One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

Residential Sale

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The Castlecrag home of the late TV director Howard Rubie has been sold.
He and his wife Patricia had been living in the private waterfront property for the last 40 years before his sudden death in 2011.
The couple paid $30,000 for the home in 1973.
Set on 518 sqm on Castlecrag's bushland peninsula at <a href="https://www.realestate.com.au/property-house-nsw-castlecrag-121918502" target="_blank">13 The Tor Walk</a>, the private waterfront home has two bedrooms and two bathrooms.
The homes wrap around shaded terrace overlooks the homes deepwater mooring spot, a slipway and a broad sandy beachfront with level lawn.
Over his fifty year career Rubie earned an Emmy nomination and was admitted to the Australian Society of Cinematographer's Hall of Fame.
He involved himself in the life of Castlecrag.
In the early 1970s, he discovered The Haven amphitheatre, built by Walter Burley Griffin in a harbourside gully at the turn of the century and neglected since 1948.
Rubie was the driving force in restoring the theatre and reviving performances, directing many of them himself.
In 2007, he was awarded Citizen of the Year for the shire of Willoughby and in 2010, was admitted to the Australian Society of Cinematographers' Hall of Fame.
This article was first published in the Saturday Daily Telegraph.
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Late TV director Howard Rubie's Castlecrag home sold

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The managing director of Growthpoint Properties Australia, Tim Collyer, and artist Kylie Thomas secured $3.11 million when they sold their Armadale home.
Their 1900 Victorian home at <a href="https://www.domain.com.au/27-union-street-armadale-vic-3143-2012582050" target="_blank">27 Union Street</a>, refurbished in 2008, sold through Jellis Craig agent Lachie Fraser-Smith.
Collyer and Thomas were expecting about $2.4 million for the five bedrooms house with a formal front sitting room, large study, open plan living, outdoor deck and upstairs retreat.
It had been tightly held since 1998 when it fetched $427,500. 
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Armadale home sells at $600,000 more than guidance

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Fashion icon Jenny Bannister has sold her St Kilda home for $3.3 million at auction, exactly 27 years to the day after she bought it.
The property sold after Wilson agents Martin Fox and Brad Ward had set a guide of $2 million plus for the Victorian era property. 
Renovated to the designs of renowned Melbourne architect Allan Powell, <a href="https://www.realestate.com.au/property-house-vic-st+kilda-121871158" target="_blank">80 Wellington Street</a> won Belle Magazine's house of the year in 1991.
Set on a 657 sqm corner block, the solid brick, double fronted family home has four bedrooms and two bathrooms.
The two storey extension features a white painted brick creative studio with Juliette balcony which overlooks the Tuscan-style designer emerald green pool and courtyard.
Bannister lived in the home with husband and economist Paul "Mongoose" Belin.
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Fashion icon Jenny Bannister has sold her St Kilda home for $3.3 million

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Clinical nutritionist and wellness coach Jessica Sepel and her husband Dean Steingold, the co-founder of Productify, have quickly sold their Darling Point apartment.
The couple bought the 90 sqm, two bedroom apartment for $923,000 just under two years ago. The couple, who married in late 2015 after meeting in Johannesburg six years ago are off to Los Angeles.
<a href="https://www.realestate.com.au/property-apartment-nsw-darling+point-121757090" target="_blank">Ray White Double Bay listing agent Gavin Rubinstein </a>was expecting between $1.2 million and $1.25 million for the sale with the price remaining undisclosed.
The buyer has also remained unconfirmed, however Gavin suggested the property would appeal to first homebuyers, investors and downsizers.
Jessica put her Bachelor of Health (specialising in Nutritional Medicine) to good use and is now a blogger and author and aims to empower clients to make good choices every day.
Dean's company Productify has built a B2b service that specialises in sharing product information between online retailers and their suppliers. 
This article was first published in the Saturday Daily Telegraph.
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Wellness coach Jessica Sepel sells in Darling Point

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Internationally acclaimed Australian filmmakers Baz Luhrmann and Catherine Martin have seemingly found a buyer for their Darlinghurst mansion, Iona finally.
It was listed for sale for $16 million last July.
Sydney Sotheby's International Realty took the property listing down from the realestate.com.au website late last week, though would not confirm any sale details.
Iona is set to shortly host the Silver Committee fundraiser for the Sydney Children's Hospital.
Originally built for pastoralist Edward Chisholm, it is understood the landmark property has been bought by a Sydney buyer.
It was marketed as "a once in a lifetime opportunity to possess a heritage masterpiece."
The couple, along with their two children, spend much of their time in New York so will now look for a smaller Sydney home and office as Iona is also the headquarters of Luhrmann’s production company Bazmark.
"As we have been spending shorter periods of time in Australia and are more full time in New York, our priorities centre around a settled school life for our children," said the couple in a statement on its listing in mid-2015.
The Italianate late 1880s trophy home is listed on the State Heritage Register.
The nine-bedroom home sits on a 2700 square metre block in the centre of Darlinghurst.
Surrounded by established gardens, the 2700 sqm property also features a pool. 
Luhrmann and Martin had rented Iona for nine years before purchasing it in 2006 for $10 million from Ian Gowrie-Smith.
The home was lovingly restored by costume and production designer Martin and features her own wallpapers and carpet designs throughout.
This article was first published in the Sunday Telegraph.
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Iona, Darlinghurst sold by Baz Luhrmann for near $16 million asking price

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Liberal party power broker Walter Villatora has listed his luxury Manly home, but only to upgrade on the peninsula.
Villatora bought the property for $1.85 million in 2011.
Fitted with fingerprint entry, <a href="https://www.realestate.com.au/property-house-nsw-manly-121848310" target="_blank">the freestanding four bedroom new build</a> comes with a new pool.
The white sleek family home has a private garden with an entertaining decking. 
The listing agent Tim Mumford of Stone Real Estate believes interest will come in at over $4.5 million.
Villatora, who is also the managing director for business advisory firm Outcome Group, has campaigned for his local politicians, former Prime Minister Tony Abbott and Premier Mike Baird.
This article was first published in the Saturday Daily Telegraph.
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Manly Liberal powerbroker lists freestanding home

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Childcare entrepreneur Stephanie Wakefield's lavishly renovated Hampton property fetched $1.66 million at weekend auction.
The Banks Avenue home was listed with $1.5 million plus hopes, which were then revised up to $1.6 million plus by Wakefield who developed her business, My Super Nanny, five years ago while studying. 
Her company, which connects nannys and babysitters with families, is soon set to launch in the US. 
<a href="https://www.realestate.com.au/property-house-vic-hampton-121597286" target="_blank">The two-storey, three bedroom home</a> comes with a study. There's timber flooring, high ceilings, swish fixtures and a rear deck at the 2012 built house that traded at $1.385 million in early 2014.
Justin Follett, of Follett &amp; Co, secured the weekend result.
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Hampton home sells at $1.66 million

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Stylist Sibella Court has finally secured a buyer for her corner Paddington terrace.
It sold at $1.34 million having lowered the asking price by almost $300,000.
The Victorian-era shopfront home, which helped launch Court’s The Society Inc, was bought after she'd returned from a decade in New York as a homewares stylist.
The star of the ABC’s Restoration Australia listed it last September with initial hopes of $1.65 million following her decision to move to a warehouse in St Peters.
Court bought <a href="https://www.bresicwhitney.com.au/buy/27-alexander-street-paddington-11889" target="_blank">the corner shop </a>in 2008 for $900,000 from publican Peter Wadsworth, making it her home for a few years before she and partner Ben Harper moved to Bondi with their daughter Silver.
It was sold to an architect.
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Stylist Sibella Court sells in Paddo

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Suffolk Park, the Byron Bay's fringe hamlet, is set to become far more fashionable.
International model Gemma Ward and her photographer partner, David Letts are rumoured recent buyers at the beachside locaility.
<a href="https://www.realestateofdistinction.com.au/properties.php?id=12861493" target="_blank">The $1.6 million outlay</a> by the boho couple has been pinpointed as a nondescript two storey property which only has dense trees between it and the patrolled Tallow Beach via a sandy track.
It is tipped to be an occasional retreat for the couple and their two year old Hawaiin born daughter Naia.
The pair's appreciation for the far north coast emerged when they were attendees at Byron's Bay's popular Easter jazz festival Bluesfest last year, attending with her model friend, Nicole Trunfio.
They were back again last August with Gemma posting three instragram photos of their extended holiday saying "love Byron." 
In 2009 Ward, who divides her time between Australia, Los Angeles and New York, spent weeks renting a beachside mansion at Suffolk Park with Nicole Trunfio.
Gemma made her Australian Fashion Week debut at only 15 years old from Perth and went on to become the youngest model to appear on the American edition of Vogue. 
In 2007, Ward earned $3 million from her doll-face looks, to be ranked by Forbes magazine as the 11th most highly paid model in the world.
After a six year hiatus from modelling, she returned in 2014 with a busy time since including work for Prada, Country Road and Ellery.
Showing off her androgynous side, Gemma made a surprise appearance in Milan earlier this month where she walked in the Calvin Klein autumn 2016 menswear show.
While I was sipping on my yellow flower mango lassi at their local Suffolk Park cafe this week, there was no sign of the beach loving couple who were instead being papped on a hot day at Bondi Beach.
Suffolk Park has long been the poor cousin to Byron's big name locaities, Belongil and Wategos.
Suffolk Park's top price stands at $3.2 million while $10 million was paid last year at Belongil. Wategos hit the highs of $15 million for a colonial style house in 2009.
Bookended by the Tallows and Tuckeroo Beach gated communities, Suffolk Park has attracted the likes of Harvey Norman CEO Katie Page and coal tycoon David Knappick, who recently secured the beachfront record late last year from a Dubai-based expatriate. 
This article was first published in the Saturday Daily Telegraph.
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Gemma Ward makes Byron Bay's Suffolk Park fashionable

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NRL coach Ricky Stuart has sold his Sutherland Shire waterfront property which was listed with $3.5 million hopes.
It was bought in 2011 for $2.65 million from the former champion swimmer Ian Thorpe who paid $2.9 million in 2003 for the Port Hacking waterfront.
<img src="/images/stories/thorpe2.jpg">
Stuart's 2011 purchase of <a href="https://www.realestate.com.au/property-house-nsw-port+hacking-120274921" target="_blank">2 Wallendbeen Avenue</a> marked his return to the sporty shire, having previously owned at Burraneer Bay.
Stuart had been on the receiving end of the weaker property market in Sydney's eastern suburbs, as he sold his former Vaucluse house for $2.3 million in 2011 having paid $2.75 in 2006 while coaching the Sydney Roosters.
He has been coaching the Canberra Raiders since 2014, renting the former home of Kevin Rudd.
Marketed promoting its sporting property pedigree, it is understood around $3 million was secured through Jon Brookes at Brookes Partners.
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