor along with a large balcony running the entire length of the apartment.
A spiral staircase goes to the second level that leads to the three bedrooms and bathrooms along with media room and balcony.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/25/Screen%20Shot%202017-07-25%20at%2011.45.10%20am.jpg" alt="">
The property also has access to a indoor heated pool, spa, sauna and gym while outdoor are water features and BBQ area.
The property is offered through PRD Nationwide agent Adam Scott who has schedule an August 5 auction.
"Unique and rarely offered for sale, it is one of only four of "The Beach House Range" quality double storey apartments in the complex," the marketing says.
It last traded in 2014 at $2.7 million.
Soul was completed in 2011 by Juniper.
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Mortgagee Surfers Paradise beachfront apartment listed for auction

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Gold Coast Titans director Darryl Kelly and wife Joanne have traded up on Admiralty Drive in Surfers Paradise.
They've spent $7.7 million on a four level home (above), just along from their redundant home which remains on the market. 
Set on a 678 sqm riverfront parcel, the five bedroom home was caught up in the GFC flattening that hit the Gold Coast hard.
It notched up only a $700,000 gain in 10 years since its $7 million trade in 2007.
Two years earlier it had traded for $5.57 million, a growth of nearly $1.5 million in two years.
Michael Kollosche at Kollosche Prestige Agents sold the home.
Kollosche and Jordan Williams have the listing of the Kelly's now redundant four bedroom home 600 metres away.
They were asking $5.25 million upon its February listing, however the home with solar heated pool now comes with $4.95 million hopes.
A bridge over the living room links the king-sized master and guest suites, each complete with their own private waterfront balconies.
This article first appeared in The Weekend Australians Mansions Australia section.
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Gold Coast Titans director Darryl Kelly buys on Admiralty Drive

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<div>I went to Surfers Paradise on Friday on the Gold Coast.</div>
<div> </div>
<div>Being a holiday destination, it's one of Australia's most volatile and cyclical housing markets.</div>
<div> </div>
<div>It's not too hard to see why, with few height restrictions on building and apartment towers stretching almost as far as the eye can see. </div>
<div class="separator"> </div>
<div>The Gold Coast apartment market was one of Australia's hardest hit housing market sectors through the financial crisis - with a spectacular drop in prices - although apartment prices have been rising again steadily since early 2014. </div>
<div> </div>
<div>The detached housing market at Surfers Paradise is now performing very strongly, with a combination of a lower dollar (which encourages tourism), interest from China, and the upcoming Commonwealth Games all being factors working in the region's favour.</div>
<div> </div>
<div>The Gold Coast is also now a growing city and employment hub in its own right, with the region seeing population growth of 12,280 in FY2016.</div>
<div> </div>
<div>The risk in such markets is that when prices rise apartment construction can go crazy leaving the market highly susceptible to corrections, with the ensuing oversupply amplifying the downturn.</div>
<div> </div>
<div>To date median apartment prices are in many cases still below their 2009 levels, and have not risen far enough to result in widespread overbuilding, although there are some sites under construction.</div>
<div>Indeed, after accounting for the highly seasonal nature of the market, reported vacancy rates are clearly in a multi-year downtrend. </div>
<div> </div>
<div><a href="https://www.propertyobserver.com.au/images/2017/04/10/SQM2.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/10/SQM2.jpg" alt=""></div>
<div>Source: SQM Research</div>
<div> </div>
<div>An extremely speculative market, the fundamentals suggest a rising markets over the next couple of years or so until the next construction cycle delivers new supply in earnest (at which point it might be a good time to bail). </div>
<div> </div>
<div>
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank">Four Green Houses and a Red Hotel</a>.
</div>
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