A Moroccan-bathhouse residential tower has been unveiled for Budds Beach, with Australian developer <a href="https://www.apartments.com.au/developers/homecorp">Homecorp</a> announcing plans for a $260 million resort-style project in one of the Gold Coast’s most tightly held waterfront precincts.

A development application has been submitted to the Gold Coast City Council for a 27-storey tower at 8-10 Acacia Avenue and 25-27 Oak Avenue, Surfers Paradise, marking one of the few new large-scale residential projects proposed for the precinct in more than a decade.

The project will comprise 156 two- and three-bedroom residences, anchored by a residents-only Moroccan spa-inspired wellness sanctuary featuring private treatment rooms, a traditional Nordic sauna and steam room, hot and cold plunge pools and a curated juice bar. There will also be a resort-style rooftop precinct, complete with a heated infinity pool and spa, a residents’ lounge with a private kitchen and bar, a contemporary fitness centre with a yoga and Pilates studio, and outdoor BBQ areas with entertaining lounges.

<img alt="8-10 Acacia Avenue and 25-27 Oak Avenue, Surfers Paradise" data-entity-type="file" data-entity-uuid="997f8dbb-4ed1-47e4-8780-d12a3d5cd0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_3.png?VersionId=IsDJXxE8.HG92i4dnbmmPQi.fVXjME7I" />

"At Homecorp, we are driven by the pursuit of better - challenging expectations, thinking bigger and shaping communities that leave a lasting legacy," said Ron Bakir, CEO and Founder of Homecorp.

"This project draws on our experience and expertise to take what the market has been craving to the next level - a home that nurtures wellness, calms the mind and lifts the everyday stresses away. A home is more than a place you live, it’s where you rest, reset and find balance."

&nbsp;

Bakir says what sets the location&nbsp;apart is its rare, tightly held nature within one of the Gold Coast’s most vibrant lifestyle and entertainment precincts, yet quietly tucked away in a peaceful, beachside enclave.

"Budds Beach has remained exceptionally limited in supply over the past decade and this site presented an unmatched opportunity to deliver something truly special to both Surfers Paradise and the Gold Coast.”

Conveniently connected to major roads and the G:link, residents will enjoy easy access to Surfers Paradise, Broadbeach and Burleigh Heads, while still being just minutes from the city’s most iconic beaches and the Broadwater’s ‘golden mile’.

The 2130 sqm site acquisition adds to Homecorp’s growing Gold Coast multi-storey portfolio on the Gold Coast, following the success of Eve Residences in Labrador upon its completion in November 2024. In 2025, Eve earned multiple national accolades and went on to win ‘Best Oceanview Condo Development’ in the Asia Pacific region at the PropertyGuru Asia Property Awards Grand Final, outperforming entries from more than 13 prestigious international markets.

The company also commenced construction last year on the highly anticipated $250 million second stage of Cienna Varsity Ridge, set to deliver 289 residences by 2027 in the heart of Varsity Lakes, and launched the $210 million Florence Residences along Surfers Paradise’s Monte Carlo Avenue to the market, with construction kicking off last month.

"The property market is constantly evolving, particularly here on the Gold Coast, which continues to outperform national trends thanks to its unmatched lifestyle, natural beauty and growing infrastructure, especially ahead of the Brisbane 2032 Olympics. We are proud to be adding more homes to the skyline, creating spaces that are not only designed for liveability but also nurture wellness within. They are homes that are built to last a lifetime and beyond," concluded Mr Bakir.

The project is set to launch to the market later this year.

Joel Robinson

Homecorp lodges plans for $260 million Moroccan bathhouse-inspired tower in Budds Beach

What began as a leap of faith in the 1970s has evolved into one of the Gold Co​ast's most enduring development success stories. Raptis, now led by second-generation developer Evan Raptis, continues to shape the region's skyline four decades after patriarch Jim Raptis first ventured north from Sy​dney.

Jim Raptis began developing in Sy​dney in his 20s under the guidance of a seasoned mentor. After several successful joint ventures, he sensed untapped potential on the Gold Coast and made the bold decision to relocate. That instinct proved prescient, the Raptis family has contributed thousands of apartments to what was once purely a tourist destination and is now recognised as Australia's lifestyle capital.

[smartcode_project:default project_id=101620 project_image_fid=361818]

With decades of experience navigating the complex Gold Coast development landscape, Raptis maintains fully vertical integration, from site acquisition and construction through to marketing and sales strategies. This comprehensive approach has allowed the company to weather multiple market cycles and emerge well-positioned for the region's continued growth.

"We've seen the region change drastically over the last two decades, with that change accelerating in the last five years," says Evan Raptis. "The Gold Coast is becoming unrecognisable. There are some exciting projects happening up and down the coast. The Spit is being talked about as Australia's version of Monaco, with billions in development underway."

Unlike the volatile pre-GFC years that rocked the Gold Coast market, Raptis believes the region has matured considerably. "Demand remains strong, but the market is now settled and stable."

[smartcode_project:default project_id=101620 project_image_fid=361823]

While the company recently completed Pearl Main Beach, an 84-apartment development just 53 steps from the sand, Broadbeach has truly been home for the Raptis family.

"There's nothing Broadbeach doesn't have," Raptis says. "There's always a new café or restaurant coming into the neighbourhood, and the redevelopment of the Niecon Plaza, bringing nearly 5,500 square metres of retail, dining and office space, will only elevate Broadbeach even further."

[smartcode_project:default project_id=101620 project_image_fid=357483]

The suburb has reached what Raptis describes as a "settled phase" of its evolution, with owner-occupiers and repeat visitors increasingly shaping demand rather than traditional investors.

The company's latest Broadbeach project, Sterling, is now constructed to level 22 and scheduled for handover in June 2026. With approximately 70 per cent of apartments already sold ahead of completion, the development has attracted a distinct buyer profile.

[smartcode_project:default project_id=101620 project_image_fid=361821]

"We're seeing significant interest from lock-up-and-leave buyers and downsizers," Raptis explains. "Some use the apartments over Easter or Christmas, while others come down from Brisbane on weekends. They aren't your typical 'investors' who will put the apartments up for permanent rental."

Sterling offers prospective buyers a rare advantage: fully completed display apartments showcasing several two- and three-bedroom configurations, something few off-the-plan developments can provide.

With another Broadbeach project in the pipeline, Raptis emphasises that the next chapter is about maintaining standards rather than pursuing growth at any cost.

"We've been building for over four decades, and our track record matters. Our focus remains the same: deliver what we build, stay close to the details, and delivering a finished product that hopefully exceeds our clients' expectations."

[smartcode_project_cta:default project_id=101620]

It’s all in the family: Four decades later, Raptis continues to shape the Gold Coast skyline

JWLand has completed the final residential stage of its Lyneham precinct, Northbourne Village, with De Burgh now welcoming residents who have begun settling into their new homes.

A selection of the 350 studio, one, two, and three-bedroom apartments remains available within the two-building <a href="https://www.apartments.com.au/buildings/de-burgh-at-northbourne-village-40-de-burgh-street-lyneham-act-2602">De Burgh</a>, which occupies a prominent position along Northbourne Avenue.

[smartcode_project:default project_id=139989 project_image_fid=359152]

The apartments at De Burgh have been configured to prioritise natural light, privacy, and usable outdoor space, with ground-floor homes featuring private courtyards and upper-level apartments opening to generous balconies. Double-glazed windows are standard across the development, supporting acoustic comfort and improved energy performance.

Kitchens are fitted with Fisher &amp; Paykel appliances, while all residences include ducted reverse-cycle air conditioning integrated with app-based controls, allowing residents to manage lighting and climate remotely. These inclusions reflect a broader focus on durability, efficiency, and everyday functionality rather than short-term finishes.

[smartcode_project:default project_id=139989 project_image_fid=356280]

Shared amenity is delivered through a resident gym, rooftop garden, lounge spaces, parcel lockers, and landscaped communal areas that connect De Burgh to the wider Northbourne Village environment.

Nick Babic, Marketing Project Manager at JWLand, said the completion of De Burgh gives buyers a level of certainty that off-the-plan purchases cannot always provide.

“There’s no need to wait or play guessing games. You can come and see the spaces firsthand, and genuinely picture yourself living there today. That includes not only the apartments, but the amenities as well. It’s easy to imagine enjoying a coffee in the central courtyard or spending time with other residents in the lounge.”

The completed status of the project aligns with strong buyer demand for finished stock, particularly among first home buyers, young professionals, and downsizers seeking certainty around timing and cost.

[smartcode_project:default project_id=139989 project_image_fid=356282]

With pricing ranging from $463,000 to $1.588 million, much of the offering sits within reach of buyers looking to enter the Inner North apartment market.

De Burgh’s location underpins its buyer appeal, positioned approximately 600 metres from the light rail and three kilometres from Canberra’s CBD, with direct access to <a href="https://www.apartments.com.au/developments/lyneham-act-2602">Lyneham</a> wetlands, Sullivan’s Creek parkland, and the established hospitality and retail precincts of Lyneham and Dickson.

[smartcode_project_cta:default project_id=139989]

Canberra's newest apartment building: JWLand completes De Burgh at Northbourne Village

One of Victoria’s largest private developers, Central Equity, has commenced construction on Palmera, its $1 billion luxury residential development at Northcliffe on the Gold Coast, appointing Tier 1 builder Multiplex to deliver the project.

The fast-track to construction is being undertaken ahead of Central Equity officially launching the project to market.

The company says the move reflects its confidence in both the calibre of its offering and the Gold Coast’s long-term fundamentals, underpinned by one of Australia’s strongest growing economies, continued population growth and sustained infrastructure investment.

A diversifying employment base across health, education, professional services and tourism has helped insulate the local economy from volatility, while limited new supply in established coastal locations continues to support demand from owner-occupiers and downsizers seeking long-term lifestyle value.

<a href="https://www.apartments.com.au/new-apartments/palmera-residences-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a> is being constructed in the prestigious Northcliffe residential neighbourhood on an expansive 3,239 sqm site. It is located at 18 Garfield Terrace near the Northcliffe Surf Life Saving Club and the patrolled Northcliffe surf beach, situated between Broadbeach and Surfers Paradise.

[smartcode_project:default project_id=108274 project_image_fid=361249]

Offering a mix of spacious three-bedroom apartments over 52 levels, Palmera is designed to deliver a full suite of premium residences to buyers looking for the ultimate coastal lifestyle that the Gold Coast has to offer.

The project’s premium apartments will deliver northern views across the Surfers Paradise beachfront and extending all the way around to Burleigh Heads and beyond.

Palmera will be crowned by its top four levels, being a limited collection of penthouses and skyhomes that further elevate the residential offering through generous proportions and uninterrupted panoramic views.

[smartcode_project:default project_id=108274 project_image_fid=361246]

The appointment of Multiplex as the builder represents a major milestone for Palmera and cements Central Equity’s commitment to the Gold Coast after delivering more than 85 residential projects over the past four decades. It will be the 20th project collaboration between Central Equity and Multiplex.

“The commencement of construction at Palmera marks a major milestone for the project, with Tier 1 builder Multiplex appointed to deliver the development in the highly sought-after Northcliffe residential precinct on the Gold Coast,” said Central Equity Executive Director Karl Kutner.

“Our commitment to commence immediate construction is in line with our resounding confidence in the Gold Coast over the long term. The city has evolved and proven to be one of Australia’s most dynamic and resilient property markets in recent years.”

[smartcode_project:default project_id=108274 project_image_fid=361250]

Multiplex, one of Australia’s largest builders, has been shaping skylines and delivering iconic projects around the world since 1962. In that time, the Tier 1 global contractor has delivered projects with a combined value of more than US$130 billion.

“Having worked with Multiplex on many previous developments, we are pleased to be extending our relationship further with Palmera,” Kutner added.

“Multiplex brings an unparalleled depth of experience to ensure that Palmera fulfils the vision we have laid out for this strategic location and is delivered to the highest standards,” he said.

Multiplex Regional Managing Director Michael Sinclair said Multiplex was delighted to be aligning with Central Equity yet again.

“Central Equity is creating a stunning new addition to the Gold Coast skyline, and we look forward to bringing their vision to life with a world-class construction team and program. We are proud to be working alongside Central Equity on our 20th project together.”

Palmera has been designed by Marchese Partners, with interiors by DBI.

[smartcode_project:default project_id=108274 project_image_fid=361247]

Residents will have private access to extensive, state-of-the-art amenities, featuring two large pools including a generously scaled, family-friendly pool with safe shallow zones, and a 25-metre lap pool facing the western side, ensuring maximum sunlight all day.

Also available exclusively to residents is a sauna, magnesium pool, yoga studio, expansive gym, resident lounge, outdoor BBQ and dining areas. Residents will also be welcomed by concierge and luxurious entry foyer.

Located on Garfield Terrace in Northcliffe, Palmera enjoys a prime coastal position just moments from the patrolled Northcliffe beach and the G:link light rail, providing effortless connectivity along the Gold Coast’s beachfront suburbs, linking the Gold Coast University Hospital in the north with Nobby beach and Burleigh Heads to the south once the extension completes later this year.

[smartcode_project_cta:default project_id=108274]

Central Equity unveils Palmera on Garfield Terrace, Surfers Paradise

The idea of a low-maintenance forever home located close to the city were the two driving factors behind a recent purchaser’s journey at Murcia, the under-construction East Brisbane apartment development by Sarazin.

Last year, Lois and her husband purchased a two-bedroom plus multi-purpose room (MPR) apartment in the new building, which is being constructed by Hutchinson Builders and is on track for completion in late-2027.

[smartcode_project:default project_id=135094 project_image_fid=341638]

The couple’s number one priority was to remain within easy commuting distance of the city for work. Murcia is positioned alongside the new Cross River Rail, with Woolloongabba Station just 300 metres from the front door.

They are currently living in their Annerley unit, which they have owned for several years, after recently moving out of their inner-city apartment, located on the very same street as Murcia.

“We had watched the development for a long time, and when construction activity began, that’s when we felt confident to buy,” Lois said.

[smartcode_project:default project_id=135094 project_image_fid=356540]

The timing also made sense. By moving back into their Annerley unit, they are able to save money ahead of settlement, while looking forward to returning closer to the city once Murcia is complete.

“We see Murcia as a forever home, as opposed to an investment, or something we need to appreciate massively in value and move on from in a few years,” Lois said.

“We secured an apartment large enough to grow a family, so we’re expecting to call Murcia home for a very long time.”

The couple plan to grow their family, but without the added maintenance demands of owning a standalone house further from the city. Working with Sarazin and architect HAL, they were able to slightly tweak the floorplan, converting the two-bedroom plus MPR layout into a functional three-bedroom apartment.

An added bonus was the recently revised communal space plans, which now incorporate a dedicated working-from-home area, complete with work pods, and shared desks.

“It means the third bedroom doesn’t have to become a part-time office and part-time bedroom,” Lois said, adding that residents have the benefit of working from home without actually being inside their apartment.

The rooftop wellness amenity was another standout compared to living in an established complex or a house. A signature feature of Sarazin developments, the rooftop will include a full gym, hot and cold plunge pools, a steam room and sauna, and a hotel-style pool with cabanas.

[smartcode_project:default project_id=135094 project_image_fid=214682]

Buyer journeys can vary significantly, from purchasing in the established market to buying new, or choosing between houses and apartments. Lois said they knew immediately that buying off the plan was right for them.

“We wanted something new, with less maintenance, and we weren’t quite ready to make the full financial leap straight away. The timing and deposit structure gave us the flexibility we needed.”

Designed by HAL Architects and inspired by the Spanish city of Murcia, the development takes a Mediterranean-influenced approach to architecture and landscaping, with a strong emphasis on shared spaces.

“The design feels considered, the amenities support how we actually live, and the location keeps us connected to the city without feeling right in the middle of it.”

Murcia is Sarazin’s second development in the area, following the completion of Silk One just up the road in 2022. They have several more projects coming to market in Woolloongabba ahead of the 2032 Brisbane Summer Olympics.

[smartcode_project_cta:default project_id=135094]

Close to the city, built for the future: Inside a growing family’s move to Murcia in East Brisbane

Vicinity Centres

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Today Apartments.com.au speaks to Erwin Taal, Senior Associate at ASPECT Studios about the office's work on Golden Age Group's Sky Garden development above The Glen Shopping Centre. Taal says the project provided a very challenging brief for a broad scale landscape that is not evident at first glance.

<blockquote>
A creative solution was required to provide the immersive landscape experience desired within the structural constraints of building over a retail precinct. 

This was achieved through the terracing of the landscape through using several lightweight shallow landscape trays creates an implied depth to the landscape that would otherwise not be possible. 

This depth is enhanced through the careful arrangement of plant heights to enhance this effect.
</blockquote>

<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/water_feature.jpg" rel="gallery-all" title="A water feature draws on the Chinese philosophy of the five essential elements. Image: Supplied"><img alt="" class="image-article-full-width-580px" height="290" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/water_feature.jpg?itok=FiytHw7N" title="A water feature draws on the Chinese philosophy of the five essential elements. Image: Supplied" width="580"></a>

<figcaption>A water feature draws on the Chinese philosophy of the five essential elements. Image: Supplied</figcaption></figure>Apartments.com.au: What was the brief from Golden Age for the landscaped spaces within Sky Garden? 

Erwin Taal: Golden Age and Time &amp; Place had a vision and dedication to provide a generous, shared residential green podium that would provide a range of outdoor spaces, appropriate for the varying needs of residents, including:

<ul>
<li>implementing a range of age-appropriate spaces,</li>
	<li>spaces with varying intimacy and openness,</li>
	<li>providing a mix of shelter and exposure,</li>
	<li>passive enjoyment through to active recreation.</li>
</ul>
The brief also called for the establishment of a green landscape with a range of planting approaches that would create an engaging immersive environment for the residents, within the limitations of the building structure. This desire for immersion within the landscape was amplified through the refined “Sky Garden” approach that was requested by Golden Age.

U: Did the design concepts of the five elements inform a set of guidelines which assisted in the collaboration between ASPECT, Rothelowman and DKO Architecture? 

ET: ASPECT Studios are one of the forerunners with extensive experience and knowledge of green roof design. We worked closely with Rothelowman &amp; DKO to ensure a seamless interface between the landscape and architecture. From the outset, we proposed that the residential podium take on a sympathetic design approach towards the concept for The Square and Level 1 Retail to ensure a considered and consistent design concept between all facets. This was in keeping with the geometries pursued within the Rothelowman design of the residential towers. Our concept successfully reflected the seamless integration between internal and external as well as the architectural exploration of the five elements to effectively create one consolidated residential offer.

U: What influence did the architecture of the three apartment buildings have on the design of the landscaped spaces? 

ET: We considered the broader site arrangement and massing of the three residential buildings and retail forms in our conception of the external landscape. The elongated forms that were rounded off (referenced to as the “Aalto curve”) were used as a driver to articulate the arrangement of a series of outdoor landscape rooms within the linear external landscape that wrapped along the base of the three towers. Further detail within these outdoor rooms was drawn from the manipulation of the residential tower forms including:

<ul>
<li>Faceting (as a way of rounding off corners using a controlled radius)</li>
	<li>Pinching (the drawing in of elements of the façade to provide variation in form and rhythm)</li>
	<li>The terrace (as a way of progressively stepping down building heights)</li>
</ul>
The linear landscaped forms were subsequently modified to become more curvilinear and less linear in nature, again as a reference to a more intimate Sky Garden approach, whilst retaining the overall arrangement of the outdoor rooms.

U: What were some of the challenges for designing multi-generational spaces without over cluttering the spaces or diluting the design intent? 

ET: The linear arrangement of outdoor rooms along the base of the towers and multiple points of entry surprisingly assisted in dispersing various programmed spaces along the podium. We divided the programming of the outdoor rooms into active through to passive use, and formal through to informal settings to determine the range of activities to occur within each room. Some of the outdoor rooms naturally lent themselves to a younger or older generational focus, but we felt it important that the interaction between all users was a desirable element, much as a typical urban environment. By off-setting the connective circulation from the activity of the spaces, a higher intensity of activation was therefore possible without disrupting access to other outdoor rooms within the arrangement.

<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/sky_garden_spaces.jpg" rel="gallery-all" title="A variety of formal, informal, active and passive spaces have been designed as part of the landscape strategy. Image: Supplied"><img alt="" class="image-article-full-width-580px" height="340" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/sky_garden_spaces.jpg?itok=yBVmYbsW" title="A variety of formal, informal, active and passive spaces have been designed as part of the landscape strategy. Image: Supplied" width="580"></a>

<figcaption>A variety of formal, informal, active and passive spaces have been designed as part of the landscape strategy. Image: Supplied</figcaption></figure>U: Sky Garden sits above the Glen Shopping Centre which is undergoing a staged redevelopment adding green spaces within the centre environment. How do you see the roles of shopping centres changing in the future and bringing more of nature in? 

ET: As our multi-residential and ‘mixed-use’ residential markets continue to grow, developers are taking further influence from our overseas counterparts in introducing shopping centre residential typologies which offers the fusion of lifestyle, residence and nature. As expressed within The Glen redevelopment encompasses:

<ul>
<li>Our inhabitation within an increasingly dense urban environment,</li>
	<li>the blurring of the traditional separation between home and lifestyle, and</li>
	<li>the desire for more meaningful connection to nature within our lifestyled environments.</li>
</ul>
Shopping Centres are rapidly evolving to capture, and even drive, this fusion through diversifying their offer beyond that of traditional retail. Incorporating nature through the creation of extensive internal and external landscaped environments provides breathing spaces within these intensified environments and actively encourages prolonged occupation. Whilst not a re-creation of real nature, the use of green roofs and podiums are a controlled representation of it which has been tailored to suit our changing social and urban fabric and can offer many of the environmental, microclimatic and biological benefits.
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Laurence Dragomir

ASPECT Studios' Erwin Taal discusses Sky Garden's landscape design

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Vicinity Centres has announced a progress update asset divestment program, with the sale of a portfolio of 10 sub regional and neighbourhood shopping centres to SCA Property Group.
They also sold one Neighbourhood shopping centre to a private investor, for an aggregate sale price of $631.0 million.
The aggregate sale price of $631.0 million reflects a 5.1% discount to the combined 30 June 2018 book values of the eleven assets and a weighted average capitalisation rate of 6.9%.
Vicinity has now divested 35 shopping centres for more than $2.5 billion at a 0.5% premium to book value.
Discussions are noted to be underway with prospective purchasers of three remaining assets included in Vicinity’s divestment program.
Mr Grant Kelley, Vicinity’s CEO and Managing Director, said “These transactions are a significant achievement and advance our strategy to unlock major potential in the business.”
“It is an important step in delivering strong and sustainable growth through focusing our directly-owned portfolio on approximately fifty market-leading destination assets, expanding our wholesale funds platform and realising mixed-use opportunities across the portfolio.”
SCP will acquire ten assets for a total consideration of $573.0 million. Settlement of these transactions is expected later this month.
<img src="https://www.urban.com.au/images/2018/10/3/Vicinity%20centres.JPG" alt="">
The sale of Belmont Village (pictured above) in Victoria to a private investor for $58.0 million was settled at the end of September .
As at 30 June 2018, the eleven assets sold had specialty sales per square metre averaging $7,611. 
Vicinity’s FFO guidance for FY19 remains unchanged at 18.0 to 18.2 cents per security.
Assuming the sale proceeds of the eleven non-core assets are used to repay debt in the short-term, gearing would be reduced by approximately 280 basis points.
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j.ballantyne1990-6AQqhLzZaK

Vicinity sells eleven shopping centres for $631 million

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Vicinity Centres have sold Gympie's Goldfields Plaza for $27.5 million.
The move comes after Vicinity Centres announced it was to sell $1 billion worth of shopping centres to refurbish their higher assets. 
It's been bought by Lascorp Development Group, who have outlined plans for a major overhaul of the neighbourhood centre.
The sale reflected a 1.1 percent premium to Book Value, in a transaction brokered by Savills agents Peter and Jon Tyson.
Goldfields Plaza comprises an enclosed neighbourhood shopping mall anchored by a Coles supermarket and Target department store.
Peter Tyson, Savills’ national retail director, said that the neighbourhood shopping centre asset class remains very popular with investors.
“The sale campaign for Goldfields Plaza attracted strong buyer interest, with multiple offers from investors as well as developers given the asset’s value-add profile. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/6/20/GOLD2.jpg" alt="">
“Goldfields Plaza features the only Coles and Target offerings in an expansive trade area with the nearest alternatives located at Noosa to the south and Maryborough to the north,” he said.
Run by veteran Melbourne retail developers Michael and Matt Lasky, Lascorp has over 40 years history developing and refurbishing shopping centres on Australia’s eastern seaboard.
Michael Lasky said that they were attracted to the Centre due to it having the right fundamentals.
“We like Goldfields Plaza. It is centrally situated next to the town’s centre, has great parking and is underpinned by a very strongly trading Coles supermarket.
“We feel we can apply our expertise and add value to the centre through repositioning the mall and specialties” he said.
Matt Lasky said that the Centre has great bones, and will benefit from our planned refurbishment as it hasn’t had an upgrade in many years.
“Our plans include refreshing the façade, extensive upgrades to the mall areas and amenities and implementing a releasing program,” he said.
Savills’ Peter Capps has been appointed to lease the repositioned centre on behalf of Lascorp.
Capps said that the refurbishment program will completely refresh the look and feel of the mall with improved traffic flow and opening of the sightlines between Coles and Target.
“We will be targeting key food and service lines, rather than discretionary spending. It is easy to see that following the refurbishment, Goldfields Plaza will be the most convenient food and service offer in the local market,” he said. 
Lascorp’s purchase of the Gympie mall follows the groups’ sale of the refurbished Morningside Plaza Shopping Centre in Brisbane earlier this year for $23.8 million through an off market transaction also brokered by Savills’ Peter Tyson.
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jrobinson-rf4aSBido9

Vicinity Centres sells Gympie's Goldfields Plaza

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Vicinity Centres and Gandel Group, owners of Chadstone Shopping Centre, have appointed <a href="/builders/hickory">Hickory</a> as head contractor for the hotel development which will join the 10-storey office tower completed as part of the last round of construction works.

Located at <a href="/developments/chadstone-vic-3148">1341 Dandenong Road</a>, the hotel forms a key anchor of the Chadstone master plan with AccorHotels managing the 250-room hotel under its MGallery by Sofitel brand, adding a further dimension to the shopping, dining and entertainment centre.

The hotel is being built to capitalise on the 23 million visitors that visit Chadstone each year, including an estimated 350,000 international tourists.

Designed by <a href="/architects/bates-smart">Bates Smart</a>, the 12-storey hotel will become the first to target a 5 -tar Green Star rating using the new generation Green Star – Design/As Built v1.1 rating tool.

The hotel will also feature health and wellness facilities, including a day spa, gymnasium and rooftop infinity swimming pool, plus two restaurants, lounge bar, and a ballroom capable of hosting functions for up to 400 people.

Demand for the hotel will be driven by business travellers, tourists and visitors to both Chadstone and the commercial offices of the 17 international and national businesses located on-site, as well as the nearby Monash precinct employment hub which employs 75,000 people.

<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/1xWAKxStfO0" width="560"></iframe>

As part of the build, Hickory is targeting a compressed construction timeline, which will be achieved via the implementation of Hickory's patented building technology HBS. Hickory will incorporate large prefabricated elements such as stairs and walls within the build.

Additionally Hickory are employing a dust management plan to control, monitor and identify all dust-generating activities during all stages of the construction to aid in minimising disruption to customers or impacting the surrounding Chadstone community.

Construction and management of the hotel will create more than 1,300 new jobs, including 1,250 jobs in construction and 120 ongoing roles in the operation of the hotel, boosting employment in the Monash area.

Heavy noise excavation works have already been completed on the site with the main hotel construction to begin next week. Hickory is targeting a 14 month construction schedule with the hotel due to open in the second half of 2019. 

Further works underway or about to commence at Chadstone Shopping Centre include:

<ul>
<li>The revamp of the East Mall which will see a new Victoria’s Secret flagship store opening in late 2018. </li>
	<li>The expansion of the Coles Car Park which will see the reconfiguration of two access points to ease traffic congestion, as well as a new pedestrian walkway.</li>
	<li>A new look Food Atrium which is currently being renovated on the Lower Ground.</li>
	<li>A new Visitor Lounge for visitors to enjoy which will provide spaces for VIP events, champagne on arrival for special groups and roving multilingual team members to answer questions.</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/east_mall.png" rel="gallery-all" title="A snapshot of some of the upcoming or underway developments at Chadstone. Images: https://www.chadstone.com.au/development"><img alt="" class="image-article-full-width-580px" height="201" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/east_mall.png?itok=aY-N65JQ" title="A snapshot of some of the upcoming or underway developments at Chadstone. Images: https://www.chadstone.com.au/development" width="580"></a>

<figcaption>A snapshot of some of the upcoming or underway developments at Chadstone. Images: https://www.chadstone.com.au/development</figcaption></figure>Both Federal and State Government's are also investing in stronger public transport links to the centre with options for both light and heavy rail being floated in respective budget announcements.
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Hickory appointed to build Chadstone's MGallery by Sofitel hotel 

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Golden Age Group has recently launched the website for its Sky Garden Residences, to be developed above airspace as part of The Glen redevelopment project. City of Monash initially approved plans for the $500 million redevelopment of The Glen shopping centre in Glen Waverley in 2015.

Key features of The Glen redevelopment include:

<ul>
<li>an expansion of the retail centre across the existing car park in Springvale Road, Glen Waverley</li>
	<li>three apartment towers above the retail podium, with the highest being 20-storeys</li>
	<li>a new public square at the entrance to the shopping centre, with cafes and restaurants creating a cosmopolitan connection between Kingsway and The Glen.</li>
</ul>
In November 2016, Council approved an amended permit for the residential towers at 235 Springvale Rd, Glen Waverley which was once again amended and approved in January 2018. 

Key aspects of the proposed amendments relate to modification of the overall massing, layout and mix of residential apartments of Building A, (Signature Building), B (Urban Building) and Building C (Kingsway Axial Building). 

Each building will increase in overall height by 1m and will adopt a new facade treatment to what was originally approved.

The revised plans prepared by RotheLowman include an additional 89 car spaces and the provision of 555 apartments across the three towers comprising of: 

<ul>
<li>127 x 1 bedroom apartments; </li>
	<li>371 x 2 bedroom apartments; and </li>
	<li>57 x 3 bedroom apartments. </li>
</ul>
<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/the_glen_skygardens.jpg" rel="gallery-all" title="Sky Gardens as the name suggests has 4,000 sqm of communal open space. Image : skygardenresidences.com.au"><img alt="" class="image-article-full-width-580px" height="221" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/the_glen_skygardens.jpg?itok=bGaRtxSZ" title="Sky Gardens as the name suggests has 4,000 sqm of communal open space. Image : skygardenresidences.com.au" width="580"></a>

<figcaption>Sky Gardens as the name suggests has 4,000 sqm of communal open space. Image : skygardenresidences.com.au</figcaption></figure>A large part of the project's appeal according to Golden Age Group is the 4,000 sqm of open space across the three towers and the views on offer from within, which encompass the Dandenong Ranges and the Bay.

The new residences will also take advantage of their position within the newly revitalised shopping and entertainment precinct of The Glen Shopping Centre.

<ul></ul>
The first stage of the redevelopment of The Glen - the Fresh Food Market Hall - opened in September 2017 and is located on the lower ground level offering a wide choice and variety of fresh produce and specialty ingredients in one location.

The Fresh Food Market Hall features an ALDI, latest format Woolworths, Coles and 60 boutique food retailers and specialty stores.

Vicinity Centre's redevelopment of The Glen will occur across five stages spanning three years which will create a new 'town square' with dining over two levels, new mini-majors, a fresh food market hall and 240+ select stores on completion. The five stages of the redevelopment are summarised below.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/img_8048.jpg" rel="gallery-all" title="Probuild has advanced construction on The Glen "><img alt="" class="image-article-full-width-580px" height="377" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_8048.jpg?itok=o_dIE0Op" title="Probuild has advanced construction on The Glen " width="580"></a>

<figcaption>Probuild has advanced construction on The Glen</figcaption></figure>The Glen Stages :

<ul>
<li>Stage 1 - Now Open: Fresh Food Market Hall</li>
	<li>
	Stage 2 - Early 2018: New Food Gallery
	</li>
	<li>
	Stage 3 - Late 2018: Fashion &amp; Lifestyle
	</li>
	<li>
	Stage 4 - Late 2019: David Jones, Premium Fashion &amp; New Town Square
	</li>
	<li>
	Stage 5 - Early 2020: Mini Majors Precinct
	</li>
</ul>
<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/l0Atr-Luux4" width="560"></iframe>
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Sky Garden residences launched as construction progresses on The Glen

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Shopping centre giant Vicinity Centres has begun the search for a new chief executive with Angus McNaughton to retire at the end of this year.
The surprise announcement comes just under two years since Mr McNaughton stepped back into the top role in controversial circumstances following the merger that formed formed Vicinity.
"Including my time with Novion and its predecessor, CFS Retail Property Trust Group, I have been involved with this business for nearly 10 years," Mr McNaughton said in a company statement on Thursday.
"It has been a privilege to be part of Vicinity's transformation and, together with the board and executive team, to establish Vicinity's strategic direction.
"Vicinity is in a strong position and I am very confident in the highly competent executive team that we have built and their ability to drive the future growth of our business."
In August 2015, Mr McNaughton replaced Steven Sewell, who led Federation Centres when it merged with the larger Novion.
​But Mr Sewell's management styled irked the new board, which moved to axe its chief executive just two months after the the 2015 merger was formalised.
Mr McNaughton, who had stepped aside when the merger took place, was recalled and has led the growth of the renamed Vicinity, now an $11 billion property trust, since then.
The New Zealander has bedded down the amalgamation that created the second largest listed landlord of Australia retail property.
Among the highlights of his renewed tenure, Mr McNaughton has overseen a $660 million expansion of Chadstone shopping centre, now Australia's largest mall.
The mall is co-owned by Financial Review Rich Lister John Gandel, who is also Vicinity's largest shareholder and will be influential in the selection of the its next chief executive.
Among the challenges for Vicinity's next leader will be the rapidly changing retail environment that is forcing landlords to rework their massive shopping centres to re-engage shoppers enticed by the ease of online retailers such as Amazon  
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Mall giant Vicinity's CEO to resign

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Two major projects within City of Monash will provide the municipality with a development boost over coming years.

Construction will begin this month on The Glen's $490 million development, with Vicinity Centres and co-owners Perron Group officially launching the project yesterday. Marking 50 years of operation, 'The New Glen' will encompass 78,000 square metres of gross lettable area and will include a variety of new retail and entertainment options.

As part of the development that will be completed by 2020, a new Town Square will also be built. Apartments.com.au highlighted the <a href="/news/the-glen-redevelopment-grows-further-with-more-apartments-approved">centre's revised plans</a> late last year, which also allowed for as many as 539 new apartments to be created onsite across 3 separate buildings - no word was given yesterday on their status.

<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/image9_12.jpg" rel="gallery-all" title="The Glen is in line for a major overhaul. Image: Vicinity Centres"><img alt="" class="image-article-full-width-580px" height="308" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image9_12.jpg?itok=E33fkQ9P" title="The Glen is in line for a major overhaul. Image: Vicinity Centres" width="580"></a>

<figcaption>The Glen is in line for a major overhaul. Image: Vicinity Centres</figcaption></figure><blockquote>
It is time that The Glen evolves to meet the changing needs of our customers. The New Glen will elevate the customer experience to create a boutique destination where food, fashion and people come together.

The centre’s architecture, featuring a dynamic ‘veil’ effect that unifies the entire project, is inspired by international trends, and the iconic Springvale Road façade is designed to engage the local community.
<cite>Angus McNaughton: CEO and Managing Director of Vicinity Centres</cite>
</blockquote>

<blockquote>
This development is all about delivering a boutique and well-crafted design, inspired by our discerning local community. While increasing in size, our objective is to ensure The New Glen remains intimate, accessible and convenient, with a casual sophistication. 
The new centre has been designed for easy access and navigation through a ‘race track’ configuration with several cross malls to improve sight lines.
<cite>Ross Robertson: Perron Group’s Chief Executive Officer</cite>
</blockquote>

The redevelopment will create an estimated 2,350 jobs, including 1,150 during construction and 1,200 permanent positions upon completion.

The New Glen will also act as a hub for the <a href="/news/could-glen-waverley-emerge-as-another-eastern-suburban-apartment-hub">hundreds of additional apartments</a> slated for Glen Waverley's Activity Centre.

<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/image214_0_0.jpg" rel="gallery-all" title="Artist's impression of the new Town Square. Planning image: NH Architecture"><img alt="" class="image-article-full-width-580px" height="218" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image214_0_0.jpg?itok=U5ZpeqmV" title="Artist's impression of the new Town Square. Planning image: NH Architecture" width="580"></a>

<figcaption>Artist's impression of the new Town Square. Planning image: NH Architecture</figcaption></figure>In Oakleigh, diversified property group Pellicano is preparing to move ahead with an apartment development which it has christened Alke.

Valued at $53 million, Alke will include 95 apartments across two buildings divided by a communal residents’ terrace, along with retail at ground level. Designed by SJB Architects, Alke is a far grander expression than Pellicano's first residential project - twelve solid brick apartments in Oakleigh Street - which was completed in the suburb over 46 years ago.

Alke has been positioned to capture the local first home buyer and downsizer market.

<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/image10_9.jpg" rel="gallery-all" title="Alke will be Oakleigh's latest high density addition. Image: Pellican Group"><img alt="" class="image-article-full-width-580px" height="274" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image10_9.jpg?itok=M7uU6yjX" title="Alke will be Oakleigh's latest high density addition. Image: Pellican Group" width="580"></a>

<figcaption>Alke will be Oakleigh's latest high density addition. Image: Pellican Group</figcaption></figure><blockquote>
Pellicano focuses on three main drivers for every project - quality design, in-demand location, and quality residential and lifestyle amenity.

The site for Alke is located on Atherton Road within Oakleigh’s retail precinct, just two minutes from Eaton Mall. The suburb is significant for Pellicano. We are proud to be returning to an area with such a rich culture and established heritage.

We see this development catering to residents in all walks of life. First home buyers, young professional renters, and downsizers who want the convenience of apartment living while staying within their local community can take advantage of this opportunity.
<cite>Pellicano Managing Director, Nando Pellicano</cite>
</blockquote>

The building will join a growing list of apartment projects within Oakleigh, with construction set to commence in the second half of 2017.

<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/image11_13.jpg" rel="gallery-all" title="The very first of Pellicano's Melbourne projects. Image: Pellicano Group"><img alt="" class="image-article-full-width-580px" height="308" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image11_13.jpg?itok=FSMjn9KX" title="The very first of Pellicano's Melbourne projects. Image: Pellicano Group" width="580"></a>

<figcaption>The very first of Pellicano's Melbourne projects. Image: Pellicano Group</figcaption></figure>
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silvermb

Vicinity and Pellicano provide Monash with a development boost

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Vicinity Centres today reported a statutory net profit of $424.6 million for the six months ended 31 December 20151.
Underlying earnings were up 10.1% to $377.6 million with underlying earnings per security (EPS) up 9.3% to 9.5 cents, compared to the six months to 31 December 2014 on an aggregate basis.
"This reflects solid portfolio performance and the delivery of significant merger benefits," Angus McNaughton, CEO and managing director, said.
“We are pleased with the performance of the Group in the first six months post merger.
“Key operating metrics have improved across the board.
"Portfolio occupancy strengthened in the half by 30 basis points (bps) to 99.2%.
"We have seen comparable specialty store moving annual turnover (MAT) growth improve to 3.4% and specialty occupancy costs remain largely unchanged.
"Comparable net property income (NPI) growth6 of 3.7% is up from 2.5% at June 2015, supported by fixed rental increases, strong growth in ancillary income and flat expenses.
“The improvement in our sales performance is pleasing considering that two of our prime assets, Chadstone and Emporium Melbourne, are not in the comparable reporting basket.
"At Chadstone, which is in the midst of a significant development, same-store MAT growth for specialties was 5 per cent.
"At Emporium Melbourne, monthly same-store specialty sales growth has been averaging 18% compared to the previous year.
“We have enhanced the quality of our portfolio in the period with the acquisition of two high quality centres and the sale of five non-core assets.
“Following the completion of a comprehensive review of our portfolio, we reiterated our strategic focus to create value and drive sustainable growth from a quality portfolio of Australian assets across the retail spectrum.
"We also announced the Group’s through the cycle financial targets of a total return of greater than 9 per cent per annum and underlying earnings growth of greater than 3 per cent per annum.
“We have set clear investment criteria for benchmarking our existing assets and potential acquisitions.
"As a result, $750 million to $1 billion of asset disposal opportunities have been identified, with asset sale proceeds to be reinvested into value accretive development and acquisition opportunities over time."
Three current projects at Colonnades, Halls Head Central and Warriewood Square remain on track to open by June 2016. There are also a further two minor projects (DFO South Wharf and Rockingham) totalling $21 million, which are forecast to have a blended year one yield exceeding 12% and an IRR exceeding 19%, that will complete later in this calendar year.
Development plans are well advanced at Mandurah Forum, with the project expected to commence in mid-2016, while planning for major redevelopments at Roselands and Galleria remains on program. 
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