Brisbane-based <a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co Developments</a> has officially launched its $250million COMO apartment development in Varsity Lakes, while simultaneously commencing construction.&nbsp;

Building work is now underway at COMO following the appointment of <a href="https://www.apartments.com.au/builders/5point-projects">5Point Projects</a> as contractor to deliver the boutique development which will rise on a 2857 sqm site overlooking Lake Orr at 22 Lake Street.

When completed, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO</a> will comprise 156 apartments across 16 levels located in the heart of Varsity Lakes.

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The project, which will sit alongside Bond University, will deliver a diverse array of apartment designs comprising one-, two- and three-bedroom residences that have already attracted interest from local and interstate investors as well as an array of owner occupiers looking to gain a foothold in the precinct.

Red &amp; Co, which has largely focused on the Brisbane market in recent years where it has delivered more than 500 apartments and townhouses across 26 projects, has designed COMO to combine tranquil, lakeside living with the vibrant urban convenience of the vibrant Varsity Lakes village.

“We’re thrilled to announce a start to construction of COMO in conjunction with the official launch of the project, our first for the Gold Coast,” said Red &amp; Co Director and Co-Founder David Laverty.

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“COMO is superbly positioned to capture the essence of the Varsity Lakes village lifestyle and its thriving café and dining precinct, while delivering a much-needed diverse supply of premium residences for the local market.

“Pre-launch inquiries have been strong among both local and interstate investors and owner-occupiers, including downsizers and upgraders who appreciate the value proposition that COMO represents.”

Prices at COMO start from $1,000,050.

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Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, the COMO development incorporates an extensive range of amenities for residents including a 25-metre rooftop lap pool, sundeck, barbecue and dining areas, as well as multiple rooftop pickleball and paddleball courts, a wellness and activity centre, gym, sauna, plunge baths and landscaped gardens.

“COMO presents a rare opportunity to secure a stylish, lifestyle-focused home in one of the Gold Coast’s most sought-after neighbourhoods,” added Laverty.

“The rooftop will be the epicentre of fun for residents with an array of amenities for residents that are quite unique for a boutique project such as this, all while offering spectacular vistas across the Gold Coast as far north as Southport and south to Burleigh.”

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&nbsp;

Red &amp; Co has chosen the Varsity Lakes site for its proximity to top-tier schools, major shopping hubs, such as Robina Town Centre and its CBD offering, as well as key Gold Coast transport links, including Varsity Lakes Train Station.

COMO will be located just a short walk to shops, cafes and restaurants in Varsity Lakes and just a 10-minute drive to the Burleigh Heads beachfront.

With construction currently underway, Red &amp; Co anticipates COMO will be completed in 2028.

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Joel Robinson

Red & Co to launch debut Gold Coast development Como Varsity Lakes as construction commences

Longstanding Gold Coast developer Raptis has acquired a prime development site on Surf Parade for its next Broadbeach apartment project.

Progressing towards completion of <a href="https://www.apartments.com.au/new-apartments/the-sterling-broadbeach-6-8-george-avenue-broadbeach-qld-4218">The Sterling Broadbeach</a>, 90 apartments on nearby George Avenue, <a href="https://www.apartments.com.au/developers/raptis">Raptis</a>, led by second-generation family man Evan Raptis, has picked up a block on the corner of Surf Parade and First Avenue.

The site had been earmarked for a luxury apartment project with 33 full-floor apartments across a 37-storey tower. Raptis will go back to the drawing board and create a building more appropriate for the site. The development application will be lodged later this month.

Evan Raptis told Apartments.com.au the site ticks all the boxes.

"Broadbeach is a suburb we've developed several buildings over the years. Surf Parade ticks all the boxes for the type of apartment development we want to deliver."

Raptis had several pre-lodgement meetings with council to ensure they are aligned in the development.

<img alt="Raptis" data-entity-type="file" data-entity-uuid="f0d58573-07a4-47a8-9f5e-fbf35fb03dc3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-03-05%20at%204.58.23%E2%80%AFPM.png?VersionId=iczZEd_4_o4UL0PHMPJGfy_q3tv96J5i" />

Surf Parade has emerged in recent years as one of the most popular streets in Broadbeach for development.

South East Queensland developer Mosaic Property Group kicked it off with Marella by Mosaic. Bassar Group sold out Infinity on the street, while for its&nbsp;first Gold Coast development, Polycell grabbed a Surf Parade site for <a href="https://www.apartments.com.au/new-apartments/the-rochester-broadbeach-143-surf-parade-broadbeach-qld-4218">The Rochester</a>, which is nearly sold out.

Melbourne-based developer Hirsch &amp; Faigen recently launched its fourth Gold Coast project on the exclusive strip. The Eveleigh Broadbeach will have 100 apartments across a 31-storey building designed by Rothelowman.

GV Property Group site development specialists Antonio Mercuri and Luke Reaby, who both amalgamate sites and sell shovel-ready sites to developers up and down the Gold Coast, sold Surf Parade to Raptis.

Raptis secures prime Surf Parade site for next Broadbeach apartment development

Less than two years after breaking ground, Gardner Vaughan Group is celebrating the topping out of Bask, its second development in the exclusive coastal enclave of Bokarina on Queensland’s Sunshine Coast.&nbsp;

Located only minutes from the beachfront, the two seven-storey luxury apartment towers, known individually as Mydas and Caretta, offer a selection of one-to-four-bedroom residences with views of Lake Kawana, the Glasshouse Mountains, and Bokarina Beach.&nbsp;

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Gardner Vaughan Group Commercial Director Sam Gardner said the milestone marks the home stretch for construction, with first residents expected to be able to move in from Spring 2026.&nbsp;

“This is a significant milestone in bringing this development to life and represents our confidence in this region’s long-term growth and appeal,” Gardner said.&nbsp;

“With 85 per cent of apartments already sold, buyers are joining an established, coastal village that offers the very best of the Sunshine Coast – seasonally patrolled surf beaches, renowned restaurants, and links to established health and retail.&nbsp;

“The final collection of three- and four- bedroom apartments range in size from 127sqm to 300sqm, each with two or three secure car parks and storage, and with construction fast approaching completion we don’t expect the last few apartments to remain on the market for long.”&nbsp;

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Local restaurateur Luke Stringer, who co-owns and manages the award-winning Bocca Italian and Playa Mexican restaurants in Bokarina, has lived in the beachside suburb for 18 months and worked there for more than three years, and said the beachside suburb was thriving.&nbsp;

“It’s fair to say Bokarina is finally stepping into the sun and there’s a lot to love about the place,"&nbsp;Stringer said.

"It’s such a great community, where you see the same smiling faces every morning and everything’s within easy reach – it’s the perfect hub in the middle of the Sunshine Coast.

“When we first opened Bocca Italian, we were the lone restaurant, but it’s been amazing to see how the area has grown. The more venues that open, the busier it gets for everyone. When Playa Mexican opened its first Saturday night, Bocca had a record night and Playa was packed too, which blew us away how everyone is thriving.&nbsp;

“There’s a great energy around the place now, and people are really embracing Bokarina as a food and lifestyle destination.”&nbsp;

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Stringer joined other buyers at Bask Bokarina and the Gardner Vaughan Group team to celebrate the topping out at a special event in February.&nbsp;

Located in Kawana Waters, midway between Caloundra and Maroochydore, Bokarina locals enjoy scenic walking paths around Lake Kawana, playgrounds, beachfront boardwalk and parklands, alongside all the convenience of a masterplanned beachside community.&nbsp;

“You see people jogging or swimming in the morning, then grabbing coffee at the cafes, people are really embracing the area and all this growth is bringing more people to Bokarina,” Stringer added.&nbsp;

To take advantage of the vistas, each of the 135 apartments at Bask is designed with full size windows and high ceilings that provide an abundance of natural light.&nbsp;

Prices for the remaining three-bedroom apartments start at $1,599,000 and four-bedroom apartments start at $3,149,000.&nbsp;

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The mixed-use development also features ground-level retail space for cafés, dining options and boutiques, including the soon-to-be-opened ‘Corner Shop’, by the team behind Noosa’s well known ‘Organika’.

Sam Gardner said Gardner Vaughan Group’s 37-year history building and developing across South East Queensland has contributed to the success of its second development in Bokarina, which follows the recently completed Zinc Apartments.&nbsp;

“We care how people live and this is reflected in the way we approach the design and delivery of every development,” he said. “Furthermore, as a builder-developer we have full control over the construction program and our 100 per cent completion rate is something people can draw confidence from.”&nbsp;

Founded by civil engineers Guy Gardner and Darryl Vaughan in 1989, the family-owned business has evolved from a consultancy firm to an award-winning builder-developer, with projects across the Sunshine Coast, Moreton Bay, Brisbane and the Gold Coast.

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Gardner Vaughan Group tops out Bask Bokarina apartments

Prolific Melbourne developer <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> has launched its fourth new Gold Coast development in as many years.

<a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a>, led by Daniel Faigen and backed by Eddie Hirsch, co-founder of United Petroleum, has unveiled The Eveleigh, on a prime 1,100 sqm site at 7-9 Surf Parade in the heart of Broadbeach.

<a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a> will deliver 100 apartments across 31 levels, making it the company’s largest Gold Coast project to date. It builds on the success of its three earlier developments, <a href="https://www.apartments.com.au/buildings/hemingway-1267-1273-gold-coast-highway-palm-beach">The Hemingway in Palm Beach</a> and <a href="https://www.apartments.com.au/buildings/emerson-kirra-100-musgrave-street-coolangatta">The Emerson at Kirra</a>, both completed, and <a href="https://www.apartments.com.au/new-apartments/yves-mermaid-beach-7-9-mermaid-avenue-mermaid-beach">Yves Mermaid Beach</a>, which is nearing completion.

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The announcement of The Eveleigh affirms the company’s sustained confidence in the Gold Coast market which continues to remain undersupplied. It also increases the value of Hirsch &amp; Fa​igen’s Gold Coast development portfolio to more than $700 million since the company first entered the market in 2021 with Hemingway.

The company has enlisted its preferred architecture firm Rothelowman to design The Eveleigh, which will offer a thoughtfully curated lifestyle, including a substantial wellness precinct, communal recreation areas, children’s play spaces, work-from-home facilities, and shared lounge and dining areas.

[smartcode_project:default project_id=149670 project_image_fid=360965]

Designed for the prime market demographic of downsizers and interstate lifestyle investors in mind, The Eveleigh has been crafted to offer an increasingly rare blend of affordable luxury in a tightly held market. Uniquely positioned in the heart of the Gold Coast’s most sought-after lifestyle suburb of Broadbeach, the project will also boast uninterrupted beach and hinterland views.

The Surf Parade site is just a short walk to the bustling Broadbeach dining and retail precinct, Pacific Fair, The Star Gold Coast and convention centre, and an easy stroll to Kurrawa Beach and the recreational amenity of Pratten Park on the Broadbeach foreshore.

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“We’re excited to be proceeding with our fourth project on the Gold Coast in what is certain to become the new luxury precinct in Broadbeach,” says Anthony Bueti, the CFO of Hirsch &amp;a​mp; Faigen and a shareholder of the group.

“With the likes of Mosa​ic and Abedian &amp;a​mp; Co also launching quality projects in the area, the transformation will cement Broadbeach as the premier lifestyle and amenity suburb on the Gold Coast.

"After four years in the Gold Coast market, and with three successful projects completed, The Eveleigh is the product of everything we have learned to love about the Gold Coast and it will be an incredible addition to our growing portfolio in one of the most vibrant property markets in the country. We continue to remain very confident in the high-end Gold Coast property market.”

Urban Activation Director Matt George is handling sales for The Eveleigh, having sold out The Emerson, The Hemingway, and Yves, all before construction was completed.

Melbourne builder MAXCON has already commenced construction on The Eveleigh. They are forecasting a mid-2028 completion.

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Hirsch & Faigen unveils The Eveleigh in Broadbeach

Two years after securing development approval for the final stage of its award-winning Thornton Precinct on the doorstep of Penrith Station, Urban Property Group is set to launch <a href="https://www.apartments.com.au/new-apartments/mayfair-on-penrith-172-lord-sheffield-circuit-penrith-nsw-2750">Mayfair on Penrith</a>, around 400 apartments designed to reflect two of Sydney’s most iconic structures.

The builder-developer has continued refining the design plans for the two-building development on a significant 8,280 sqm site on Sheffield Circuit, recognising the importance of the prime parcel as one of the closest developable sites to the station.

UPG enlisted architecture firm SJB to design the project. The team said they drew inspiration from both the General Post Office in Martin Place and East Circular Quay to help shape the design. The two-level colonnade, in particular, reflects the famous GPO building, which dates back to the 1860s.

[smartcode_project:default project_id=136726 project_image_fid=362014]

There will be one-, two-, and three-bedroom apartments on offer, with interiors by Cox Architecture. Residences will sit above a retail podium featuring hospitality and lifestyle operators such as One Playground and Volcano’s Steakhouse, contributing to an activated ground plane within the broader Thornton precinct.

A communal rooftop with a pool and views towards the Blue Mountains will provide shared open space for residents. The development is positioned between Ron Mulock Oval and Westfield Penrith, with the Nepean River and Great River Walk also nearby, placing daily amenity and green space within walking distance.

&nbsp;

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Mayfair is being delivered by Urban Property Group, a family-owned developer and builder with nearly 40 years’ experience across Sydney. The project will be the first in Penrith to be offered with Resilience Insurance’s 10-year Latent Defects Insurance (LDI) policy, which Urban Property Group has adopted across a number of its recent developments. The developer also has a 4.5-star iCIRT rating, one of the best ratings in market providing further confidence to buyers.

Urban Property Group CEO Patrick Elias said providing additional assurance to off-the-plan buyers has become increasingly important.

“Anything we can do to give confidence in our product is a plus,” Elias told Apartments.com.au.

“Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. They’re making their single large investment, which is their home, and providing confidence is something that we feel is paramount.”

[smartcode_project:default project_id=136726 project_image_fid=362020]

The LDI policy provides a 10-year warranty covering structural defects, with independent inspections carried out during construction and protection for owners if defects arise post-completion.

Mayfair represents Urban Property Group’s sixth and final development within Thornton, consolidating the masterplanned precinct immediately east of the station.

The developer, which builds its own projects, has already commenced construction. SRM Residential is handling the sales campaign.

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Urban Property Group to close the curtain on award-winning Thornton precinct with Mayfair on Penrith release

South West Sydney

The development is located at the northern end of Bankstown’s commercial precinct and positioned perfectly to enjoy all the burgeoning region has to offer.&nbsp;

Envisioned to create a new benchmark for integrated living, Spring Square will connect residents to the distinct charm of Bankstown, which is overflowing with high end amenity, abundant recreational spaces and a lively food and entertainment scene.

On the doorstep of Spring Square lies quality education, retail and supermarkets, restaurants and cafes, as well as entertainment options like Hoyts Cinema and the Bryan Brown Theatre.&nbsp;

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The newly built Bankstown RSL Club is also directly next door and Bankstown train station is an easy few minutes’ walk.&nbsp;

As the most significant commercial hub of South West Sydney, Bankstown is also well connected with public transport and roads like the M5 and Hume Highway, providing links to the north, south, east and west with ease.&nbsp;

As the region is at the forefront of a revival, with impetus from the NSW Government’s plan to implement the Sydenham to Bankstown Urban Renewal Strategy well underway, a number of neighbourhoods, public spaces, town centres and community services will also be redeveloped and enhanced.&nbsp;

A new Sydney Metro train line is also in progress, which will connect Bankstown to key employment centres – providing further travel options and improved accessibility. Slated to open to the public by 2024, the new Metro line will be located just 300-metres from Spring Square.

This boost to the local economy has also seen the uncovering of plans for a brand new Bankstown-Lidcombe hospital, with the $1.3 billion health precinct a major boost for the area. Improved civic spaces are also on the cards, as well as a Western Sydney University campus right in Bankstown’s CBD, which will be just 400-metres from the development site.&nbsp;

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Upon completion, Spring Square is set to comprise&nbsp;five towers, with a mix of one, two and three-bedroom offered across the site.

A range of single and double-storey layouts will be constructed, as well as crossover arrangements, with the residences to benefit from&nbsp;Bankstown’s central location within Sydney, along with its elevation, making it one of the highest vantage points.&nbsp;

Residents will be able to take in expansive district, Sydney CBD and Olympic Park views, with each of the towers designed to maximise these outlooks.&nbsp;

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As the most significant commercial hub of South West Sydney, Bankstown is also well connected with public transport and roads like the M5 and Hume Highway, providing links to the north, south, east and west with ease. 

alisonwarters@gmail.com

How Spring Square by Poly taps in to its burgeoning location

With the up and coming suburb in Sydney's South West on the cusp of expansion and the new type of residential product planned by Poly Australia, the area is tipped to become a hotspot for owner-occupiers, and particularly first home buyers.&nbsp;

Within each home, the level of finishes and fittings belies the affordable first home buyer price point.&nbsp;

All have been thoughtfully curated and colour matched to ensure an elegant harmony throughout.

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The masterplanned community has been designed to create a genuine sense of neighbourhood, complete with communal gardens and a broad mix of amenities. This includes integrated retail, commercial and childcare spaces making up just a small part of nearly 6,600 sqm of total amenity space.

Comprising a generous mix of apartments, in various configurations, from studios, up to three-bedrooms, Spring Square by Poly has a price point that few other developments can hope to match - which is only bolstered by the fact all the studio apartments have all already been sold.&nbsp;

Once the nearby Metro is up and running in 2024, these homes will arguably be one of the few opportunities in Sydney where you can purchase a brand new two-bedroom residence for $695,000, within an estimated 30-minute commute to the CBD.

In a host of ways, convenience is built into the plan of Spring Square, with public transport to the CBD and Parramatta accessed right in the heart of the precinct.

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But even simpler connectivity occurs when residents can live upstairs, work close by and enjoy the retail and entertainment options immediately downstairs. Al fresco retail, landscaped communal gardens, a children’s playground, shaded seating areas, and barbecue facilities form just a fraction of the year-round amenities available at the development.

Poly Australia are no stranger to projects of this stature, having significant experience in multi-stage delivery of large-scale integrated retail, commercial and residential offerings.

With substantial urban renewal funding earmarked by the NSW state government, Spring Square by Poly will be poised to take advantage of all the recently renewed investment plans.

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Why owner-occupiers are tipped for Spring Square by Poly

Defined by its diversity, Bankstown is a hidden gem among Sydney.&nbsp;

International developer, Poly Australia are taking to the suburb to deliver their latest residential project, Spring Square, which is set to give new life to the south-west suburb.&nbsp;

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The masterplan has been inspired by vertical communities around the globe, tailored to uplift Bankstown, enlivening its people and their lifestyle.

“With Bankstown in the midst of such growth, this new precinct will deliver a completely new lifestyle experience for those who live here and those who visit,” said Poly.

Spring Square at 32 Kitchener Parade, has been designed to complement and enhance its architectural neighbours, with its contrast of tonal brick, extensive glazing and vertical louvres working harmoniously to redefine the district’s skyline.&nbsp;

Built across five towers, a mix of one, two and three-bedroom residences will be delivered, with a range of single and double-storey layouts, as well as crossover arrangements.&nbsp;

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Bankstown’s central location within Sydney, along with its elevation, makes it one of the highest vantage points.&nbsp;

From here, you can take in expansive district, Sydney CBD and Olympic Park views, with each of the towers designed to maximise these outlooks.&nbsp;

“We’ve designed Spring Square to really take in these views and it's been built so you can enjoy all the outlooks."&nbsp;

“This is something completely unique for the south west.”

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With sustainability no longer an optional extra for residential design, Poly Australia is implanting a raft of measures at the Bankstown precinct to follow suit, including greywater recycling, central hot water system, solar panels, and air-conditioning with high energy efficiency ratio. The project is also BASIX rated for water efficiency.

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The masterplan has been inspired by vertical communities around the globe, tailored to uplift Bankstown, enlivening its people and their lifestyle.

Spring Square by Poly launches to market

South-West Sydney rezonings in Glenfield, Leppington and Lowes Creek Maryland are set to create more than 16,000 homes. 
&nbsp; 
Minister for Planning and Public Spaces Rob Stokes said the NSW Government was responding to the increased demand for greenfield housing as a result of the pandemic.

&quot;We are accelerating these rezonings,&rdquo; Mr Stokes said. 
&nbsp; 
The rezoning of Leppington Precinct stages two and five will allow for up to 2,400 new homes.

The Lowes Creek Maryland rezoning (above and below) will support 7,000 homes for 20,000 people.

<img alt="" height="2927" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/marylands_lowes_creek_3_05a.jpg" width="4500" /> 
&nbsp; 
&ldquo;We&rsquo;re also finalising the Glenfield Precinct Place Strategy, expected to create up to 7,000 new homes and 2,900 new jobs. 
&nbsp; 
&ldquo;More homes need more parks, that&rsquo;s why as part of these land releases we&rsquo;ve secured 75 hectares of parkland at Glenfield, 62 hectares at Lowes Creek Maryland and 16 hectares at Leppington.&rdquo;

Tom Forrest, CEO at the Urban Taskforce welcomed the announcement on the rezoning of land for 16,000 new homes in South-West Sydney.

[smartcode_project:default project_id=7317 project_image_fid=79245] 
&nbsp; 
&quot;This announcement shows, that with political will and strong leadership, the Department of Planning, Industry and Environment can take the lead to deliver strong growth in housing approvals to drive down the price of new homes. 
&nbsp; 
&quot;This shows what DPIE can do when given clear political leadership.&nbsp;

&quot;State led rezoning will be the most efficient way to get big projects going. 
&nbsp; 
&quot;The Minister for Planning, in June, committed to fast-tracking the decisions on these precincts.&nbsp;

&quot;The commitment acknowledged that there is a housing supply crisis in NSW, and this is driving up the prices of homes, making them unaffordable.&quot; 
&nbsp; 
Forrest added the most recent new homes completion data was again disappointing for Greater Sydney, with new home completions falling well short of the Greater Sydney Commission and NSW Housing Strategy 2021 targets.&nbsp;

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&quot;The NSW Housing Strategy shows we need at least 40,000 approvals for Greater Sydney every year for the next 20 years.

&quot;In the year to March &ndash; there were on 29,500 new home completions despite the construction industry going flat out during 2020 and the first COVID wave. 
&nbsp; 
&quot;Reversing the drop-off in new home and apartment approvals is critical to solving the housing affordability crisis.&nbsp;

&quot;We will need many more announcements like this if the Minister is committed to making a serious dent into the real, accumulated shortage of approximately 100,000 new homes.&nbsp;

&quot;The same attention and enthusiasm given to the South-West needs to be extended across Greater Sydney for all housing types,&quot; Forrest said.

The rezoning of Leppington Precinct stages two and five will allow for up to 2,400 new homes while in Lowes Creek Maryland, rezoning will support approximately 7,000 homes for 20,000 people

jchancellor

South-West Sydney rezonings will see 16,400 new homes

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Risland Australia has been successful in its case before the NSW Supreme Court against Bradcorp, after Risland elected not to exercise its option in 2018 to acquire land at North Wilton in South-West Sydney.
Bradcorp took Risland to court.
Bradcorp challenged Risland’s decision that Bradcorp had failed to satisfy a range of conditions precedent to enable the land to be developed.  
The Supreme Court dismissed Bradcorp’s claim, which was taken against Risland, the Chinese backed developer then known as Country Garden.
Bradcorp had owned the land since 1999.
 It is located about 80 kilometres south west of the Sydney CBD.
The court found Bradcorp had failed to satisfy all of the conditions necessary to exercise the option, and that Bradcorp otherwise repudiated the option deed by its own conduct.  
The court case came down to a legal debate on the required time and date, and whether a post 5pm COB advisory was within the required time.
The court even heard legal precedent on birth dates, age, and fractions of the day.
Counsel for Bradcorp claimed one notification was received after 5.00 pm on the required day, so they viewed it as received on the following business day. 
But the Supreme Court judge ruled the cancellation was effective on the required day, 30 November 2018.
Bradcorp will be required to pay damages to Risland which, together with costs and interest charges, is likely to exceed $30 million.
“We are disappointed that Bradcorp was unable to present the land in a way which would have enabled it to be developed in accordance with the required approvals and our vision," a Risland spokesperson said.
“We remain very interested in investing and developing areas around Australia, including the Wilton region”, he concluded.
The proceedings concerned an 870 hectare parcel, currently rural, but is to be developed as part of the expansion of Wilton into a large satellite town.
It was in February 2017 that Bradcorp entered into put and call option agreements over the land with Country Garden.
The aggregate purchase price under the option agreements was $297 million.
Bradcorp purported to exercise the put option early in December 2018, but CG refused to execute the contract of sale, on the ground that conditions precedent to the exercise of the put option had not been satisfied.
Bradcorp claimed damages.
Call option fees of $29.7 million had been paid by CG, and in accordance with the option agreements, $9 million had been released to Bradcorp.
The remaining $20.7 million was held by HWL Ebsworth, the solicitors for Bradcorp on the transaction.
There was a dispute over three conditions including the requirement that the land be rezoned so that at least 5,350 residential lots could be produced by subdivision.
The land was rezoned in November 2018 however there was an issue between the parties on whether the rezoning satisfied the minimum lot requirement.
The second condition concerned an existing mining lease which extended under the land. The condition required that certain rights under the lease be surrendered.
It happened, but the steps to make it happen only took place at the last minute with the dispute on whether it happened in the required time.
Bradcorp had negotiated an agreement with Endeavour to surrender its rights in exchange for payment of $40 million, the court heard.
The third condition concerned access to the property from the Hume Motorway with the parties in dispute also about whether this condition was satisfied.
Bradcorp has issued a press release advising it intends to appeal the judgement.
 
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jchancellor-FAypfDUnLy

Risland in win over Bradcorp over abandoned $297 million North Wilton sale

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AMP Capital Diversified Property Fund has sold Crossroads Homemaker Centre to Ashe Morgan for $140 million.
Located on the corner of Beech Road and Camden Valley Way, Casula, the 48,400 square metre-plus centre is home to 28 large format retailers, including anchor tenants Bunnings, The Good Guys, Freedom, Nick Scali and Fantastic Furniture. 
The centre was developed by AMP Capital after its acquisition of the 143,400 square metre site in 2002. 
CBRE's Nick Willis said the sale highlights continued demand for Sydney metropolitan retail assets. 
“Despite forecast headwinds in the retail sector, we are continuing to see an uplift in enquiry and bidder interest as investors identify relative value in the sector compared to other commercial real estate sectors,” said Willis.
“This was again evidenced with Crossroads Homemaker Centre, where we attracted strong and diverse investor interest from private and institutional groups, with 46% of the formal offers received being maiden capital into the large format retail sector. 
 “The Homemaker Centre’s strategic gateway position in Sydney’s south west growth corridor, coupled with its143,400 square metres underlying land area over four separate lots, provides flexibility to adapt the asset to meet the needs of the rapidly changing surrounds.” 
Jonathan Fox of Stonebridge added: “The sale result and volume of enquiry during the sale campaign was extremely strong. We received 13 expressions of interest and the highly competitive second round process highlighted the depth of demand for quality Sydney metropolitan retail assets.”
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Crossroads Homemaker Centre at Casula sold for $140 million

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A 41,000 sqm land parcel in a South West Sydney's Gregory Hills, has been listed for sale. 
CBRE’s Peter Vines and Nick Willis have been appointed to sell the site located in the Gregory Hills Corporate Park.
The park is a 30 ha master planned development situated 53km from the Sydney CBD.  
The site - The Precinct @ Gregory Hills– is available for immediate development, equipped with an existing DA for a mixed-use project comprising large format retail premises, food and drink premises and recreation facilities.  
The Gregory Hills Corporate Park consists of three main precincts; Soma Lifestyle – an approved large format retail centre incorporating leisure and entertainment; Soma Wellness – a completed mixed use medical precinct; and Camden Medical Campus – an approved large-scale private hospital plus a second smaller private paediatric hospital and day surgery.  
Mr Vines said the opportunity to acquire a substantial footprint in one of Sydney’s most transformative regions would ignite strong buyer interest. 
“Strong population growth and the ongoing anticipation of the Badgerys Creek Airport continue to position South West Sydney as an extremely sought-after region. It is extremely rare for a landholding of this nature – scale, location and development approval – to come the market, which will fuel strong buyer interest from owner occupiers, industrial and retail developers,”
“Adding to the appeal of this site is the current lack of industrial and large format retail opportunities for owner occupiers in South West Sydney."
"While the site has an existing DA in place for a large format retail centre, the flexible B5 zoning, coupled with the strength of the industrial market, will also attract interest from developers and investors that will value in other uses," he concluded.
Mr Willis added, “significant infill retail development sites of this nature are seldom offered to the market, particularly in metropolitan Sydney."
"The catchment is underserviced and demanding for a superior level of retail development to be delivered. This precinct is positioned and designed to be the next premier Sydney lifestyle and large format retail destination.”
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40,000 sqm site with DA in South West Sydney's Gregory Hills listed

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Frasers Property Australia were recently fielding enquiries from tenants looking to set up shop in Ed.Square, their so-called game-changing mixed-use community set to be the new urban heart of south west Sydney.
More than 200 homes had been sold at Ed.Square by August. 
It signalled in August the next apartment building had been fast-tracked for release.
The more recent homes release, Chelsea Pocket, offering a collection of 1, 2, 3 &amp; 4 bedroom designer townhomes, were part of the VIP sales launch last month. 
Coles and Liquorland were confirmed as tenants in the future town centre
Frasers Property secured leases over 25% of the available 25,000sqm of retail space in stage one of Ed.Square Town Centre just weeks after the leasing campaign kicked off.
Ed.Square was poised to become the new social centrepiece for south west Sydney, according to Tim Moore at Frasers Property Australia.
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Stage one of Ed.Square Town Centre is expected to open in early 2020. On completion of stage two, of up to an additional 15,000sqm, the development will comprise 40,000sqm of retail space with over 120 shops integrated with a landmark 68-metre high residential tower atop the town centre.
Some 1,800 homes were envisaged in the Frasers Property community.
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Ed.Square poised to become the new social centrepiece for south west Sydney

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Billionaire property developer Lang Walker, executive chairman of Walker Corporation, has thrown his financial support behind the “United for Macarthur” A-League bid to establish a team in South West Sydney.
If successful, Walker Constructions will become a strategic partner of the A-League team, and also have substantial input in the upgrade of the stadium, other local sporting facilities and football clubs in the region.
Walker has elevated his involvement in the bid by committing to take a shareholding in the “United for Macarthur” entity vying to be the third A League licence in the Sydney region.
The move puts financial clout behind Mr. Walker’s existing role as business ambassador for the group.
The “United for Macarthur” bid is based on a co-operative, community-based model, playing in Campbelltown representing South West Sydney, communities in the Camden and Wollondilly areas as well as reaching parts of the Southern Highlands region to compete in the A League.  
The South West region will be the fastest growing Sydney corridor over the next 5 to 15 years with Government projecting the population to exceed over one million people. The bid has already attracted strong support from industry, sporting, political and community leaders. 
“We are very active in the Macarthur and the South West community, providing high quality housing and infrastructure to the region, and I am honoured to have been invited to participate in what I believe is a very compelling proposal,” Walker said.
“Sydney’s south-west is growing rapidly and has the facilities in place, with the centerpiece being Campbelltown Sports Stadium, to quickly become a force in the A-League,” he added.
While the bid carries the name “Macarthur” the reality is that the true catchment area for the A League submission extends well beyond the Macarthur region. The bid is framed to be a true community-based model embracing football fans and associations across the whole of Southwest Sydney.
Walker strongly believes the football-rich southwest region is deserving of an A League franchise and would like to see all football entities in this region come together to achieve this goal. This may include other Southwest Sydney clubs and business leaders who are invested in the process.
“The best opportunity to be one of the two teams awarded a new licence for the expanded A League is for the whole region to work together towards that goal,” he said.
The “United for Macarthur” bid is aligned to the State Governments Corridor Strategy, which will see Leumeah transformed into a regionally significant sporting and entertainment precinct.
Mayor of Campbelltown, Cr George Brticevic, said he was proud to have Mr Walker on board with a project that promises to offer so much to the Macarthur region.
“We are delighted to see Lang and his team join as shareholders in the Macarthur United Football Co-operative.  This Co-operative is now driving the Bid for the establishment of a new A League Team for our Region.  This opportunity would provide a significant boost to the Macarthur region and beyond” he said.
“Mr Walker’s increased commitment is compelling evidence of the strong chance we have in winning the bid, and an endorsement of our unique community-based model”.
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