Builder-developer Urban Property Group (UPG) is continuing to expand into new markets. UPG is heading to the Hills District, where it is planning a 40-storey mixed use building near Castle Hill Metro Station.

They've gone down the favoured developer route of a State Significant Development Application, which should see developments approved within the space of nine months.

The tower will comprise 371 apartments, 42 of which will be affordable housing, above a ground-floor retail precinct at 16-20 Old Castle Hill Road, on the corner of Garthowen Crescent and within walking distance of Castle Hill Metro Station, an area identified for higher density under both local and state strategic planning frameworks.

Designed by <a href="https://www.apartments.com.au/architects/studiosc">Studio SC</a>, the tower would rise from a brick podium base, accommodating one retail tenancy and communal open space, before transitioning to a slender glazed residential form above. Six basement levels are proposed beneath the building to house parking and services.

<img alt="First Look: Urban Property unveils 40-storey mixed-use tower in Castle Hill with 371 homes and affordable housing component" data-entity-type="file" data-entity-uuid="08dc82f9-b826-4e18-8c60-4c90f7472317" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%20G%20%28b%29%20-%20Ground%20level%20render.jpg?VersionId=EOv1ly45k_Bc1F73C0hdwXSG4FVSTETt" />

“Castle Hill is undergoing a significant transformation, evolving from a traditionally low-rise suburban centre into a true metropolitan destination anchored by the Sydney Metro Northwest," the Architectural Design Report prepared by Studio SC noted.

The majority of apartments (194) will be two-bedrooms. 90 one-bedroom apartments are planned, 83 three-beds, and four four-bedroom apartments.

Studio SC’s design adopts a podium-and-tower composition, with warm-toned masonry at the lower levels intended to anchor the building within its streetscape context.

"At the podium, the architecture is anchored through solid brickwork in warm, earthy tones, reflecting the local sandstone formations and the natural colour palette of the surrounding hills," Studio SC added.

Above, the tower transitions to a lighter glass expression, articulated with fins and tonal variation to reduce visual bulk and respond to changing light conditions.

<img alt="First Look: Urban Property unveils 40-storey mixed-use tower in Castle Hill with 371 homes and affordable housing component" data-entity-type="file" data-entity-uuid="f13cb2ee-ebfc-4204-9aba-e2dbd9e5d4bd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%20G%20%28a%29%20-%20Pool%20view.jpg?VersionId=Dnpusa.b5d6Nkx2clPlzWosDdh_1QW2V" />

Urban Property Group is one of Sydney's most active developers. They have projects currently under construction in Little Bay, Penrith, and Macquarie Park, with future projects earmarked for Wollongong.

Castle Hill has been one of the most popular suburbs for development across Sydney in the last five years, as developers scramble for land around the newly extended Sydney Metro.&nbsp;

Kassis Homes kicked it all off with Grand Reve, along with Deicorp who has delivered over 1,000 apartments in the area and continues to develop. The likes of Dubai-backed developer Arada will take to market their project in the coming months, while Masscon has just launched Avenue on Cadman Crescent.

Joel Robinson

First Look: Urban Property Group unveils 40-storey mixed-use tower in Castle Hill

One of the Gold Coast’s ‘bridesmaid suburbs’ is experiencing a wave of local suitors, with the latest sales figures from <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> revealing over two thirds of buyers will be relocating from within a 5km average radius of the 16-hectare masterplan.&nbsp;

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the figures underlined a powerful shift for Biggera Waters that would reshape it into a thriving force behind the region’s growth corridor.&nbsp;

“We’ve seen a huge wave of interest from residents of Arundel, Paradise Point and Runaway Bay who recognise the urban transformation that is well underway here and want to be part of it,” Long said.&nbsp;

“Interestingly, 25 per cent of our Gold Coast buyers are also coming from the city’s southern hotspots, including Burleigh and Palm Beach.&nbsp;

“<a href="https://www.apartments.com.au/developments/biggera-waters-qld-4216">Biggera Waters</a>, and Harbour Shores in particular, has all the advantages of waterfront living with the benefits of resort-style amenity, for greater value than the southern beachfront suburbs.”&nbsp;

[smartcode_project:default project_id=113271 project_image_fid=290031]

Long said half of the purchasers at Harbour Shores were under the age of 55.&nbsp;

“When locals choose to stay local, it creates a genuine community, turning the most sustainable master planned community in the Gold Coast’s history into a diverse and vibrant ‘village of villages’.”&nbsp;

[smartcode_project:default project_id=113271 project_image_fid=336743]

<a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a> Gold Coast Sales Director David Higgins said the hyper-local market demand was unique to Harbour Shores when compared to other projects in the region.&nbsp;

“We are seeing as much as 60 per cent of new apartment sales on other projects go to interstate or international buyers, but Harbour Shores is bucking this trend and attracting a larger proportion of the local market,” Higgins said.&nbsp;

“Only 13 per cent of Harbour Shores’ existing purchasers are interstate. There has been a resounding endorsement from local buyers and that validates the project’s vision and investment in design, lifestyle and liveability.”&nbsp;

[smartcode_project:default project_id=113271 project_image_fid=4579]

Harbour Shores is 16ha visionary masterplan dedicated to wellness and an active, healthy lifestyle. Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, Harbour Shores embeds extensive green connections and more than 2.5km in pedestrian networks – including a 1.2km boardwalk along the water’s edge.

Harbour Shores was recently recognised by the BETTER FUTURE World Design Awards 2026 as a silver winner in the category of environmental sustainability. Boasting a 6 Star Green Star Communities V1.1 rating, Harbour Shores will deliver more than 2,000 homes over the next ten years.&nbsp;

The first stage will deliver three residential collections including luxury three and four-bedroom waterfront villas at The Residences, as well as apartments in The Waterline and Palm House, surrounded by resort-style amenities.&nbsp;

[smartcode_project_cta:default project_id=113271]

Biggera Waters no longer a 'bridesmaid suburb' as Gold Coast locals jump to Harbour Shores

Developer <a href="https://www.apartments.com.au/developers/ellipse-property-group">Ellipse Property</a> has officially launched Lily Lane, the second stage of its Carrington Place masterplan in Sydney’s North-West. The new stage will deliver over 200 apartments to the sought-after Hills District, supported by new retail and resident amenity.&nbsp;

Located near the Hills Showground Metro Station at 32 Carrington Road, Castle Hill, <a href="https://www.apartments.com.au/new-apartments/lily-lane-at-carrington-place-castle-hill-32-carrington-road-castle-hill-nsw-2154">Lily Lane</a> has launched with the release of 105 apartments.

Designed by award-winning architects <a href="https://www.apartments.com.au/architects/ptw">PTW</a>, Lily Lane comprises a combined total of 213 units over two 12-storey towers anchored by a ground-floor retail offering. A range of floorplan configurations are available including 67 one-bedroom, 100 two-bedroom and 46 three-bedroom apartments.

One-bedroom apartments are sized from 50-72 sqm with prices starting at $720,000, while two-bedrooms are priced from $960,000 with sizes ranging from 75 to 132 sqm. The three-bedroom floorplans are sized between 97 and 182 sqm, with prices starting at $1,350,000.&nbsp;

Six exclusive penthouses crown the Lily Lane towers, offering opulent interiors of up to 285 sqm. They are priced from $2.9 million.

[smartcode_project:default project_id=151821 project_image_fid=360285]

Blake Schulze, National Director – Residential at <a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a>, says Lily Lane builds on the sell-out success of Carrington Place’s first stage, Atrium.&nbsp;

“Lily Lane offers everything north-west buyers are seeking - including spacious, flexible floorplans with premium finishes and sweeping views of the Hills District to the north," Schulze said.

"Its central location brings residents even closer to Hills Showground Metro Station, with retail, dining, recreation and essential services at their fingertips.

Schulze says early enquiries reflect pent-up demand for Lily Lane’s three-bedroom and penthouse apartments, reinforcing the appetite for house-sized units in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>,&nbsp;especially among downsizers.

Lily Lane has sought to incorporate features that are more&nbsp;traditional in freestanding homes. Over 75 per cent of residences include dedicated studies, multipurpose rooms or family rooms, with select layouts offering walk-in pantries and laundries.

Buyers have two interior colour schemes to choose from. ‘Breeze’ is a light-toned palette with warm timber accents, and ‘Dawn’ is a cooler mid-toned colourway.&nbsp;

[smartcode_project:default project_id=151821 project_image_fid=360572]

Apartments also feature premium Miele appliances, including ovens, washing machines, dryers, gas cooktops and dishwashers. Larger homes offer integrated Miele microwaves, Fisher &amp; Paykel integrated refrigerators and five-burner Miele cooktops.

Lily Lane’s ‘village-style’ architectural design is designed to maximise walkability and access to green space. Its two elegant towers are separated by a central landscaped laneway lined with lily plants, giving the project its name.&nbsp;

The towers will be crowned by rooftop terraces with BBQ areas offering views of the Hills District. Residents can also access a shared community room, complete with a fully equipped kitchen.

“As the gateway to the wider Carrington Place masterplan, this new stage delivers a premium experience,"&nbsp;said Puja Khanna, Associate Director – Design, Marketing and Sales at Ellipse Property.

"It features beautifully curated landscaping, refined interiors and architecture designed to maximise space, light and views. With a supermarket and essential services just minutes away, the addition of Lily Lane’s ground-floor retail will elevate everyday convenience and deliver a vibrant precinct for residents.”

[smartcode_project:default project_id=151821 project_image_fid=360286]

Lily Lane will be constructed by award-winning iCIRT-rated builder Decode Group, with construction to commence in mid-2026 and expected to complete early 2029.

Carrington Place comprises more than 800 apartments and is being delivered across multiple stages. Completion of the masterplan is expected in 2032. Integrated with neighbouring bushland, the project will feature over 20,000 square metres of outdoor recreational area, including a one-kilometre boardwalk to the nearby Fred Caterson Reserve.&nbsp;

The Hills Showground Metro Station is just a two-minute walk away, offering fast connectivity to Sydney’s CBD, North Sydney, Chatswood, Macquarie Park and Norwest Business Park.

[smartcode_project_cta:default project_id=151821]

Ellipse launches Lily Lane, stage two of Carrington Place

<a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a>, a Sydney-based global property development and investment firm, is set to transform a 1.4-hectare site in Five Dock into a $1.5 billion mixed-use precinct.

The integrated precinct is planned to include 750 apartments across five residential towers, a 150-key hotel, around 10,000 sqm of retail and lifestyle space, as well as health and wellness facilities, extensive landscaped open space, and community amenities.

Planning approval submission is targeted for June 2026.

One Global Capital Founder Iwan Sunito told Apartments.com.au that the Five Dock site, which he has owned for over two decades, is one of the best he's ever had.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito says.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

<img alt="Urban renewal in Five Dock via mixed-use precinct" data-entity-type="file" data-entity-uuid="76667592-c421-49f5-9ab8-45cfec815651" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Five%20Dock%201.png?VersionId=puhL_lSxd5IB5VA9fQKPsKHgmkinuwuI" />

Sunito said he wants to create a "city within a city", designing a multi-cultural precinct with the convenience of retail and public space at the forefront.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community."

He adds that the Five Dock is emerging into a "really solid suburb", with the growth in&nbsp;the area continuing to be supported by rising residential values across the Canada Bay and Leichhardt local government areas, driven by major infrastructure investment and enhanced transport connectivity.&nbsp;

The new precinct will benefit from close proximity to a key transport network, including the Five Dock Metro Station, located approximately 1.1 kilometres from the site. The new Burwood Metro stop will be just 800m.

The project marks a renewed collaboration between Sunito and internationally acclaimed architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, the creative partnership behind some of Sydney’s most recognisable residential landmarks, &nbsp;including Infinity, Arc, and Skye North Sydney.&nbsp;

<img alt="Urban renewal in Five Dock via mixed-use precinct" data-entity-type="file" data-entity-uuid="a9184a45-f429-4628-87ce-9bd6c70cb597" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Five%20Dock%202.png?VersionId=zJZRfLAZCkpww5VcmR_wgRXjoaSgPSyv" />

“The concept for this development is born from our design approach to naturalising architecture," Koichi Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised &nbsp;for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

A key feature of the mixed-use development will be a lifestyle retail precinct, offering shopping and dining &nbsp;experiences - including a proposed state-of-the-art car showroom - as well as communal spaces for community &nbsp;use. Veteran retail and commercial property practitioner, Simon McTigue, has been engaged to consult on the &nbsp;delivery and leasing of the retail precinct, having previously worked on notable mixed-use projects such as East &nbsp;Village Shopping Centre in Zetland and South Village Shopping Centre Kirrawee, as well as other projects with &nbsp;Iwan Sunito in Green Square and Parramatta, to name a few.&nbsp;

“The Five Dock site offers a unique opportunity for retailers, conveniently located within easy walking distance &nbsp;of the metro station. On completion, the integrated precinct will provide the community with a new Inner West &nbsp;town centre, offering daily convenience via a proposed large format supermarket and fresh food precinct, as well &nbsp;as a restaurant and café district situated alongside key services such as a medical and health centre. It will be a &nbsp;place to live, work and play,” said Simon McTigue, Director of Wallaringa Consulting.&nbsp;

Samuel Sunito, Director of Capital at One Global Capital, confirmed strong inbound interest from both domestic and global investors seeking co-investment opportunities in the project. “We are currently engaging with &nbsp;investors both locally but also globally from Indonesia, the United States, China, Singapore, Vietnam, and Dubai &nbsp;to ensure alignment of vision and long-term value creation,” he said.&nbsp;

Investment participation will remain open until approximately Q2 2026, with equity allocations managed selectively.&nbsp;

“Equity available to the broader market will be limited, with priority given to long-standing capital partners. In terms of One Global Capital’s investment philosophy, we will continue to retain majority ownership, ensuring &nbsp;strong alignment of interests and preserving the long-term integrity of the project for all stakeholders,” Samuel &nbsp;said.

"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock

Holiday home buyers who have long gravitated to Queenstown’s alpine setting are increasingly looking for low-maintenance apartments that allow them to lock up and leave, while still generating income when they’re away.

For Wendy, who had spent years visiting the Queenstown and Arrowtown region, <a href="https://www.apartments.com.au/developers/safari-group">Safari Group</a>’s Mountain Oak Apartments provided the opportunity to formalise what had previously been a recurring holiday pattern.

“We always had Queenstown in the back of our minds to buy something there as a holiday home,” she says. “We love the Queenstown and Arrowtown area.”

<img alt="From slopes to markets: Mountain Oak connects residents to the best of Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/658d4f_48c3ec1ae5df4a2cab7d23c07c7f51b3~mv2.jpg?VersionId=27K8oQ4ExDN8Yu70VHDa9Olq59XU36m3" />

Time spent visiting her sister-in-law, who owns in Arrowtown, along with regular stays at Millbrook Resort, had already shaped a strong personal connection to the region.&nbsp;

Rather than approaching the purchase purely as an investment play, Wendy’s starting point was lifestyle.

“We were more thinking about ourselves and where we could stay, and then the rental aspect was second.”

Mountain Oak Apartments, located within the masterplanned Remarkables Park precinct in Frankton, aligned with that thinking. The ability to secure the apartment with a deposit and settle on completion made the timing work.

“The fact that we could put a deposit down with the balance on completion was a bonus for us,” she explains.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Wendy selected a two-bedroom, two-bathroom penthouse, a configuration that supports both private use and guest flexibility.

“The two-bedroom, two-bathroom configuration appealed from both a rental viewpoint and for the ability to have friends stay while we are there,” she says.

Across the development, two-bedroom apartments range from 64sqm to 78sqm, with two-bedroom plus flexi options from 71sqm to 75sqm, each with an allocated car park. The flexi layouts introduce an additional space suited to work or hobbies, reflecting demand from buyers who split their time between leisure and remote work.

Apartments include underfloor heating in bathrooms, heat pumps to living areas, and joinery positioned to maximise natural light and mountain outlooks. The Remarkables Park precinct is known for its extended winter sunshine hours, water frontage and open views toward The Remarkables.&nbsp;

Units come in light and dark interior colour schemes.

<img alt="Mountain Oak Apartments draws holiday home buyers to Queenstown" data-entity-type="file" data-entity-uuid="fd685a22-3b95-43a1-87cb-48fdd42bb4ba" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/658d4f_f9f89107c2704ebbbe5a6b36da508cb3~mv2.jpg?VersionId=MigFIEm6b.mrANANwxSmwHvC4RdJUuyR" />

While lifestyle was the primary driver, the fundamentals of the Queenstown market added reassurance.&nbsp;

“Proximity to the airport and tourism being the main attraction all year round,” Wendy says, when asked what stood out from an investment perspective.

Mountain Oak sits just eight kilometres from Queenstown’s CBD and around a two-minute drive from Queenstown Airport.&nbsp;

For Wendy, that airport proximity carries practical value.

“The airport proximity is a bonus, we think that being so close will be an attraction for the convenience side.”

Residents are also a short drive from Coronet Peak, Jack’s Point Golf Course, New World Supermarket, Five Mile Shopping Centre, and the dining, medical, gym, cinema and library amenities within the town centre, as well as the seasonal Remarkables Market.

Importantly, the purchase does not lock owners into a single use. Mountain Oak offers the flexibility to opt for short-term visitor accommodation or longer-term residential rental management, with 365-day visitor accommodation consent in place. Owners can utilise Safari Group’s 24/7 on-site management service or appoint their own provider, and do not need to decide on a strategy immediately.

“It was a bonus that we can rent it out as well as use it for ourselves,” she says.

Additional buying options, including furniture packages and storage units available for purchase within the building, further support a lock-and-leave model suited to interstate and overseas owners.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Mountain Oak Apartments comprises 141 residences, ranging from one-bedroom configurations through to larger apartments and penthouses. One-bedroom apartments are currently priced from NZ$639,000, with three-bedroom options from NZ$1,299,000.

With 365-day visitor accommodation consent, the development is structured to respond to Queenstown’s established four-season tourism economy, spanning winter ski traffic and summer hiking, cycling, golf and lake-based activity.

Although Wendy acknowledges the strength of rental demand, her approach remains long term.

“We’re not planning to sell it anytime soon, so we are keen to hang on to it, but the passive income will be a bonus.”

Confidence in the developer also influenced her decision. Before proceeding, Wendy sought feedback within the local building community.

“We asked around and Safari Group had a good reputation,” she says.

Safari Group has delivered more than 2,000 hotel units and residential apartments across over 18 developments nationwide, with more than 25 years’ experience in the sector.

With completion anticipated by mid-2027, Mountain Oak is attracting a cross-section of buyers, from yield-focused investors to lifestyle purchasers seeking a foothold in one of New Zealand’s most tightly held alpine markets.

For Wendy, it represents both a future holiday base and a long-term asset within Queenstown’s year-round tourism economy.

How Mountain Oak Apartments draws holiday home buyers to Queenstown

Funds Management

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Temporary changes to the foreign investment review framework have created unintended consequences for funds managers that could create additional headwinds for struggling businesses at a time when equity and debt funding is desperately needed to drive the Australian economy.
Executive Chairman of Atlas Advisors Australia, Guy Hedley said the Australian Government’s recent reform, requiring all foreign investment be scrutinized by the Foreign Investment Review Board, has unintentionally captured some managed funds and could reduce interest in Australia as an investment destination at a time when the nation has a desperate need for capital.
“The reforms importantly aim to safeguard the national interest against opportunism amidst the COVID-19 crisis,” Mr Hedley said.
“However, it also creates needless complications for managed funds that invest broadly across different industries and sectors on behalf investors in areas that require capital support.
“In today’s fast-moving business environment, where innovation is key to survival, enterprise cannot wait unreasonably long periods of time for the delivery of outcomes.”
Mr Hedley said that by unintentionally adding some categories of managed funds to the non- FIRB exemption rules could have the effect of stymieing business opportunities that are critical to drive economic growth both now and in the future.
“These measures will leave thousands of Australian startups, emerging, listed and private companies stranded without critical funds needed to drive business continuity and change,” he said.
“Many of these companies will inevitably collapse, forgoing billions of dollars’ worth of tax and employment generating business opportunities.”
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j.ballantyne1990-6AQqhLzZaK

New temporary FIRB rules hurt the economic recovery

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Fractional property investment company DomaCom has been approved by Trustee Partners for the inclusion of the DomaCom Fund as an investment option for their retail Superannuation Fund.
Trustee Partners currently offer 33 domestic and global managed funds managed by 17 leading fund managers. DomaCom will join this list to provide access to Australian residential, commercial and farmland property delivering further diversification.
DomaCom CEO Arthur Naoumidis said, accessing retail super is another significant first for DomaCom, further broadening their potential in the retail space.
"Most advisers have a significant proportion of their clients in retail super who have not been able to access the DomaCom Fund until now," he said.
“DomaCom has the ability to pave the way for creating thematic investment funds to give investors earnings potential in otherwise difficult to access assets such as residential property and farmland. For those interested in investments with impact we can also offer affordable housing, energy and other socially responsible investments”.
Andrew Peterson, CEO of Trustee Partners, says it is a unique offering for financial advisers and their clients.
“Financial Advisers can now create their own white labelled retail super offerings that include direct property using the DomaCom solution and Trustee Partners."
To read more about DomaCom <a href="https://domacom.com.au/" target="_blank">click here.</a>
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jrobinson-rf4aSBido9

Trustee Partners approves DomaCom for retail super

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Leading real estate fund manager EG has acquired the former Roche Products Australia facility in Sydney for $55 million, in a new addition to its Yield Plus Infrastructure Fund No. 2 portfolio.
The facility at <a href="https://www.domain.com.au/property-profile/100-south-creek-road-cromer-nsw-2099" target="_blank">100 South Creek Rd, Cromer</a> is 20 km north of the Sydney CBD.
It is close to the newly constructed $1 billion Northern Beaches Hospital, the $500 million B-line project for improved bus services to the CBD, and the recently announced Beaches Link Tunnel project. It is also near to the Dee Why Town Centre, which is undergoing refurbishment. 
The property has a net lettable area of nearly 26,000 sqm and sits on a landholding of 74,670 sqm. 
EG’s fund No. 2 was launched in 2016 and worth $750 million. It follows the success of its Yield Plus Infrastructure Fund No. 1 (YPI 1), which is known for its strategic acquisitions with future development upside, such as the recently developed Flour Mill of Summer Hill.
The fund also acquired a storage facility in Northcote in January for $13.45 million. 
Its investment strategy includes assets along new or upgraded infrastructure around Australia.   
“The proximity to new and upgraded infrastructure enhances the long term value of the site,” said associate director Capital Transactions Sean Fleming. 
“There’s significant potential to reposition the asset into a multi-tenanted business park in the heart of the northern beaches. It can capitalise on the high levels of demand for quality industrial accommodation.” 
The vendor was Roche Products Australia and the deal was brokered by Charles Gonzalez of Cushman and Wakefield. 
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jonathanchancellor-7SQnKwU6yx

Fund manager EG acquires former Roche Products site in Sydney's northern beaches for $55 million

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The Future Fund is dispensing with its government bond holdings and beefing up cash levels in readiness for rising global interest rates, which its chairman Peter Costello says is “just a question of when”.
The sovereign wealth fund reported an annual return of 8.7 per cent that helped lift its assets to $133.5 billion from the initial $60.5 billion contribution 10 years ago.
But its cash weighting of more than $28 billion was once again a focus of attention.
"Markets are trying to adjust and central banks are trying to give them direction so when the adjustment comes it's not a surprise," Costello was cited as saying by The Australian Financial Review.
The fund's chief executive, David Neal, stressed that the fund's outlook had hardly changed over the year and that even though it had a large cash position, the fund in aggregate was taking risks. For instance it had risky positions in property, venture capital and high yield debt.
The fund has about 6 percent invested in property assets.
Recently, Treasurer Scott Morrison cited strong demand for low-yielding government bonds as the reason the Federal government would not draw on the fund’s assets to meet the its unfunded pension liabilities, for at least 10 years.
"We just had our 1000th bond tender earlier this week, [it was] four times oversubscribed," Morrison said at a Bloomberg Event on Thursday.
"Being able to borrow at those rates means we have made the decision not to draw down on the Future Fund – which is earning at 6 to 8 per cent," he said.
"And why would you draw down when it has that cost to your returns, when you can [borrow] at this other level, maintain the Future Fund for another 10 years to ensure your unfunded superannuation liabilities are covered off."
With nearly a decade since the GFC, Costello said central banks would try to return to normal interest rates.
"You don't stay in a state of emergency long after the storm has passed," he said.
Costello said there shouldn't be any surprises that Australians have increased their borrowings in a period of low interest rates.
"When central banks supported by governments reduce interest rates they are asking people to borrow and Australians have responded by borrowing," he said.
“But when they raise interest rates they are asking people to cut borrowing and when they start [that process] asset prices will readjust."
High debt-to-wages ratio has been worrying the RBA.
"Virtually all of our debt is in high risk investments seeking higher returns than a traditional portfolio,” Neal added.
"We have no sovereign bonds in our debt portfolios – they are in specialist investments that are trying to deliver equity like returns and when you put that together you end up with a higher cash weighting."
Neal said sovereign, or government bonds, were "expensive".
"At some point those rates will rise and even if they don't you aren't getting paid much to hold them so instead we have a cash position."
While low interest rates may be putting the Future Fund off sovereign bonds and other assets tied to long term interest rates, governments are benefiting from cheap funding. Australia's 10-year bond rate of 2.7 per cent remains well below the 20-year average of 4.90 per cent, and fell as low as 1.9 per cent in July 2016.
The fund, said it had become more liquid, which Neal said increased its "ability to reposition the portfolio in response to whatever the market throws at us".
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Future Fund bolsters cash levels as it sees global interest rate hikes

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Leading hospitality group Redcape Hotel Group and its 25 pubs have been bought by a Moelis Australia managed fund in a $677 million deal, as it prepares for a public float of its pub fund.
The deal to acquire Redcape and its 25 pubs in NSW and Queensland from US hedge fund owners Varde Partners and York Capital comes at a time when pub values are rising, according to The Australian Financial Review.
Moelis Australia CEO Andrew Pridham said the plan was to float the pub fund in 12 to 18 months.
Most of the Redcape portfolio is in Sydney and includes the El Cortez Hotel in Canley Heights, Minsky's Hotel in Cremorne, the Willoughby Hotel in Willoughby North and the Eastwood Hotel in the eastern suburbs.
Moelis and Redcape had signed a heads of agreement last year, which allowed a final due diligence.
Redcape was formed after the two US hedge funds snapped up the distressed pub portfolios of National Leisure and Gaming and the Hedley Group when pub values collapsed in the aftermath of the GFC. 
In 2013, they carved out 41 Coles-managed pubs and successfully floated them as Hotel Property Investments (HPI) leaving the remaining pubs up for grabs.
Moelis Australia is funding the acquisition from a combination of existing managed funds, wealthy investors, family offices and Moelis Australia directors and executives.
Moelis Australia will invest $40 million in Moelis Australia Redcape Hotel Group as a strategic investment that will represent a 10 per cent interest in the fund. The fund is forecast to deliver an initial cash yield to investors of 8.75 per cent per annum.
"We know the market well through our investments in pubs since 2014. The attributes of this portfolio is its solid returns and the fact that all the properties are in densely populated areas that will benefit from investment in nearby infrastructure," Pridham was quoted as saying by the AFR.
On the back of the deal and its acquisition of Armada Funds Management, ASX-listed Moelis, raised its forecast underlying earnings (EBITDA) for the year ending December 31 to $29 million, a 25 per cent increase on its IPO Prospectus forecast.
Moelis expects to have more than $2.5 billion of assets under management by December 31.
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Moelis Australia snaps up Redcape Hotel Group's pubs for $677 million 

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Investment firm AMP Capital has got a commitment of $100 million from the Australian government’s Clean Energy Finance Corporation (CEFC) for its green office fund. 
CEFC’s investment would go to the AMP Capital Wholesale Office Fund (AWOF), which is aiming to be carbon neutral by 2030.
The fund has a portfolio of 12 properties, which includes Quay Quarter Sydney and Australian Technology Park, which is targeting a 6 Star Green Star and 5.5 star NABERS rating once completed.
Other existing premium commercial office assets include 200 George Street in Sydney and 700 Bourke Street in Melbourne, which was recently awarded a 6 Green Star Performance rating, becoming the fourth building in Australia to achieve the rating.
“Having achieved the 6 Green Star Performance rating for 700 Bourke Street, AMP Capital is now focusing on achieving Green Star Performance ratings for all other wholly-owned assets in 2017,” AWOF fund manager Nick McGrath said.
CEFC’s investment in AWOF indicates investor appetite for demonstrably sustainable portfolios, AMP said in a press release.
AWOF drew in more than $700 million in equity investment in 2016. 
CEFC Investment Funds lead Rory Lonergan said the CEFC investment in the $4.7 billion AMP Capital fund would help accelerate the development of world-leading energy efficient commercial property portfolios in Australia.
“AMP Capital was selected for this mandate due to the quality and performance of the AWOF portfolio and AMP Capital’s broader commitment to achieve long-term sustainable outcomes,” Lonergan said.
“There is enormous opportunity to reduce emissions from buildings and to really push the boundaries of energy efficiency in the property sector.  With this investment, the CEFC is pleased to support AMP Capital in its objective to deliver net zero emissions across the commercial property portfolio.”
 
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AMP Capital gets $100 million commitment from government-backed green bank

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ASX-listed 360 Capital Group is set to sell its real estate funds management platform to Centuria Capital Group.
Both companies' shares went into a trading halt this morning, ahead of an announcement.
A deal is expected to be announced before the end of the week.  
Centuria Capital is expected to tap equity markets to fund the transaction which was hanging in the balance on the back of recent market volatility. 
Centuria and 360 Capital have been in takeover talks, as exclusively revealed by The Australian's DataRoom column last week, in a deal which will involve Centuria raising about $250 million in cash for the transaction through advisory firm Moelis.
360 Capital is a rival real estate group founded by former Mirvac Group executive Tony Pitt.
Both own retail, offices and industrial properties.
 
Centuria made a $300 million bid earlier this year for the GPT spin-off through, but South Africa-based Growthpoint Properties Australia trumped its offer.
 
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Trading halt for Centuria and 360 Capital

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ASX-listed fund manager Centuria Capital Limited (Centuria) has appointed a new board member who presently works at Google.
 
Susan Wheeldon-Steele is the head of performance at Google where she develops and delivers growth strategies for clients. 
 
Wheeldon-Steele moved to Toowoomba in Queensland when she was four from Charleville and attended Concordia Lutheran College from years one to 12 before starting her further studies at the University of Southern Queensland and working at Murdoch Toowoomba Lawyers, according to a report in the Chronicle. 
 
Centuria chairman Garry Charny said having Wheeldon-Steele on the board was “a step towards the future”.
 
She was previously head of Brand &amp; Retail at AMP Capital Shopping Centres, and was responsible for delivering alternative revenue from 38 retail assets across Australia and New Zealand with combined annual sales in excess of $5 billion.
 
She holds an MBA from the Australian Graduate School of Management (AGSM) and is a member of the Australian Institute of Company Directors.
 
Centuria Capital has $1.9 billion in funds under management, including listed and unlisted property funds as well as tax-effective investment bonds.
 
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Centuria Capital gets a new board member in Susan Wheeldon-Steele

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Property developer and funds manager Charter Hall Group announced operating earnings of 15 cents per security in the six months to December-end, a rise of 9.5 percent from the previous comparable period, and raised its outlook for FY 16.
The company made a statutory profit after tax of $143.5 million, up 259.6 percent from pcp, helped by $89 million in property valuation gains.
Operating earnings rose 26.3 percent to $61.2 million over the comparable period. The group made property deals worth $1.7 billion, and grew its funds under management to $15.9 billion, a 17 percent rise.
“Given volatility across global equity markets, we expect quality property with secure cash flow to remain highly attractive to both institutional and retail investors. We will continue to focus on portfolio security by investing in assets with strong tenant covenants and long lease durations delivering sustainable income and capital growth for securityholders,” Charter Hall’s managing director and group CEO David Harrison said.
The company increased its distribution of 13.3 cents per security, up 9.9 percent over pcp and raised its operating earnings outlook for FY16 to 8-10 percent growth over FY15.
Charter Hall focuses on two key earnings streams; property investment income generated from investing alongside its capital partners in property funds and partnerships and earnings generated from property funds management.
The group focuses on office, retail, industrial and hospitality.
Charter Hall $15.9 billion property portfolio had a total occupancy of 98.1 percent and a stable WALE (weighted average lease expiry) of 7.9 years. This followed 283 leasing deals, including new ones with Target and The Reject Shop in Melbourne, and Amazon Corporate Services and Twitter in Sydney.
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