National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more internation and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

Joel Robinson

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

First look: Aqualand joins St Leonards apartment party

<section data-scroll-anchor="false" data-testid="conversation-turn-5" data-turn="user" data-turn-id="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" data-turn-id-container="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" dir="auto">Time &amp; Place’s plans to transform the former David Jones factory building in Surry Hills into a mixed-use residential precinct have gone on exhibition through the NSW Government’s In-fill Affordable Housing pathway.</section>

<section data-scroll-anchor="false" data-testid="conversation-turn-6" data-turn="assistant" data-turn-id="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" data-turn-id-container="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" dir="auto">
The Marlborough House proposal, lodged for the <a href="https://www.apartments.com.au/new-apartments/marlborough-house-47-97-marlborough-street-surry-hills-nsw-2010">47-97 Marlborough Street</a> site, would see the adaptive reuse of the heritage-listed warehouse building alongside the construction of new residential additions and a separate apartment building on the northern portion of the site.

The proposal seeks approval for 172 apartments across three buildings, including 15 per cent affordable housing managed by a community housing provider for at least 15 years from occupation.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="5d1d3c2a-bf13-47d6-a335-7c01102cdee1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.36%E2%80%AFAM.png?VersionId=cjMYrbR.BLUlWH4dar0RVDDo0bG.u2YT" />

Interior view from the Northern Building Penthouse overlooking the park

&nbsp;

The redevelopment is planned for the prominent 3,413 sqm site bounded by Marlborough Street, Goodlet Street and Lansdowne Street, directly opposite Eddie Ward Park and around 200 metres from the Surry Hills light rail stop.

Time &amp; Place acquired the former David Jones building in 2024, marking the first time the property had changed hands in around 50 years.

Designed by Wardle, the proposal centres around the adaptive reuse of the former David Jones factory, originally constructed between 1913 and 1935 in the Inter-War Chicagoesque architectural style.

Wardle noted in its Architectural Design Report that the building “occupies a significant place in the industrial and cultural history of Surry Hills” and at its peak was “the largest department store manufacturing facility in Australia, employing over 800 people and fuelling the growth of Sydney’s fashion and retail industries.”

The practice said the project positions itself “not as an isolated intervention, but as a contributor to the civic, social, and architectural grain of the precinct.”

The proposal would deliver 75 apartments within the retained southern heritage building, 59 apartments within the central addition, and a further 38 apartments within the new northern building fronting Lansdowne Street.

Planning documents show the scheme would comprise a mix of heritage apartments, new-build apartments, townhouses and penthouses.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="57758518-40a3-4b83-958c-d06e96a2cffa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.42%E2%80%AFAM.png?VersionId=VerlX9ST5xgBi8.1_YRsqdWTJeT6ygjs" />Interior View of the Heritage Building Apartment

The development would also include a ground-floor retail tenancy on the corner of Marlborough and Lansdowne streets, rooftop communal open space, a landscaped pedestrian link along the western edge of the site, and basement parking accessed from Lansdowne Street via a car stacker system.

&nbsp;

The scheme emerged from a competitive design process run by Urbis, with Wardle ultimately selected as the winning architect ahead of FJC Studio, TZG, Architectus and Wilkinson Eyre.

The Design Integrity Panel later described several aspects of the Wardle scheme as fundamental to the project, including “the stepped character of the new addition to the north of the site”, the landscaped western pedestrian link, and the “garden arrival” experience separating the original Marlborough House from the heritage addition.

Wardle’s design heavily references the site’s industrial and heritage history, while also responding to the surrounding Surry Hills streetscape.

The Architectural Design Report describes Surry Hills as “a finely grained neighbourhood with beautiful and expressive brickworks throughout the suburb,” with the proposal introducing a material palette intended to sit comfortably alongside the existing warehouse fabric and neighbouring terraces.

The report also outlines the project’s relationship with Eddie Ward Park and the broader landscape context of the area.

“Marlborough House occupies a site of deep cultural memory and the neighbouring Eddie Ward Park is of local ecological significance, where natural systems, topography, and stories have long shaped human experience,” Wardle noted in the report.

The architects said the proposal sought to “rebind built form to Country” through landscape, materiality and the adaptive reuse of the heritage structure.

<img alt="Marlborough House" data-entity-type="file" data-entity-uuid="9ae3f2f9-c85f-477a-a6f8-b43f6cb97c41" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.53%E2%80%AFAM.png?VersionId=B.qUCLqRvJOR.n9CvYcTpaknIX9LuqKZ" />

The project is also being progressed under the NSW Government’s in-fill affordable housing provisions, allowing developments that include affordable housing to access additional height and floor space incentives.

Under the plans, 2,593 sqm of the project’s floor space would be dedicated to affordable housing, slightly exceeding the required 15 per cent threshold.

In its Design Excellence Strategy, Urbis said the project aimed to “sensitively adapt and enhance the heritage-listed building on site through alterations and additions that preserve its historical significance” while delivering “high-quality market and infill affordable housing development in Surry Hills.”

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in&nbsp;<a href="https://www.apartments.com.au/developments/south-melbourne-vic-3205">South Melbourne</a>, and have future projects, <a href="https://www.apartments.com.au/new-apartments/the-wilmot-173-burke-road-28-hope-street-glen-iris-vic-3146">The Wilmot</a>&nbsp;in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>, the redevelopment of the Northcote Plaza, and another tower in South Melbourne.

The developer broke into Sydney just a few years ago with Two Tides in Manly. They have another project nearby, which is at the ultra-luxury end of the market on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach.

It is also continuing to work through the <a href="https://www.apartments.com.au/news/nsw/first-look-time-place-settles-on-design-for-the-chimes-potts-point-redevelopment">redevelopment of The Chimes building</a> on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as a project on <a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Mosman's Redan Street</a>.
</section>

First look: Time & Place unveils Marlborough House redevelopment designs for former David Jones warehouse in Surry Hills

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

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>

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

Residential Development

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GUEST OBSERVER
The advertising of seven new positions to drive housing delivery by the Department of Planning and Environment is a good first step to help Sydney’s housing crisis.
The new positions of a Director and six Managers for Housing Delivery advertised by the NSW Government are a good beginning to tackling Sydney’s housing crisis.
The Urban Taskforce have called for a NSW Commissioner for Housing Supply to unlock large housing projects caught in the NSW planning system so we are pleased to see these new roles being advertised. Our concern though, is whether these positions will have enough authority to have an impact across all government agencies.
The Urban Taskforce has asked its members for examples of large housing projects caught up in the planning system and we have received details of around 40 projects that represent 40,000 new homes in brownfield and greenfield sites.
Many of these projects are languishing waiting for government agencies to resolve road, traffic and infrastructure issues. Delays can add significant costs to a project with some holding costs being as high as $500,000 a month. Most of these projects are on sites nominated by the state government for growth through Priority Precincts, corridors or urban activation zones.
It is good to see that the new housing delivery positions will be ‘identifying and removing blockages to the supply of housing including affordable housing’. There are many areas in the planning system that are slowing down supply including a lack of coordination between government agencies, excessive levies, confusion with council amalgamations and more precautionary approaches to re-zonings and planning proposals.
The Demographia International Housing Affordability Survey for 2017 has nominated Sydney as the second most unaffordable city in the world above Vancouver and Auckland and below Hong Kong. Clearly significant government action is required to help increase housing supply in order to address the housing affordability crisis.
The New Zealand government has set an excellent example and initiated the Auckland Housing Accord, a program to tackle the housing crisis in Auckland. Sydney could learn from the range of initiatives the Accord covers. These include a Housing Action Plan, the identification of Special Housing Areas which are identified for fast-track development and a proactive Development Programme Office.
The Urban Taskforce has identified a range of initiatives to drive quicker production of housing for Sydney and we are keen to work with the NSW Government on ways to improve housing delivery and increase housing affordability.
Chris Johnson is chief executive officer of property development industry group Urban Taskforce and can be contacted <a href="https://www.urbantaskforce.com.au/index.php?option=com_content&amp;view=article&amp;id=97&amp;Itemid=126#.Vdaart55dFI" target="_blank">here</a>.
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cjohnson-8xfqfuuCSq

Housing delivery positions a good beginning for Sydney’s housing crisis: Chris Johnson

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Parkland the length of ten football fields will be a feature of AVID Property Group's masterplanned community Harmony in Queensland's Parkdale.
The linear park, spanning more than five hectares will become a  'green spine' through the development according to Bruce Harper, general manager, AVID Property Group. He said conventional design dictates a series of local parks dispersed around the community, which are often under-utilised by residents.
"The combination of the parks into one long linear space, provided a visual and physical connecting ‘green spine’ through the development that would deliver a range of passive and active spaces, making the linear park and the development unique," he said.
“This design has also meant we’ve been able to effectively meet Sunshine Coast Council’s objective of providing a park within 400 metres of every home – at Harmony more than 90 percent of all resident will be within 250 metres from a local park.
"And this also means we’ve been able to connect our future residents to Harmony’s 60km network of pedestrian path and cycle ways.
“The design encompasses key activation areas, including recreational zones for people to kick the football or run around, to quieter areas to relax and read a book or enjoy a picnic. What our grand linear park will offer is a clear reflection of the social and recreational needs of our buyers.
Peter Egerton, technical director, urban design, RPS Regional  said Harmony was unique in its topography as the site was particularly flat, which removed a number of design limitations for the linear park.
“Most new sites for communities of this size, have hills and gullies, which dictate the design by the location of storm water, treatment and roadways,” Mr Egerton said. 
“Harmony has an abundance of open space and types of open space, which will be a huge attraction for buyers. The removal of traditional design restrictions enabled the team to put forward a design that really exceeds expectations for activation and functionality for the community. 
“The difference in our design approach came about using the linear link, or green spine, to put residents within a four to five minute walk away from a linear park that takes you somewhere – and that somewhere can be to a district sports fields, regional open space or a neighbourhood centre.” 
For more information on Harmony, visit <a href="https://www.harmonyliving.com.au%20/" target="_blank">www.harmonyliving.com.au</a> 
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jonathanchancellor-7SQnKwU6yx

Linear park a first for Queensland residential development

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A waterfront residential development site on 11 hectares set in Sydney’s prestigious Eastern Suburbs has been listed for sale and is expected to sell for more than $280 million. 
Located off Anzac Parade in Little Bay, Little Bay Cove features more than 11 hectares of land including civil works complete along with masterplan development consent which allows for immediate commencement. All remediation, site works, roads, park landscaping and infrastructure have been completed. The site is fully serviced with all required amenities, including water, electricity and gas, according to a media release.
The sale, through an expressions of interest campaign launching February 28, is being managed by Knight Frank’s Tim Holtsbaum and Eugene Evgenikos along with JLL’s Ben Hunter and Sam Brewer.
Holtsbaum said the site is one of the last Eastern Suburbs coastal subdivisions available for development.
“We’ve seen some large residential site sale transactions occur nearby in the South Sydney market but nothing of this prestige, with the coastal lifestyle and beach views,” said Holtsbaum.
“We expect Little Bay Cove to generate significant interest from both local and offshore developers due to its unique characteristics. It is located just 20 minutes’ drive from the Sydney CBD, near all transport and amenity, and is nestled along Sydney’s iconic beaches, stretching from Bondi, Bronte, Coogee and out to Little Bay.”
Fronting Little Bay Beach, the site neighbours four of Sydney’s premium golf courses, including The New South Wales Golf Club, St Michaels Golf Club and the Coast Golf Club. Express bus and future light rail services provide convenient transport to the CBD.
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Residential site with approval in Sydney's Little Bay on sale with $280 million hopes 

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 <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/2017/02/21/700_greaton_logo.jpg" alt="" width="495" height="70">
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Greaton’s $260 million Oxford Central project located in the heart of Epping is fast gaining a reputation as the ultimate address in one of Sydney’s fastest growing and desirable suburbs.
Over three quarters of the landmark project has sold following its launch late last year.
<img src="https://www.urban.com.au/images/2017/02/21/Screen%20Shot%202017-02-21%20at%2010.03.45%20AM.png" alt="">
Oxford Central’s site was earmarked due to its strategic location in the epicentre of the state government’s plans to invest millions in re-developing Epping Town Centre and major transport infrastructure in the suburb. Epping Town Centre and train station are approximately 150 metres from Oxford Central’s front door.
<img src="https://www.urban.com.au/images/2017/02/21/Screen%20Shot%202017-02-21%20at%2010.03.37%20AM.png" alt="">
Cameron Porter, National Sales Manager for Greaton comments, “Oxford Central is a unique development that represents the epitome of luxurious living in a beautiful leafy suburb. Greaton will deliver a high-end lifestyle destination that captures the essence of suburban living combined with city conveniences.
“International award winning architectural practice, Marchese Partners has created beautiful residences on the inside as well as a stunning façade to ensure this project becomes a landmark structure on Epping’s skyline.”
<img src="https://www.urban.com.au/images/2017/02/21/Screen%20Shot%202017-02-21%20at%2010.03.29%20AM.png" alt="">
Situated at 30 - 42 Oxford Street, the iconic project will comprise 252 luxurious apartments spread across two 17 storey towers, 292 car spaces and 625 sq m of retail on the ground level. A two storey heritage building located on the site will also be retained and is part of the retail precinct.  
The uninterrupted views across Sydney’s CBD, Chatswood and North Sydney are drawing buyer attention. Significant employment hubs including Macquarie Park, Chatswood, North Sydney and North Ryde are within a 10 kilometre commute from Epping. There are also direct train, bus and M2 motorway links to these hubs.
Stage two is now selling. Prices for apartments start at $595,000 for a one bed with an average internal size of 50 to 53 sq m, two beds start at $900,000 featuring an internal average size of 70 to 84 sq m and three beds are priced from $1.3 million with an internal space averaging between 99 to 120 sq m.
<img src="https://www.urban.com.au/images/2017/02/21/Screen%20Shot%202017-02-21%20at%2010.03.24%20AM.png" alt="">
The luxurious apartment interiors will enjoy Caesarstone benchtops with timber accents on the cupboards, two distinctive spring and autumn colour palettes to choose from supported by elegant timber floors, Miele appliances in the kitchen, Parisi fittings throughout, imported tiles wrapped around the floor and walls in the bathroom, floor to ceiling glass sliding doors and expansive balconies.
An open air café area and public plaza will feature alongside the Heritage building which fronts Oxford Central and will be accessible to the public. Residents will also enjoy large areas of communal open space on the ground level which include recreational and BBQ facilities.
A state of the art display suite is located on site at 30 Oxford St Epping. It is open seven days from 1pm until 4pm. Viewing outside these times is available by appointment only. 
For further information visit: <a href="https://www.oxfordcentral.com.au/" target="_blank">www.oxfordcentral.com.au</a> or phone 1800 917 997.
Greaton expects to start construction early in April 2017. 
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Oxford Central – The ultimate address in the heart of Epping

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Eight detached homes have sold in Sydney's northwestern suburb of Castle Hill to a local developer for around $40 million.
The site, named 'Premier', on Middleton Avenue, Fishburn Crescent and Sexton Avenue, is sized 7,545sqm and has a residential zoning allowing a potential development height of up to 40 metres and high density residential development of up to 250 units.
CBRE's Richard Gell said the site’s position in Sydney’s bourgeoning north-west was a key selling factor.
“The Castle Hill residential apartment market continues to perform well, so we expected to see significant interest in Premier," he said.
"Strong sales prices and sale rates have recently been achieved for off the plan apartment sales due to low supply levels.
“Castle Hill’s proximity to the Norwest Business Park, Castle Towers shopping centre, reputable schools and transport hubs makes for a strong residential market and as a result – a secure investment opportunity for the purchaser.”
Development of the nearby Showground Station precinct is slated for completion late 2018 and feature the Showground train station, residential apartments, shops, cafes and office buildings.
Property Observer found a house sold in 2015, <a href="https://www.realestate.com.au/sold/property-house-nsw-castle+hill-119168139" target="_blank">90 Fisher Crescent, Castle Hill</a> (below) for $1,280,000. The four bedroom home is on 936sqm.
<img src="https://www.urban.com.au/images/2017/02/16/Screen%20Shot%202017-02-16%20at%2010.54.03%20AM.png" alt="">
The three bedroom home at <a href="https://www.realestateview.com.au/real-estate/7-sexton-avenue-castle-hill-nsw/property-details-sold-residential-9251638/" target="_blank">7 Sexton Avenue, Castle Hill</a> sold in 2015 for $2.3 million (below). It is in the Showground/Carrington Road Activation Precinct.
<img src="https://www.urban.com.au/images/2017/02/16/Screen%20Shot%202017-02-16%20at%2010.59.36%20AM.png" alt="">
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Eight Castle Hill residents sell mega site

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The Fairway Residences development on Sydney's Strathfield Golf Course is 75 percent sold out, with town homes slated for completion late 2017.
The development, 88 Centenary Drive, Strathfield, features 50three and four bedroom town homes priced from $1.6 million.
Phil Leahy from Metro property Development said a lot of uptake in the three bedroom plus study designs has been from families and young professional couples. 
“There’s also the added bonus of being within close reach of transport links, shopping centres, parks and schools,” he said.
Metro has sold 37 homes, with 13 homes still on the market.
The remaining homes are priced from $1,650,000 to $2,099,000.
The sales office has been relocated to 1 Cave Road, Strathfield, and is open from 1pm to 5pm Wednesday, Saturday and Sunday. For more visit <a href="https://www.fairwayresidences.com.au/" target="_blank">www.fairwayresidences.com.au</a>.
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Fairway Residences in Sydney's Strathfield 75 percent sold

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Construction is slated to begin July on Ferro Property Group's $27 million London Residences in Brisbane.
The residential development, 10 Bailey Street, West End, will feature 27 three and four bedroom residences, three 2-story manors, two terrace residences and 22  three bedroom residences.
Marco Ferro, developer, said the boutique market for larger, custom-designed three and four bedroom apartments in Brisbane was largely untapped and very strong.
“We purchased the site at 12 Bailey Street about 12 months ago and since then have been focused on perfecting the design both internally to ensure each Residence is completely unique and special for owners, and externally, to ensure London Residences complements the West End character and location," he said.
“We know the boutique owner-occupier market have very specific needs – and to meet these we have created a mix of oversized residences  - unique 2-story Manors that feature three bedrooms plus sitting rooms, The Terraces which are over 200sqm and home to 4 bedrooms plus study as well as the range of 3-bedroom Residences.
"Completely new to the market is the storage plans – we have dedicated half a floor to storage for owners, each ranging from 6-14sqm and attached to the Title, as well as car parking for 2 to up to 4 cars per residence. This is a flagship development, with owner needs pre-empted and delivered.” 
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$27 million Brisbane development London Residences begins July

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A 7,149 square metre site in Leichhardt, in Sydney’s Inner West, with approval for 139 units is for sale.
The residential development site at 141 Allen St, Leichhardt is listed through Colliers International agent Guillaume Volz. Offers close March 15.
The site received development consent in October last year for a staged development application comprising construction of six residential flat buildings between four and six storeys above basement level comprising 139 units. 
<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/2017/02/03/Feb3Leichhardt2.jpg" alt="">
“Whilst the market and government have responded to Sydney’s undersupply in mass development areas, such as Olympic Park and the Parramatta Road corridor, core suburbs such as Leichhardt continue to be ignored, despite the inherent attraction and desire from  buyers for apartments in these neighbourhoods,” said Volz.
“Our research indicates that Leichhardt is historically one of Sydney most undersupplied suburbs, with only 22 apartments completions in projects comprising 10 or more dwellings, from 2009 – 2014. 
“Recent rezoning of industrial sites has seen a moderate raise in supply, and since 2014 a further 470 apartments have been built or are under construction.
"There are only another 154 apartments with development approval, 139 of which are located in the subject development.”
The vendor’s representative, Irving Washington, said the property had grown in value due to the DA process and given the group’s interest elsewhere, the owners have now decided to sell.
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Leichhardt site for 139 units offered for sale

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The apartment developer Gurner has taken the unusual step to announce it has repaid $130 million in construction loans to banks after his two recent apartment projects were well settled in the week leading up to Christmas.
The projects included Ikebana (pictured above) in West Melbourne, that comprises 241 apartments and ground floor retail with a total construction debt of $90 million financed through NAB.
There was also 107 Cambridge Street in Collingwood consisting of 91 apartments plus ground floor retail, with debt totalling just over $40 million with ANZ. 
The projects saw strong settlements from both local and foreign purchasers, and all apartments leased prior to settlement, going against the market chatter about settlement issues and oversupply.
Both projects commenced settlement the week before Christmas – traditionally a difficult time of year for the property market.
By Christmas Eve, 107 Cambridge Street was fully settled, while Ikebana had reached over 90 percent settlement totalling over 215 apartments.
Founder and director Tim Gurner, pictured below, said while 107 Cambridge had zero foreign sales, 45 percent of the apartments at Ikebana were sold to FIRB purchasers. 
<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/2017/02/03/TimGurner.jpg" alt="">
He said the risk of settlement defaults was low due to the quality of the agents and buyers in the project and the increasing percentage of FIRB buyers who settled with cash or other means of financing in lieu of the Australian banks’ support. 
“The specific agents that we use are the best in the business and have been selling internationally for over 15 years, so they know their clients inside and out.  It is the smaller, new agents without a solid reputation that appear to be having issues,” Gurner said.
“Unfortunately the minority of small, dodgy agents have cast a shadow over the industry and scared the banks, however, the majority of the big international agencies we use have been around for 15 to 20 years and know much more about the Chinese market, the economy and the buyers than the banks or us.
“Absolutely there has been a move towards overseas and private institutions filling the funding gap the Australian banks have left behind. There really was no other choice when 80% of the finance market disappears overnight,” he said. 
Major banks had tightened lending to foreigners and investors in 2016 to curb the rapid growth in property values.
“I was initially wary of the rumours around settlement issues and the constant negative press, so we did spend more time and resources focusing on our buyers and the settlement and valuation process to ensure we could mitigate as much risk as possible,” he said.
“Interestingly, we have found a substantial number of purchasers at Ikebana settling with cash – over 35 percent - which is much more than any other project we’ve sold to date. Previously we saw cash settlements in the realm of five to ten percent.” 
He said the market had become more competitive and difficult due to changing regulations and planning policies which would test developers. 
“Considering the success of Ikebana and 107 Cambridge Street which were our first true settlement tests after the changes in foreign lending were announced, I’m confident if developers work hard with purchasers and find alternative funding options, buyers will get through this period unscathed.” 
Gurner said his company had several new projects which are expected to launch and find success in 2017. 
He had a piece of advice for developers. “It is however critical that developers take heed of the change in finance conditions as it is very real,” he said. 
“The main difference for us now is the time it is taking people to get finance approved, valuations completed and then settlement locked in… the days of swiftly preparing projects for settlement are well and truly behind us.” 
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Ikebana, Melbourne developer Gurner repays $130 million in construction loans after foreign sales successes

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Nearly 40 percent in value of residential development sites were purchased by Chinese developers and investors in 2016 according to a report by Knight Frank.
The figure is up 12 percent in comparison with 2015 and up by 36 percent from 2012.
The report, The Rise of Chinese Developers in Australia – Market Insight: January 2017 found Chinese developers and investors purchased $2.4 billion worth of Australian residential development sites in 2016, some 9.4 percent percent stronger than 2016.
Michelle Ciesielski, Knight Frank's head of residential research, Australia said despite overall total sales falling during 2016, and sales to Chinese developers and investors still being 11.2 percent lower than the market peak recorded in 2014, their influence has grown.
"Chinese developers and investors purchased AUD2.4 billion worth of residential development sites last year. Of these, the average residential development site had an area of 21,045 square metres – increasing more than 18 times from 2012 – and averaged a potential 502 dwellings per development site," she said.  
“While the Australian residential market collectively strengthened throughout 2012 and in 2013, growth in sales turnover encouraged prices to rise for local developers and investors alike.   
“At this time, the Australian dollar became very favourable against other currencies for investment into Australia. The Chinese renminbi was no exception.  
“Opportunistic developers, many for the first time, considered Australia to build their next development after becoming a household name in homeland China. It was considered, and still is to some extent, worth the risk to build a first-time signature development (even if profitability resulted to just be break-even) to be accepted as a reputable developer by the local Australian market.  
 “In the past three years, Chinese developers and investors accounted for over 25 percent of disclosed total sales each year – with 2016 recording a share of sales as high as 38 percent.  
“Long-term strategies must now be devised to allow for the Chinese government tightening the ease of outbound capital flow, and local lenders limiting funding to control their liquidity and satisfy APRA requirements.
"But one thing is clear – Chinese developers are determined to succeed in Australia, and for many generations to come."
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