The final apartments in the most recently completed new development in Balwyn present some of the largest and most exclusive ever delivered in one of Melbourne’s most established and character-rich neighbourhoods.

Boutique developer&nbsp;<a href="https://www.apartments.com.au/developers/wulff-projects">Wulff Projects</a>,&nbsp;alongside partner <a href="https://www.apartments.com.au/developers/pga-group">PGA Group</a>, has just finished <a href="https://www.apartments.com.au/buildings/threadneedle-balwyn-1-5-threadneedle-street-balwyn-vic-3103">Threadneedle</a>, 17 home-sized residences designed completely for the owner-occupier.

Named after its location on Threadneedle Street, the new project has been shaped by the heritage fabric of Balwyn. It offers two low-rise buildings of eight and nine apartments respectively, designed to emulate traditional standalone homes.&nbsp;

[smartcode_project:default project_id=27816 project_image_fid=355582]

John Scaramuzzino, Director at <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, explains the design intention.

“Given the quiet residential character of the street with many homes dating back to the 1930s and 1940s, we approached Threadneedle wanting to appear less as a collection of apartments and more as a traditional residence. This led to creating not one but two buildings that could “breathe” with larger garden-based apartments functioning more like small homes.”

[smartcode_project:default project_id=27816 project_image_fid=355605]

The north-facing residences are nestled among extensive landscaped gardens by Ben Scott Garden Design, with over one-third of the site dedicated to greenery. The resulting setting is one of calm seclusion, where architecture and landscape work in tandem to offer immediate liveability.

With construction now complete, the final apartments include a top-floor, single-level penthouse residence priced from $2.8 million. This home offers three bedrooms, a dedicated study, two bathrooms plus powder room, and three car spaces with an oversized storage room.&nbsp;

Interiors prioritise spatial comfort and natural light, with three-metre-high ceilings, oversized internal doors and a full-width terrace oriented to the north, east and west.&nbsp;

[smartcode_project:default project_id=27816 project_image_fid=355604]

Floor-to-ceiling double-glazed windows ensure thermal performance across seasons, supported by automated external blinds, zoned heating and cooling, and a fireplace for added ambiance.

Each apartment has been individually designed to maximise privacy and garden outlooks. Kitchens combine refined finishes with practical considerations: stone benchtops, butler’s pantry, full-height joinery and concealed rangehoods.&nbsp;

The inclusion of dedicated home offices responds to contemporary living patterns, while bathrooms feature sculptural bathtubs and brushed nickel fixtures.&nbsp;

[smartcode_project:default project_id=27816 project_image_fid=355590]

Threadneedle also integrates best-practice sustainability measures, achieving a 7 Star average NatHERS rating. Initiatives include solar PV systems, rainwater harvesting for toilet flushing and irrigation, and high-performing building insulation. These elements enhance daily comfort while reducing ongoing maintenance and energy demand.

"We believe Threadneedle sets a new standard of design excellence and building quality for Balwyn,"&nbsp;Scaramuzzino added.

"It’s an architectural response we’re particularly proud of, and one we’re sure residents will be equally proud to call home."

[smartcode_project_cta:default project_id=27816]

Staff Writer

Final homes remaining as Threadneedle, Balwyn completes construction

Joel Robinson

Sydney's top 15 new apartments developments set to launch in 2026

Developer-builder <a href="https://www.apartments.com.au/developers/dasco-australia">DASCO</a> has pushed beyond the now-standard inclusions of rooftop pools and landscaped podiums at its recently launched new Epping project, Senso.

It has laid out over 4,000 sqm of resident-only amenity in a move designed to compete directly with low-density housing on livability, not just density. The result is a development that supports genuine daily use through purposeful spaces distributed across its five-building, 479-apartment precinct.

[smartcode_project:default project_id=134954 project_image_fid=4396]

Two rooftop pools form the anchor of Senso. One is a 27-metre lap pool adjoining a heated spa, designed for everyday fitness rather than just summer leisure. The second sits on a lower podium, allowing different buildings to share in vertical access and reducing crowding during peak times.

It is the secondary spaces that start to distinguish Senso from other large-scale suburban projects. A rooftop cinema is integrated into a landscaped terrace, offering open-air screenings with natural ventilation and passive cooling.&nbsp;

The inclusion of a “sensory walk”, an elevated boardwalk that threads through the site, suggests a rare investment in non-commercial, non-essential amenity: space for quiet movement that doesn’t double as access or traffic circulation.

[smartcode_project:default project_id=134954 project_image_fid=4402]

The gym and wellness centre, often relegated to a small ground-floor room in many builds, takes on more substance here. Residents have access to a fully equipped gym, as well as outdoor yoga areas and meditative zones that integrate greenery and natural light.&nbsp;

The Club Lounge is similarly designed to support multiple use cases, with a private dining terrace, kitchenette, workspace, and lockable wine storage. These aren’t superficial additions; their scale and spatial allocation indicate serious intent for frequent resident use.

[smartcode_project:default project_id=134954 project_image_fid=4391]

Importantly, Senso’s amenities are embedded within a site that spans more than 10,000 sqm, allowing for better separation between spaces and reduced noise spillover, a critical but often overlooked factor in high-density developments. This spatial generosity also enables multiple alfresco kitchens and communal terraces without compromising individual privacy or usable space.

While many developments make claims about lifestyle, few back it with this level of built infrastructure. Senso’s mix of dedicated fitness, wellness, social and passive green spaces suggests a conscious response to the post-pandemic shift in housing expectations, especially among owner-occupiers.&nbsp;

DASCO is one of several leading developers who have taken out Resilience Insurance's Latent Defects Insurance policy, providing buyers with a 10-year structural and waterproofing warranty, and giving them the ultimate peace of mind.

Senso is scheduled for completion in late 2028.

[smartcode_project_cta:default project_id=134954]

The outdoor amenities elevating life at Senso, Epping

Following the proposal by the Minns Labor Government to rezone Parramatta Road to create up to 8,000 new homes, prominent developer Ceerose has gone to the NSW Gov to increase the density of its new mixed-use residential building in Leichhardt.

<a href="https://www.apartments.com.au/builders/ceerose">Ceerose</a>, founded by Edward Doueihi nearly three decades ago, has filed plans for 154 apartments above ground-floor retail at 307-315 Parramatta Road, a key corner site near Norton Street, the main high street strip in Leichhardt.

It's an upsize from the previously approved scheme of 63 apartments across a seven-storey building.

<img alt="Ceerose" data-entity-type="file" data-entity-uuid="ba1ae75b-5f08-43fb-b8d5-3de6d9f6ef71" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-04%20at%2010.31.39%E2%80%AFAM.png?VersionId=yA3hBBLPH4ev7MsAE0_hieXeqiFqBUb7" />

The project is being advanced through the State Significant Development (SSD) pathway, with concurrent rezoning sought to facilitate the proposal. The 10-storey development would rise over a four-level basement and deliver two retail tenancies, one a larger-format offering and the other a smaller “hole in the wall” space, addressing the Parramatta Road frontage. 21 of the apartments are dedicated as affordable housing.

According to the Urban Design Report by Architecture AND, the scheme includes a podium and tower configuration, with a fine-grain, two-storey parapet street wall that references the traditional shopfront rhythm along the corridor. “An elegant tower form is proposed, combined with a characterful two storey frontage... articulating it as two related buildings, providing consistency with the rhythm and grain of Parramatta Road,” the report notes.

The residential component is split across two slender towers set back from the street edge, a design move aimed at preserving solar access and reducing perceived bulk. This massing strategy also seeks to improve residential amenity by focusing scale toward the quieter northern interface, away from Parramatta Road’s noise and pollution.

<img alt="Ceerose" data-entity-type="file" data-entity-uuid="347f2f8f-5d36-4388-b40a-2e77380b9c19" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-04%20at%2010.31.02%E2%80%AFAM.png?VersionId=xvyUE2ujT1lzivXTo.mHBJFF4SmfgLtz" />

Architecture AND has worked with Ceerose on previous Inner West projects, and cites a deep familiarity with the local character. Their design draws heavily on context, heritage, and sunlight access considerations, and engages with the Inner West Council’s “Our Fairer Future” strategic planning framework.

The site spans 2,712 sqm and is located near key intersections with Catherine Street, Hay Street, and Redmond Street. It adjoins a public carpark to the north and is within walking distance of Stanmore and Petersham stations. It is also flagged in state and local planning strategies, including the Parramatta Road Corridor Urban Transformation Strategy, as a suitable candidate for increased density.

Ceerose recently completed The Alex Collective on McEvoy Street in Alexandria, Abbie's Lane in Annandale, and the award-winning Munro House in Elizabeth Bay.

The Parramatta Road corridor is coming to life with the proposed rezoning which is serviced by a significant number of bus, light rail and train routes.

Deicorp is progressing with its $1.8 billion <a href="https://www.apartments.com.au/new-apartments/kings-bay-village-five-dock-53-75-queens-road-five-dock-nsw-2046">Kings Bay Village</a> precinct on Parramatta Road in Five Dock, as is <a href="https://www.apartments.com.au/news/nsw/toga-to-push-on-with-five-dock-mixed-use-masterplan">TOGA further down the street</a>. Those two projects alone will bring nearly 2,000 new homes to Parramatta Road.

First look: Ceerose plots mixed-use Leichhardt development on Parramatta Road

North Sydney's landmark 'SBS Building' on Alfred Street is set to be demolished to make way for a new mixed-use residential tower in the booming North Sydney.

Commercial property group FiveX is behind the plans for a <a href="https://www.apartments.com.au/new-apartments/275-alfred-street-north-north-sydney-nsw-2060">39-storey tower</a>, the latest project to advance under the NSW Government’s Housing Delivery Authority pathway.

They are proposing 184 apartments above retail spaces, which will replace the existing 20-storey commercial building. FiveX was set up more than five decades ago by Joshua and Marko Berger. It is currently led by Joshua's son Lesli.&nbsp;

<img alt="First look: Fivex plans 39-storey residential tower at 275 Alfred Street, North Sydney" data-entity-type="file" data-entity-uuid="2efa0980-53fa-4cca-9f9e-9c3c845d4746" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29%20%281%29_0.png?VersionId=y_YyPMq3NQLfYRs84pP4os9UgWiMLp75" />

According to the Architectural Design Report by <a href="https://www.apartments.com.au/architects/fjc-studio">FJC Studio</a>, the slender tower form has been deliberately designed to respect the site's transitional setting at the southern gateway to the North Sydney CBD, where high-rise towers give way to lower-scale residential precincts.

"The slender tower form and articulated podium establish a respectful relationship with nearby heritage and low rise buildings, including the Whaling Road Heritage Conservation Area,” the architecture firm noted, adding that the tower “completes a missing link in the urban fabric” while enhancing the Alfred Street streetscape.

The proposed building will include a mix of one-, two- and three-bedroom apartments, with 15 percent of the gross residential floor area allocated as affordable housing. There is an agreement already in place that those apartments will be managed by Evolve Housing.

The project aligns with broader state housing objectives, including the National Housing Accord target of delivering 1.2 million new homes by 2029. The Scoping Report filed with the State Significant Development Application (SSDA) suggests the site "presents no impediments to rapid delivery,” with construction able to commence within 12 months of receiving consent.

North Sydney has been one of the most popular suburbs in Sydney for new and off the plan apartment development, but hasn't had the supply to keep up with demand, until recently.

AURA by Aqualand was, for a long time, the only off the plan apartment building on the market. That completed last year, and has sold the majority of its 386 luxury apartments. Recently ALAND launched <a href="https://www.apartments.com.au/new-apartments/the-walden-173-179-walker-street-north-sydney-nsw-2060">The Walden</a> on the same street, selling over $100 million within just a few hours of its launch, while developer CASA also launched&nbsp;<a href="https://www.apartments.com.au/new-apartments/the-mclaren-north-sydney-45-mclaren-street-north-sydney-nsw-2060">The McLaren</a>&nbsp;in the same precinct.

First look: Fivex plans 39-storey residential tower in booming North Sydney

Development Funding

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Investa Commercial Property Fund, one of Australia’s leading unlisted wholesale office funds, is seeking to raise new equity via a capital raising drive.
According to the fund, they plan to use the new capital to replenish their balance sheet, positioning the fund for future acquisition and development opportunities.
The fund’s existing investors will be given pre-emptive rights to purchase the new securities issued.
They predominantly include a mix of Australian institutions and superannuation funds.
“It is our expectation that existing investors will participate in the offer and any securities not taken up by existing investors will be made available to new investors, where we have strong demand,” said Jason Leong, the ICPF Fund Manager.
Leong further states that institutional investors have been waiting for this opportunity, with interest from potential investors from Asia, the UK, Europe and North America to date.
“Potential investors come from a range of areas including insurance companies, pensions and sovereign wealth funds,” he said.
ICPF’s portfolio currently comprises interest in 15 office buildings, primarily located in Sydney and Melbourne, valued at $5.6 billion.
ICPF recently reached practical completion on the premium grade 60 Martin Place Sydney, achieving record rentals with leasing commitments in excess of 90% delivering the project a 7.5% yield on cost.
It is also planning to commence construction of 360 Queen Street, Brisbane, a 55,000 square metre prime grade commercial office project in 2020.
ICPF has been active recently, selling its interest in 242 Exhibition Street, Melbourne for $830 million, along with its co-owner Oxford Investa Property Partnership (OIPP) at a 20% premium to valuation.
It also recently struck an agreement to acquire a further 50% interest in a central Sydney office building, 135 King Street, from co-owners Stockland for A$335 million and a 1,000 bay cark park adjoining its 567 Collins St Melbourne building.
 “The ICPF management team has been disciplined in its investment execution, divesting assets no longer aligned with its strategy and focussing on building a pipeline to develop new generation buildings,” said Investa’s Chief Investment Officer, Peter Menegazzo.
 “We expect that these factors will result in solid support for the capital raising, and in turn, will set a sound foundation to deliver ongoing investment performance.”
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Investa embarks on capital raising drive

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Property developers are currently facing a perfect storm, with tightening funding markets and increasing holding costs, all with the disappearing traditional avenue of the major banks, according to Pitcher Partners Melbourne client director Jasson Fallscheer.
Fallscheer says developers are increasingly chasing finance partners willing to back projects as the major banks retreat from smaller developments, highlighting new opportunity for private funders to gain exposure in the sector.
"Developers are looking at ways to get their projects started in a tight funding environment and that has created the opportunity for private funders to step into that void and help get projects started sooner," Fallscheer said.
Damian Pearce, Pitcher Partners client director of business recover and insolvency services, said as well as the difficulties in obtaining funding to commence projects, market conditions meant developers faced heightened risks as projects progressed to completion. 
“Developers are factoring in a higher cost of funds which makes the execution of the project even more vital,” Pearce said.
“One of the things we are starting to see, if you have an increased holding cost and an increased funding cost, developers are going to start thinking about where they can attain margins and that will ultimately be squeezing contractors to obtain profit margin. 
“If final sales prices are coming down and funding costs for construction are increasing, the margins in the middle are getting squeezed and the developer looks to shift those costs down the line.”
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A perfect storm for property developers?

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Non-bank property financiers and advisory group Gresham Property is launching a $500 million fund for developer financing as it seeks to cash in on tightening of lending rules by major banks. 
The new fund has received backing from several institutional investors that believe there are still good development deals available to the banks who have elected not to lend because of their own capital constraints, reported the Australian Financial Review.
Gresham Property's joint managing directors Ami Simon and Mike Burley said the scale of the backing was proof of the shortfall in developer funding. 
"With APRA calling for the banks to tighten their lending standards and the banks significantly limiting the availability of development finance, we believe that having a non-bank lender step in to help fill some of the void will be a very positive change for the development community," Simon was cited as saying by the AFR.
He said the fund and others like it would "assist in addressing housing supply issues in tight east-coast markets".
"With housing affordability becoming a very significant issue, especially in the Sydney and Melbourne markets, having additional funding sources to help developers address the supply side should be a very positive development."
In 2015, Gresham launched a $400 million fund backed by institutional investors to lend to property developers reconsidering borrowing from banks.
“We are providing something which stretches beyond where the banks like to go," Gresham Property's joint managing director Ami Simon had said then.
Repeat warnings have come from the Reserve Bank of Australia and overseas organisations such as the IMF and OECD about Australia's property markets, and financial watchdog Australian Prudential Regulation Authority is pushing banks to adopt strict mechanisms for lending. 
In such a senario, Gresham's new fund could be a reprieve for developers. 
Gresham’s Mike Burley said the fund would be offering "stretched senior" debt and would be focused on property development and value-add opportunities across all property sectors.
"Projects involving residential development in metropolitan locations are expected to be a primary source of opportunity," Burley said.
"GPF6 will be targeting developers with well-located projects, in markets which are under-supplied, with high-quality presales requiring investments in the $25 million-$125 million range."
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Gresham Property launches $500 million developer lending fund to cash in on banks’ reluctance

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GUEST OBSERVER
The growing interest in all levels of government in Australia in the concept of value capture has raised concerns in the property development industry. 
Value capture is not a magic pudding that will fund all infrastructure .
Federal, state and local governments across Australia seem to have discovered value capture as the way to boost funding for new infrastructure.
Clearly cities like Sydney will need increased densities around railway stations to house our growing populations and ways to fund new infrastructure need to be carefully considered so that they do not deter or slow down development.
To contribute to the debate on options for funding infrastructure the Urban Taskforce has engaged two respected economists from the Centre for Applied Economic Research at the University of New South Wales Business School to produce a detailed report on ways forward in this important area. 
Professor Kevin Fox and Dr Nigel Stapledon of the Centre for Applied Economic Research have significant experience and knowledge in this area, with Nigel Stapledon being the Head Economist for Westpac for 10 years and Kevin Fox having chaired the Australian Consumer Price Index Review Advisory group for a number of years. 
The findings of the Fox Stapledon report can be summarised through the following 10 areas. 
<ol>
<li>
There is confusion between the different levels of government on value capture approaches and better alignment is needed. 
</li>
<li>
There is a strong case to remove rate capping for Sydney councils. 
</li>
<li>
Density is essential near transport infrastructure to increase commuter volumes. 
</li>
<li>
A broad-based land tax is the most efficient way of capturing value created by new infrastructure.
</li>
<li>
The timing of new value capture taxes is important so that land owners factor this into sales pricing.
</li>
<li>
There is a strong possibility that that value capture taxes will raise the cost of housing.
</li>
</ol>
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<li>
Stamp duty which increases the cost of housing should be removed as part of a review of property and land taxes. 
</li>
<li>
Special Infrastructure Contributions (SIC) in the vicinity of new infrastructure is a second best option to raise infrastructure funds. 
</li>
<li>
Government owned land when developed by the private sector should generate value capture but the sale price will reduce. 
</li>
</ol>
     10. International examples of value capture (London’s Crossrail, Hong Kong’s MTR) are not directly applicable to Australia. 
The overall message from the research report is that governments must not rush into the concept of value capture without understanding the flow on implications of an extra tax on the development industry and the negative impact this can have upon housing affordability. 
There are numerous ways to capture some of the uplift in value from new infrastructure and these will impact on the overall system of property and land taxes. 
The Urban Taskforce is keen to contribute to discussion with the various levels of government on options for the funding of infrastructure related to value uplift. 
We believe the state government is the tier of government that needs to take the lead role on the complex area of infrastructure contributions and the impact on the cost of housing. 
Chris Johnson is chief executive officer of property development industry group Urban Taskforce and can be contacted <a href="https://www.urbantaskforce.com.au/index.php?option=com_content&amp;view=article&amp;id=97&amp;Itemid=126#.Vdaart55dFI" target="_blank">here</a>.
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Value capture is a not a magic pudding: Chris Johnson

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Melbourne-based developer and fund manager OpenCorp has launched a new fund to invest in a development in the Melbourne suburb of Hawthorn East.
Australian investors have the opportunity to invest in OpenCorp’s 70-apartment boutique development on Toorak Road, worth an estimated $40 million.
The $6.5 million site was acquired through a competitive tender process in December 2015. The development falls within the tightly held area of Boroondara, one of Melbourne’s most highly sought after council areas.
The Hawthorn East fund is the second project to be offered to investors under OpenCorp’s ‘Open Access Fund’, which allows investors to hold their money in the fund, generating a low-risk return, before they allocate it into new projects as opportunities arise.
OpenCorp director Matthew Lewison said the project is forecast to achieve about 50 per cent return on equity over the next 2.5 years.
“The Hawthorn East development sits within an area with extremely high demand. Projects nearby have sold out, and we expect this boutique development to attract a huge amount of interest,” Lewison says.
The first fund to be released through the Open Access Fund, the Albion Fund, was fully subscribed, raising $6.5 million in three weeks.
Since its launch on March 18, the Open Access Fund raised $10.5 million in equity in under six weeks from individual and SMSF investors.
OpenCorp has engaged architects ROTHELOWMAN to design the development, which will be marketed towards the downsizer and owner-occupier.
The development will include a ‘flexi option’ where buyers can combine two one-bedroom apartments to create a 103 sqm, three-bedroom option, with upper levels likely to have city views.
With a median house price of $2.3 million, Hawthorn East is currently Victoria’s third most expensive suburb and has long been a sought after area for Melbourne buyers.
OpenCorp currently has a project development pipeline of more than $500 million in apartments and townhouses around Australia.
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OpenCorp launches new development fund for project in Melbourne's Hawthorn East

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Melbourne-based property group and fund manager OpenCorp has come up with a financial product which it says offers Australians with moderate incomes the chance to become property developers.
The ‘Open Access Fund’ allows investors to invest in the fund and receive a monthly return at a fixed interest rate. Investors receive priority access to OpenCorp’s property funds as they become available, says a media release.
Clients can invest as little as $10,000 into the fund. From there, as new development funds become available, they can choose to direct any nominated amount into a new project.
The first property fund to become available for Access Fund investors will be OpenCorp’s apartment development in Albion, six km north of the Brisbane CBD.
The project has received planning approval for 154 apartments across six levels and is expected to give a 60 percent return on equity over the 3.5-year life of the project. The end value of the development is an estimated $90 million.
“There is a common perception that property development is just for wealthy people, and once upon a time this was the case,” said Michael Beresford, director of investment services at OpenCorp.
“We are now entering a new era for property development.”
More and more Australians are taking over their own investments, due to the volatility of the stock market since the global financial crisis, according to OpenCorp founding director Matthew Lewison.
“We are seeing more and more people taking over their finances, including setting up self-managed superfunds, and looking for innovative investment options,” Lewison says.
“Australians love property and the performance of investments in this sphere can make property development an attractive option.”
OpenCorp has been using a 'crowdsourcing’ model since 2009. The company has an Australian Financial Services Licence (AFSL # 417371) that has allowed it to create and operate crowdsourced funds for OpenCorp’s development projects.
Its pipeline includes over $500 million in developments, with a focus on the Brisbane and Melbourne markets.
“Investors can be across different markets at the same time and therefore benefit from the ups in each cycle,” said Lewison. 
OpenCorp says it has generated an average return of 20 per cent per annum for its investors over the last six years.
“People who haven’t saved enough money for a deposit for their own property can use this financial product as a stepping stone, or as a long-term investment option,” said Beresford.
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