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

Joel Robinson

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

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

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

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

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

Parcel delivery is joining the apartment amenity checklist

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

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

Winery

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Loggerheads, the trophy Hunter Valley vineyard estate last sold in 2008, has been listed with $10 million price expectations.
The Pokolbin property has wonderful provenance being the former home of the late Len Evans and before that the Tyrrell family.
It was last sold to Robin and Judy Crawford by Len Evan's widow, Trish Evans.
There's still a village-like setting at the estate which has its rambling residential homestead with three adjoining pavilions. 
The seven bedroom, six bathroom homestead is Australian Country in design, with European influences, extensively refurbished by the architect Michael Suttor.
It is now surrounded by Paul Bangay garden, with orchard and vegetable garden.
Against the backdrop of the Brokenback and Barrington ranges, there are several outbuildings along with an imposing stone column feature, collected from the demolition of the Bank of NSW on George Street, which remain from the Evans' time.
The level, but elevated property was bought by the Evans clan from the Tyrrell family in 1971 and comes with a 35-year-old vineyard, now with about four hectares under vine.
Set in Australia’s most visited wine region, it has been listed by Alan Jurd from Jurd's Real Estate who secured its 2008 sale.
The <a href="https://jurds.com.au/listings/rural_sale-310141-pokolbin/" target="_blank" style="line-height: 1.3em;">Loggerheads</a> estate is 200 acres. 
The 87 hectare property has two road frontages, at 97 Palmers Lane and 2341 and 2347 Broke Road, Pokolbin.
The Broke Road frontage has passive rental income from a fully licensed cellar door wine sales outlet, separate residence, dairy/barn and wine storage shed.
Alan Jurd told Property Observer he expects around $6 million for the homestead holding and $4 million for the commercial lot.
"Loggerheads represents the finest example of a country lifestyle with city convenience being just two hours North of Sydney," said Shelly Jurd, the agency's rural lifestyle sales director.
There is a <a href="https://www.youtube.com/watch?v=0ohWepmCXow&amp;feature=youtu.be" target="_blank">video with the marketing</a>.
The noted bon vivant Len Evans, who died in 2006, was the long-time president of the Australian Wine Foundation, having written about wines since 1962.
He began his beverage career after he migrated to Sydney in 1958 and took a casual job as a pub glass-washer at the Ship Inn at Circular Quay.
Title Tattle recalls Evans planted Shiraz and Gammay in the vineyard.
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Loggerheads, the Hunter Valley trophy lifestyle vineyard estate listed

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Victoria's Warrenmang Vineyard and Resort at Moonambel, located 20 kilometres northwest of Avoca, has been listed by the retiring owners Athalie and Luigi Bazzani (pictured above).
They ran the tourist destination winery for around 36 years. On the Great Grape Road in the cool-climate wine territory of the Pyrenees, Warrenmang is credited as having pioneered the vineyard resort concept in 1989. By the early 1990s they were distributing the first Japanese-English tourist guide for the Geelong-Otway region.
<a href="https://www.realcommercial.com.au/property-hotel+leisure-vic-moonambel-501367971" target="_blank">The 127 hectare offering</a> is tipped to fetch $5 million plus through Matt Leonard at Tweed Sutherland First National Real Estate, Bendigo.
It has a 100-seat vineyard restaurant, cottage and chalet-style accommodation for 80 guests along with a function centre for 100 people.
The resort opened in 1989 and has about 28 hectare under vine.
Wine judge James Halliday has rated Warrenmang Vineyard a five-star winery.
It was established as a retirement venture by the Parma-born Luigi Bazzani who has about 60 years in the hospitality business.
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Warrenmang Vineyard in Victoria's Pyrenees for sale

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Lake Marmal Vineyards in central Victoria has been listed for sale.
Situated between Charlton and Boort, the 298 hectare property comprises a 172 hectare vineyard established in 1998.
The vineyard is planted to Shiraz (67%) and Cabernet Sauvignon (27%) varieties, with the remainder comprising some minor plantings of Durif, Mourvedre and Sangiovese.
It has a current grape supply agreement in place until 2018 with one of Australia’s largest wine producers.
CBRE Agribusiness agents Chris Holgar, James Beer and Phil Schell have been appointed to sell the central Victoria vineyard taking offers until 16 December.
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Central Victoria's Lake Marmal Vineyards for sale

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The restaurant, bar and entertainment venue Wellers of Kangaroo Ground, at the gateway to Victoria's Yarra Valley, has been sold.
Fitzroys, in conjunction with local agency Morrison Kleeman, secured $1.675 million.
The 8,760 square metre property was sold with a new 10-year lease to Wellers, which dates back to 1872.
The property returns $145,000 per annum net, with the price paid reflecting a yield of 8.6%. 
Fitzroy selling agent Dean Alexander, a local resident, said interest from the property came from overseas buyers. However, the purchaser was a consortium of local investors.
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Wellers, Kangaroo Ground property sold with leaseback

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Rymill Coonawarra is selling a half stake in the South Australian winery business.
The Australian Financial Review says it is available for between $15 million and $20 million as the family-owned wine maker seeks funds to boost export sales.
The business, run by fifth-generation managing director John Rymill, has 143 hectares planted with a capacity of 80,000 cases annually, although it has averaged only 41,000 over the past five years.
Gaetjens Langley partner <a href="https://www.wineryforsale.com.au/our-team/" target="_blank">Toby Langley</a> has the offering.
Exports make up 10% of Rymill sales.
In 1890 John Riddoch founded <a href="https://www.rymill.com.au" target="_blank">Coonawarra</a>, the history of which is inextricably entwined with the Riddoch and Rymill families.
Scottish-born John Riddoch had arrived during the Australian gold rush in 1852.
His daughter, Mary, grew up at Yallum and married Robert Rymill, the neighbouring Penola farmer.
John Riddoch Rymill was a distinguished polar explorer, whose son Peter and his wife Judy, both farmers and keen equestrians, established the Rymill Coonawarra Winery in 1990.
The majority of Rymill’s product is cabernet sauvignon.
Rymill Coonawarra winery, built in 1990, was designed by the Melbourne architect, Geoffrey Woodfall, who used regional building materials extensively, with external walls of Mount Gambier limestone, and internal of locally grown radiata pine.
Some 10 years after the completion of the winery, the Mitchell Beazley publication Wineries with Style pronounced it to be one of the top 80 in the world.
 
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Half stake in South Australian winery Rymill Coonawarra listed

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The release of the 2014 Murray Valley wine grape crush survey has indicated "only bad news" for growers, with prices falling further off an already low base.
The Murray Valley, which extends from Mildura to Swan Hill, is Australia’s second largest wine grape production zone. 
The size of the national harvest is yet to be confirmed, but it is estimated to be slightly below last year’s 1.8 million tonnes.
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Chardonnay, while still the largest variety produced in the region, suffered the largest price fall (28%) and was now close to the lowest priced Colombard variety grown in Sunraysia. 
Both Shiraz and Cabernet Sauvignon dropped 28% in production and suffered a price decrease of between 17% to 20% from last year. 
"It is inevitable that given the downward pressure on wine grape prices there will be further growers to leave the industry," Herron Todd White reported.
It noted there are currently approximately 500 growers in the Sunraysia area, down from around 1,000 about a decade ago. 
The local paper, The Sunraysia Daily, recently wrote the small, family-owned wine grape property is headed for extinction in Sunraysia.
Winery-owned acreages had more than doubled in the decade.
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Declining grape price to heighten private Murray Valley growers exodus

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The Finniss River Vineyard in the Fleurieu region in South Australia has been listed for sale through CBRE agent Phil Schell, in conjunction with fellow agent Chris Holgar.
The Hickinbotham family who established it in 1999 are the vendors of the vineyard located 45 kilometres south-east of McLaren Vale.
Offers are due 11 July.
Its wine grapes produce Shiraz, Cabernet Sauvignon, Pinot Noir and Chardonnay varieties.
The vineyard produces wine under the Paringa and Finniss River labels.
It also supplies grapes to Orlando Wines in a 17-year agreement.
<img src="/images/2014/05/20/Finniss-River2-may-20-breakout-two.jpg" alt="">
David Hickinbotham has described the decision to sell the 135 hectare property as bittersweet.
The property comprises 65.37 hectares of grape vines, 5.33 hectares of vacant vineyard with trellis and irrigation infrastructure in place, along with an additional 23.32 hectares of land ready for new vines to be planted.
The vineyard has capacity of 94 hectares, producing 1,000 tonnes of fruit annually.
The Paringa wine label has twice featured in the James Halliday Wine Spectator's highly regarded Top 100 wines list.
The Hickinbotham family has developed the property with a low maintenance structure that requires only two people to run 65 hectares of vines.
“Properties with scale and ease of management such as the Finniss River Vineyard – and the associated Paringa and Finniss River wine brands – will be the future of the viticulture industry in Australia.” he said.
The property comes with a five-bedroom home with tennis court and pool.
The Hickinbotham family, whose involvement dates backs around eighty years in the industry, had three vineyards for many years.
<a href="/news/us-based-jackson-family-wines-buys-sa-s-hickinbotham-clarendon-vineyard">The Clarendon vineyard</a>, established by Alan Hickinbotham in the Adelaide foothills in 1972, providing grapes for Penfold's premium brands including 707 and the legendary Grange, was sold in early 2012.
The Paringa vineyard, developed in the Riverland in 1995, was sold in 2011.
The Paringa vineyard, comprising 690 hectares, ranked as one of the largest private vineyards in Australia. 
The Hickinbotham family began exporting wines over 35 years ago with their wines sold by the glass in restaurants in America, including Chartreuse in New York, Citrus in Los Angeles and Aureole in Las Vegas.
Three generations of the Hickinbotham family have been involved with quality vines, grapes and wine since the Oenology Course was established at Roseworthy Agricultural College by Alan Robb Hickinbotham in 1932.
The Hickinbotham Roseworthy Wine Science Laboratory was built at the University of Adelaide's Waite campus in 1998, in honour of Alan Robb Hickinbotham's contribution to the Australian wine industry.
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Finniss River Vineyard listed by pioneering Hickinbotham family

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Investors are being offered a rare opportunity to acquire an award winning Australian winery in the Hunter Valley region - the prestigious James Estate Wines. 
The fully integrated vineyard and winemaking operation produces a range of premium red, white, sweet and fortified wines. 
Up for sale is a vineyard, winery and cellar door operation on 575 hectares in the upper Hunter Valley and a winery and cellar door operation of 43.6 hectares in Pokolbin, in the heart of the Hunter Valley.
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