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=362016]

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.

[smartcode_project:default project_id=136726 project_image_fid=362011]

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.

[smartcode_project_cta:default project_id=136726]

Joel Robinson

Urban Property Group to close the curtain on award-winning Thornton precinct with Mayfair on Penrith release

Investor appetite for Queenstown apartments is strengthening as supply constraints and four-season tourism continue to underpin demand across the alpine region.

In Frankton’s masterplanned Remarkables Park precinct,&nbsp;<a href="https://www.apartments.com.au/developers/safari-group">Safari Group</a>’s 141-apartment Mountain Oak development is attracting repeat and yield-focused buyers seeking exposure to that market dynamic.

Brandon, who specifically targeted Queenstown as an investment location, said the combination of price point and limited new supply made Mountain Oak stand out.

“It is a quality product in a location that struggles to densify,” he said, referencing Queenstown’s land-locked geography and development limitations.

<img alt="From slopes to markets: Mountain Oak connects residents to the best of Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/658d4f_48c3ec1ae5df4a2cab7d23c07c7f51b3~mv2.jpg?VersionId=27K8oQ4ExDN8Yu70VHDa9Olq59XU36m3" />

Having spent significant time in the region, Brandon pointed to its global reputation and consistent visitation as key fundamentals.

“Queenstown is a known destination from people all over the world. The place is land locked and there are issues building there. It’s also busy all year round.”

That four-season economy, driven by skiing and snowboarding in winter and hiking, cycling and water-based tourism in summer, was also central to Sherry’s decision to invest.

“I believe the four-season tourism has major appeal as it would ensure that the property will not remain empty, unlike other areas in NZ,” she said.

<img alt="From slopes to markets: Mountain Oak connects residents to the best of Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Living_WEB.jpg?VersionId=3LglY20Jp_MAzQYdvwODRWvtjL.cZcqI" />

Mountain Oak has been structured to respond to that sustained demand, with 365-day visitor accommodation consent underpinning a mix of one-bedroom, flexi, two-bedroom and dual-key configurations that can operate as either short-term visitor accommodation or long-term rental housing. Dual-key apartments comprise two self-contained residences on one title, allowing owners to generate dual income streams or occupy one side while leasing the other.&nbsp;

Under Safari Group’s optional visitor accommodation management model, owners receive 60 per cent of the annual income generated by their apartment, with 24/7 on-site management, guest services and listing exposure included. Independent appraisal modelling suggests gross yields of up to 15 per cent for certain two-bedroom configurations, based on estimated nightly rates and occupancy assumptions.

For Brandon, that flexibility aligned with his broader investment strategy.

“It helps to know that I can have it managed either way,” he said. “My focus is on purchasing high yield cashflow properties.”

<img alt="Investors back Safari Group’s Mountain Oak Apartments as Queenstown’s four-season economy drives demand" data-entity-type="file" data-entity-uuid="c786ba7f-f974-4ce3-9833-1bcd9f2938d6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/658d4f_ae3c049f388f4c13bf801649d91cbb4a~mv2%20%281%29.jpg?VersionId=J25uvzGdvtFaXGzuwz28ewJ9wWzbtvur" />

He selected a one-bedroom flexi configuration, citing both yield and adaptability.

“I work remotely and can travel to most places and work. I enjoy making spaces that work for the lifestyle that I live and it seems that others also enjoy it.”

Ranging from 54 to 57 square metres, the one-bedroom flexi incorporates a separate multipurpose room suited to a home office, additional storage, or accommodation for ski gear and seasonal equipment, an increasingly relevant inclusion for buyers balancing remote work and alpine travel.

Interiors feature underfloor heating in bathrooms and a heat pump in the main living area, supporting year-round comfort. Upper-level apartments are positioned to maximise natural light, with sliding windows and balustrades in select residences enhancing outlook and ventilation. Units are available in both light and dark interior schemes.

<img alt="Investors back Safari Group’s Mountain Oak Apartments as Queenstown’s four-season economy drives demand" data-entity-type="file" data-entity-uuid="8f9492e9-8ee0-4aae-856c-8996ed9d9a06" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/658d4f_7d066f5200024c1aa472d01e2dc776ed~mv2.jpg?VersionId=MLR5xn6fLqPdBi7vxyRT.1zhQX3Ln0Ev" />

Sherry, a repeat Safari Group buyer, said her previous experience with the developer provided confidence to secure another apartment.

“Their developments have always finished on time, the quality has been high, and I didn't feel that my investment may be at risk,” she said. “Knowledge of the developer and our two existing Safari apartments gave us the confidence to proceed with this one.”

Safari Group has delivered more than 2,000 hotel units and residential apartments nationally and is now undertaking its fifth Queenstown development, reinforcing buyer confidence in delivery capability.

Although Sherry was not initially targeting Queenstown due to its price profile, prior visits reshaped her view of the market.

“I absolutely love this region and believe it is a major tourist attraction, which led me to the decision to invest.”

<img alt="How Mountain Oak Apartments draws holiday home buyers to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Construction commenced in June 2025, with completion anticipated by mid-2027. Apartments are priced from NZ$639,000, and the development carries Overseas Investment Office exemption approval, allowing non-residents to purchase.

For both investors, the purchase represents a balance of income generation and long-term portfolio positioning in a tightly held alpine market.

“I firmly believe my investments in Safari developments are a combination of all these elements,” Sherry said. “The location of this project enabled me to diversify.”

As Queenstown continues to attract year-round visitation alongside constrained housing supply, Mountain Oak’s dual-key flexibility, optional on-site management structure and established developer track record are resonating with investors seeking exposure to the region’s resilient tourism economy.

Investors back Safari Group’s Mountain Oak Apartments as Queenstown’s four-season economy drives demand

The Minns Labor Government is today unveiling a game-changing new precinct at Bays West – delivering up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes - directly above the new Bays West Metro Station currently under construction.

The landmark transformation will convert underutilised government-owned port land on the Harbour into Sydney’s newest suburb, while retaining important deep-water port facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

<img alt="Bays West" data-entity-type="file" data-entity-uuid="c5f01d10-0b6b-49de-8033-d3ef2728cb6d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-03-04%20at%204.06.12%E2%80%AFPM.png?VersionId=UA6_r._1jYROJ5tFNXMHqjNYLKYWIN.Y" />

Affordable housing will be embedded from the outset, including dedicated homes for essential workers such as nurses, teachers, paramedics, firefighters and police so they can live closer to the communities they serve.

The precinct will combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years.

Night-time entertainment and creative industries will be anchored by the revitalisation of the historic White Bay Power Station as a cultural and community destination, connected to the harbour across a new expansive public forecourt.

Planning of the area will prioritise connectivity, including active transport links to neighbouring communities such as Rozelle, Balmain and Glebe, improved pedestrian access to the waterfront, and connections to the CBD, including an active transport link across the Glebe Island Bridge.

The Government will lead a master planning process that will include an international design competition to guide development across the precinct, ensuring homes, essential infrastructure, jobs, public spaces and transport links are delivered together.

It will be led by a new delivery agency to be established over the coming weeks, which will report to Minister Kamper who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo. Once established, the publicly owned land in the precinct will be transferred to the new agency.

This is the first new suburb that has been built in inner Sydney in decades, it will see homes built alongside the Bays West Metro Station ensuring young people, families and downsizers are only minutes away from the CBD. As part of the transformation of the Bays West precinct, bulk port operations – including cement, gypsum and sugar handling – will cease on Glebe Island by no later than 2030.

<img alt="Glebe" data-entity-type="file" data-entity-uuid="46ef3c23-2ce1-4912-b8ba-5247de19d7b9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-03-04%20at%204.02.15%E2%80%AFPM.png?VersionId=I5xKa7hLNlsueMsltA2dsYrRYtZCKvZz" />

The Government will work closely with industry to minimise impacts and ensure the continuity of supply. This includes a commitment of $270 million to improve road connections around the port at Port Kembla and to investigate increased rail freight capacity.

Working harbour operations across the precinct will be consolidated, mostly into White Bay, ensuring the precinct will continue to provide critical services for the harbour, including boat maintenance and marine construction and as a base for tug boats and for emergency services.

A new staging area will be established in White Bay, securing the future of the New Year’s Eve fireworks, Vivid and other major events for decades to come.

<img alt="Glebe island" data-entity-type="file" data-entity-uuid="0554b153-b225-445b-a633-75aecea7dec9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-03-04%20at%204.06.17%E2%80%AFPM.png?VersionId=P45ABy8KLuwjzVf04APWfeC4aOMA1Ngx" />

The cruise terminal will be retained in its current location, meaning tourists arriving in Sydney will be welcomed by the new precinct, with new shore-power facilities currently being installed that will reduce noise and emissions. The Sydney Heritage Fleet will also be offered new premises in White Bay.

Deep-water berths will be retained to preserve Sydney Harbour’s strategic operational capability, and the removal of the existing 1970s industrial silos, currently used as a billboard, as well as to store cement and sugar, will unlock new opportunities for public space and future housing.

“Right above a new metro station and minutes from the CBD, we’re delivering thousands of homes where people actually need them - close to work, close to services and close to transport,"&nbsp;Premier of New South Wales Chris Minns said.

“Importantly, this precinct will include affordable and essential worker housing from day one, so nurses, teachers, paramedics and police can live closer to the communities they serve.

“We understand that not everyone will welcome change, but cities don’t stand still. If Sydney is going to remain a place young people and families can afford to live in, we have to use well-located land better and plan for the future.”

Glebe Island to accomodate 8,500 new homes near new Bays Metro Station

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a> has unveiled its exclusive penthouse collection at&nbsp;<a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Amargo</a>, its new apartment development in Palm Beach.

There are just four penthouses as part of the collection, however only three remain for sale, with a Palm Beach local already snapping up one of the apartments prior to its launch.

&nbsp;

“We are thrilled to unveil the debut penthouses within the Flourish story,” said Christie Leet, founder of Sherpa Group.

“The penthouses epitomise unparalleled luxury and contemporary elegance, offering an exclusive experience in modern living.”

[smartcode_project:default project_id=146527 project_image_fid=362273]

Located at 6-12 Sixth Avenue, the penthouses will crown Amargo, which will rise 18 levels and offer a diverse product mix of one, two, and three-bedroom apartments, attracting a wide demographic of buyers.&nbsp;

“Creating a multigenerational community is core for us at Sherpa," Leet added.

"Amargo embodies this ethos, welcoming first-home buyers, families and right-sizers alike – ensuring everyone has the opportunity to thrive.”

&nbsp;

[smartcode_project:default project_id=146527 project_image_fid=362271]

The penthouses, which range in price from just over $3 million to $4.6 million, each have three bedrooms, three bathrooms, and extensive balconies. Select penthouses will have&nbsp;dedicated media rooms. They have four-metre-high ceilings, Gaggenau appliances, and natural stone materials.

Flourish is crowned by an&nbsp;800 sqm rooftop retreat with a&nbsp;pool, pool deck cabanas and day beds, private outdoor barbecues and pizza oven, an internal private dining space, as well as a gym, yoga zones, steam rooms, and hot and cold magnesium pools.

&nbsp;

&nbsp;

[smartcode_project:default project_id=146527 project_image_fid=306037]

“We’re really excited about what we’re delivering here- Flourish is more than just apartments; it’s about creating a place where people feel truly at home,” Leet said.

Construction is already well underway on Amargo, with residents expected to move in by Q2 2027. The project is around 85 per cent sold.

[smartcode_project_cta:default project_id=146527]

A first look inside Flourish penthouse collection at Palm Beach

Builder-developer Urban Property Group (UPG) is continuing to expand into new markets. UPG is heading to the Hills District, where it is planning a 40-storey mixed use building near Castle Hill Metro Station.

They've gone down the favoured developer route of a State Significant Development Application, which should see developments approved within the space of nine months.

The tower will comprise 371 apartments, 42 of which will be affordable housing, above a ground-floor retail precinct at 16-20 Old Castle Hill Road, on the corner of Garthowen Crescent and within walking distance of Castle Hill Metro Station, an area identified for higher density under both local and state strategic planning frameworks.

Designed by <a href="https://www.apartments.com.au/architects/studiosc">Studio SC</a>, the tower would rise from a brick podium base, accommodating one retail tenancy and communal open space, before transitioning to a slender glazed residential form above. Six basement levels are proposed beneath the building to house parking and services.

<img alt="First Look: Urban Property unveils 40-storey mixed-use tower in Castle Hill with 371 homes and affordable housing component" data-entity-type="file" data-entity-uuid="08dc82f9-b826-4e18-8c60-4c90f7472317" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%20G%20%28b%29%20-%20Ground%20level%20render.jpg?VersionId=EOv1ly45k_Bc1F73C0hdwXSG4FVSTETt" />

“Castle Hill is undergoing a significant transformation, evolving from a traditionally low-rise suburban centre into a true metropolitan destination anchored by the Sydney Metro Northwest," the Architectural Design Report prepared by Studio SC noted.

The majority of apartments (194) will be two-bedrooms. 90 one-bedroom apartments are planned, 83 three-beds, and four four-bedroom apartments.

Studio SC’s design adopts a podium-and-tower composition, with warm-toned masonry at the lower levels intended to anchor the building within its streetscape context.

"At the podium, the architecture is anchored through solid brickwork in warm, earthy tones, reflecting the local sandstone formations and the natural colour palette of the surrounding hills," Studio SC added.

Above, the tower transitions to a lighter glass expression, articulated with fins and tonal variation to reduce visual bulk and respond to changing light conditions.

<img alt="First Look: Urban Property unveils 40-storey mixed-use tower in Castle Hill with 371 homes and affordable housing component" data-entity-type="file" data-entity-uuid="f13cb2ee-ebfc-4204-9aba-e2dbd9e5d4bd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%20G%20%28a%29%20-%20Pool%20view.jpg?VersionId=Dnpusa.b5d6Nkx2clPlzWosDdh_1QW2V" />

Urban Property Group is one of Sydney's most active developers. They have projects currently under construction in Little Bay, Penrith, and Macquarie Park, with future projects earmarked for Wollongong.

Castle Hill has been one of the most popular suburbs for development across Sydney in the last five years, as developers scramble for land around the newly extended Sydney Metro.&nbsp;

Kassis Homes kicked it all off with Grand Reve, along with Deicorp who has delivered over 1,000 apartments in the area and continues to develop. The likes of Dubai-backed developer Arada will take to market their project in the coming months, while Masscon has just launched Avenue on Cadman Crescent.

First Look: Urban Property Group unveils 40-storey mixed-use tower in Castle Hill

Sydney Cbd

Joint venture development partners ICD Property and Belingbak have commenced a design competition for their redevelopment of a Sydney CBD tower.

The&nbsp;372-382A Pitt Street project will see&nbsp;five of Australia’s most renowned architects submit their future vision for the site, with the winner set to be appointed as the project’s architect.

Competing in the process is Woods Bagot, Neeson Murcutt &amp; Neille partnered with Bates Smart, Kelly Hill Architects partnered with Crone, Fitzpatrick &amp; Partners partnered with Tonkin Zulaikha Greer, and fjmt studio – who will each design and present their interpretation for the future CBD tower before a jury of independent judges in January 2023.

<img alt="Render of the proposed tower" data-entity-type="file" data-entity-uuid="b2b3df7d-4a8e-45cb-aeca-4d2208fbe17a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/372%20PITT%20ST_Hero_FINAL.jpg?VersionId=4_9VCYJUBmnzvCcC.5rL4HRYGZms_nPr" />

The low-rise commercial building in Sydney’s CBD tech precinct is set to be transformed into a 58-storey tower comprising 30 luxury residences, along with a 297-room hotel and a collection of retail, entertainment, food and public art offerings.&nbsp;

ICD Property and Belingbak hope the competitive design process will fuel inspiration and uncover the highest and best design outcome for the aspirational tower.

ICD Property’s CEO Matt Khoo said they intentionally selected five distinct architecture teams to participate in 372 Pitt’s design competition, endeavouring to arrive at five very unique possibilities for the site.

Speaking to why no international architects were invited to compete, Khoo said it was important to utilise local talent.&nbsp;

“With the tower set to become a future landmark in Sydney’s urban fabric, we wanted it to be a reflection of the city’s inimitable charm, history, and people. It’s a very rare opportunity to be part of a skyline-defining tower in one of the world’s most famous cities,” Khoo said.&nbsp;

“The personal touch each local architect we selected could bring to this process felt necessary to do justice to our vision of a tower that will hopefully one day join the ranks of its neighbouring iconic landmarks.”

The developers are looking for the architects to celebrate the current building typology, with an activated street frontage and a diverse offering.&nbsp;

Belingbak’s founding Director, Jack Montgomery said the patina and character the surrounding buildings offer is priceless.&nbsp;

“The celebration of these elements will in turn provide for a captivating, inviting street frontage with an array of uses. Our vision for a vertical integrated tower will come to life as the new tower form takes shape,“ he said.

372 Pitt’s design competition officially commenced in November, with ICD and Belingbak aiming to announce a winner in January next year.&nbsp;

[smartcode_project_cta:default project_id=110966]

The joint venture has invited five of Australia’s most renowned architects to submit their future vision for the site, with the winner set to be appointed as the project’s architect.

alisonwarters@gmail.com

Belingbak and ICD Property launch design excellence competition for 372 Pitt Street

The push for residential towers on the fringe of Sydney&#39;s most central park continues.

Chinese-Australian billionaire Hui Wing Mao is the latest to file plans overlooking Hyde Park in the middle of the Sydney CBD.

&nbsp;Mao&nbsp;is aiming to demolish the two office towers at 175 Liverpool Street, which he bought for&nbsp;$390 million in 2014, and create two residential towers, which will home 289 apartments across both 118 metre buildings.

<a href="/new-apartments/169-183-liverpool-street-sydney"><img alt="" height="1130" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-07-07_at_8.59.00_pm.png" width="1656" /></a> 
The Liverpool Street towers from Hyde Park. Image credit: Bates Smart

Mao, who heads the Shanghai-based Shimao Group, always had plans to redevelop the commercial space into apartments, with the proposal also set to include the renewal of the existing pocket park to the south of the site.

The two 36-storey mixed-use towers will be separated with a through site link and a newly developed public open space, in addition to over 11,000 sqm of retail and commercial space, which will be located in the lower six levels of the tower and in the basement.

Following the second-round deliberations, the Jury selected by unanimous vote the&nbsp;<a aria-label="Bates Smart - opens in new tab" data-uw-rm-brl="false" data-uw-rm-ext-link="" data-uw-styling-context="true" href="/architects/bates-smart" target="_blank" uw-rm-external-link-id="https://www.urban.com.au/architects/bates-smart$batessmart">Bates Smart</a>&nbsp;scheme as the winner.&nbsp;

The Jury praised the scheme for its more solid fa&ccedil;ade response, with the widened masonry frame providing additional depth in the fa&ccedil;ade, reducing the tendency for the project to appear as a dark, glazed box and improving its passive solar control.

The&nbsp;<a aria-label="Bates Smart - opens in new tab" data-uw-rm-brl="false" data-uw-rm-ext-link="" data-uw-styling-context="true" href="/architects/bates-smart" target="_blank" uw-rm-external-link-id="https://www.urban.com.au/architects/bates-smart$batessmart">Bates Smart</a>&nbsp;scheme sought to create a respectful and responsive building, designed to be a &quot;quiet and calm&rdquo; backdrop to the Anzac Memorial.

<a href="/new-apartments/169-183-liverpool-street-sydney"><img alt="" height="1116" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-07-07_at_8.59.22_pm.png" width="1706" /></a> 
How the towers will look from Hyde Park.&nbsp;Image credit: Bates Smart

&ldquo;Our aim is to build respectfully and quietly in the context of the War Memorial; neither replicating its materiality &amp; detail, nor negating them, but rather being a responsible supporting element in the of composition with the Memorial, and a complimentary backdrop,&rdquo; Bates Smart noted in their design application.

The scheme was also praised for its response to the ground plane, providing a successful through site link and Urban Room that responded to the wind issues on the site, and provided a useable space.

The Urban Room will incorporate an interpretative public artwork by Yhonnie Scarce, located off Liverpool Street, providing a connected, formal entry to the residential towers, as well as sheltered outdoor dining spaces and connection to the renewed pocket park.

&ldquo;Scaled to respond to the War Memorial it honours the historic sequence of spaces on the Memorial axis by extending it across our site to Surry Hills.&rdquo;

<a href="/new-apartments/169-183-liverpool-street-sydney"><img alt="" height="1112" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-07-07_at_8.59.28_pm.png" width="1696" /></a> 
The proposed ground level retail space. Image credit: Bates Smart

Bates Smart said their primary intention was to respect the axial symmetry of the War Memorial and Hyde Park, which led them to design a pair of identifcal towers framing the Memorial Axis.

&quot;To respect the primacy of the Memorial we designed a &lsquo;quiet&rsquo; building free from visual distractions and unnecessary formal manipulation, that would not distract from the visual prominence of the memorial,&quot; the statement read.

&quot;Finally, we have created a civic architecture that respects the formality of Memorial and the Hyde Park axis; and indeed Hyde Park itself, as one of Sydney&rsquo;s greatest urban rooms.

&quot;Recalling the War Memorial&rsquo;s stately materiality and paired back simplicity, we developed a recessive palette of honed and polished precast concrete and brickwork, with bronze metallic detailing. Using the elemental simplicity of a column &amp; lintel frame as a unifying language, the finishes adjust to the contrasting urban conditions.

&quot;The frames vertical proportions reference the Memorial&rsquo;s scale and proportions and the towers terminate on the skyline in an open air loggia, balancing the compositions symmetry in a civic celebration of Hyde Park&rsquo;s axis.&quot;

<a href="/new-apartments/169-183-liverpool-street-sydney"><img alt="" height="972" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-07-07_at_9.53.26_pm.png" width="1508" /></a> 
Where the two office towers currently stand. Image credit: Bates Smart

There&#39;s been a boom over the last 12 months around the leafy Hyde Park, with the supply of prime&nbsp;new CBD&nbsp;apartments not keeping up with the demand.

Currently selling&nbsp;is 111 Castlereagh Street, which sits just off Hyde Park, and Castle Residences, down the road at the other end of the park.

In the last year there&#39;s been plans submitted by Deicorp for their redevelopment of the Polding Centre, and Central Element has plans for a $100 million, 53-apartment tower to replace the 16-level Hyde Park Inn Hotel.

Last year the alternative asset manager&nbsp;<a aria-label="Fife Capital - opens in new tab" data-uw-rm-brl="false" data-uw-rm-ext-link="" data-uw-styling-context="true" href="/developers/fife-capital" target="_blank" uw-rm-external-link-id="https://www.urban.com.au/developers/fife-capital$fifecapital">Fife Capital</a>, led by Allan Fife, submitted plans for a 17-level tower to&nbsp;sit alongside a heritage-conscious redevelopment of the George Bosch Chambers and St James Hotel&nbsp;building that has stood since the 1920s.

The development of two lots,&nbsp;114-120 Castlereagh Street and 139 Elizabeth Street, will see just 26 apartments built, only starting from level 10, with the rest of the building being commercial.

[smartcode_project_cta: project_id=113346]

The two 36-storey mixed-use towers will be separated with a through site link and a newly developed public open space, in addition to nearly 11,000 sqm of retail and commercial space, which will be located in the lower six levels of the tower and in the basement.

Sydney CBD's residential push continues with new Hyde Park dual-tower development plans

The Chatswood CBD skyline is set for a further revamp, with plans for a soaring 90-metre tower lodged by the continually busy Goldfields Group.

Located at 871-877 Pacific Hwy, the $50.6 million project is set to deliver 76 apartments, along with three levels of retail and office space, on a 1,432 sqm site wedged between the North Shore Rail Line and the Pacific Hwy.

Make Architects were selected to lead the design of the project following a competition, with the initial entries lodged back in 2021, before being reworked and refined to what it is today.

The buildings form is massed, with the strategy in place to create a clean, slender tower, according to the architects.

<a href="/new-apartments/the-bryson-of-chatswood-3-wilson-street-chatswood-nsw-2067">To track the project and be alerted when it hits sale, enquire here.</a>

<a href="/new-apartments/the-bryson-of-chatswood-3-wilson-street-chatswood-nsw-2067"><img alt="" data-entity-type="" data-entity-uuid="" height="1044" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-05-19_at_12.34.45_pm.png" width="780" /></a> 
A render of the proposed development at&nbsp;at 871-877 Pacific Hwy. Credit: Make Architects

“The resulting envelope is a simple elegant mass, split into 4 vertical quadrants. An open level of residential amenity helps create a clear delineation between the commercial podium and the residential tower above,” said Make in their design proposal.

Built with a series of four vertical blade walls, the development intends to maximise both residential and public amenity by the way of outdoor terraces and public open space.

The facades of the bladed walls have been designed to maximise solar amenity, views and ventilation, while also providing shading and privacy.

Residences begin from level four, with the vertical blade walls splitting the floor plate into four quadrants, with each quarter becoming its own apartment.

“This promotes a feeling of individuality and ownership as well as providing visual privacy for each apartment,” Make Architects commented.

Levels 13 to 22 will home the typical mid residences, with this section of the building containing three apartments per floor.

The upper residences land across levels 23 to 25, with two three-bedroom apartments proposed, each with their own corner balcony, as well as a dedicated master-bedroom balcony.

<a href="/new-apartments/the-bryson-of-chatswood-3-wilson-street-chatswood-nsw-2067">To track the project and be alerted when it hits sale, enquire here.</a>

<a href="/new-apartments/the-bryson-of-chatswood-3-wilson-street-chatswood-nsw-2067"><img alt="" data-entity-type="" data-entity-uuid="" height="776" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-05-23_at_3.00.38_pm.png" width="1296" /></a> 
Podium axonometric. Credit: Make Architects.

Crowning the tower, on level 26 will be the single penthouse apartment, with the quadruple-aspect residence providing 360 degree views out over Chatswood and to the distant Sydney CBD. Following an open plan design internally, the penthouse benefits from a large south facing entertaining terrace and adjoining plant room, as well as two north facing corner terraces.

There will be 11 one-bedroom apartments,&nbsp;48 two-bedders, and 17 three-bedroom apartments.

Private residential amenity is shared over the two podium rooftop levels. The southern rooftop at level two provides communal working and dining facilities, equipped with an outdoor dining area and a fire pit lounge, set amongst a walled garden and a planted terrace edge.

With a blend of social and practical uses, this amenity space provides residents with a tangible connection to lush green landscaping and native species says Make.

“Residents are encouraged to connect with nature by nurturing and harvesting the culinary species grown within the raised planters on the terrace.”

<a href="/new-apartments/the-bryson-of-chatswood-3-wilson-street-chatswood-nsw-2067">To track the project and be alerted when it hits sale, enquire here.</a>

<a href="/new-apartments/the-bryson-of-chatswood-3-wilson-street-chatswood-nsw-2067"><img alt="" data-entity-type="" data-entity-uuid="" height="613" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-05-23_at_4.52.28_pm_0.png" width="770" /></a> 
Proposal axonometric. Credit: Make Architects

The level three northern podium rooftop will provide an expansive external leisure terrace fitted out with an 18-metre lap pool, yoga terrace, sunken lounge, floating sunbeds and a garden reading lounge.

With a string of other major proposals currently under assessment, Goldfields said “the proposal would meet population growth in Chatswood partly driven by the opening of the new Metro station which links the suburb to Sydney’s north west.”

The north shore rail line runs along the eastern boundary of the site with the development nearby to Chatswood Station and other transport links. Future cycle lanes are also intended along both the Pacific Highway and Anderson Street, allowing improved cycle access into Chatswood CBD and the wider area.

The area is due to undergo significant redevelopment as part of the Chatswood CBD strategy 2036, which will see a considerable expansion of the existing CBD to the north, with the proposal to be located at the northern tip on the new CBD.

The proposal is among a growing list of skyscrapers planned in the Chatswood CBD including a 26 storey redevelopment of the Chatswood Mandarin Centre, a 22 storey expansion of Chatswood RSL, a 15 story apartment building at 3 Ellis St, and three towers on the corner of Victoria Ave and Brown St that would include an 18 storey hotel.

Make Architects were selected to lead the design of the project following a competition, with the initial entries lodged back in 2021, before being reworked and refined to what it is today.

Goldfields Group lodge plans for Chatswood apartments

The landmark Sydney CBD watering hole, the Shelbourne Hotel,&nbsp;is set to look a little different.

The hotel at 200-202 Sussex Street, affectionately known by locals as &quot;The Shelly&quot; since its construction in 1902, looks like it will undergo a huge redevelopment, which will see a tower built above the current building and&nbsp;its heri​tage facade restored.

Turner Studio has put together the concept plans, which will also see the currently hotel reconfigured. Above&nbsp;is&nbsp;set to be 42 apartments, a mix of 17 one-bedroom apartments, 21 two-bedders and just four three-bedroom apartments.

There will be around 5,700 sqm of residential floor area across the tower, and 830 sqm of non-residential, which will be either offices or retail.

The submission was prepared on behalf of Towncorp Pty Ltd, directed by the Shelbourne&#39;s owners, the Powell family.

<a href="/new-apartments/sydney-nsw"><img alt="" height="828" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/shelbourne_hotel_2.jpg" width="1200" /></a> 
The proposed tower, to the left of the PWC building. Image credit: Turner Studio

&quot;There is a significant opportunity to re-establish the Hotel&rsquo;s connection to the public domain; retain and celebrate the heritage character of the Hotel; and create a slender tower addition that will contribute to the architectural diversity within the CBD skyline,&quot;&nbsp;a report by urban solutions company Ethos Urban noted.

&quot;The Shelbourne Hotel was built in 1902 and at the time was a key landmark adjacent to Pyrmont Bridge at the western gateway to the city.

&quot;Overtime, the Hotel and the surrounding area&rsquo;s legibility, connectivity to public domain and the Pyrmont Bridge has diminished.

&quot;The redevelopment has the potential to re-establish the Hotel&rsquo;s relationship and connections with the street and wider public domain and reactivate the immediate area in a manner that compliments the future Cockle Bay redevelopment, celebrates the site&rsquo;s heritage and creates a slender gateway tower at the corner of Sussex Street and Market Street.

&quot;Redevelopment will bring new life to an aged asset.&quot;

"Overtime, the Hotel and the surrounding area’s legibility, connectivity to public domain and the Pyrmont Bridge has diminished," a report submission noted.

Sydney's Shelbourne Hotel gets concept plan for mixed-use apartment, retail and commercial tower

Cbus Property have reported the sale of three luxury apartments worth $66 million in the 111 Castlereagh St development.

The buyers came from the eastern suburbs and lower north shore.

The biggest sale was a 460sq m double-storey penthouse that fetched about $35 million.

It is called the Jones Residence,&nbsp;named after Sir Charles Lloyd Jones who led the success of the David Jones expansion on which the property sits.

The residence boasts 360‑degree views across the city and towards the Blue Mountains, capturing Hyde Park, Sydney Harbour, the Eastern Suburbs and beyond.

[smartcode_project:default project_id=94354 project_image_fid=170432]

The two smaller sub penthouses in the 101-unit project sold for about $15.5 million each.

The sales marked "a resurgence in the return of Sydney city living and the ongoing appetite for high-end, primely located residential property, despite the challenges of the current COVID-19 climate,” Cbus Property CEO Adrian Pozzo said.

Selling agent Colliers Residential managing director Peter Chittenden said the four-bedroom penthouse occupies part of level 33 and the entire 34th level and includes two kitchens, living areas, a wine cellar and a butler’s pantry.

Cbus has two four-bedroom sky homes and a selection of expansive one, two and three-bedroom residences still for sale in the project set to be finished by the end of 2023.

[smartcode_project_cta: project_id=94354]

Three luxury apartments have been sold off-the-plan in the 111 Castlereagh St development

jchancellor-FAypfDUnLy

$35 million penthouse sale secured in 111 Castlereagh by Cbus

The Sydney CBD is set for a new mixed-use residential and office development.

Fife Capital, the alternative asset manager led by Allan Fife, has lodged plans for two towers in the heart of the CBD, one residential and one commercial&nbsp;at 114-120 Castlereagh Street and 139 Elizabeth Street.

Fife paid $46 million for the two sites last year&nbsp;when buying from the hotelier Kim Maloney, the publican at Hotel Bondi.

114-120 Castlereagh, currently home to George Bosch Chambers,&nbsp;spans eight storeys and dates back to the mid 1920s. The St James Hotel currently occupies the lower ground, ground and first level.

That building will stay, with GML Heritage stating the building is culturally significant and should be retained and conserved, despite no heritage overlay of the 1920s-built building which underwent a renovation in the mid-1980s.

139 Elizabeth, to the rear of the Castlereagh building fronting Hyde Park, is a four-storey masonry building. With no significant enough heritage or streetscape impact, 139 Elizabeth will be demolished and make way for the 17-level apartment tower, which will home just 26 luxury apartments.

<img alt="" height="932" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/castle_location_2.jpg" width="1200" /> 
The development will be located across the road from&nbsp;the well-known David Jones Men&rsquo;s Store, which will be redeveloped by CBUS in to a 22-level residential tower at 77 Market Street. Source: City of Sydney

There will be&nbsp;one, two and three bedroom apartments, and a two-level, four bedroom penthouse across levels 15 and 16.

The majority of the units will face the park, with some facing Castlereagh Street and the lower levels facing Elizabeth Street and will contain wintergreens. A landscaped communal open space has been designed above the commercial building at level 10.&nbsp;The roof terrace provides communal facilities including BBQ area, outdoor dining and recreation areas.

<img alt="" height="805" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/castle_3_plan.jpeg" width="1200" /> 
The proposed Elizabeth Street frontage. Source: City of Sydney Council

Fife commissioned the Chippendale-based Tony Owen Partners to prepare the development application. &nbsp;&nbsp;&nbsp;

&ldquo;Whilst the site is tight, the proposal maximises the potential for landscaped are in this small inner city site,&rdquo; the design verification statement&nbsp;read.

Tony Owen Partners designed the 17-storey residential tower The&nbsp;Eliza, which adjoins one of the building&#39;s on Elizabeth Street for the Ceerose Group. 
 
<a href="/developments/sydney-nsw?source_news_article_id=106443&amp;ref=news_body_link"><img alt="" height="800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/template_photoshop_sydneycbd.png" width="1200" /></a>

There was a design advisory panel held between the City of Sydney and Tony Owen Partners&nbsp;in February where issues about the development were discussed&nbsp;and resolved.

Overview of proposal:&nbsp;

&bull; Retention of retail space on the ground floor and basement of Castlereagh St building.&nbsp;

&bull; Retention of the fa&ccedil;ade and majority of building fabric of Castlereagh St building.&nbsp;

&bull; Existing levels of the Castlereagh St building to be refurbished as a commercial building as present.&nbsp;

&bull; Additional levels above the exiting building on Castlereagh St containing residential uses.

&bull; Additional cores and structure if required to support additional built form.&nbsp;

&bull; A new building on Elizabeth Street consisting of residential uses.

The development also located up the road from the soon-to-be-completed Castle Residences, the luxury 131 apartment by Urban Development Sydney which sits at 203 Castlereagh Street.

The Candalepas Associates-designed, 36-level tower, which incorporates hotel suites as well as residential apartments, is set for completion in December.

Urban Development Sydney has just relaunched the $18 million penthouse.

[smartcode_project:default project_id=7758 project_image_fid=150461]

Fife paid $46 million for the two sites in 2020 when buying from the hotelier Kim Maloney, the publican at Hotel Bondi.

Exclusive: Fife Capital lodge Castlereagh Street, Sydney CBD mixed-use apartment and office development

The Greg Shand-owned Barana Group are set to tweak their Kent Street, Sydney CBD mixed-use development.

They&#39;ve submitted a proposal to the City of Sydney Council which would sees the&nbsp;$88 million FJMT-designed tower no&nbsp;longer interconnected along the bottom levels.

Barana now want the towers to stand separately at 189-197 Kent Street. They are also seeking to raise the height of the approved development site to 110 metres from 80&nbsp;metres, as well as bring&nbsp;the north tower height closer to the south tower.

Barana&#39;s wording suggests they aren&#39;t expecting to see the amendment refused,&nbsp;given the development sits within a &#39;tower cluster&#39; area.

<img alt="" height="803" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/barana_2.jpg" width="1200" /> 
The original proposal was for the towers to be interconnected.&nbsp;Image source: City of Sydney

&quot;This &lsquo;amending&rsquo; DA seeks approval for additional height on the southern tower, removal of interconnected massing between the two towers, increased width of the through-site link, increased ground level setbacks to Kent Street, a resultant altered building envelope, and other design minor changes,&quot; the submission read.

&quot;Barana Group seeks to increase the building height of the south tower to meet the street frontage of the southern neighbour. This will allow a more gradual transition from the 80 height of the northern neighbour to the 110 m height of the southern neighbour separated by the through-site link forming a shadow joint.

&quot;These changes have been informed by the Central Sydney Planning Strategy and accompanying amendments to the Sydney Local Environmental Plan 2012, expected to be gazetted in mid-2021, which will increase the height limit for the site to 110m and identify it as being within a &lsquo;tower cluster&rsquo; area.

<a href="/developments/sydney-nsw?source_news_article_id=104764&amp;ref=news_body_link"><img alt="" height="800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/sydney-cbd-_template_9.jpg" width="1200" /></a>

&quot;The proposed amendments do not alter the key approved key development metrics, including the number of dwellings, gross floor area and car parking numbers/layout.

There will be 125 apartments across one of the 24 storey towers.

A stage one development application was&nbsp;originally approved in September 2015. Five years later a&nbsp;new stage one development application&nbsp;was approved, superseding the 2014 application approval.

That was modified in December 2020 to reflect the stage two development application design from FJMT, who won a&nbsp;Competitive Design Alternatives Process which was held in accordance with the City of Sydney Competitive Design Policy and Design Excellence Strategy.

FJMT&rsquo;s scheme was selected by the panel as the winning design, beating design entries from Koichi Takada Architects, Woods Bagot and Bates Smart.

Barana's wording suggests they aren't expecting to see the amendment refused, given the development sits within a 'tower cluster' area

Barana Group seek to make mixed-use Kent Street, Sydney CBD tower taller

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The former Macquarie banker-turned-Nulux Energy chairman Tony Ferguson and his doctor wife Robin sold their off the plan Sydney apartment on Christmas Eve.

It ranks among Sydney’s highest apartments with their 2014 off-the-plan sub-penthouse on the 82nd floor of the yet to be completed Greenland Centre in the CBD.

The skyscraper is still under construction, with the couple deciding to stay in their $4.7 million Stamford on Kent Millers Point in-between apartment home since their Pymble home sold for $8.5 million

The sub-penthouse 82.01/115 Bathurst Street comes with a private lift.

Spanning about 179 square metres, it has views from the Sydney heads to Darling Harbour.

Each of the three bedrooms will have an en suite. There is also a study area.

Nic Krasnostein at Ray White Double Bay had a June expressions of interest for what was marketed as the building’s only north-facing sub-penthouse.

[smartcode_project:default project_id=7758]

The contract resale was up for $9.5 million to $10 million through Krasnostein and Residence Property’s Alex Vrisakis.

There was a $35 million asking price by Chinese-backed developer Greenland Australia for the King penthouse above.

The Greenland Australia developed Greenland Centre Sydney on Bathurst Street was anticipated for a 2020 completion, however delays now see its estimated completion towards the end of 2021.

The $700 million tower will soar 235 metres in to the sky with 481 apartments over the 67 levels to a design by Woods Bagot and BVN.

The Bathurst Street block initially saw a the 300 apartments in stage one sell out nearly eight years ago, with prices ranging from $595,000 for a studio to $4.38 million for a three bed, with a then anticipated 2017 completion date.
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It ranks among Sydney’s highest apartments situated on the 82nd floor of the yet to be completed Greenland Centre in the CBD.

jchancellor

Greenland Centre sub-penthouse off the plan resale

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Plans have been lodged to the City of Sydney council for a new hotel in the heart of the CBD.
The $57 million plans by Element Property Group will see the heritage-listed 1930s warehouse at 499 Kent Street remain, incorporating a new hotel set back from the front of the building.
<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/2020/NOV/24/Kent%20St%20hotel.jpg" alt="">
Element paid $52.5 million for the 810 sqm site, which was famously the film exchange for Universal Studios, in February.
In 2018 it was listed seeking over $55 million.
They've had the Sydney CBD firm PTW Architects draw up plans for the 220-room hotel which will retail on the ground level, a gym, a cafe, dining and lounge area and eight levels of basement parking.
PTW engaged UAP, an internationally renowned art and design firm specialising in collaborative place-making and the management of integrated art and design solutions for the public realm.
<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/2020/NOV/24/Kent%20St%20Hotel%203.jpg" alt="">
They prepared a Public Art Strategy doc for the development.
"The vision for the proposed redevelopment of the site is to deliver a boutique hotel that will provide welcoming ground floor public realm encouraging interaction between the building and the street frontage of Druitt Lane and Kent Street," the Public Art Strategy document reads.
"The façade of the building is unique and is designed in an Inter-War Stripped Classical Style, characterised by decorative panels with film motifs. 
"Public art will be integrated into the very fabric of the development, becoming a feature that will draw guests and visitors into the building from the street as well as promote, and further educate viewers on the fascinating history of the site."
In the early 1930s a building was built for iron merchants Thomas McPherson &amp; Son, who had been operating a warehouse and store at 493-95 Kent Street since 1884.
A few years later all buildings on the subject site were demolished, including part of the 1933 bulk store.
A new building was constructed for the Universal Film Manufacturing Company, to plans by architect Percy William Ritchie, by builders Stuart Bros.
The basement became the new bulk store for Thomas McPherson while the three upper floors are occupied by Universal Pictures, the lessee. 
 
 
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jrobinson-rf4aSBido9

Plans lodged for new Sydney CBD hotel above former Universal Film warehouse

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Agents within Sydney inner city/east are reporting only a slight drop in listing numbers for owner occupier type properties, with an increase in off market activity within this market segment, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm presented an 'investor playbook' of real estate performance within each service area this month. 
"However, investor activity appears to have dropped sharply, particularly in more homogenous medium and high density areas such as Haymarket, Zetland and Forest Lodge. This is largely driven by declines in rental demand pushing rents lower and therefore reducing overall returns," the valuation firm said. 
According to SQM Research residential vacancy rates for Zetland peaked in May at a record high of 6.0 per cent and have slightly reduced to 5.7 per cent throughout June. 
A similar trend can be seen at Mascot with vacancy rates peaking in June at 7.4 per cent as per SQM Research. Across the city within the inner west suburb of Pyrmont house rents fell by 11.8 per cent over the past year (Domain).
The report notes the sharp reduction in rental demand within these locations is resulting in lower rents and extended vacancy periods, this ultimately has a negative effect on sale prices given that investors are concerned about rental returns and also whether there will be any upside capital growth in the next few years.
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A recent sale of a two-bedroom apartment at <a href="https://www.realestate.com.au/sold/property-apartment-nsw-mascot-132917998" target="_blank">612/149-161 O’Riordan Street, Mascot</a> (pictured below) is a good example of this.
 
<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/2020/8/10/mascot%202.jpg" alt="">
Previously sold during April 2016 for $800,000 and has recently been sold during July by the same agency for $790,000. 
This result demonstrates how investment grade properties within certain high-density locations are performing subpar when compared to owner occupier style properties such as freestanding homes or larger modern townhouse/terraces within the surrounding area, the report noted. 
Current asking rents for two- bedroom units within the building range from $600 to$700 per week.
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"Based on what we are seeing, and information from local real estate agents, it appears that more first homebuyers are entering the market which does help increase demand for some of the investment style apartments, however there is still an oversupply of apartments advertised for sale and lease within these locations such as Zetland and Mascot," the valuation firm said. 
Going forward it seems unlikely that this trend will significantly improve in the near future particularly while the impacts of COVID-19 are at play.
There are currently opportunities to purchase investment properties at prices similar or even lower than what they were sold for over the last few years, however this is assuming that someone can tolerate the reduced rental income and ‘ride out the storm’ until the market starts to recover.
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"On a positive note this region of Sydney is always going to benefit from proximity to the CBD, good infrastructure and various services and amenities which make the inner suburbs of Sydney a popular place to live and invest in property," the valuation firm said. 
The area is already well serviced for public transport, however the future Metro West and Metro City &amp; Southwest lines will provide additional transport options for some of these inner ring suburbs.
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"As always we believe that the strongest investment properties over the long-term will be those that are well-positioned, quality-built/designed, lower density developments and freestanding/semi- detached dwellings or the older properties that have renovation upside." 
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