A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Joel Robinson

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

The long-planned transformation of Brisbane's historic Shafston Estate has taken another major step, with Capella Hotel Group announced as the luxury hospitality partner behind what will become Brisbane's first branded residences.

The project, to be known as Capella Residences Brisbane, is being delivered by Verso Projects at the landmark Kangaroo Point riverfront estate, with completion targeted for 2029.

The announcement follows a series of planning changes to the project over recent years. The site was originally approved in 2023 for a 15-level, 37-apartment development designed by Rothelowman for Burgundy Group before Verso Projects took over the 10,070 sqm riverfront holding and lodged revised plans with Kerry Hill Architects to increase the development to a 25-level tower with 51 apartments.

The latest announcement confirms Capella Hotel Group will bring its branded residential offering to the project, marking just the second Capella Residences development globally after Seoul, and the group's first branded residential project in Australia.

The <a href="https://www.apartments.com.au/new-apartments/23-castlebar-street-kangaroo-point-qld-4169">Castlebar Street development</a> will centre around the restoration of the heritage-listed Shafston House, one of Brisbane's oldest residences, originally constructed in 1851 by Reverend Robert Creyke as a single-storey cottage known as Ravenscott.

<img alt="Capella" data-entity-type="file" data-entity-uuid="2b9f4ce5-638f-4d6b-8082-3ca7e4b75fca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-09%20at%207.20.41%E2%80%AFAM.png?VersionId=f7aeqsW_DzOJI4FymWb3lD8NptSfsP7q" />

Capella said the project aligns with its focus on heritage-led developments, with the Brisbane estate combining the restored historic residence with a new luxury apartment tower and hospitality-inspired resident amenities.

Residents will have access to the Capella Living Room, a concierge-led communal space inspired by the group's luxury hotels, alongside landscaped gardens, six swimming pools, wellness and recreation facilities.

The broader estate will also include two riverfront homes, a six-berth private marina, porte cochère arrival experience, secure basement parking and a new section of public riverwalk along the Brisbane River frontage.

The heritage Postal Depot Building will also be retained and repurposed as a guest house, in line with the revised development plans.

The project represents another evolution for the site, which Kerry Hill Architects previously described as a rare opportunity to restore one of Brisbane's most significant heritage estates while creating a new benchmark for apartment living.

"The Shafston Estate provides a once-in-a-generation opportunity to restore one of Brisbane's finest heritage precincts and to reinstate residential use as a unique site perched on the edge of Kangaroo Point," Kerry Hill Architects said in its Urban Context Report accompanying the planning submission.

"The project will celebrate excellence in sub-tropical residential design, setting a new benchmark for vertical living in Brisbane."

Verso Projects, which now has an $8.5 billion development pipeline spanning more than 6,000 dwellings across apartments, townhouses, retail and commercial projects, said the partnership with Capella would elevate the development beyond a traditional residential project.

"We feel honoured to be restoring Shafston Estate to its former glory, elevating it to new heights of luxury and excellence underpinned by Capella's distinctive service ethos and design philosophy, and making it a standout landmark in Brisbane," Verso Projects CEO Steve Laffey said.

"By partnering with Capella, globally recognised for its refined approach to luxury hospitality and deep respect for cultural and historical context, we will elevate this project beyond a residential offering into a world-class destination."

Capella Hotel Group President Roland Fasel said Brisbane's emergence as a global city made it the right location for the company's Australian residential debut.

"Brisbane is a city on the cusp of something remarkable, and Capella Residences is our commitment to being part of that story," Fasel said.

"The Capella residential experience is more than luxury. It is about a sense of belonging to a place with deep meaning."

Private appointments have now opened for the project, with a display suite expected to open in late 2026 ahead of the planned 2029 completion.

Capella to launch Brisbane's first branded residences at Shafston House, Kangaroo Point

Lewis Land's latest apartment release within its <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan is targeting one of the Gold Coast's fastest-growing buyer groups, with almost a third of apartments at Solis priced below $1 million.

The seven-storey building at Biggera Waters will comprise 91 apartments, including 24 one-bedroom residences starting from $778,000, a price point Lewis Land says is aimed squarely at first home buyers struggling to enter the Gold Coast market.

<img alt="Harbour Shires" data-entity-type="file" data-entity-uuid="e7486e37-22f6-4c92-b212-9b0622070b8f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.34%E2%80%AFAM.png?VersionId=W8MJwJUCf6HkIyl_EVSksnd.QI6MZryY" />

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the developer deliberately allocated a significant proportion of the project to more affordable apartment types.

"First home buyers have been priced out of many parts of the Gold Coast, and we saw a clear opportunity to address this and play our part in a longer-term housing solution," Long said.

"That's why 24 of the 91 apartments being delivered at Solis have been designed and priced for the city's next generation of homeowners, quality one-bedroom apartments, half of which include an additional multipurpose room to maximise space and flexibility.

"This approach places 30 per cent of apartments in Solis under $1 million, and with close proximity to Harbour Town's future light rail extension connecting residents to the city's major employment and knowledge hubs, it's a win for buyers looking to secure their first property."

<img alt="Sores" data-entity-type="file" data-entity-uuid="550526d3-73ba-4710-9739-c5f4294a30ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.29%E2%80%AFAM.png?VersionId=cQQdXHt9wS0UXwZEm5Py5bH_3kAmzyhu" />

Designed by BDA Architecture, Solis will deliver a mix of one, two and three-bedroom apartments, with residences ranging up to 232 sqm. Apartments feature generous balconies and contemporary finishes, while residents will have access to Harbour Shores' lagoon pool, clubhouse, tennis court, gym, yoga studio and sauna.

The focus on first home buyers resonated with purchaser Holly Humphreys, who said she and her boyfriend spent more than a year searching for their first property before shifting their attention from houses to apartments.

"We fell in love with the first house we bid on and got our hopes up, but after repeated knockbacks we learned not to get too attached," Humphreys said.

"We offered at the high end of price guides, but sales kept going even higher. That's where we really struggled and we needed to re-evaluate our budget and our expectations. Standalone houses were off the table, and we pivoted to apartments and townhouses."

Humphreys said it was encouraging to see developers recognising the growing demand from first home buyers.

"There's a growing number of young buyers looking to enter the market earlier because they understand that getting in now can make a real difference as prices continue to rise," she said.

"It's fantastic to see a developer recognise this and then actively take measures to deliver an apartment with us in mind."

Solis is the first development planned within the second stage of the Harbour Shores masterplan, with early works expected to commence in September 2026.

[smartcode_project_cta:default project_id=113271]

Lewis Land targets first home buyers at latest Harbour Shores release, Solis

Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

[smartcode_project:default project_id=114246 project_image_fid=370116]

Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.

"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."

The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.

KOYO penthouse headlines Abadeen's $19.25 million EOFY sales flurry

The City of Sydney has approved plans for <a href="https://www.apartments.com.au/developers/billbergia">Billbergia Group</a> and Metrics Credit Partners’ $3.5 billion Castlereagh Place project in the heart of the Sydney CBD

The towers will be among the tallest in <a href="https://www.apartments.com.au/developments/sydney-nsw-2000">Sydney</a>'s CBD, with more floors than any other residential tower in the city.&nbsp;

The 6,000 sqm site was acquired by the joint venture partners in 2024. It is the largest amalgamated land parcel in the Sydney CBD and comprises eight individual sites fronting Castlereagh, Pitt and Liverpool Streets.&nbsp;

<a href="https://www.apartments.com.au/new-apartments/castlereagh-place-sydney-324-348-pitt-street-sydney-nsw-2000">Castlereagh Place</a> will transform an underutilised city block into a landmark mixed-use destination, anchored by two 82-storey towers comprising 607 luxury residences above an 8-level podium housing a 209-room luxury hotel. A 1,000 square metre civic park on ground level features a curated mix of food, beverage and retail.

The plans have been refined over the past year to rebalance the residential and hotel offering, and reconfigure the retail footprint to create a stronger, more dynamic dining experience.

A three-level flagship building on the prominent corner of Pitt and Liverpool Streets will be the gateway to the Castlereagh Place lifestyle precinct. Set to become a Sydney icon, the building is capable of housing multiple hospitality venues.

“Castlereagh Place is designed to be the City's next great urban oasis - an energetic mixed-use precinct that pulses with life, day and night,"&nbsp;said Joseph Kinsella, Group Director of Billbergia.

"It will bring the vibrancy of places like Barangaroo and Darling Quarter into a more accessible, central destination at the very heart of Sydney."

Kinsella said the project will build on&nbsp;Sydney’s growing laneway culture with the City’s largest network of new activated lanes - an expanded, next-generation take on precincts like Angel Place, Palings Lane and Ash Street in Wynyard.

[smartcode_project:default project_id=134477 project_image_fid=374401]

Castlereagh Place has been designed by architects <a href="https://www.apartments.com.au/architects/fjc-studio">fjcstudio</a> in collaboration with Trias Studio, Aileen Sage and Polly Harbison Design, joint winners of an international design competition in 2018.&nbsp;

Signature design elements from the original scheme remain unchanged, while the public domain has been significantly enhanced, delivering 60 per cent more open-to-sky space.

Pedestrian access will also be enhanced through new laneways linking Pitt, Liverpool and Castlereagh Streets, drawing people into a new civic park with outdoor seating, landscaping and integrated public art.

With activated laneways supported by strong hospitality offerings, Castlereagh Place is tipped to become a vibrant new dining destination in the heart of Sydney’s CBD.

It marks the largest undertaking to date for the Billbergia and Metrics Credit Partners partnership. Together they are developing other underutilised Sydney sites into mixed-use precincts, including the $2.2 billion Concord Central and the $1.3 billion Chatswood Grand Residences.

Metrics Managing Partner and Group CEO Andrew Lockhart said Castlereagh Place is a landmark project that will redefine Sydney’s skyline.

"As the tallest residential high-rise development, the revitalised site will offer panoramic views across the CBD and surrounds. We are excited to partner with Billbergia to reinvigorate an underutilised site and create a sophisticated and contemporary mixed-use offering situated in the heart of Sydney.”

Total apartments within the towers have increased to 607 dwellings, with a focus on larger floorplans. Aligned to growing market demand, Castlereagh Place now comprises 299 three-plus-bedroom apartments, 198 two-bedroom units and 110 one-bedroom configurations.

[smartcode_project:default project_id=134477 project_image_fid=374402]

Resident amenities will include an exclusive residents club containing a gym, rooftop pool, dining rooms, co-working spaces, library, golf simulator, games room, cinema room, and access to an exclusive concierge service. There will be around 500 basement car spaces below the towers.

The development will also include a state-of-the-art wellness centre, set to feature a bathhouse with magnesium pools, hot/cold plunge pools and premium amenities.

&nbsp;

According to fjcstudio, the towers will feature distinctive yet elegant architectural design reflecting Sydney’s geometry and urban character, with a network of through-site links and intimate public spaces activating the streetscape.

"Castlereagh Place is a city-making project of significant scale and ambition," said Richard Francis-Jones, Design Director at fjcstudio.

"It will create a rich urban complex of public open spaces, landscaped gardens, and vibrant laneways. Defining these new public spaces and the important streetscape of Castlereagh Street is a sequence of fine-grained, diverse retail and hotel architecture designed in collaboration with Aileen Sage, Polly Harbison Design and Trias.

“Rising above the tree-lined, human-scale streetscape are two slender residential towers that will transform the city skyline and look towards the Harbour, Hyde Park, and the Royal Botanic Garden.”

Demolition and early construction works have commenced onsite at Castlereagh Place.

[smartcode_project_cta:default project_id=134477]

Billbergia, Metrics, approved for $3.5 billion Sydney skyscrapers

New Developments

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Crown Group has revealed the plans for Reflect, a new illuminated public art piece at Arc, its 22-storey residential tower being built at 161-165 Clarence Street in Sydney’s CBD.
Reflect will be created by Ramus Illumination, a collaborative design studio based in Melbourne.
Reflect will be an illuminated sculpture that is suspended across a new laneway connecting Kent and Clarence streets.
The sculpture stretches 12 metres across the atrium from the third to the eighth levels, with a shifting shape inspired by the murmuration of birds and the daily patterns of people as they journey to and from the city.
The artwork is comprised of a steel frame, stainless wires and thousands of LED lights. The form itself is reflective of a path of flight through the air, and the subtly shifting palette of colour and movement in the lights brings an ever-changing energy and life to the atrium sky space.
“Reflect challenges convention and will be an exciting addition to Sydney’s public art collection, one that would reflect the modern city of Sydney,” Iwan Sunito, chairman of Crown Group said. 
“Arc by Crown Group reflects the past and the future of Sydney in its heritage-inspired brick podium and contemporary glass tower above,” says Koichi Takada, architects and designer of Arc by Crown Group.
When completed in mid-2018, Arc by Crown Group will offer 220 studio, one, two and three-bedroom apartments.
This week Crown Group introduced Arc by Crown Group’s Signature Collection, a limited selection of previously unreleased luxury apartments. It features a selection of 12 one-bedroom-plus- study apartments and a ‘Super Penthouse’.
<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/2018/2/14/crown%202.jpg" alt="">
The Signature Collection at Arc by Crown Group will see prices for one-bedroom apartments range from $1,075,000 - $1,555,000. 
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Crown Group reveals Arc public art on Clarence Street

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The West Melbourne, Festival Hall, owned by the family of the legendary sports impresario John Wren since 1915, is set to be listed for sale with redevelopment plans.
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Cousins Chris and John Wren – directors of the business that operates Festival Hall – have lodged plans with the City of Melbourne for a two-tower $65 million redevelopment.
The Wren family plan to sell it with a permit for the mixed-used scheme designed by architects Rothelowman.
"We're not developers," Chris Wren, a planning lawyer and director of the family owned Stadiums Pty Ltd, told The Australian Financial Review. 
The premises opened with a boxing match on Cup Eve 1913 under the stars. During Wren's ownership there was boxing on Friday nights, wrestling on Saturday, with Wenesday's a mix of vaudeville or light boxing matches.
</div>
<div><img src="http://www.afr.com/content/dam/images/h/0/n/4/m/l/image.imgtype.afrArticleInline.620x0.png/1516690901987.jpg" alt="A two-tower development with 1400 square metres of commercial space and 179 apartments is planned." width="620" data-src="http://www.afr.com/content/dam/images/h/0/n/4/m/l/image.imgtype.afrArticleInline.620x0.png/1516690901987.jpg"></div>
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<div>A two-tower development has been proposed with 1400 square metres of commercial space and 179 apartments.</div>
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At a time when many moralists regarded gambling as a racket, John Wren obtained great power and wealth over the decades until his death in 1953.
He was the thinly disguised subject of author Frank Hardy's 1950 novel Power Without Glory.
His 2004 biographer James Griffin wrote that Wren's defamations were still current - and even this week one national newspaper described Wren inappropriately as a "crime boss." 
Chris Wren said John Wren (top and below) would not have been sentimental about the site.
</div>
<div>"He would have told us to sell the place ages ago," he said.</div>
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<div>The City of Melbourne has placed an interim heritage order on the site, which they hope to have overturned.</div>
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<div>The building on the site was rebuilt to host boxing events in 1955 after fire destroyed the original structure.</div>
<div> </div>
<div>It has since hosted bands including the Beatles, The Seekers and the Rolling Stones.</div>
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<div><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/2018/1/25/wren3.jpg" alt=""></div>
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<div>Music guru Molly Meldrum said it would be a shame to lose the 5400-person hall which had lost business since the completion of a retractable roof on the Margaret Court Arena in 2014 drew acts and promoters away.
Festival Hall is the last of a string of event venues the family business once owned in the east coast capitals including premises at Rushcutters Bay in Sydney and Brisbane.
The Collingwood based John Wren bought the three boxing stadiums in 1915 from silver medial Olympian boxer, R L "Snowy" Baker and undertook the Festival Hall roofing at a 230,000 pounds cost.
Sydney held 11,000, Melbourne 7,000 and Brisbane held 5,000.
Laid off work during the 1890s depression, Wren launched his Johnston Street totalizator with a stake bolstered by his 1890 Carbine Melbourne Cup victory gambling coup.
In Victoria his probate was valued at £1,003,946.
 
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jchancellor-FAypfDUnLy

John Wren's family up for fight with Festival Hall redevelopment proposal

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Multiplex has completed Central Equity’s $300 million high rise residential apartment tower in Southbank, Southbank Central.
The 48-level tower 1-13 Balston Street in Southbank comprises 485 one, two and three bedroom apartments.
Southbank Central also features a six level podium with retail, car parking and resident facilities including an indoor swimming pool and gymnasium.
Double-glazed floor-to-ceiling windows capture views of Southbank.
Central Equity has <a href="https://www.realestate.com.au/property-apartment-vic-southbank-127084578" target="_blank">one bedroom plus study apartments</a> listed at $449,000.
There are <a href="https://www.realestate.com.au/property-apartment-vic-southbank-127084614" target="_blank">two bedroom offerings</a> at $545,000.
There are three bedroom apartments listed for <a href="https://www.realestate.com.au/property-apartment-vic-southbank-127169862" target="_blank">around $1 million</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/2017/12/15/mutliplex2.jpg" alt="">
Graham Cottam, Multiplex's regional managing director in Victoria, said Southbank Central delivered on time and to an exceptional standard for residents.
The completion of Southbank Central represents Multiplex’s 15th project for developer Central Equity, with the contractor having delivered towers including Southbank Grand, Southbank One and City Tempo apartment buildings - all of which are HIA award winning developments.
Multiplex has also completed a number of new residential projects in the Melbourne CBD over the last 12 months including Hengyi Pacific’s Light House, ICD Property’s Eq.Tower, and Salvo Property Group’s Platinum Tower.
It also has several residential projects set for completion including LK Property Group’s Capital Grand, Fragrance Group‘s Premier Tower and Hengyi Pacific’s Swanston Central in Carlton. 
Central Equity recently dismissed suggestions as to the existence of "ghost" apartments.
The developer –  which claims to have built half of the skyscrapers in Melbourne's Southbank – took a swipe at market doomsayers.
Financial reports for the company show it booked a record $145 million profit from $507 million revenue last financial year.
"Central Equity projects are enjoying very low vacancies resulting in effectively full occupancy," the group's directors, Eddie Kutner, Dennis Wilson and John Bourke, said in an annual report.
"The low vacancies (less than 2 per cent) are underpinning the rental market and providing solid and recurring rental returns," their report noted.Central Equity said its Melbourne development pipeline had swelled to $3.2 billion.
"Lack of affordability has created a pent-up demand which not only underpins pricing but will also act as a cushion against future shocks, if any," the group said.
Central Equity will concentrate now on sales its Melbourne Grand project at 560 Lonsdale Street, a 58-level apartment tower with 650 plus apartments.
Demand has shifted towards larger two and three-bedroom apartments, it acknowledged.
One bedders start at $499,000, two bedders from $599,000 and three bedders from $889,000.
 
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jrobinson-rf4aSBido9

Multiplex complete Southbank Central for Central Equity

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Newcastle Knights star Shaun Kenny-Dowall has bought a property on the Newcastle outskirts, not far from his new home turf.
He's spent $960,000 on a <a href="https://www.firstnational.com.au/buy-residential-real-estate/house-23-kerr-street-charlestown-nsw-11993010291" target="_blank">home in Charlestown</a>, just six kilometres south from where the Knights play.
Kenny-Dowall has been at the club since June having having previously been at the Sydney Roosters.
The New Zealand international bought a renovated four bedroom home, complete with tropical-inspired pool and cabana.
<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/2017/12/5/SKD2.jpg" alt="">
It has been renovated since it last traded for $655,000 in 2013.
First National Newcastle City agent Andrew McKiernan had a price guide of between $900,000 and $990,000.
Its the first step on the NSW property ladder for Kenny-Dowall, who previously had been renting in Malabar in the eastern suburbs.
<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/2017/12/5/SKD3.jpg" alt="">
The Queensland born centre grew up in Auckland before moving to Sydney in 2004.
When he was released earlier this year he was the sixth highest capped Rooster with 224 caps.
Kenny-Dowall has now been joined by his Randwick-based former team mate Mitchell Pearce at the Knights.
Pearce bought an apartment in Sydney's eastern suburbs earlier this year spending $1,665,000 in Randwick. He also retains two lower North Shore investment apartments.
Pearce's departure from the Roosters came following the signing of Melbourne Storm legend Cooper Cronk, who on moving up from Melbourne recently settled on a $3.5 million Mosman home with his fiancee, Fox Sports presenter Tara Rushton.
This article was first published in the Sunday Telegraph.
 
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Newcastle Knight Shaun Kenny-Dowall buys near new club

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ICON Developments’ Cantala project has been named best Medium Density Development at the Victorian Urban Development Institute of Australia (UDIA) Awards for Excellence.
Designed by architects SJB, Cantala is located in Caulfield North and is a development defined by the curvaceous sculptural forms of its architecture, its open walkways and an extremely generous provision of landscaped greenery.
ICON development manager Kyle Reeve says they are very proud of winning the UDIA award for Cantala.
“The award is recognition for the importance we place on creating communities within our developments, which is gratifying,” he says.
“The collaboration with SJB and the greater design team has been imperative to deliver a project that strives to show what is possible with medium density development.”
Taking subtle cues from the art deco buildings found along Dandenong Road and the Caulfield precinct, Cantala comprises 25 multi-storey townhouses, 44 low-rise apartments and a 13,000 plant sanctuary.
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The first visual impression at Cantala is of an angular timber form that forms a prow for the development’s main apartment building, at the entrance to the community. Its angles contrast with the deco-inspired curves that echo across many of the other details of the development.
“We’re really proud of this project,” says the architect, SJB director Tristan Wong.
“It presents new typologies of community living and aims to challenge the notion of public versus private. It also plays with the notion of what an apartment building or townhouse should look like,” Wong says.
“The more we talk about the project, the more proud we feel that we’ve challenged preconceptions about inner-city living and medium density housing typologies,”
“ICON have been highly aspirational in their desired outcome for the site and our design – from both an interior design and architectural perspective they have been prepared to look at things a little bit differently.”
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Cantala’s community amenity wins UDIA award for ICON Developments

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Construction has begun of Gallery House One, a $140 million tower in the $5 billion Northshore Hamilton riverfront precinct near Brisbane.
The investment by Brookfield Residential Properties' has tipped over $830 million.
Galley House One sales have reached over $100 million, with 80 percent of the 20 level tower sold. 
The tower comprises one, two, three and four bedroom apartments. Remaining apartments in the building start from $419,000, with two penthouses still available starting from $2,295,000.
A residents-only rooftop crowns Gallery House One and is complete with a 20 metre infinity pool, lounge and barbecue area.
The project's second and final tower, known as Gallery House Two (below), comes to the market with $34 million in sales from registered buyers.
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Brookfield Residential Properties general manager Lee Butterworth said the success of the project proved that quality, riverfront property was in high demand in Brisbane.
"Gallery House has been a stand-out performer in the Brisbane apartment market, quickly gaining a reputation for luxury, riverfront living that offers city conveniences in a tranquil setting," he said.
"Turning the sod on Gallery House One is a major milestone - made all the more significant by the fact we have simultaneously successfully launched the second phase of the project, Gallery House Two.
"We have partnered with Multiplex to build these apartments to the highest standard and are looking forward to delivering our buyers their dream home."
Brookfield Residential Properties is the most active developer in the Northshore Hamilton precinct, having already delivered six apartment buildings as part of its neighbouring Portside Wharf retail and residential community.
Butterworth said the company's footprint in Northshore Hamilton would ultimately total $1.3 billion - making up a fifth of the entire $5 billion urban renewal project - the largest of its kind in Queensland.
"Brookfield recognised the potential of the Hamilton riverfront early and moved to control up to six hectares of unused State land that we have transformed from a disused industrial area into a thriving waterfront community," he said.
"Our Portside Wharf development was the catalyst for the rejuvenation of Northshore Hamilton and a transformative project for the entire suburb.
"Gallery House will continue this legacy, ensuring the Hamilton riverfront builds on its reputation of offering some of the best living opportunities in Queensland."
For more information on Gallery House <a href="http://gallery-house.com.au/" target="_blank">click here. </a>
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Construction commences on Brookfield's Gallery House

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Leading global contractor Multiplex has completed St Patrick’s Green, Greengate’s $120 million aged care and retirement village at 40 Chapel Street, Kogarah.
The new 21,000 square metre development includes three buildings set above a two level shared basement car park designed to deliver a state of the art seniors community including best in class supported care. The Project comprises 104 independent living units, as well as 92 residential care suites in a variety of configurations catering for 97 residents.
The village features modern communal facilities including a lavishly landscaped courtyard and colonnade, commercial kitchen and laundry, other resident areas including a café and terrace, lounge, theatrette, dining room, hair salon and gym, as well as rehabilitation and training facilities.
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“We are delighted to have partnered with Greengate on this project to provide the local ageing population with an impressive blend of essential care and quality lifestyle facilities,” said David Ghannoum, Regional Managing Director NSW at Multiplex.
Construction of St Patrick’s Green spanned just over a year and generated approximately 240 jobs.
One of the complexities faced during construction was the site’s proximity to the operational St Patrick’s Primary School and Church.
With the construction zone positioned directly adjacent to the primary school’s drop-off and pick-up area, Multiplex consulted very closely with the school and implemented a coordinated materials handling plan.
St Patrick’s Green is Greengate’s third integrated community, following its award-winning St Brigid’s Green community in Maroubra and continuing its strong relationship with the Catholic Archdiocese of Sydney and ANZ Bank.
Multiplex has extensive experience constructing aged care facilities, recently completing a Mark Moran seniors living project in Vaucluse and currently constructing an over 55’s development in Paddington known as The Terraces.
Nearby in Gray Street, Multiplex also just completed the $277 million redevelopment of St George Hospital.
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Multiplex delivers new aged care community at Kogarah

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Queen Street Village, a $550 million residential project in the Gold Coast, is expected to be launched in the next few weeks.
The 3.2 hectare old Gold Coast Hospital site in Southport is being developed by Property Solutions. 
Pending an approval by Gold Coast City Council, Queen Street Village will comprise medium-rise apartment towers surrounded by a retail and dining precinct.
It will aim to create an urban village feel with entertainment, commercial office space, a medical centre and cinema. 
Brisbane-based Property Solutions have worked on urban renewal projects such as James Street at Fortitude Valley, The Barracks at Paddington, SW1 at Southbank and the urban redevelopment of Nundah Village. 
Property Solutions joint managing director, David Blanck, said they had been working with council for the approvals.
Property Solutions sales and marketing director, Craig Wright, said they were in the final stages of development approvals for stage one.
“Our overall design concept for Queen Street Village is responsive to the unique facets of the site’s characteristics and surrounds, with open spaces and mid-rise apartment buildings maximising on natural air flow and light,” added Blanck. 
Property Solutions said it chose Southport for the project because of its growing population, public transport infrastructure and the rise in demand for multifaceted apartment living. 
Queen Street Village marketing manager and TOTAL Property Group MD, Adrian Parsons, said with they had received a number of enquiries already. 
 
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$550 million residential project planned at old Southport hospital site

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Citimark Properties has gained funding for its $200 million Markwell Residences project in Surfers Paradise.
Located just 180m from the beach, Markwell Residences will the largest residential tower to be built in Surfers Paradise in more than eight years.
Citimark, based in Brisbane, has secured an offshore senior debt funding facility and has appointed Hutchinson Builders to begin construction of the 46-level, 210 apartment tower in the New Year.
Citimark Properties joint managing director Angus Johnson said the apartment and retail project was now 75 per cent sold after reaping the combined benefits of limited supply, high demand, increased infrastructure investment and the competitive advantage of being an established local developer.
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Johnson said Australia’s constrained development finance market with Australia’s major banks had made projects of this scale difficult to get off the ground, particularly for private developers.
“The shortage of finance has impacted significantly on new supply despite very evident demand and the Gold Coast having one of the highest population growth projections in Australia,” he said.
“Citimark has a long track record with all four major trading banks and for the first time in our history, we did not approach any of them to fund the construction of Markwell Residences.
“We believe the Gold Coast is fundamentally one of the strongest markets in Australia with a significant undersupply, growing population and more than $12 billion in private and public infrastructure investment in the immediate region.”
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The project’s funding was arranged by James Walsh, National Director of Deloitte Real Estate in Australia, who said the Markwell Residences project was attractive to financiers for a unique combination of reasons.
“There is a significantly low supply of new projects actually being constructed in the central Gold Coast region,” Mr Walsh said.
“This is reflected in the record low residential vacancy rate across the Gold Coast which was recently estimated at 0.9 per cent and the lowest of Australia's largest six cities.
Citimark Properties joint managing director Robert Pullar said Markwell Residences presented a unique competitive opportunity.
“The funding proposal took advantage of the current favourable market fundamentals which outrank other Australian east coast capital city markets, while partnering with a leading private Australian developer with a demonstrated 30-year-plus track record of successful projects,” he said.
“Appointing a top tier builder with a strong track record and national exposure was also a key component in securing a competitive and favourable senior debt funder.”
“Hutchinson Builders are Australia’s largest privately owned building company and we have partnered with them for over 30 years,” Mr Pullar said.
“The track record between our two companies added a lot of value to the Markwell project funding program.”
Johnson said interest from the Australian market had been integral to the project’s sales success with most sales sourced from local and Sydney-based agents.
“We purchased several sites on the Gold Coast ahead of the current cycle because we understood the impact of these fundamentals,” he said.
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Citimark Properties gains funding for $200 million Surfers Paradise building

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A collaboration by Pace Development Group with one of Australia’s most acclaimed architects, SJB Architects, has delivered Pace of Abbotsford, a characteristically Abbotsford project with modern authenticity. 
Nestled in the charming locale of Johnston Street among neighbouring heritage buildings, Pace of Abbotsford is a collection of beautifully crafted residences which have been carefully designed to reflect the areas natural surrounds and industrial legacy.   
In what was once home to a series of shoe manufacturers, the residences will be anchored by the retained art deco façade of the iconic Saint Crispin House, which pays homage to Abbotsford’s distinctive manufacturing past. 
Rising above the historic red brick base, the stylised architecture is subtly referenced in the delivery of the new development. Light coloured materials are used to provide an elegant exterior backdrop for bold moveable metal screening, creating a dynamic façade that interacts with the changing position of the sun. 
In a clever marriage of form and function, Pace of Abbotsford will be made up of three individual series, including St Crispin Series, Johnston Series and Stafford Series. 
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St Crispin Series will set the tone for the dwellings – a collection of loft style apartments that sit behind the heritage façade of Saint Crispin House, boasting four metre high ceilings and seamlessly blending the charming characteristics of an earlier period with an inspired contemporary design. 
When designing Pace of Abbotsford, Associate of SJB architects, Beau Fulwood said they were motivated by the character of the neighbourhood and its identifiable landmark, Saint Crispin House.  
“Between the cafes, bars and street art in the neighbourhood, bordering the city and the Yarra River, we saw the perfect opportunity to bring the old and the new together and create something extraordinary.” 
“In a true representation of the area, St Crispin Series is made up of brick, concrete and metal detailing – all of which are distinctive material characteristics of this neighbourhood and are reflective of both the industrial nature of Abbotsford and the worker cottage typology of the area,” he said. 
Residents will have a choice between a light or dark interior colour scheme, while modern yet timeless interiors evoke a light and airy ambiance, including timber flooring, high ceilings and double-glazed windows that create a sense of openness.  
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Understated seamless joinery and tall windows are complemented by streamlined kitchen features, including reconstituted stone bench-tops, Miele appliances and designer tapware. 
Crowning the building is the Jack Merlo designed rooftop garden terrace, which boasts spectacular city views, a 20 metre infinity edge lap pool, gym, lounge and dining area. Residents will also relish their very own private library. 
Pace Development Group Managing Director, Shane Wilkinson stated that the delivery of the new residences brings a new perspective to the sophisticated area that is Abbotsford. 
We’ve collaborated with the very best architects to deliver a project that celebrates the established legacy of the area, creating an opportunity for a desirable lifestyle, underpinned by beautiful design,’ Mr. Wilkinson said.   
To register your interest in one of Pace of Abbotsford’s exclusive residences, <a href="http://paceofabbotsford.com.au/" target="_blank">click here.</a> 
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