Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

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<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

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Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

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Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

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Eastern Suburbs buyers snap up ESTE Little Bay apartments

Mornington Peninsula

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It's being marketed as one of Portsea's finest by Peninsula Sotheby's agents Rob Curtain and Patrick Sinn.
The five bedroom home sits in the coveted golf course location off Relph Avenue and overlooks the fairways of Portsea Golf Club.
The <a href="https://www.realestate.com.au/property-house-vic-portsea-126829338" target="_blank">signature Stephen Akehurst designed home </a>was recently constructed by Alan Pitman.
There is a $7 million asking price for 4-6 Brook Crescent.
It comes with gable-roof designed so the two upper level bedrooms have golf course and water views.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/18/AKEHURST2.jpg" alt="">
A grand, light-filled entrance introduces the elegant ground level, complete with signature Akehurst interior detail.
Two master suites and a separate study feature on the expansive ground floor level.
A stone-paved, north-facing alfresco space with views over the landscaped gardens leads from the open plan kitchen, dining and living spaces.
A swimming pool and spa sit in the established gardens.
The 2,175 sq m land cost $1,675,000 in 2013. signature home. grand light-filled entrance introduces the elegant spaces with signature Akehurst interior detail.
There is a stone-paved, north-facing alfresco space overlooking the landscaped grounds. a swimming pool and spa sit in the established gardens.
The polished-floor basement level comes with three car garaging, a rumpus room and a cellar. 
 
 
 
 
 
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Another Mornington Peninsula home designed by Stephen Akehurst for sale

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Meroo, the 18 month old, blue-shuttered, two storey, five bedroom Hamptons style home at Flinders has been listed for sale.
It is being marketed by Rob Curtain and Danielle Vains at Sotheby's Mornington Peninsula.
It has been billed as "Akehurst brilliance in Flinders heartland".
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/18/MEROO2.jpg" alt="">
It comes with an elevator that connects the garden living zone to the upper level balconied space with ocean views.
The<a href="https://www.realestate.com.au/property-house-vic-flinders-126959074" target="_blank"> Bass Street home</a> has been listed with $7 million to $7.5 million price guidance.  
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Stephen Akehurst designed Meroo for sale in Flinders

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The classically-inspired country estate designs of Stephen Akehurst are synonymous with the top end weekenders at Melbourne's pricey playground, the Mornington Pensinsula.
His own home at Flinders remains for sale through estate agent Chantal Hooper having come with an initial $12 million price guide.
The home, <a href="http://chantalhooper.com/?portfolio=flinders" target="_blank">Lower Lower Steading</a> is an imposing, but charming manor located on 7,500 sqm of manicured grounds, located 60 miles south of Melbourne in the coastal town of Flinders.
It is secluded behind trees on three sides with the fourth commanding an amphitheatre-like panorama over fields towards the ocean.
No surprise the five bedroom, five bathroom white weatherboard has strong elements of the American clapboard style popular in The Hamptons.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/18/akehurst9.jpg" alt="">
Accessed by a private curved driveway between Main Ridge and Flinders, his escape was designed in accordance with classical principles under its gray bell-cast shingled roof.
“In designing Lower Lower Steading, I took into full account the stunning vistas the house commands over coast and country.
"Others may do this by incorporating walls of glass however that would not suit the classic lines of this house.
"I instead chose to maximise the views in two other ways: one by the provision of a wide and long terrace, covered at either end for year-round use; the other was to place a long range of windows upstairs and downstairs large enough to act as frames to the view."
There's perfect symmetry from its tall shuttered windows to its lateral dormer wings. Paired pencil pines aplenty too in the garden.
The front door under its pillared porch opens into a lofty galleried staircase hall.
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Every room on the ground floor has French doors opening onto a broad terrace that runs the length of the house overlooking the main garden and pool.
The terrace has a covered loggia at either end - one with a stone-built barbecue and pizza oven with outdoor summer dining area. The other is designed for outdoor sitting, with a stone-built fireplace for cooler weather.
There's an elegant library, a formal sitting room with open fireplace, chefs kitchen, home office with fireplace and an attic ceiling designed to be fitted as a cinema or gym.
A detached pavilion has been designed as self-contained guest accommodation.
Akehurst, who is selling because he would like to build a new one nearby, adopts three golden rules with his homes.
He says clients look for what excites them but they also want harmony.
The most important thing in design was to get the scale and proportion right.
"If they're wrong, you can never fix it," he advises.
The second is the right balance of light.
"A common mistake is when people think, 'we've got this wonderful view, we should just have complete glass'. And I say, 'you may want to look at the view, you don't necessarily want to be part of it'.
"The third thing is the orientation of the rooms; the living room should get the light or the bedrooms should be cooler.
"The house should have a unifying theme, but different rooms should have different moods."
The stately home's rich, textured and inviting interiors are the creation of Adrian Cannata of Akehurst Cannata Interiors.
Stephen Akehurst, who collects Mercedes Benz's, purchased the plot of land two decades ago. Construction of the 9,149-square-foot house began in 2005 and was completed in 2007.
This first appeared in The Weekend Australian.
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Stephen Akehurst awaits buyer for his own Mornington Peninsula home

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An as new home on the Mornington Peninsula has been listed for sale.
The <a href="https://www.realestate.com.au/property-house-vic-blairgowrie-127044246" target="_blank">Blairgowrie home</a> has been listed by JWH Electrical owners and managers Jeremy and Brooke Hallett.
Architecturally designed with local rammed earth to draw on the natural environment, the home has four bedrooms, two bathrooms and a media room.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/13/Blair1.jpg" alt="">
The open plan kitchen and living space opens to decking.
A heated plunge pool sits around the side of the house at the Ridley Street address.
Liz Jensen of Kay &amp; Burton Portsea is asking for offers between $1.9 million to $2.09 million.
The 770 sqm parcel last traded vacant for $425,000 in 2015.
 
 
 
 
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Luxury Blairgowrie, Mornington Peninsula home for sale

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Two Mornington Penninsula spaces have been leased within the retail food industry.
While 887 Point Nepean Road, Rosebud was leased for $29,000.00 per annum on a three-year lease term with three further options of three years. This equates to a building rate of $95.08 for the 305 sqm building. 
The 240 sqm retail premises at 889 &amp; 889a Point Nepean Road was leased for a total of $60,000.00 per annum on a lease term of three years with three further terms of five (5) years, equating to a building rate of $250 sqm. 
The leasing agents were Anthony Carbone and Seamus Bolst of CVA.
The sites are located with huge exposure to the traffic along Point Nepean Road and across from the Rosebud Pier and foreshore. 
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jonathanchancellor-7SQnKwU6yx

Mornington Peninsula sites leased to food industry operators

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A retail property in Mornington Peninsula has sold for $2.9 million under the hammer, at a record low yield of 3.52% for the area, indicating the strength of the commercial property market there.
The sale of the properties at <a href="https://www.realcommercial.com.au/property-retail-vic-mornington-502513098" target="_blank">157 Main Street and 1 Barrett Lane</a>, which has two shops and an apartment over one title, reflected a land rate of $10,357 per sqm.
The property encompasses a land area of 280 sqm.
Both properties are leased to cafes, with Biscottini Café occupying 157 Main Street on a three-year deal while 1 Barrett Lane is leased to Onde Café on a three-year lease with another option for three years.
The selling agents were Chris Kombi and Mark Talbot of Fitzroys.
Kombi said commercial transaction across the Mornington Peninsula have returned strong results over the past 18 months particularly, as local and offshore investors alike have increasingly looked beyond the heated inner and middle metropolitan areas for investment opportunities. 
“The tightening yields across the region reflect the growing consistent demand for retail, hospitality and social infrastructure services from the local population, underpinning the viability of traders in the future,” added Talbot. 
Earlier this year, Fitzroys sold a Rosebud retail property to a Chinese buyer for $2.045 million at auction, reflecting a record price for a single-fronted shop in the Peninsula location, and at a 4% yield. 
Fitzroys also recently sold the Kingswim swim school centre at 2 St Catherines Court in Mornington for $5.4 million, with a secure 15+10+10-year lease to major not-for-profit organisation YMCA from October 2011. 
The demand in the region is spreading throughout the retail market, with a local investor acquiring the Baxter-Tooradin shopping centre for $16.6 million in May, shortly after the sale of the Hastings Shopping Centre for $32.1 million. 
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Retail assets in Mornington Peninsula sell for $2.9 million on record low yield

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Melbourne’s Mornington Peninsula scored the highest weekend auction clearance rate, according to CoreLogic’s latest report.
The property data firm calculated that out of the 39 auctions in the area 87.2 percent were successfully cleared.
<a href="https://www.propertyobserver.com.au/images/2017/07/31/Screen%20Shot%202017-07-31%20at%2012.02.29%20pm.jpg" target="_blank">Click to enlarge</a>
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This is followed by the North West region with 81.3% and the Outer East and South East with 80.9% for both.
The Inner East region had the lowest clearance rate with only 68.8% of its 77 auctions cleared.
A four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-frankston+south-125853198" target="_blank">90 Yuille Street</a>, Frankston South (above) was sold over the weekend for $945,000.
Another four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-seaford-125881510" target="_blank">15 Milroy Crescent</a>, Seaford (below) was sold for $850,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/31/15%20Milroy%20Crescent.jpg" alt="">
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Melbourne's Mornington Peninsula scores 87 percent clearance rate

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The Mornington Peninsula had the highest auction clearance rate in Melbourne, according to CoreLogic’s latest report.
The property data firm says that out of the 54 auctions that were known to them, 87 percent resulted in a successful outcome.
This is followed by the North West with 86.1 percent and the Inner East with 85.3 percent.
<a href="https://www.propertyobserver.com.au/images/2017/04/10/Screen%20Shot%202017-04-10%20at%2010.45.26%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/10/Screen%20Shot%202017-04-10%20at%2010.45.26%20am.jpg" alt="">
The Inner region had the lowest auction clearance rate with only 76.1 percent of its 255 auctions cleared.
A five bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-mornington-124910194">12-14 John Rowell Lane</a>, Mornington (above) was sold for $2.945 million.
Similarly a three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-tootgarook-124858538">26 Kareela Drive</a>, Tootgarook (below) was sold for $640,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/10/26%20Kareela%20Drive.jpg" alt="">
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Mornington Peninsula scores highest weekend auction clearance rate in Melbourne: CoreLogic

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It looks as if entrepreneurs Daniel and Danielle Besen have found a buyer for another one of their sculptural masterpieces.
Their Mornington Peninsula estate Miramar is under offer, <a href="https://www.realestate.com.au/property-house-vic-flinders-123836018" target="_blank">according to its realestate.com.au listing</a>.
The award winning home was expected to fetch $20 million when listed late last year, just a few weeks after the Besen's listed their opulent Toorak new build.
Architects Wood Marsh said the internal spaces “follow the lead of the exterior, with a sinuous walkway forming the backbone of each of the two boomerang-shaped volumes”.
The award winning home features a sunken living pod and cocooned bedrooms with views.
There are seven bedrooms, five bathrooms, a study, exercise room and a two level master wing.
It was described as 'land art by the sea' by Peninsula Sotheby's International Realty agent Rob Curtain who marketed the home.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/07/Flinders2.jpg" alt="" width="474" height="265">
It's the second sale for the Besen's who found a $26.25 million buyer for their Towers Road home before Christmas.
Infrastructure executive Phil Dreaver recently emerged as the buyer of the four bedroom home with a concrete scalloped and arced facade which broke Victoria's state wide record.
It had been held by Ilyuka, a Portsea clifftop, since 2010 when it sold for $26 million.
Daniel is the son of billionaire retail tycoons Marc and Eva Besen, who founded the clothing company Sussan Group.
He runs his own private equity firm.
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Besen's Miramar, Flinders estate under offer

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The Mornington Peninsula's Best Western Plus Brooklands Hotel has sold for around $9 million to Melbourne hotel operators.
Located on Nepean Highway at 99 Tanti Avenue the property features accommodation, wedding and function facilities, 53, four-star guest rooms, four function rooms, a heated indoor pool and gymnasium on 9,000sqm.
Scott Callow from CBRE said it was only the second time the asset had been available to purchase.
"The key features that appealed to vying purchasers were the location and large landholding," he said.
"We saw significant interest from a mix of owner operators, investors, business buyers and developers.
“Mornington is continuing to grow as a popular tourist destination, due to the array of beaches, restaurants, wineries and its close proximity to Melbourne’s CBD. The premium hotel is a short walk to the popular Main Street shopping and restaurant precinct and within walking distance to both Mothers and Mills beaches, making it a prime investment opportunity.”
 
 
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