<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Joel Robinson

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

By the time S&amp;S Projects began planning <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia</a>, the developer already had three Rainbow Bay projects from which to draw.

Flow, Awaken and Esprit had given <a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a> experience developing in the southern Gold Coast enclave, as well as buyer feedback that could be carried into its fourth project, a boutique collection of 38 residences at 271 Boundary Street.

“We have experienced a lot of success in this location and as this was our fourth building we had taken all of the learnings and buyer feedback from previous projects to arrive at a design and apartment mix that we believe had captured all of that experience and remained a true S&amp;S Project in its design and amenity,” the developer said.

That experience has translated into a collection of two, three, four and five-bedroom residences including two penthouses positioned on an elevated corner in Rainbow Bay, where the site opens to multiple coastal view corridors and the area's distinctive north-facing bay.

[smartcode_project:default project_id=140491 project_image_fid=284542]

S&amp;S Projects says the Boundary Street site took years to assemble, having previously comprised six units, a house and a duplex. The developer worked individually with the existing owners to bring the properties together after an earlier attempt to sell the site had been complicated by the number of parties involved.

“We are constantly looking for properties that meet our brand standards of location, views, and sites that are rare with unique aspects that we can develop to maximise the lifestyle of residents who live in our buildings,” S&amp;S Projects said.

The Boundary Street site gave <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a> a different set of conditions to work with.&nbsp;

“Our design brief was to design a building that took advantage of its unique elevated corner siting offering a range of spectacular view corridor opportunities,” Cottee Parker said.

“The design had to reinforce the strong brand pillars of S&amp;S which are quality, luxury and superior resident amenity.”

[smartcode_project:default project_id=140491 project_image_fid=284543]

Cottee Parker responded with a sculptural floorplate and strong horizontal banding, with continuous balconies and landscaped planters wrapping the building. Operable screens along the balcony edges allow residents to manage light and shade while creating an additional layer of pattern across the facade.

The tower rises above a heavily landscaped podium incorporating the entry lobby and recreational level, while the broader architectural expression takes cues from Rainbow Bay's coastal environment through its organic forms and light material palette.

Cottee Parker says the design has also been developed to complement S&amp;S Projects’ three previous Rainbow Bay developments while retaining its own architectural identity.

Inside, the residences continue that coastal response through two interior schemes centred on warm timbers and neutral tones, alongside patterned natural stone and fluted detailing.

Floor-to-ceiling sliding glass doors connect open-plan living areas to wraparound balconies, while natural stone is used across benchtops, splashbacks and bathroom walls. Specifications also include light-washed timber flooring, gas fireplaces, integrated bar and wine fridges, freestanding stone baths and 100 per cent wool carpet.

[smartcode_project:default project_id=140491 project_image_fid=284559]

Cottee Parker Director Sandra Brown said the intention was to create an architectural response closely connected to its surroundings.

“Imagine architecture that breathes with the rhythm of nature, where every curve and line flows seamlessly – creating spaces that dance with the elements, where sunlight kisses every surface and the gentle sea breeze fills every space,” Brown said.

The lessons S&amp;S Projects carried into Radia also extend to its resident amenity, with a substantial collection of shared facilities planned for just 38 residences.

A dedicated Residents Club will include a lap pool and spa, gymnasium, ice bath, sauna, steam room and hot rocks sauna. A residents' lounge, private dining room, outdoor dining and barbecue area and business centre are also planned, along with storage and dedicated surfboard and beach lockers.

S&amp;S Projects Founding Director Paul Gedoun said the facilities were also designed around the project's Rainbow Bay setting.

“Each amenity is designed to capitalise on the lifestyle of Rainbow Bay, ensuring residents can enjoy the relaxed coastal experience the enclave is famous for,” Gedoun said.

[smartcode_project:default project_id=140491 project_image_fid=284555]

<a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a> says purchasers to date have predominantly included local downsizers, interstate lifestyle investors and families, alongside a strong contingent of repeat S&amp;S purchasers.&nbsp;

According to the project sales team, feedback has centred on the natural stone and joinery, generous floorplans, natural light and the ability for residences to capture views in multiple directions. The completed Flow, Awaken and Esprit developments have also provided prospective purchasers with an existing reference point for S&amp;S Projects' delivery in Rainbow Bay.

There has also been interest from high-profile surfers and people connected to the surf community, with the elevated building providing outlooks towards several of the area's recognised surf breaks.

Radia continues S&amp;S Projects' concentration of development in a tightly held part of the southern Gold Coast, close to Rainbow Bay Beach, Snapper Rocks, Duranbah Beach, Greenmount Beach and the Tweed River. The neighbourhood also includes a growing collection of hospitality venues, while Coolangatta Airport provides connections beyond the southern Gold Coast.

Hutchinson Builders is now delivering Radia, continuing the project from early works privately funded by S&amp;S Projects. The $250 million development is expected to reach completion in the third quarter of 2027.

“With our history in Rainbow Bay, we have been fortunate to be heavily involved in how the development landscape has unfolded and this project slides into the property landscape comfortably and will feel like it was always there,” the developer said.

[smartcode_project_cta:default project_id=140491]

How three Rainbow Bay projects shaped S&S Projects' fourth, Radia

Nearly 40 years after <a href="https://www.apartments.com.au/developers/sheida-group">The Sheida Group</a> began working on the northern Gold Coast, the family-owned developer is continuing its involvement in Hope Island with Marina Point Apartments, where apartment scale has been a central part of the development.

Across the 235-apartment waterfront community, the developer has prioritised larger floorplans, substantial open space and marina access, responding to a purchaser base that has predominantly comprised local owner-occupiers and downsizers moving from larger homes.

"Having already delivered Anchorage nearby, we also understood this particular market and how people live here," developer Rick Sheida said.

"<a href="https://www.apartments.com.au/new-apartments/marina-point-apartments-hope-island-66-view-line-terrace-hope-island-qld-4212">Marina Point&nbsp;Apartments</a> gave us the opportunity to build on those lessons and create the next evolution of our work in Hope Island."

[smartcode_project:default project_id=136992 project_image_fid=293151]

The Sheida Group acquired the Marina Point land around 2018. Its appeal, Sheida says, went beyond having a waterfront address.

"What attracted us was not simply that the site was waterfront, but the way it meets the water," he said.

"It sits at the junction of broad waterways, creating long sightlines, changing views and a sense of movement throughout the day. Its shape also allowed us to orient the buildings outward, improve privacy between residences and make better use of natural light and breezes."

The buildings have subsequently been positioned around the perimeter of the site, allowing most apartments to take in water views while others look across the resort amenity or hinterland. Once all four buildings are complete, approximately one hectare of the site is expected to remain as open space.

The waterfront also provides the potential for up to 50 marina berths, with berths ranging from 15 to 24 metres and options designed to accommodate wider vessels including catamarans. Access from the marina to the Gold Coast Seaway is bridge-free.

[smartcode_project:default project_id=136992 project_image_fid=293149]

The developer says purchasers to date have predominantly been owner-occupiers and downsizers from <a href="https://www.apartments.com.au/new-apartments/marina-point-apartments-hope-island-66-view-line-terrace-hope-island-qld-4212">Hope Island</a> and elsewhere on the Gold Coast, generally aged between 45 and 70. Many have sold larger family homes or properties requiring significant upkeep.

That purchaser profile informed a design brief centred on retaining the space and functionality of a larger home within an apartment format.

"Many of our buyers are coming from large, well-appointed homes in Sanctuary Cove and the surrounding area," the project team said.

"They are accustomed to generous spaces and thoughtful design, so it was important that the apartments delivered the same sense of comfort and functionality.

"Every room needed to feel well proportioned, every space needed a clear purpose and nothing could feel compromised."

Residences range from 139 sqm through to 319 sqm penthouses, with two car spaces provided to apartments and three to penthouses. Minimum 2.7-metre ceilings, floor-to-ceiling glazing, entertainer's kitchens with butler's pantries, substantial storage and balconies ranging from 18 sqm to 37 sqm further reflect the emphasis on space.

One purchaser from Sanctuary Cove has taken the concept further, combining two of Marina Point's largest apartments to create a 552 sqm residence with raked ceilings reaching up to 4.5 metres.

[smartcode_project:default project_id=136992 project_image_fid=293155]

With Building 1 now complete, the developer is also seeing its original design assumptions tested against purchaser feedback.

Three completed display residences allow prospective purchasers to compare apartment sizes, layouts, finishes and outlooks in person. The sales team says one of the most consistent responses has been to the scale of the apartments, with visitors describing them as feeling more like homes than conventional apartments.

The first stage of resident amenity is also operational, including a 25-metre heated lap pool, Technogym-equipped gym, infrared sauna, golf simulator and yoga room. Future facilities are set to include a resort-style pool and spa, waterfront barbecue area and a residents' lounge with a library, fireplace, pool table, kitchen and bar.

Rather than treating the four buildings independently, the design brief called for a complete waterfront neighbourhood, balancing private residences with landscaping, open space, marina access and shared amenity.

[smartcode_project:default project_id=136992 project_image_fid=293152]

For Sheida, Marina Point Apartments is ultimately an extension of the developer's longer-term involvement in Hope Island and its view of how the suburb is evolving.

"We were equally interested in the long-term future of Hope Island," he said.

"Its position between Brisbane and the central Gold Coast gives residents access to both, while improving transport connections are making the northern Gold Coast increasingly attractive as a permanent place to live."

Hope Island Marketplace is 1.3 kilometres from Marina Point, while Sanctuary Cove and Paradise Point are within six kilometres. Links Hope Island, The Pines and The Palms golf courses are also nearby, and the new Hope Island train station is under construction around five kilometres from the development.

Building 2 is under construction, with completion scheduled for 2027.

[smartcode_project_cta:default project_id=136992]

Marina Point Apartments continues The Sheida Group's 40-year Hope Island story

Sydney-based fund manager and developer EG is seeking to turn part of the former Roche pharmaceutical campus in Cromer into a 130-home residential community, introducing a mix of low-rise apartments, townhouses and duplexes to the tightly held Northern Beaches market.

The SJB-designed masterplan has been prepared for the 3.2-hectare site at <a href="https://www.apartments.com.au/new-apartments/100-south-creek-road-cromer-nsw-2099">100 South Creek Road</a>, part of the former Roche landholding that EG acquired for $55 million in 2017 through its Yield Plus Infrastructure Fund No. 2.

EG is proposing what SJB describes as a new "urban village" set within the site's significant existing tree canopy.

<img alt="Cromer" data-entity-type="file" data-entity-uuid="482c9a58-49f1-4c53-a12e-aaa02336229f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-24%20at%2011.20.57%E2%80%AFAM.png?VersionId=hZP8_XfPnfNq500dbcjlpVwYU1ebhF9_" />

Around three hectares of the site is considered developable, with the balance incorporating a riparian corridor that would be rehabilitated and revegetated as part of the proposal.

The indicative masterplan comprises approximately 72 apartments in low-rise residential buildings and another 58 townhouses and duplexes.

The apartment component would include around five one-bedroom, 37 two-bedroom and 30 three-bedroom residences, while the townhouse and duplex component would be spread across several different housing typologies. The overall scheme would deliver around 19,500 sqm of gross floor area at an FSR of 0.6:1.

Parking for the apartment component is currently estimated at around 112 resident spaces and 14 visitor spaces, while the townhouse and duplex component would have 116 resident and 12 visitor spaces.

A significant part of the masterplan revolves around retaining the established landscape character of the former Roche campus.

SJB's plans show heavily treed setbacks along both Campbell Avenue and South Creek Road, a centrally located collection of significant native and exotic trees retained as communal open space, and the regeneration of the northern bushland area.

The existing creek corridor along the site's western edge would also be rehabilitated and revegetated, creating additional separation between the new homes and the neighbouring Northern Beaches Business Park.

A heritage-listed cottage and its garden setting would be retained and restored, with SJB flagging its potential adaptive reuse as communal space.

The proposal also includes new communal recreation areas, pedestrian connections to Campbell Avenue and South Creek Road, and a contribution toward improvements to the adjoining Michele Reserve.

Vehicular access would be restricted to South Creek Road, with no vehicle entry proposed from Campbell Avenue. The main internal road would largely follow the site's existing driveway to minimise the impact on established trees.

SJB said residential redevelopment presented an opportunity to retain the majority of the site's heritage-listed mature trees while delivering a broader range of housing types than typically seen across the Northern Beaches.

"The site being 3.27 hectares in area represents one of the largest vacant sites in common ownership in the Cromer and Dee Why area capable of residential renewal," SJB noted in the masterplan.

The architect said the proposal would particularly target housing diversity through townhouses and other "missing middle" typologies suitable for singles, young families, downsizers and retirees.

<img alt="Cromer" data-entity-type="file" data-entity-uuid="e3f5d841-8491-427e-8ada-c70d3d03d6bc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-24%20at%2011.21.02%E2%80%AFAM.png?VersionId=xTV7r.q8lrTzC9vKzMS9zMbjm9wKwhgm" />

The site emerged following the subdivision of the former Roche campus into eastern and western parcels.

EG has already transformed the western portion into the Northern Beaches Business Park, which incorporates heritage-listed office space, modern warehouses and indoor recreation facilities.

The proposed residential community, referred to as Cromer East in SJB's plans, adjoins established housing to the north, east and south-east, while the business park sits beyond the creek corridor to the west.

It is also within 250 metres of Pittwater House School and Northern Beaches Secondary College, while bus stops within a three-to-five-minute walk provide connections to Dee Why, Brookvale and express services to the Sydney CBD. Cromer Park and the South Creek open space corridor are also nearby.

EG acquired the broader 7.5-hectare former Roche campus in 2017 for $55 million through its Yield Plus Infrastructure Fund No. 2. The campus at the time comprised more than 25,000 sqm of industrial and office buildings set within landscaped grounds.

The current residential site represents the eastern portion of that original holding.

EG's investment strategy for the fund has centred on acquiring income-producing real estate with longer-term rezoning and repositioning potential, particularly assets benefiting from infrastructure and changing land-use patterns.

EG also has an established residential track record across Sydney, including Bosco in Five Dock, Tempo in Drummoyne, The Flour Mill in Summer Hill and Pindari in Randwick.

The developer says it has delivered more than 1,000 homes to date, with a further 3,000-plus residences across its development pipeline.

First look: EG plans 130 apartments on former Roche pharmaceutical campus in Cromer

<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Financial Results

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Rental platform Rent.com.au grew its annual revenue by 121 percent to $1.65 million over the previous financial year but made a net operating loss after tax of more than $8.5 million for the year ended June 30.
The group, which allows renters to make online rental applications, said its short-term goal was for the cashflow to break even. 
It also guided for positive revenue growth expected to be derived from renter products and third party arrangements.
It aims to achieve that by focussing on its Renter Resume online rental application system and cost cuts.
Renter Resume was launched in October 2016 and is a user-managed online profile that allows renters to automatically generate property enquiries and applications.
Agents and landlords can check the applicant’s rental history, ID verification and a tenancy database screening (via RENT’s RentCheck product).
Rent.com.au said its resume creation averaged a 500 resumes per day, totalling nearly 130,000 by June 30.
<a href="https://www.propertyobserver.com.au/images/2017/08/24/RentEarnings.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/24/RentEarnings.png" alt="">
Net operating loss after tax was $8,513,631, down from $12,820,585 in the previous financial year. The loss included included a non-cash share based payments expense of $2.24 million associated with performance based convertible securities issued to advisors, shareholders and employees. 
Earnings Before Interest, Tax, Depreciation, and Amortisation (and excluding non-cash share based payments) was a loss of $5.8 million, down from $7.2 million in the previous year.
Cash reserves decreased from $6,080,209 at 30 June 2016 to $3,254,380 at 30 June 2017.
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prateek24-ezbwHMbNAk

Rent.com.au posts loss, but grows revenue on renter resumes

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Property fund manager Centuria Capital Group’s operating earnings per share dropped 31 percent to 10.3 cents per share while funds under management more than doubled to $4.2 billion for the full year ended June 30.
It said the results were in line with its guidance.
Centuria also announced distribution of 7.5 cents per share for the financial year and up 43% on FY16 results. 
Since financial year 16, Centuria has purchased 10 properties for $721 million across the listed and unlisted businesses, with $517 million acquired by unlisted funds.
Centuria said total shareholder returns were 24% and the group expects its operating EPS to grow nearly 5% during FY18.
Group CEO John McBain highlighted the acquisition of the $1.4 billion 360 Capital real estate platform.
“This acquisition was a very significant contribution to growth in funds under management and our consequent increase in scale and market presence. The result has been a step-change for Centuria Capital, bringing our business to scale and this activity should enable near-term ASX 300 inclusion.”
“In addition, the majority of 360 Capital’s funds were listed funds which were highly complementary to our platform which was previously skewed toward unlisted property funds,” McBain said.
He said the group’s unlisted business "had a bumper year", growing by 106% and has property assets under management worth $1.6 billion. It made the largest purchase in the group’s history – the Zenith office tower in Chatswood for $279 million in a joint venture with global investor BlackRock.
Last month, Centuria Property Funds said its listed office fund, Centuria Metropolitan REIT (ASX: CMA), has bought three commercial properties in Perth and Melbourne for a total of $150 million. 
In Perth, Centuria acquired two new commercial assets: <a href="https://www.realcommercial.com.au/property-offices-wa-perth-502267250" target="_blank">The Hatch Building</a> at 144 Sterling Street (above), and 42-46 Colin Street, for a total of $91.8 million. 
<a href="https://www.propertyobserver.com.au/images/2017/08/23/Centuria.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/23/Centuria.png" alt="">
During the year, Centuria merged its two office Real Estate Investment Trusts: Centuria Metropolitan REIT (CMA) and Centuria Urban REIT (CUA); and acquired the management of Centuria Industrial REIT (CIP).
As a result, CIP is now Australia’s largest pure rent-collecting REIT, with a market capitalisation of $563 million. 
Metropolitan office REIT CMA has a market capitalisation of $420 million.
Meanwhile, Centuria Property Funds has announced two leasing deals for its listed industrial trust, Centuria Industrial REIT.
“We are very pleased with the performance of both funds this year. The merger of CMA and CUA resulted in a larger and more efficient fund, which went on to acquire a further $150 million in assets since the merger,” said McBain.
The company will look to grow both funds with asset acquisitions, it said.
The Centuria Diversified Property Fund (CDPF) was also launched this year. It is an open-ended, unlisted diversified property fund which invests in office trusts.
McBain said the group would use its balance sheet strength to accelerate growth across its listed and unlisted property businesses.
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jonathanchancellor-7SQnKwU6yx

Centuria boss says unlisted funds had bumper year

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Developer Sunland Group said its full-year revenue jumped 67 percent while profit rose 12 percent from the previous year to $35.3 million, helped by a rise in revenue from property sales.
The result was in line with the group’s outlook.
Sunland managing director, Sahba Abedian, said the improved earnings was due to its focus on the luxury multi-story sector.
“The strategic repositioning of the portfolio three years ago to return to the luxury multi-storey sector, and our expansion in to south-east Queensland residential markets, has delivered a strong financial performance for the year,” Abedian said. 
“This has been balanced by the continuance of our conservative capital management strategy and share buyback program, which has enhanced earnings per share and contributed to Net Tangible Asset per share growth consistently over the past eight years.”
The group announced a final dividend of 4 cents.
In addition, Sunland also announced a special dividend of 2 cents following the settlements at its luxury Abian residential tower (picture above) in the Brisbane CBD.
Sunland said it has a solid pipeline of 18 projects along Australia’s east coast, with 14 residential projects under construction in Queensland, New South Wales and Victoria.
“Throughout the course of the 2018 financial year we intend to launch a further eight projects, pending planning approvals and market conditions,” Abedian said.
During the financial year ended June 30, Sunland said it had launched three residential projects — Marina Concourse and The Lakes Residences on the Gold Coast, and 18 Macpherson Street in Warriewood in Sydney’s Northern Beaches. 
Its $3.9 billion portfolio comprises 5,601 land, housing and multi-storey housing.
Sunland’s revenue from property sales jumped 67% to $394.3 million from $235.6 million in 2016, generated from 597 settlements (2016: 443 settlements). 
“A major contributor to revenue was the luxury Abian residential tower in the Brisbane CBD, which commenced settlements in June 2017 and has increased the average revenue per lot due to the higher average contract price,” Sunland said in a media release. 
Other contributors to revenue include Magnoli Residences, The Heights, and Ancora on the Gold Coast; Carré Residences and The Gardens in Victoria; and Dahlia Residences in New South Wales. The portfolio achieved an average return of 20%, in line with Sunland’s target development margin.
Sales volume increased 23% in FY17 with new project launches in Queensland and New South Wales, in addition to sales from the existing portfolio, with 524 sales completed to the value of $376.4 million (2016: 426 sales to the value $261.3 million). 
Contracted pre-sales for projects that have been released across the development portfolio total 641 as at 30 June 2017, with a combined value of $534.4 million.
Sunland’s multi-storey portfolio is primarily located in premium, high-growth locations across the Gold Coast.
Construction of the twin six-storey, mid-rise apartment buildings at Marina Concourse, located adjacent to the Royal Pines Marina, is scheduled for completion in mid-2018. 
Other multi-storey projects in the preliminary design and approval stages include 272 Hedges Avenue (high-rise), Greenmount Residences (medium-rise), One Marine Parade (high-rise), The Lakes (medium-rise), and Palm Beach (medium-rise). 
It has also acquired sites in Sydney (Mount Annan), Brisbane (Everton Hills), and the Gold Coast (Coolangatta and Mermaid Beach) totalling $65.5 million and added 579 allotments to the portfolio with an estimated end value of $689 million. 
The two site acquisitions on the Gold Coast, at Coolangatta and Mermaid Beach, are earmarked for luxury multi-storey residential developments which, pending planning approvals, will be launched in 2018.
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Sunland revenue jumps 67, boosted by Abian tower settlements

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Leading property group Mirvac said it achieved a record high lot settlements for the year ending June 30, while maintaining less than 2 per cent defaults. 
The developer’s 3,311 lot settlements was 17 per cent higher than last year. It secured $2.7 billion in residential pre-sales.
Sydney was the strongest market for apartments, with prices holding stable and also rising while the pace was the slowest in Brisbane and Melbourne.
Mirvac said its statutory profit after tax increased by 13 per cent to $1.16 billion from $1.03 billion, helped by a rise in property values in the investment portfolio and strong operational earnings. 
Mirvac said it expects strong residential profits despite a forecast slowdown in apartment pre-sales and a drop in foreign buyer numbers.
“Buying at the right time and in the right locations has ensured we have strong embedded margins across a number of our residential development projects, particularly those in Sydney and Melbourne,” said Mirvac CEO  Susan Lloyd-Hurwitz. 
<a href="https://www.propertyobserver.com.au/images/2017/08/18/MirvacBuyerProfile.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/18/MirvacBuyerProfile.png" alt="">
“We also expect to benefit from the substantial investment in infrastructure the New South Wales and Victorian governments are making, with a number of our residential projects located near proposed major transport lines.”
Mirvac guided for an operating earnings per share of between 15.3 to 15.6 cpss for FY18, which represents an increase in earnings of between 6 to 8 per cent, and distribution guidance of 11.0 cpss, which represents DPS growth of 6 per cent. 
<a href="https://www.propertyobserver.com.au/images/2017/08/18/MirvacOperatingRes.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/18/MirvacOperatingRes.png" alt=""> 
Lloyd-Hurwitz concluded, “Our focused and disciplined urban strategy has consistently delivered stable earnings and distribution growth over the past few years, and we expect FY18 to be another successful year, driven by a secure yield from our high-quality, modern investment portfolio, embedded rental growth, and attractive returns from our high-quality development pipeline.
Shaw and Partners' analyst Peter Zuk was quoted by the Australian Financial Review as saying that Mirvac's growth outlook was "better than expected".
Zuk said strong settlement volumes eased fears on defaults while the group's Melbourne office pre-sales should generate strong profits. 
In June, Mirvac’s stock was downgraded to a "hold" by Deutsche Bank analysts, who say a likely slowdown in the apartment development market would hurt the company.
There could be a 20 per cent fall in new apartment project starts in the 2019 financial year.
Mirvac will make a full-year distribution of $386 million, representing a 10.4¢ stapled security, which is at the top end of guidance. 
 
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Mirvac reports record settlements, defaults below 2 percent

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Diversified developer Stockland expects deposit cancellation rates to stay below the long-term average and further improve in WA.
The developer’s forecast came at its earnings announcement for the year ended June 30.
Stockland made a higher higher-than-expected profit on the back of a record number of settlements for new residential lots and strong performance on the eastern seaboard.
Full-year revenue from ordinary activities was $2,744 million, up 17.9 percent. 
Net profit after tax attributable to security holders rose 34.4% to $1.2 billion.
Stockland said cancellation rates of deposits paid at the exchange of a conditional contracts were well below the long-term average of 13 per cent.
"The eastern seaboard at the moment is below 10 per cent and trending lower in Victoria, NSW and Queensland over the last 12 months," Stockland's head of residential Andrew Whitson was quoted as saying by the The Australian Financial Review.
He said deposit cancellations in WA had dropped to 20 per cent from 28 to 30 per cent a year back.
In Victoria, deposit cancellations stayed flat over the year at a "historically low" 5 per cent, Whitson said.
Analysts displayed cautious optimism.
"While consensus forecasts are likely to be revised higher the market may begin to question if this is as good as it gets given strong residential volumes, expanding margins and 3 per cent comparable retail funds from operations growth," Citi analyst David Lloyd wrote. "We believe this could be premature."
However, Whitson was upbeat, saying Stockland's expansion into the urban infill market extended its reach beyond the core house and land market.
"Traditionally, being a greenfield community developer, we've only touched about 15 per cent of the market," he said.
"But the other 85 per cent we're starting to talk to now. Our infill developments give us the opportunities to set the business up for further growth."
The developer recently confirmed its acquisition of a 3.3 hectare waterfront site at Hope Island for $13.5 million.
Stockland expects operating profit margin to pick up to 17 per cent before settling at a level above 15 per cent. 
Whitson said the outlook for cancellations was strong with further improvements in WA.
The WA improvement reflected a stabilisation of the housing market there and and a slight rise in sales is expected over the next 12 months, he said.
Some analysts were cautious, however.
"Stockland have a more favourable view on Perth than our expectations with prices to stay flat and volumes improve," UBS analyst Grant McCasker said.
"What we're seeing in WA is a better outlook for the WA economy in the next 12 months," he said.
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Stockland says deposit cancellations improve, expects WA to pick up 

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House and land developer Villa World said it had posted its fourth consecutive full-year profit growth.
It guided for a full-year profit after tax of $41.6 million for the 2017-18 financial year,  a growth of 10% over FY17 based on the assumptions that interest rates would stay low and first home buyer grants would remain in place.
Villa World said it made a statutory profit after tax of $37.8 million  for the financial year ended June 30, up 12 percent from the previous year.
Commenting on the results, CEO and managing director Craig Treasure said in an ASX announcement that Villa World’s strategy of maintaining a pipeline of projects, while also “diversifying both geographically and in our product mix within the residential house and land market”, had generated consistent cash flow for Villa World. 
The group said its impressive performance was because of its less exposure to investors, which brings in more volatility.
"We're isolated from a bank shutdown and we only have 20 per cent investors ... as far as international buyers go, there are very few," Treasure told The Australian Financial Review.  
<a href="https://www.propertyobserver.com.au/images/2017/08/16/VillaWorld.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/16/VillaWorld.png" alt="">
Villa World's steady sales, despite a low investor base, show there is a lot of demand left in the local owner-occupier market. 
The property group’s settlements of wholly owned lots rose to 1,116 from the previous year’s 1,073, though revenue from them was flat.
Queensland continued to be the biggest contributor to the group’s performance, making up 71% of sales, slightly down from FY16’s 74%. Victorian projects contributed 21% of sales while New South Wales made up the remaining 8%.
The company acquired 3,454 lots in the financial year in northern Brisbane, Logan, north-west and south-east Melbourne, which it said would provide product continuity for several years. 
The board has declared a fully franked dividend of 18.5¢ per share in 2017. 
Villa World acquires, develops and markets residential land and house and land estates across the east coast.
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Villa World profit up, expects solid 2018 on FHBs, low interest rates 

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Property group Dexus posted a modest 0.3 percent rise in net profit after tax for the financial year ended June 30, although the group expects strong performance in the office markets of Sydney and Melbourne.
The group said it had a positive outlook for the office markets in Sydney and Melbourne due to an increase in business confidence and full-time employment growth. Overall, Dexus is optimistic about the Australian economic outlook.
Dexus chief executive Darren Steinberg said the group takes a long term view and its strategy of office ownership and funds management had paid off.
“We have a positive outlook for FY18 with guidance for distribution per security growth of 4.0-4.5%,” he said.
Dexus said its distribution per security grew 4.5% during the year, while funds from operations rose 1.1% from the previous year to $617.7 million.
Net profit after tax was $1,264.2 million, up just 0.3% on FY16.
<a href="https://www.propertyobserver.com.au/images/2017/08/16/DexusPortfolio.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/16/DexusPortfolio.png" alt="">
It raised $500 million via an institutional placement to partly fund the acquisition of MLC Centre, Sydney, 100 Harris Street, Pyrmont and 90 Mills Road, Braeside.
In the office space, work has begun on 100 Mount Street, North Sydney and 105 Phillip Street, Parramatta. 
It also completed 125,600 sqm of industrial development leasing.
Steinberg said Brisbane and Perth have turned the corner, but the recovery in Perth will take time and depend on the performance of the local economy. 
“We expect to see further support for real estate values into FY18 as a result of the strength of property fundamentals in Sydney and Melbourne combined with persistent investment demand from global and local players attracted to the stable returns from quality well leased properties.”
The group will continue to focus on Australia's major cities.
<a href="https://www.propertyobserver.com.au/images/2017/08/16/DexusDrivers.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/16/DexusDrivers.png" alt="">
“Our market guidance for the 12 months ending 30 June 2018 is to deliver distribution per security growth of 4.0-4.5%,” said Steinberg. 
<a href="https://www.propertyobserver.com.au/images/2017/08/16/Dexus3.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/16/Dexus3.png" alt="">
Dexus manages an Australian property portfolio valued at $24.9 billion. The group owns or manages 21 Sydney CBD and CBD fringe assets valued at $8.7 billion.
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Dexus upbeat on office market growth in Sydney, Melbourne

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Developer Stockland said funds from operations for the financial year ended June 30 grew 8.5 percent to $802 million on the back of its residential projects though growth on the commercial side was moderate.
The residential business delivered an operating profit growth of 17.4 percent, while settling a record 6,604 lots in FY17.
It said more than 50 percent of net deposits were from first home buyers. 
The Victorian government recently approved Stockland’s plan to develop up to 5,000 new homes as part of its Mt. Atkinson project (above), 24 km from Melbourne’s CBD.
“Our Residential and Retirement Living businesses achieved record results, and Commercial Property delivered a good performance across the different asset classes, despite challenging conditions in the retail market,” said Stockland managing director and CEO Mark Steinert.
It also acquired 9,900 lots with the majority in Melbourne.
In the commercial property segment, Stockland said occupancy at its logistics and business parks increased to 99%. 
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 <img src="https://www.urban.com.au/images/2017/08/16/Stockland.png" alt="">
“We continue to see growth in lifestyle and entertainment tenancies, particularly larger format operators such as JB Hi-Fi, Hoyts and Harris Scarfe, and we’ve recently confirmed that H&amp;M will open new stores at our Townsville and Rockhampton centres,” said CEO Commercial Property John Schroder.
The company expects positive economic conditions to continue, and interest rates to remain fairly stable. It will continue to focus on community projects and town centres. 
Stockland, which also owns and manages shopping centres, said its commercial property business should deliver moderate growth, with comparable FFO growth of 2-3 percent including comparable retail FFO growth of around 3%. 
“We will continue to invest, grow and remix our portfolio, increasing our focus on convenient and desirable town centres, with selected divestments funding much of this activity,” said Steinert. 
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Stockland posts profit, helped by residential projects, commercial muted

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Australiasia’s biggest property group, the Ray White Group, has recorded its biggest ever year with $44.7 billion in sales in 2016-17, up four per cent on the previous fiscal year.
The Ray White Group’s sales market share in Australia and New Zealand improved 0.15 per cent to 10.3 per cent in the year to June.
Ray White Group director Dan White said each of the 1000 businesses that make up the Ray White network were in markets experiencing different conditions.
“While we are happy about our record trading result, what was most pleasing was the overall improvement in profitability for the majority of our individual business owners,” Mr White said.
“Based on our 2016 financial year findings, our offices converted a 12 per cent increase in revenue to a 10 per cent increase in profit."
Ray White continues to list twice as many properties as the next biggest agency group and it remains the largest auction house in Australia and New Zealand with around 15 per cent of the market.
Ray White Group chairman Brian White said there had been much comment during the year regarding tight stock numbers but the Ray White network improved its market share.
“The performance of the property market in 2016-17 highlighted, once again, the critical role that property plays in the wealth of the Australasian community. Property is so important to the vibrancy of our communities,” Mr White said.
“One of the features of 2016-17 was the improved stability of many markets that had been so damaged in the post-mining boom, particularly in some parts of regional Australia.
“Obviously Sydney was a stand out market but the same can be said for Melbourne and Auckland.
“The Gold Coast is also pumping.
“There has been some exceptional growth in that market over the last year which may surprise some people.
“And our network in regional New South Wales has had a great year too.”
 
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j.ballantyne1990-6AQqhLzZaK

The Ray White property powerhouse reports record $44.7bn year

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Developer Stockland said its residential business was on track to meet its full-year target of more than 6,000 settlements and would post operating profit margins of 15-16 percent following the announcement of its third-quarter update.
The developer maintained its FY17 outlook for growth in funds from operations (FFO) per security of 6 percent to 7 percent. 
Stockland managing director and CEO Mark Steinert said the company made good progress in its core businesses.
“Our residential business is benefiting from our well-located projects in high growth corridors, our more diverse and affordable product mix, strong market conditions on the East Coast, and the stabilisation of the Perth market,” he said. 
Stockland said 77 percent of its buyers were owner occupiers in the March quarter while 54 percent were first home buyers.
Its residential business achieved 1,891 net deposits in the quarter and 5,984 net deposits in the financial year to date, compared to a total of 4,844 net deposits up to the corresponding point in time last year. Its 
“We remain focused on providing affordable housing solutions for our customers,” Steinert said. “On average, prices for our house and land packages are more than 15% below the established house prices in the surrounding trade area. 
Stockland said it expected to achieve a FY17 Distribution Per Security (DPS) of 25.5 cents, based on the higher of Total Trust Income (TTI) or 75 – 85 percent of FFO, up 4.1 percent on FY16. 
“In our retirement living business, our resale values are benefitting from the quality of our villages and the strength of the broader residential market. We will continue to improve our long term returns by focusing on new development and the provision of additional services to our residents.” 
Stockland’s retirement living business had 244 net reservations in the quarter and was in line with internal forecasts, it said. 
It said retail had a relatively flat quarter, with our figures impacted by Easter and the Victorian and Queensland school holidays falling in April. 
“We encountered the same headwinds that are affecting the sector with some retail price deflation, above average retailer administrations and a weak start to the calendar year for discount department stores,” Steinert said.
“We’ve continued to invest in our portfolio and remix the centres to deliver good growth of 2.7 percent in specialty sales per square metre across our comparable shopping centre portfolio. Total comparable annual sales across all retail categories were relatively flat at -0.2 percent. We remain on track to achieve Retail FFO growth in line with our guidance of 3 – 4 percent for the full year, driven primarily by specialty stores. 
“We’ve also maintained our momentum in the development and leasing of our logistics and business parks, and our predominantly Sydney-based office portfolio performed strongly,” Steinert added. 
Stockland acquisitions and development update – 3Q17 (and post-date) 
-  Acquired 77 hectares in Craigieburn West to extend Highlands community
-  Acquired 11.5 hectare townhouse development site at Braybrook, 10 km west of Melbourne CBD
-  Commenced construction of Stamford Park townhouse and apartment development at Rowville, 26 km south east of the Melbourne CBD
-  Launched Edgebrook residential community at Clyde North, south east Melbourne
-  Completed Stage One of the $412 million redevelopment and expansion of Stockland Green Hills Shopping Centre
-  Completed and opened the $30 million Stockland Kensington Shopping Centre in Bundaberg
-  Achieved practical completion of Oakleigh Logistics Facility, Stage Two, Melbourne
-  Commenced construction of Warwick Farm Logistics Facility, Sydney
-  Completed and opened Stage Two of The Residences, Cardinal Freeman, comprising a new clubhouse and 40 apartments, with all but one apartment pre-reserved
Stockland recently listed a 22,800sqm retail development site in its residential community south of Brisbane, Pallara.
 
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