Brunswick is set for some of its largest apartments ever delivered with the upcoming new development Frith &amp; Howarth, where the apartments are around 20 per cent larger than what has come before it in the sought-after suburb.

Developer Young Group focused its design on Frith &amp; Howarth around size and scale, but within a boutique building, to create a mini neighbourhood within the mid-rise development. There are just 24 apartments in the mid-rise building on Victoria Street, a short walk to Brunswick Station and the cafe and dining strip along Sydney Road.

“We spent hours comparing what’s currently on the market so we could offer genuine points of difference,” Young Group says, pointing to room sizing, storage, and functional planning as key drivers behind the design.

All of the two-bedroom apartments in the building have been snapped up, with just the large three- and four-bedroom apartments, with the biggest floorplans and best outlooks, remaining.

[smartcode_project:default project_id=134317 project_image_fid=354139]

Apartments open directly into open-plan living zones where full-height glazing draws light deep into the apartment. Sliding doors extend the space outward to terraces, many oriented toward the adjacent park or back toward the city skyline.

Kitchens sit within this central space, anchored by sculptural island benches that reference the building’s faceted exterior language. Storage is integrated across multiple layers, overhead cabinetry, concealed joinery, and, in larger configurations, dedicated sculleries or butler’s pantries.

[smartcode_project:default project_id=134317 project_image_fid=354137]

The penthouse is the largest ever offered in Brunswick. The penthouse measures nearly 400 sqm all-up, with 242 sqm of internal space complimented by a further 149 sqm of terraces.

It spans the whole top floor and has four bedrooms, four bathrooms, and parking for four cars.

[smartcode_project:default project_id=134317 project_image_fid=354133]

Low maintenance resident amenity has been created in the form of a landscaped rooftop, complete with&nbsp;vegetable plots, outdoor cooking areas, and aflresco dining spaces, designed as a place for neighbours to gather outside of their homes.

“To enable connection with neighbours, generous rooftop gardens with communal spaces and outdoor cooking areas offer a chance to develop a sense of community,” says John Patrick, Principal of <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick Landscape Architects</a>.&nbsp;

“Private open spaces with a selection of native and exotic plantings and gorgeous city views on the rooftop create a high-end aesthetic, with a low maintenance lifestyle. The perfect balance, so that residents can enjoy a serene living space.”

[smartcode_project:default project_id=134317 project_image_fid=354134]

Sustainability is embedded at both the building and apartment level. <a href="https://www.apartments.com.au/new-apartments/frith-howarth-288-290-victoria-street-brunswick-vic-3056">Frith &amp; Howarth</a> is one of only a small number of all-electric residential developments in Brunswick, supported by solar infrastructure, EV-ready parking, and high-performance glazing. These measures sit alongside less visible systems such as rainwater reuse and high-grade insulation, reducing long-term operational costs while maintaining consistent internal conditions.

Positioned within walking distance of Brunswick Station, Route 96 trams, and established retail along Sydney Road and Barkly Square, the development balances access to transport with proximity to open space, a combination that has become increasingly difficult to secure in inner-city sites.

“These exquisite homes are nestled in a culturally diverse neighbourhood, with parklands and nature right on your doorstep,” says Young Group.

[smartcode_project_cta:default project_id=134317]

Joel Robinson

Frith & Howarth to deliver Brunswick’s largest apartments

<a href="https://www.apartments.com.au/new-apartments/prince-parade-by-mirvac-brunswick-701-park-street-brunswick-vic-3056">Prince &amp; Parade</a> in Brunswick is entering its final stages of construction, with the removal of the project’s last tower crane and the unveiling of the building’s full façade marking a significant milestone ahead of completion this coming spring.

The Park Street development, designed by <a href="https://www.apartments.com.au/architects/bates-smart">Bates Smart</a>&nbsp;and Mirvac Design with landscaping by <a href="https://www.apartments.com.au/landscape-architect/jack-merlo">Jack Merlo</a>, is now largely structurally complete, with internal works progressing across the 169-apartment project opposite Princes Park.

<a href="https://www.apartments.com.au/builders/mirvac-construction">Mirvac Construction</a> Project Manager Sam Payne said the latest update reflects a transition from structure to refinement.

“Since our last update, all façade panels have been installed and the scaffolding and gantry has come down, unveiling the building in its full form for the very first time,” Payne said.

“A significant milestone was reached this month with the removal of our final tower crane, signalling the completion of major structural works and a pivotal step forward in the building’s transformation.”

[smartcode_project:default project_id=4802 project_image_fid=366856]

Apartments are now well advanced internally, with joinery completed to level eight and tiling to level six, alongside the delivery of a prototype apartment used to set the benchmark for the remaining residences.

This next phase coincides with the release of a completed furnished residence, styled by MCM House, and the introduction of private buyer tours, giving purchasers a clearer understanding of the finished product ahead of settlement.

<a href="https://www.apartments.com.au/new-apartments/prince-parade-by-mirvac-brunswick-701-park-street-brunswick-vic-3056">Prince &amp; Parade</a> will comprise 169 one to four-bedroom apartments, with completion targeted for early spring. Interiors focus on natural materials and muted tones with two design schemes, while kitchens and bathrooms adopt a restrained palette anchored by stone, timber and textured finishes.

Bates Smart Director Jeffery Copolov said the project reflects a shared design direction centred on liveability and sustainability.

“Blending Mirvac and Bates Smart’s focus on wellness and sustainability, <a href="https://www.apartments.com.au/new-apartments/prince-parade-by-mirvac-brunswick-701-park-street-brunswick-vic-3056">Prince &amp; Parade</a> offers a new kind of conscious, elevated living in Melbourne’s inner north,” Copolov said.

<a href="https://www.urban.com.au/new-apartments/prince-parade-by-mirvac-brunswick-701-park-street-brunswick-vic-3056">Prince &amp; Parade</a> presents Mirvac's third parkside collaboration with&nbsp;<a href="https://www.urban.com.au/architects/bates-smart">Bates Smart</a>&nbsp;in Victoria.&nbsp;Their previous collaborations delivered two of the city’s landmark apartment buildings: The Melburnian opposite Kings Domain and The Eastbourne on Fitzroy Gardens.

[smartcode_project:default project_id=4802 project_image_fid=366857]

A key focus of the development is its landscape-led amenity offering. The central courtyard, spanning around 600 sqm, will feature established trees and planting grown off-site, alongside communal lawns and seating areas designed for everyday use.

Development Manager James Gardner said the outdoor spaces are central to the project’s lifestyle positioning.

“<a href="https://www.apartments.com.au/new-apartments/prince-parade-by-mirvac-brunswick-701-park-street-brunswick-vic-3056">Prince &amp; Parade</a> isn’t just a home, it’s a complete lifestyle offering, and the resident amenity is just one example of the elevated living experience the soon-to-be-complete building will be known for,” Gardner said.

The courtyard connects to a series of shared indoor and outdoor spaces, including a residents’ lounge, dining room, library and secondary west-facing garden area, designed as extensions of the apartments themselves.

Located directly opposite Princes Park and around four kilometres from the CBD, the development places residents within one of Melbourne’s most established inner-north precincts, with access to open space, transport and the retail and hospitality offerings of Brunswick and Carlton.

With façade works complete and landscaping and final finishes now underway, <a href="https://www.apartments.com.au/new-apartments/prince-parade-by-mirvac-brunswick-701-park-street-brunswick-vic-3056">Prince &amp; Parade</a> is moving into its most active construction phase, with permanent services and external works to be finalised in the coming months ahead of completion in spring.

[smartcode_project_cta:default project_id=4802]

Mirvac’s latest landmark, Prince & Parade Brunswick, enters final construction phase

Boutique Perth developer ADC has unveiled its latest project.

The developer, which focuses on bringing apartments to some of Perth's most premium inner-city and riverside suburbs, has launched <a href="https://www.apartments.com.au/new-apartments/mos-lane-mosman-park-46-manning-street-mosman-park-wa-6012">Mos Lane</a>, 68 luxury apartments and townhouses in the heart of <a href="https://www.apartments.com.au/developments/mosman-park-wa-6012">Mosman Park</a>.

<section data-scroll-anchor="true" data-testid="conversation-turn-124" data-turn="assistant" data-turn-id="request-69e027bc-1530-839b-a316-e9dad2cbd4d9-34" dir="auto">
Alongside the one-, two-, three- and four-bedroom apartments, the development will also include five two-level townhomes and two luxe penthouses. ADC is also introducing a significant retail offering for residents through Mos Lane Village, which will feature a wellness studio, fish and chips shop, barber, and florist, adding a layer of amenity not typically found in the predominantly residential Mosman Park area.

Construction has already commenced on the project, which sits just a short walk from the Swan River, Mosman Park Bowls Club, and Mosman Park Golf Course.

House Agency Directors Tom House and Lachlan McDonald say they are fielding the majority of buyer interest from local downsizers, as well as buyers with a long-standing affinity for Mosman Park.
</section>

[smartcode_project:default project_id=148957 project_image_fid=364591]

Mos Lane will comprise two buildings; Samson House and Manning House, which have been designed by&nbsp;<a href="https://www.apartments.com.au/architects/nelson-koo">Nelson + Koo</a>, an emerging design consultancy specialising in the masterplanning and design of mixed use places and spaces.

The two buildings adopt distinct architectural responses to their surroundings. Manning House references the strong roof forms of nearby homes, with floorplates oriented to maximise light and long-range views, while Samson House is organised around a central atrium designed to bring daylight deep into the building and create a greater sense of openness.

At ground level, the inclusion of five townhomes introduces a typology more commonly associated with Mosman Park’s established streets, each with private courtyards and direct frontage, offering a transition between traditional housing and apartment living.

[smartcode_project:default project_id=148957 project_image_fid=364103]

Interiors have been led by Melbourne-based Hecker Guthrie, with an emphasis on practical, long-term liveability. Residences incorporate sculpted joinery, generous storage and flexible multi-purpose rooms that can adapt to changing household needs, whether for working from home, guest accommodation or additional living space.

Material selections draw on a restrained palette of textured stone, timber and neutral tones, with options for lighter or darker schemes. Detailing such as fluted glass, full-height joinery and integrated appliances is intended to balance functionality with a more refined residential finish.

Outdoor spaces are a consistent feature across the development, with balconies and terraces designed for dining and entertaining, and larger apartments incorporating outdoor kitchens. Orientation has been considered to allow residents to choose between morning or afternoon sun, while mature street trees and landscaped communal areas contribute to a softer streetscape.

[smartcode_project:default project_id=148957 project_image_fid=364107]

Shared amenities are positioned to support both day-to-day convenience and occasional use. These include a private dining room with a caterer’s kitchen, alfresco entertaining areas, and a bookable guest suite for visiting friends and family. Additional practical features such as a resident workshop, storage facilities, car and pet wash areas, and concierge-style services for cleaning and dry-cleaning collection reflect a focus on usability.

Positioned between the Swan River and Cottesloe Beach, and within reach of schools such as Iona Presentation College and St Hilda’s Anglican School, the development is aimed at a broad buyer group, from downsizers seeking a lower-maintenance alternative to larger homes, through to local residents looking to remain in the area in a different housing format.

Mos Lane represents one of the more significant additions to Mosman Park’s limited pipeline, combining new housing supply with a village-style retail centre in a suburb where opportunities for large-scale redevelopment are relatively constrained.

[smartcode_project_cta:default project_id=148957]

Living village precinct set for Mosman Park as ADC launches Mos Lane

An entity linked to I&amp;D Group Founder Ivan Filipović has filed plans for a new residential development at 188–202 Swan Street in Cremorne, targeting a prominent site within the tightly held Swan Street activity corridor.

The proposal seeks to redevelop the consolidated Swan Street landholding into a <a href="https://www.apartments.com.au/new-apartments/188-202-swan-street-cremorne-vic-3121">high-density mixed-use project</a>, replacing a series of existing commercial buildings with a significantly scaled residential outcome. The planning submission positions the development as a response to increasing demand for housing in well-connected inner-urban locations, particularly within established activity centres.

Plans outline the construction of a 14-storey building delivering 165 apartments above a four-level basement, alongside a ground-floor retail and commercial offering designed to activate the streetscape. A key feature of the scheme is a new north–south pedestrian link connecting Swan Street to Railway Place, intended to “enhance permeability and provide an active, publicly accessible connection through the site.”

<img alt="First Look: Plans lodged for Ivan Filipović-linked Cremorne apartment project on Swan Street" data-entity-type="file" data-entity-uuid="7332a8f8-dd2b-483d-b86e-320658838c84" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/cremorne.png?VersionId=cXm8vAaRdHh.LpYVbecrRkjckgu9mtAF" />

The development will retain part of the existing built form at 198–200 Swan Street, while the remainder of the site will be cleared to accommodate the new structure. Basement levels will provide 196 car spaces and 113 bicycle spaces, with vehicle access from Railway Place. Communal amenity is distributed across the building, including a shared outdoor area on Level 1 and a rooftop terrace for residents.

Ground level uses include retail tenancies fronting Swan Street and the pedestrian link, a residential lobby, and a flexible commercial space positioned to support community-oriented uses. The planning report notes this space “could be offered as a flexible space within the development for community groups,” supporting short-term or longer-term occupancy arrangements.

<img alt="First Look: Plans lodged for Ivan Filipović-linked Cremorne apartment project on Swan Street" data-entity-type="file" data-entity-uuid="8208bf7b-cc67-485d-ad0f-1d73a74c907f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/cremorne%20lane.png?VersionId=69ctjC0txXv0zCHy7qQUpJyGwvPAT7gw" />

The site sits within the Swan Street Major Activity Centre, surrounded by a mix of retail, hospitality, and emerging residential development, and directly opposite tram services along Swan Street. East Richmond Station is located to the south, providing strong rail connectivity, while the broader Cremorne precinct continues to evolve as a mixed-use hub.

I&amp;D Group, founded by Ivan Filipović, is regarded as one of Victoria’s largest formwork contractors, partnering with major construction firms across large-scale public and private developments. The Swan Street proposal signals a move into development-backed opportunities tied to strategic inner-city sites.

First Look: Plans lodged for Cremorne apartment project on Swan Street

An ultra-luxury absolute beachfront tower on the Gold Coast’s <a href="https://www.apartments.com.au/developments/main-beach-qld-4217">Main Beach</a> has officially hit the market, having secured over $150 million in presales.

<a href="https://www.apartments.com.au/new-apartments/le-r-ve-main-beach-3555-main-beach-parade-main-beach-qld-4217">Le Rêve</a>, delivered by developer-builder <a href="https://www.apartments.com.au/developers/odus">ODUS</a> and <a href="https://www.apartments.com.au/builders/nazero">Nazero</a> in partnership with Metrics Credit Partners, comprises 40 opulent half and full-floor residences, perched directly on the dunes, starting from $7.45 million.

Pre-launch sales have achieved an average price tag of $8 million, highlighting strong demand from top-end buyers.

The 26-storey project at 3555 Main Beach Parade has development approval and is under construction, with completion anticipated by early 2028.

Occupying a 1,355 sqm site, Le Rêve enjoys double the beach frontage of most Main Beach towers, an incredible 30-metres, with generous 4.5-metre setbacks.

[smartcode_project:default project_id=112163 project_image_fid=357556]

ODUS director Byron Sakha said it offered a rare opportunity for wide, uninterrupted views that could never be built out, on one of the world’s most beautiful beaches.

“Le Rêve is French for ‘the dream’ and that’s what this location represents. We believe it is the best new development site anywhere on the Gold Coast; a dream site,” said Sakha.

“The apartments are located directly on the beachfront, with no roads or paths between, providing panoramic ocean views and direct access to the sand, and because it is elevated above the dunes, it also offers unrivalled privacy.

“We’ve worked with architect Bayden Goddard of <a href="https://www.apartments.com.au/architects/bgd-architects">BGD Architects</a> to enhance the original design, with a distinctive, elegant glass façade, world-class amenities, and the addition of eight residences. Le Rêve’s 30-metres of absolute beach frontage affords a view from virtually every room, and has allowed us to provide a grand 25-metre residents’ beachfront pool and private lawn.

“Buyers have recognised these opportunities are few and far between and have been quick to secure their place in Le Rêve.”

[smartcode_project:default project_id=112163 project_image_fid=357570]

The apartments start from nearly 300 sqm and range in size up to 900 sqm, with three or four bedrooms and multiple living spaces.

“The emphasis is on the view, with full-floor glazing, sleek glass balustrades and wrap-around balconies that are close to 4-metres wide, blurring the lines between inside and out, and inviting cooling ocean breezes,” Sakha added.

“The interiors epitomise understated luxury with natural materials, textures and tones including Taj Mahal stone, oak flooring, recessed LED lighting and high ceilings. Outside, its beautiful arched façade with glass balconies and double-storey curved podium will be complemented by lush, cascading landscaping that enhances Main Beach’s streetscape.”

[smartcode_project:default project_id=112163 project_image_fid=357567]

OTP Group Director James Elliott, who is selling&nbsp;<a href="https://www.apartments.com.au/new-apartments/le-r-ve-main-beach-3555-main-beach-parade-main-beach-qld-4217">Le Rêve</a>, said buyers were from the Gold Coast, Brisbane, Sydney and Melbourne, and predominately moving from luxury stand-alone homes or purchasing as a holiday home.

“We are anticipating sales will continue to ramp up now we’re officially on the market and design enhancements have been finalised,” Elliott said.

“Le Rêve offers house-sized residences that take luxury living to the next level, in an unrivalled location, with exceptional onsite resident amenities.

“The facilities are some of the most unique on the Gold Coast, if not Australia-wide, with a huge beachfront pool and wellness amenities including a cold plunge pool, spa, sauna, steam room, gym and yoga studio, along with a teppanyaki kitchen, and private residents’ lounge."

&nbsp;

&nbsp;

The Le Rêve development site was secured for $55.68 million in mid-2025.

ODUS and Nazero are also developing the adjacent 29-level La Mer tower in partnership with Metrics Credit Partners, which is earmarked for completion in late 2026. A fully completed prototype apartment is now available for private inspection.

[smartcode_project_cta:default project_id=112163]

Le Rêve Main Beach launches with $152 million in presales

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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<ol start="7">
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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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