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Pallas Capital says it is “supremely confident” it will not be affected by the UBS buyout of Credit Suisse, a capital backer of the <a data-mce-href="https://www.theurbandeveloper.com/articles/pallas-capital-fortis-manly-south-steyne-acquisition-planning" href="https://www.theurbandeveloper.com/articles/pallas-capital-fortis-manly-south-steyne-acquisition-planning" target="_blank" rel="noopener">Sydney-based non-bank lender</a>.&nbsp;UBS Group has agreed to buy Credit Suisse Group in a historic $4.5-billion, government-brokered deal aimed at containing the banking crisis contagion effect.&nbsp;Pallas Capital executive chairman Patrick Keenan said that while they had a plan B in place, he was confident that the Credit Suisse facility would continue, despite uncertainty around aspects of the bank’s business.&nbsp;Keenan said they were not pausing on their draw down of the $500-million facility in Australia, and $300-million New Zealand facility.&nbsp;“The Credit Suisse facility represents about 15 per cent of our total funding, so it’s been a great product for us but it’s not a big part of the business,” Keenan said.&nbsp;“Our Australian facility is about 40 per cent deployed, and our New Zealand facility is about 20 per cent deployed.“We are supremely confident that this will continue to be a Credit Suisse facility. We have been approached by other global financial institutions to replace Credit Suisse as a Class A Note holder in the PFT.“People in the industry have known for a while that Credit Suisse was in a tough place.”<div id="7GDFAllXBbthpzQQdQ7I3F"><picture><img src="//images.ctfassets.net/8pr762qjocl3/Nu7f6LgfWOFBhiI5uc13m/dfeaff443aee25953494ad806fc23810/pallas_capital_manly_site_buy.jpg" alt="render pallas capital manly hq " data-mce-src="//images.ctfassets.net/8pr762qjocl3/Nu7f6LgfWOFBhiI5uc13m/dfeaff443aee25953494ad806fc23810/pallas_capital_manly_site_buy.jpg"></picture><div>▲ A render of the planned Pallas Capital headquarters in Manly, NSW. </div></div>The non-bank lender has about $200 million in loans backed by Credit Suisse.&nbsp;Keenan said the Pallas Funding Trust No.1 was a conservative loan vehicle that did not have exposure to construction loans and had a maximum loan-to-value ratio of 65 per cent.&nbsp;He said Credit Suisse held Class A Notes, and should the bank decide to discontinue the facility, it would be paid out first.In a statement to investors Keenan said the average term of maturity for loans in the Pallas Funding Trust No. 1– backed by Credit Suisse– was 5.6 months.“If PFT stopped making new loans its loan book would be returned to cash very quickly,” Keenan said.“Only six loans out of the current 66 loans are due to be repaid after May 2024; these loans have a total value of $27.5 million.”The non-bank lender has been <a data-mce-href="https://www.theurbandeveloper.com/articles/fortis-pallas-capital-queensland-brisbane-acquisitions" href="https://www.theurbandeveloper.com/articles/fortis-pallas-capital-queensland-brisbane-acquisitions" target="_blank" rel="noopener">aggressive in the market</a> with 389 loans and investments with a total value of $2.9 billion. Keenan said of those loans, 182 investments had been repaid with no loss of capital or interest to our investors.&nbsp;

Pallas Capital says it is “supremely confident” it will not be impacted in the UBS buyout of Credit Suisse, a capital backer of the Sydney-based non-bank lender. 

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One of Australia’s most prominent resorts, co-owned by Star Entertainment Group and Far East Consortium, has been listed with an asking price of more than $200 million.&nbsp;It comes after rumours last year that investors were circling the Sheraton Grand Mirage Resort at Main Beach, a Gold Coast pocket luring big investment in 2023 as <a data-mce-href="https://www.theurbandeveloper.com/articles/gold-coast-the-spit-marina-mirage-luxury-development" href="https://www.theurbandeveloper.com/articles/gold-coast-the-spit-marina-mirage-luxury-development" target="_blank" rel="noopener">the next uber-rich enclave</a>.The Gold Coast generally is being touted as one of the hottest hotel investment markets in Australia this year, according to real estate services company JLL.&nbsp;Star appointed Sam McVay and Dan McVay of McVay Real Estate, Adam Bury and Taylor O’Brien of JLL, and Karen Wales and Steven King of Colliers to manage an international expressions-of-interest campaign, which closes next month.&nbsp;The joint venture is also developing Brisbane’s $3.6-billion Queens Wharf Resort and casino project.&nbsp;“Every astute investor with an interest in prime Australian real estate should consider this investment opportunity,” Colliers Australia head of hotels Karen Wales said.<div id="01LapkyZuV7LpmDrj2Q9lL"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4NeFOfMe4Zri6SEUE7gxV1/c3fa28d00cc2d370233fff10368b9e29/Sheraton_Mirage_MID.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4NeFOfMe4Zri6SEUE7gxV1/c3fa28d00cc2d370233fff10368b9e29/Sheraton_Mirage_MID.jpg"></picture><div>▲ The property last changed hands in 2017 for $140 million. </div></div>The notable Gold Coast hotel is on 3.45ha of land, including a large amount of prized beach frontage.Star and Far East Consortium acquired the site for $140 million in 2017, and the Star tipped $40 million of equity into the deal.Corporate high-flyer Christopher Skase, who later died a fugitive from Australian law, was the original mastermind behind the building and development in the 1980s.The Gold Coast remained one of the fastest-growing regions across Australia, according to JLL executive vice-president of investment sales Adam Bury, and was forecast to hit 1.2 million residents by 2050.“Progressive refurbishments have ensured that all rooms and facilities within the hotel remain at the highest of standard,” Wales said of the Sheraton.“In addition to these dedicated rooms there are five additional outdoor areas within the hotel grounds, which can hose sizeable cocktail and banquet events.”The hotel opened in 1987 with extensive facilities operated by Marriott International under the Sheraton brand.JLL reportedly banked $1.93 billion of hotel deals in 2022.Last year CBRE tracked 53 hotel transactions valued at more than $10 million—a record number of deals, which was 39 per cent above the 10-year average.That momentum has continued into 2023 with the recent sale of the first <a data-mce-href="https://www.theurbandeveloper.com/articles/twiggy-forrest-waldorf-astoria-circular-quay-gold-fields-house-acquisition" href="https://www.theurbandeveloper.com/articles/twiggy-forrest-waldorf-astoria-circular-quay-gold-fields-house-acquisition" target="_blank" rel="noopener">Australian Waldorf Astoria </a>hotel to Tattarang property company Fiveight.&nbsp;

One of Australia's most prominent resorts co-owned by Star Entertainment Group and Far East Consortium has been listed with an asking price of more than $200 million...

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A former flour mill built in Geelong in the 1800s and offering 3000sq m has come on the market.The brick building at 512-560 Latrobe Boulevard, Newtown on the fringe of the CBD, was the Union Flour Mill until 1869 when it became a woollen mill. It has been an antiques store since 1988.Colliers Chris Nanni and Ben Young are marketing the property. Nanni said the 3673sq m mixed-use-zoned land had potential for multi-level residential or commercial development. It is being sold by an expressions of interest campaign that is due to close in April.Nanni said the Geelong commercial market had remained strong in the first quarter of 2023.“The asset presents a significant development opportunity, supported by government-funded projects and the coming Commonwealth Games, and is on the outskirts of the second fastest-growing population in the country,” he said.<div id="6uMiVyINFE5RC7k5FjA6M"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5nhXYNpnhqQcjcJmuO7tx0/e798408812508bff627c2615d3a089ba/Geelong_Flour_Mill_MID.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/5nhXYNpnhqQcjcJmuO7tx0/e798408812508bff627c2615d3a089ba/Geelong_Flour_Mill_MID.jpg"></picture><div>▲ The former flour mill is close to the Geelong CBD. </div></div>Geelong’s population is expected to surge to 510,000 by 2054 from 203,450 in 2022. Employment opportunities were also increasing with 1000 new jobs coming online each year.“Geelong is rapidly evolving with several infrastructure and transport developments commencing in the coming months,” Colliers agent Ben Young said.“It will significantly boost tourism and enhance lifestyle opportunities in Victoria's booming regional area.”The Victorian government <a data-mce-href="https://www.theurbandeveloper.com/articles/new-planning-controls-central-geelong" href="https://www.theurbandeveloper.com/articles/new-planning-controls-central-geelong" target="_blank" rel="noopener">recently announced planning controls</a> for the state’s second-largest city that focus on jobs, services, housing and key tourism destinations within Central Geelong.The plan includes guidelines for building design as well as improvements to city streets, public spaces and public transport.While there are 20,000 jobs and 2500 residents in Central Geelong, the plan is expected to help deliver 60,000 jobs and 16,000 residents by 2050.

An iconic brick industrial shed, built in 1869 in Geelong is on the block, with significant uplift opportunity...

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The slump in sales of new homes has ramped up with one state’s sales falling more than 70 per cent, according to new data.The HIA New Home Sales report showed sales nationally in February were 46.8 per cent lower than for the same time the previous year.For the three months to February compared to the same period in 2022, sales in NSW were down an eye-watering 76.6 per cent while Queensland’s were down 51.2 per cent and Victoria down 42.3 per cent.&nbsp;As access to finance becomes significantly tighter and the cash rate increases, new homebuyers were withdrawing from the market, according to HIA chief economist Tim Reardon.“Sales in February rose by 14.3 per cent compared to the previous month but remain exceptionally low,” Reardon said.“When the cash rate started to rise in May 2022 there was a very large pool of work to commence construction. This pool of work yet to commence is shrinking quickly as new sales remain very low and the number of new projects entering the pipeline falls.“Without an improvement in access to finance, or a lowering of rates, the number of new homes commencing construction will slow later this year.“The RBA isn’t going to return the economy to stability by putting the building industry through boom-and-bust cycles.”The Council of Financial Regulators discussed high inflation and measures to strengthen the financial sector at its quarterly meeting this month.According to the council, the high volumes of savings were supporting household finances, with some homeowners struggling to make loan repayments in the face of higher interest rates.Australian Bureau of Statistics data shows the<a data-mce-href="https://www.theurbandeveloper.com/articles/abs-home-approvals-january-2023-slump" href="https://www.theurbandeveloper.com/articles/abs-home-approvals-january-2023-slump" target="_blank"> January 2023 total homes approved</a> dropped 27.6 per cent—private sector houses fell 13.8 per cent, and apartments and townhouses went off a cliff, dropping 40.8 per cent.&nbsp;

Sales of new homes have slumped according to February data, further eroding market confidence...

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A 70ha greenfield site with approval for more than 150 lots in one of the nation’s hottest locations—Byron Bay—has come to market.The amalgamated site, known as the West Byron Amalgamation, has approval for a masterplanned mixed-use community and is being labelled the biggest site on offer in Byron in recent times—and possibly the last of its size for the NSW coastal mecca.The properties along Ewingsdale Road and Melaleuca Drive total 68.9ha over five lots.The amalgamated site, to the north-west of the town centre, has approval for a masterplanned community of more than 150 large lots, including 124 residential lots, 25 super lots, two large neighbourhood centre lots and multiple light-industrial-zoned lots.The land has been through an approval process for more than 10 years and the owners received development consent early last year.The properties will be taken to the market individually or in one line via an international expressions-of-interest campaign by Tim Holtsbaum and Blake Goddard of Knight Frank.<div id="4tt6wFwpFa5guYpl1hIyK1"><picture><img src="//images.ctfassets.net/8pr762qjocl3/33p4qtmnCi9bdjM5tSlk90/aafed1f9e5395d04c3f3488030abf300/Ewingsdale_Road__West_Byron.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/33p4qtmnCi9bdjM5tSlk90/aafed1f9e5395d04c3f3488030abf300/Ewingsdale_Road__West_Byron.jpg"></picture><div>▲ The West Byron Amalgamation is being labelled the last large development site in the town. </div></div>Byron Bay was named as one of 12 hotspots around the world alongside the likes of Knightsbridge in London and the Como region in Italy in Knight Frank’s The Wealth Report 2022, chosen for its health and wellbeing elements.The town’s forecast price growth is 30 to 35 per cent during the next five years, the strongest predicted growth of the 12 locations in the report.Goddard said the approved masterplan was “a true rarity”.“With the area in need of more housing availability, it will provide years of much needed supply to Byron Bay,” he said.<div id="3feV4AaVuqvnqDMiuCu4t3"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2wld9GZpoIDsw85QH1SOf3/0696353b8c896f638de38f4177b528ad/Mid_article_resizes__12_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/2wld9GZpoIDsw85QH1SOf3/0696353b8c896f638de38f4177b528ad/Mid_article_resizes__12_.jpg"></picture><div>▲ The popularity of Byron Bay skyrocketed during the pandemic. </div></div>“The owners carefully designed and curated the approval to ensure it meets with demand from the local surrounds.“This includes 2.5km of internal designated cycleways and a village centre to service the new community and supported by communal parks and gardens.”Holtsbaum said the West Byron Amalgamation was in a premium location and on a scale unlikely to be seen again in the Byron Bay region.“Byron Bay presents one of the most sought-after investment locations, driven by restricted supply and continued demand,” he said.“We expect to field interest from buyers looking at individual holdings to develop either a residential or commercial project, for example, as well as larger developers looking to create a major masterplanned community.”

The 70ha amalgamated site has approval for more than 150 lots and is being touted as the last big site in the world-famous NSW coastal resort…

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Sydney-based developer Sammut Group and investor partner Alceon are defying nationwide odds, inking an $11.52-million deal for a full-floor apartment in their yet-to-be-completed 37-storey Gold Coast beachfront tower.It’s their second full-floor sale in less than a month after a New Zealand buyer paid $10.75 million for an apartment in February.Only seven of the 53 apartments in the $200-million development remain, including an 1140sq m penthouse.Lead agent and Highland Property Group chief executive David Highland said marketing of the penthouse would begin soon with the expectation it could bring up to $30 million.“If you look at the sales in the past 30 days, they’re the highest square metre rates on the Gold Coast,” Highland told The Urban Developer.And that’s where the developer is bucking the trend.Tightened monetary policy, rising inflation and interest rates, higher construction costs and a shrinking pool of contractors after the collapse of a string of builders have&nbsp;<a href="https://www.theurbandeveloper.com/articles/development-site-sales-australia-collapse" data-mce-href="https://www.theurbandeveloper.com/articles/development-site-sales-australia-collapse">left some developers rethinking</a>&nbsp;their commitment to the area.But Cronulla-based Sammut Group pressed ahead with its first Gold Coast project on the beachfront site at 43 Garfield Terrace. It contracted construction giant Multiplex, who expects to complete the tower by early 2025.<div id="6YqzexV0TcbZWj4iz76BQ1"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1ZpDxe6mT4ZxOCnKCPfq97/8486ebec2b2c58ce387aa5db1f83dda5/Sammut_Gold_Coast_1__Mid.jpg" alt="For the second time in a month, a buyer has paid more than $10 million for a full-floor apartment in Sammut’s beachfront tower." data-mce-src="//images.ctfassets.net/8pr762qjocl3/1ZpDxe6mT4ZxOCnKCPfq97/8486ebec2b2c58ce387aa5db1f83dda5/Sammut_Gold_Coast_1__Mid.jpg"></picture><div>▲ For the second time in a month, a buyer has paid more than $10 million for a full-floor apartment in Sammut’s beachfront tower. </div><div> </div></div>Speaking of the latest full-floor sale, chief executive Allen Sammut said with just a handful of&nbsp;apartments remaining, buyers were recognising the rare opportunity to secure a spot in the&nbsp;highly sought-after luxury development.With minimum floor plates of 287sq m and entry-level prices of $5.6 million, the apartments are definitely for the well-heeled and those arguably less affected by 10 straight interest rate rises since May last year.Highland said in many cases buyers were looking for a second or third home. Interest had come from Sydney, Melbourne, parts of Brisbane, as far as New Zealand and in some cases, expats wishing to return to Australia.“I would say the Gold Coast market is holding up, in some ways better than in parts of Sydney,” he said. “And the fundamentals are that there’s a lot more money that’s gone up there, both through Covid and post-Covid.”<div id="3HZDEpH9saWAyHF9kVSxMd"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6LDwCrSdvRoWnz2540qpOw/af9dc2309f495c015ad4b5fc9f1c8f92/Sammut_Gold_Coast_2__Mid.jpg" alt="Selling agents say the Gold Coast property market is staying strong, particularly with high-end apartments and beachfront views such as this one. " data-mce-src="//images.ctfassets.net/8pr762qjocl3/6LDwCrSdvRoWnz2540qpOw/af9dc2309f495c015ad4b5fc9f1c8f92/Sammut_Gold_Coast_2__Mid.jpg"></picture><div>▲ Selling agents say the Gold Coast property market is staying strong, particularly with high-end apartments and beachfront views such as this one.</div><div> </div></div>Figures released last week by Colliers International support that argument.The global real estate services company said its research showed national house prices had fallen more than five times as much as those on the Gold Coast.Colliers market overview report indicates Gold Coast’s median house price slipped by $15,000, or 1.5 per cent, to $925,000 at the end of 2022—down from the $940,000 reported at the peak of the market in June last year.The modest price drop on the Gold Coast compares with a record fall of 8.4 per cent in CoreLogic’s national daily home value index, from the peak of the market in May 2022.Colliers’ Gold Coast director-in-charge Steven King said the latest data, supported by continued growth in the city’s commercial property sector, showed Gold Coast prices were holding firm amid volatile conditions nationally.“The latest population forecasts, the strength of the Gold Coast’s employment market&nbsp;and the massive investment in infrastructure across the city is providing the local&nbsp;property market with remarkable resilience,” King said.Highland agrees. “The infrastructure is obviously evolving and it’s come a long way from where it was, but it’s now a destination that high-net-worth individuals want to be involved in, both professionally and personally.”

Sydney-based developer Sammut Group and investor partner Alceon are defying nationwide odds, inking an $11.52 million deal for a full-floor apartment in their yet-to-be-completed 37-storey Gold Coast beachfront tower.

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Her name is on the door at one of Australia’s biggest architectural firms. But it’s in another pocket of property that Zahava Elenberg has really made her mark.&nbsp;Elenberg is turning 50 this year and the highly successful business that she “kind of fell into” turns 21. But the architect-turned designer pulls no punches. She says it is a privilege to age and she intends on celebrating the milestone.She founded Elenberg Fraser in 1998 with Callum Fraser at the tender age of 24, but says moving into the furniture, fixtures and equipment (FF&amp;E) space was where she found her niche.&nbsp;In 2002 she and a friend were asked to do a furniture fitout of a project in Docklands back when it was “emerging out of the scum of the Yarra”.“The budget they gave us was ridiculous, there was no way we could do a fitout with that. But I like a challenge,” she says.&nbsp;From that experience the seed of an idea germinated and Move-in was born. Elenberg says it is impossible to count how many spaces they have fitted out over the years but says it’s “tens of thousands” of apartments, about 5000 student accommodation rooms, ski resorts in New Zealand and hotels all around the world.&nbsp;<div id="5rKJpxH94QUbkMXlUo9c73"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1WBHzl8fjMTO5GvtmWja6f/3d328363d0eec816d3a9a40814ef9acf/Yugo_MID.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/1WBHzl8fjMTO5GvtmWja6f/3d328363d0eec816d3a9a40814ef9acf/Yugo_MID.jpg"></picture><div>▲ The purpose-built student accommodation sector has invested heavily in furniture fitouts and art in communal spaces to level up the lived experience for students.&nbsp; PHOTO: Lisa Cohen</div></div> The FF&amp;E business was the first of its kind, with a focus on Australian-made products, good design, and a vision for shaping the world we live in.&nbsp;“If you tip a building upside down and shake out all the things we put inside them, they’re what makes the lived experience. Nobody notices if you use a cheaper paint or a lesser tap fitting. But if you put an uncomfortable bed in a hotel that will be remembered.“When I started the business, nobody knew what FF&amp;E was. It’s a specialist area like any consultancy but it dictates the way a place feels. It’s not just about putting products in a room and ordering 20 TVs. It’s that emotional connection you have with a space or a place. We straddle that place between design and commercial reality.“It’s a comprehensive end-to-end solution for design, manufacturing, procurement and logistics, and we don’t want it to be an afterthought that is value-managed out of a project. It is critical.”Elenberg says in the beginning they would design and make furniture and fittings and provide furniture packages but they have moved away from that now.&nbsp;“In our early days we were working with developers managing their risk to fit out fully furnished apartments. They would get better yields having fully furnished properties.&nbsp;“Over time we just moved with the market.”Moving with the times included major hotel fitouts across Asia, including Vietnam and Malaysia, and the establishment of an office in the Middle East, which closed in 2008 as Elenberg juggled motherhood and a multi-national business.<div id="3ohGG9VEp5qdednvd1MDvx"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3bwSP0JoD8Brt4SCKykzmB/b302b502464e3d64af158413d629814c/Sebel_MID.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/3bwSP0JoD8Brt4SCKykzmB/b302b502464e3d64af158413d629814c/Sebel_MID.jpg"></picture><div>▲ Move-in has been very active in the hotel space internationally and recently completed the FF&amp;E for Sebel Silverwoods. PHOTO: Cox Architecture</div></div> While Australian projects across the eastern seaboard are the major focus for Move-in now, Elenberg says it’s “extraordinary” what she and her small team based in Melbourne’s Fitzroy are achieving.&nbsp;Elenberg’s team includes designers and logistics experts, which she believes sets them apart from others in the burgeoning industry.&nbsp;Circular economy is something that is on Elenberg’s radar as she looks to the future of the industry. Move-in recently inked a deal with You Matter, a support service, which helps to fit out properties for women fleeing domestic violence.&nbsp;Elenberg says they strategically over-order for projects and the surplus sits in a warehouse until warranty is done. She says this program enables them to divert products from landfill.&nbsp;“There’s lots of people out there in need and then there’s lots of land fill,” she says.&nbsp;“Circular economy is something that we are constantly thinking about in our space. We just donated nearly 400 products at the beginning of this year.”They also look to adopt products that can have a second life when they cycle out of hotels and other spaces.&nbsp;“We try to choose high-quality products so we know where they have come from and how they can have a second life, whether that’s through recycling or repurposing,” she says.“We like to give our clients the option to buy locally and there has been a shift towards it because the prices of products have increased and the shipping costs have blown out significantly.“Even if it’s not everything, but a few pieces, it is supporting local manufacturers and businesses.”<div id="6MQXfq5t2JN5WgMd9vTOrL"><picture><img src="//images.ctfassets.net/8pr762qjocl3/10sDIGjfTGNMPaKvXeVgQE/1d25ebe8c030c3e4ce1d7e22e56ee3bd/Home_BtR_MID.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/10sDIGjfTGNMPaKvXeVgQE/1d25ebe8c030c3e4ce1d7e22e56ee3bd/Home_BtR_MID.jpg"></picture><div>▲ The build-to-rent sector is emerging as a growth area for the FF&amp;E industry according to Elenberg. Move-in completed the fit out of Home Richmond (pictured). PHOTO: RotheLowman</div></div> Elenberg says the purpose-built student accommodation developers were the most proactive in supporting local designers and sustainability initiatives.&nbsp;“It’s a really interesting market, they’re game-changing leaders in that space. They have a big focus on design and fit out of big communal spaces in their developments and are commissioning artists to create pieces for their developments.&nbsp;“The common spaces and areas are where life happens and there’s a lot of thought that goes into that. No longer are they cheaply priced prison cells.”Elenberg says the blossoming build-to-rent market was a growth area for Move-in and also had a vested interest in quality fit outs.&nbsp;Reflecting on 21 years of business Elenberg says while the colour schemes and fashions have shifted significantly, the drive to create beautiful, liveable spaces and help developers to bring their vision to life was what continued to drive her.&nbsp;“I want Move-in to be synonymous with great FF&amp;E and amazing spaces.” <hr> You are currently experiencing&nbsp;The Urban Developer&nbsp;Plus (TUD+), our premium membership for property professionals.&nbsp;<a href="https://www.theurbandeveloper.com/membership-plans" data-mce-href="https://www.theurbandeveloper.com/membership-plans">Click here to learn more.</a><div id="2GhuueZl01Zwo2aFfjNVi2"><picture><img src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg" alt="TUD + Banner" data-mce-src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg"></picture><div> </div></div>

We go behind the scenes with property icon Zahava Elenberg as she reflects on architecture, development, turning 50, and 21 years in the furniture, fixtures and equipment industry…

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Diversified property group ID_Corp has unveiled plans to launch a new land lease community venture, Next Living.The over-50s gated community product will be rolled out through ID_Land’s existing pipeline across Victoria and Queensland.ID_Corp managing director Matthew Belford said Next Living would target downsizers for more than 1000 residences in its first five years on the market at Gisborne and Clyde in Victoria, and Walloon in Queensland.&nbsp;Belford said the strategy was to deliver housing options that were affordable across a range of sectors in the property market, and Next Living allowed the company to capture a new demographic within the residential market.&nbsp;“We’re proud to be launching Next Living and supporting further expansion for the ID_Corp group of companies, while reaching a new audience demographic in the process,” Belford said.“The addition of Next Living to our portfolio will complement our existing development, homebuilding and investment divisions, utilising sites within our current pipeline to the deliver our first Next Living land lease communities.“Next Living will target downsizers ready to embrace the freedom of land lease community living, in locations that present the opportunity to be close to family members in existing and future ID_Land communities.”<div id="2Xq8j4oDvvey3iA2yeusz2"><picture><img src="//images.ctfassets.net/8pr762qjocl3/K87JEj8DNkkCVCN6iIwkv/d20292997ea29b6ebc6c657fd53d79fc/Next_Living_MDI.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/K87JEj8DNkkCVCN6iIwkv/d20292997ea29b6ebc6c657fd53d79fc/Next_Living_MDI.jpg"></picture><div>▲ ID_Corp managing director Matthew Belford says now is the right time to diversify the portfolio to corner an untapped demographic in the residential market. </div></div> It’s a market that is expected to boom with Australian Bureau of Statistics data revealing that the number of Australians aged over 65 will rise from 18.6 per cent in 2023 to 20.7 per cent in 2033.The land lease arm joins ID_Corp’s $3.5-billion portfolio, which also includes property development, construction and funds management.&nbsp;Next Living will provide a variety of home builds, residents’ clubhouses, community managers and maintenance staff on site.&nbsp;“Since launching ID_Land in 2009, we have never stopped looking for the right opportunities to further diversify our company’s offering in-line with our long-term strategy,” Belford said.&nbsp;“Next Living marks the next step in the ID_Corp expansion, and we look forward to officially launching to market.”Belford said a key drawcard of Next Living’s projects would be the comfortable, lock-and-leave style living for those ready to enter the next phase of life.&nbsp;

Diversified property developer ID_Corp has added another feather to its cap with the launch of a land lease over-50s product to complement its $3.5-billion portfolio...

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Build-to-rent developer Novus is pushing forward with plans to develop its first Sydney project, a $200-million 34-storey mixed-use tower.&nbsp;Detailed plans for the <a data-mce-href="https://www.theurbandeveloper.com/articles/novus-on-harris-parramatta-build-to-rent-design-revealed" href="https://www.theurbandeveloper.com/articles/novus-on-harris-parramatta-build-to-rent-design-revealed" target="_blank" rel="noopener">RotheLowman-designed Novus on Harris</a> on the 1448sq m site at 39-43 Hassall Street, Parramatta, were filed with the NSW state government last week.&nbsp;Novus co-founder Jason Goldsworthy said the developer was working with the Department of Planning and Environment and the City of Parramatta Council to achieve approval and break ground in the second half of 2023.&nbsp;The <a data-mce-href="https://www.theurbandeveloper.com/articles/novus-build-to-rent-platform-targets-2bn-pipeline" href="https://www.theurbandeveloper.com/articles/novus-build-to-rent-platform-targets-2bn-pipeline" target="_blank" rel="noopener">burgeoning build-to-rent developer,</a> backed by M &amp; G Real Estate, acquired the Parramatta site last year for about $33 million, following its maiden development breaking ground at Melbourne’s Southbank.&nbsp;The Parramatta tower would comprise 204 apartments across Levels 3-34 and a three-storey podium that provides commercial and retail space and a communal amenities floor.&nbsp;Parramatta is fast becoming the heartland for build-to-rent in Sydney with the Gurner’s GQ platform winning approval for its 61-storey 391-apartment build-to-rent tower last week and Home’s 47-storey 428-apartment tower under construction.&nbsp;<div id="6eKZ8XC1aS00zlB81TQ1w8"><picture><img src="//images.ctfassets.net/8pr762qjocl3/uQeYIyUSmuVguRRb290ZE/cfcfb2868bf2327ca984c8141060a158/Novus_on_Harris_MID.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/uQeYIyUSmuVguRRb290ZE/cfcfb2868bf2327ca984c8141060a158/Novus_on_Harris_MID.jpg"></picture><div>▲ The 34-storey mixed-use build-to-rent tower is slated to be operational in early 2026. </div></div> Goldsworthy said there were three key thematics underpinning the success of Novus on Harris—infrastructure tailwinds, outdoor amenity, and design.&nbsp;“Parramatta is in the midst of an infrastructure boom that will make it one of the most liveable areas of Sydney,” Goldsworthy said.&nbsp;“Transport infrastructure … coupled with significant civic, commercial and education investment will make this a highly desirable location for our future residents.&nbsp;“We analysed a number of opportunities in Parramatta. What stood out to us about this location is it benefits from all the amenity and service of the Parramatta CBD whilst being located in a park-fronting location on the eastern fringe of the CBD … with uninterrupted views back to the Sydney CBD from Level 2.”Goldsworthy said the renewable energy-powered building would have a focus on health and wellness with a floor dedicated to pools, sauna, steam room and gymnasium.&nbsp;“The creation of wellness spaces responds to the high focus on health, as well as coworking suites that accommodate the hybrid work lifestyle.&nbsp;“The amenity offering allows residents to option for a smaller apartment size assisting with current cost-of-living pressures. Each apartment has a well-thought-out design that maximises the amenity, liveability, and functionality of the space.”Goldsworthy said RotheLowman tipped out other architecture firms in the design competition with its earthy palette and the incorporation of public Indigenous art incorporated into the facade of the building.&nbsp;The build-to-rent tower will cater to a broad demographic with larger four-bedroom typologies for families and smaller two-bedroom apartments for young professionals.&nbsp;Goldsworthy said they had undertaken early engagement with tier 2 builders on the Parramatta project and hoped to have the project out of the ground and operational in early 2026.&nbsp;He said Novus also had other <a data-mce-href="https://www.theurbandeveloper.com/articles/novus-adds-parramatta-site-to-build-to-rent-pipeline" href="https://www.theurbandeveloper.com/articles/novus-adds-parramatta-site-to-build-to-rent-pipeline" target="_blank" rel="noopener">Sydney deals in the works</a>&nbsp;but would not elaborate further.&nbsp;

Build-to-rent developer Novus is pushing forward with plans to develop its first Sydney project, a $200-million 34-storey mixed use tower...

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Welcome to The Urban Developer's housing market pulse check for the city of Melbourne...

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The word on Perth’s windy streets back in the early 70s was the state’s emerging south-west wine industry was invented by a handful of medical doctors who couldn’t play enough golf to lower their tax bills.That’s only partly true.Certainly the first serious vineyards in the Margaret River region, 270km south of Perth, were planted by an unusual number of medical practitioners.Dr Tom Cullity was a respected cardiologist when he planted Margaret River’s first commercial vineyard on just over three hectares in Cowaramup, and Vasse Felix was born.Busselton doctor Kevin Cullen and his wife Diana acquired land in neighbouring Wilyabrup and started Cullens.&nbsp;&nbsp;Dr Bill Pannell was doing a residency at&nbsp;Royal Perth Hospital and King Edward Maternity Hospital, when he found a site on Metricup Road for Moss Wood.&nbsp;&nbsp;Dr John Lagan, an Irishman who arrived in Margaret River in 1968, started Xanadu.From there, according to veteran West Australian journalist Ray Jordan, the fairy tales begin.“Yes, there was this reputation they were doctors with more money than sense making wine, but they honestly worked bloody hard,” says Jordan who has been writing about wine and the region for more than 40 years.“I mean Tom Cullity at Vasse Felix was a cardiologist from Perth. He drove down after work on Friday, he worked like a navvy for two days and drove back either at midnight on Sunday or first thing on Monday morning, then went back to work.“Bill Pannell was the same.&nbsp;&nbsp;He lived on a shoestring.<div id="3wxe7NLr7MOazbhjsJb6rr"><picture><img src="//images.ctfassets.net/8pr762qjocl3/71bmoz7xy4KLDssYTMluEL/c10f0f1e993e1761aca9993d52ca3fff/2.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/71bmoz7xy4KLDssYTMluEL/c10f0f1e993e1761aca9993d52ca3fff/2.jpg"></picture><div>▲ Vines in the Margaret River region. </div></div>“And remember they were establishing vineyards when there was no infrastructure,” Jordan says.&nbsp;&nbsp;“If you wanted to get anything down there, you had to go up to Bunbury to get it, offload it from a train and then drive it down on roads that were not sealed.”The doctors, and other early winemakers that joined them, put the Augusta Margaret River Shire on the map, turning the once sleepy agricultural region known for its tall trees and world-class surf breaks into a major destination for tourists and a new home for sea and tree-changers.Last year 1.6 million tourists visited the Margaret River region, the big majority of them domestic.But it’s the resident population that’s growing fast, as West Australians look to get out of the city and head south for any one of a number of reasons.&nbsp;&nbsp;In the 2021 census, 17,298 people lived in the municipality, about 10,000 of them in the town itself.&nbsp;&nbsp;But while the state’s population rose less than one per cent in the 12 months prior, Augusta Margaret River grew by 2.85 per cent.Demand for easy access to good beaches, natural forests and national parks, picturesque vineyards, a wide variety of locally-grown food, and a generally more relaxed lifestyle has seen property prices in the area continue to rise.In a report released last week, and despite national property prices declining, Domain chief of research and economics Dr Nicola Powell said regional areas across the country had seen a big increase in demand.“Many regional house prices are still outperforming their city counterparts even though the pandemic-induced boom is over.” Powell said.Augusta Margaret River is no exception.&nbsp;<div id="4AigQVajsSduDahY1ZK8QS"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7tfdWwqg0QH4sn4jwrt6GM/f30014dbe05263385eef7587e7f62415/4.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/7tfdWwqg0QH4sn4jwrt6GM/f30014dbe05263385eef7587e7f62415/4.jpg"></picture><div>▲ The natural beauty of the region is of course a large part of its appeal. </div></div>The Domain data showed the median house price in the past 12 months rose 17.2 per cent to $700,000.&nbsp;Only Toodyay—a wheatbelt town on the Avon River 85km north-east of Perth—had a bigger percentage increase.&nbsp;&nbsp;But its median house price is $200,000 less.And all that has led to some uncomfortable comparisons.&nbsp;&nbsp;Some in the region and in the media have begun asking: Is Margaret River the next Byron Bay?“No, not for me,” says August Margaret River Shire councillor Ian Earl.Earl was the only member of Augusta Margaret River’s elected body, or administration, who would speak with&nbsp;The Urban Developer.&nbsp;&nbsp;After initially agreeing to interviews, council officers then said the shire would have to “politely decline participation in this instance…”A councillor since 2009 and twice shire president, Earl was born in Margaret River, early enough to remember the last train leaving the town in 1956.&nbsp;&nbsp;His family has been in the region for about 90 years.&nbsp;<div id="2FTYxGDmTgGZ9fQMmDM8Q5"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4JPuEnR9Q9uQ8S9zwSREjs/00760af899e777e8501548a5d5f4712f/1.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4JPuEnR9Q9uQ8S9zwSREjs/00760af899e777e8501548a5d5f4712f/1.jpg"></picture><div>▲ Like many coastal hotspots, surfers arriving in the 1960s changed the region. </div></div>“Byron Bay is on the ocean,” he says.&nbsp;&nbsp;“The fact that Margaret River is not gives us some advantages when it comes to planning, I think.”Margaret River town planner Marc Halsall puts that down to careful planning by both state and municipal governments, dating back to the late 1990s.“They said look, what we're going to do is to consolidate the existing town sites on Bussell Highway which is, say, ten kilometres from the coast, and Margaret River will be a major centre and Augusta will be another significant centre,” he says.“And then the other minor towns on either side, like Cowaramup, Witchcliffe and to a lesser extent Karridale, they can all accept some population.“So that has dispersed the population a little bit into smaller centres, giving people choice of where to live, while keeping development away from the coast.”&nbsp;Halsall should know.&nbsp;&nbsp;He was with Augusta Margaret River shire from 1994, leaving nearly ten years later as principal planner.&nbsp;“I think growth down here was probably inevitable because of the location of the place, its proximity to Perth and the improved connectivity of it,” he says.&nbsp;&nbsp;“Probably even more so now that we've got the airport at Busselton.” Regional House Price Growth in WA<div id="3QXBwRoKyKMkMtdngS3KF3"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4ygfZDoe31e7oe6vmOZnYM/29596630b9fec6712f9924a6e8ff237c/WA_Regional_Property_Value.jpg" alt="Regional House Price Growth in WA" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4ygfZDoe31e7oe6vmOZnYM/29596630b9fec6712f9924a6e8ff237c/WA_Regional_Property_Value.jpg"></picture><div> </div></div>Halsall is referring to the Busselton Margaret River Airport, just 20km north, which has been marketed as the gateway into Margaret River’s wine region with&nbsp;Jetstar flying three direct flights a week from Melbourne since April last year.&nbsp;&nbsp;The facility is expected to see nearly 100,000 passengers this year.Fly in, fly out (FIFO) workers have helped swell those numbers.“FIFO became a lot stronger throughout Covid,” says Halsall.“FIFO positions suddenly became almost solely dedicated to West Australian workers.&nbsp;&nbsp;&nbsp;And I think a lot of those people made the choice to live where they wanted to during COVID, and Margaret River became a part of that.”&nbsp;BHP, Fortescue Minerals and Rio Tinto all have direct flights from Busselton to their north-west mining operations.&nbsp;&nbsp;Rio Tinto estimates more than 1300 of their workers live in the&nbsp;Busselton-Margaret River region.And then there are the baby boomers.Halsall studied urban and regional planning at Perth’s Curtin University in the early 90s, where he first heard warnings of the future movement of baby boomers.“It just it always stuck in my mind when we were doing the planning degree,” he says, “they said, 30 per cent of baby boomers were expected to move into the southwest, probably in their retirement.”At the moment, the median age of a Margaret River resident is 42 years.&nbsp;&nbsp;Unemployment is at just 2.8 per cent.&nbsp;&nbsp;But with rising house and land prices, how long can that trend continue?Total Value of Building Approvals, August Margaret River<div id="4WgZRFXPGgTGcl1qpLydDU"><picture><img src="//images.ctfassets.net/8pr762qjocl3/X4enLR91IDuIFU4ovYufD/368fe1e2d52308f08bc77050cf019550/Total_Build_Approval__Value__1_.jpg" alt="Value of Total Build Approvals" data-mce-src="//images.ctfassets.net/8pr762qjocl3/X4enLR91IDuIFU4ovYufD/368fe1e2d52308f08bc77050cf019550/Total_Build_Approval__Value__1_.jpg"></picture><div> </div></div>“I guess it comes down to housing and making sure there's enough homes available, and some areas are better placed to be able to do that,” says Ray White’s chief economist Nerida Conisbee.About 18 months ago, as Byron Bay land prices continued to surge, Conisbee used data to work out where the next hotspots might be.Naturally, the location needed to be by the beach.And had to be achieving price growth already—at least 20 per cent—but still priced under $1 million.&nbsp;&nbsp;Rental growth had to be strong—at least five per cent annually—and long term growth had to be solid.&nbsp;&nbsp;And, critically, it couldn’t be within easy commuting distance of a capital city.Conisbee singled out Yamba in northern New South Wales, Cape Woolamai&nbsp;on the south-eastern tip of Victoria’s Phillip Island, the Cairns suburb of Palm Cove in Queensland, South Australia’s Robe.&nbsp;&nbsp;And Dunsborough, a coastal town about 40km north of Margaret River.&nbsp;“It has lots of nice beaches, shops and restaurants,” she said in her report.&nbsp;&nbsp;“And as an added bonus, it’s close to Margaret River wineries.”Byron’s recent history is not that dissimilar to that of Margaret River.&nbsp;&nbsp;Longboard surfers arrived in the late 60s for the surf breaks and by the 70sits reputation as a hippy, happy alternative town was well established.But with a <a href="https://www.theurbandeveloper.com/articles/time-running-out-to-save-byron-bay" data-mce-href="https://www.theurbandeveloper.com/articles/time-running-out-to-save-byron-bay">median house price that more than doubled </a>during the pandemic to $3.09 million, Byron has become something of a cautionary tale.&nbsp;&nbsp;Only the very rich can afford to live there.<div id="7haaJVNNOLTCwP4NUvhB5N"><picture><img src="//images.ctfassets.net/8pr762qjocl3/78d6VU2h69BhyXx6aj1J8B/5380c954bfc508f79bda077e7ced3c22/3.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/78d6VU2h69BhyXx6aj1J8B/5380c954bfc508f79bda077e7ced3c22/3.jpg"></picture><div>▲ A street in the Margaret River township. </div></div>“Really, the only way that they can solve affordability is by making sure enough homes are built but I guess the community opposition of people that are already living there is against it, because they don’t want a lot of development in the region,” Conisbee says.When asked about affordability, Cr Earl points out Margaret River is “still cheaper than Melbourne and Sydney.”Council statistics show the total value of all building approvals for the 2022-23 financial year will be about $77 million.&nbsp;&nbsp;The bulk of that—$58.8 million—is residential.&nbsp;&nbsp;But that’s actually $43 million less than the previous year and the lowest for the previous three years when Covid drove construction numbers up.“We know as a council that we need to continue to supply 250 Plus blocks of land a year otherwise, we will run out of them quickly,” Earle says.“It was always going to happen because there were people with some money and people with a bit of vision who started turning up and making some changes, and that just put us in a better place,” he says.Since July 2011, certain development applications—generally over $10 million— are no longer determined by local government.&nbsp;&nbsp;Instead, applications go before a Joint Development Assessment Panel, JDAP.<div id="4wkIriUGYzzfdV6imtn8eI"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3Mp9arJ9oXVuhqtgOOc5Hb/760c1d042d004b23ebfd3e0d654df688/Mid_article_resizes__9_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/3Mp9arJ9oXVuhqtgOOc5Hb/760c1d042d004b23ebfd3e0d654df688/Mid_article_resizes__9_.jpg"></picture><div>▲ The region’s forest are world-famous and include the tallest trees in Australia. </div></div>Developers with small projects of more than $2 million can elect a voluntary JDAP determination.&nbsp;&nbsp;That’s aimed at speeding the process, and both Halsall and Earle believe it has worked well.“That comprises a board of five people, and two of them are local councillors,” says Halsall.&nbsp;&nbsp;“And the council writes the reports to that meeting, so it still has strong input into the state decision-making.”The town planner does not see growth in the region as out of control.“It is self-regulating in a way, there’s only so many people that the area can sustain physically and also economically,” he says.&nbsp;&nbsp;“You can only really grow if you can sustain a population, and you can only sustain a population if there's employment, obviously.“Yes, in a sense it is becoming another Byron Bay.“But I don't think what I came here for is gone.&nbsp;“You know, the natural environment, the rural experiences that we've got, the wineries, the river and the north, west and south coasts, that are all around us.&nbsp;“And forests.&nbsp;&nbsp;They're all pretty much intact as they were when I came here.”&nbsp; <hr> You are currently experiencing The Urban Developer Plus (TUD+), our premium membership for property professionals. <a href="https://www.theurbandeveloper.com/membership-plans" data-mce-href="https://www.theurbandeveloper.com/membership-plans">Click here to learn more.</a><div id="2GhuueZl01Zwo2aFfjNVi2"><picture><img src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg" alt="TUD + 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Sharply rising property prices and a growing population have led to some uncomfortable comparisons.  Some in the region and in the media have begun asking: Is Margaret River the next Byron Bay?

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Gurner Group chief executive Tim Gurner and his wife Aimee have decided to sell their private residence at St Kilda.<a data-mce-href="https://www.theurbandeveloper.com/articles/i-was-mad-to-launch-a-project-of-this-scale-tim-gurner-sells-95pc-of-540m-saint-moritz-development" href="https://www.theurbandeveloper.com/articles/i-was-mad-to-launch-a-project-of-this-scale-tim-gurner-sells-95pc-of-540m-saint-moritz-development" target="_blank" rel="noopener">Part of Gurner’s own Saint Moritz project</a>, the couple’s home is a 500sq m luxury two-storey, four-bedroom “wellness” residence.&nbsp;The apartment, with its 6m ceilings, was retained by Gurner when the building was launched.It is expected to fetch in the vicinty of $15 million.It comes with views of the St Kilda foreshore, and private amenity and wellness facilities—Australia’s business, sporting and social elite are said to own also residences in the building.One of the 20 Saint Moritz residences that face Port Phillip Bay, it has floor-to-ceiling water views, private lift access, five bathrooms and a six-car garage.Tim and Aimee, who is an interior designer, and the Gurner design team customised and designed the interiors to complement Fender Katsalidis’, Koichi Takada and interior designer David Hicks’ curvilinear beach-side aesthetic for the building, according to Gurner.&nbsp;<div id="7C7pDjIBI5gTBvuEKvWokC"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1dGo3VfXAKjwhJn8pDPpgB/12b689e915414aee2ec9f90ebfeb8cec/Tim_Gurner_Pentouse_Heroes-595.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/1dGo3VfXAKjwhJn8pDPpgB/12b689e915414aee2ec9f90ebfeb8cec/Tim_Gurner_Pentouse_Heroes-595.jpg"></picture><div>▲ Saint Moritz in St Kilda: Gurner is listing his own penthouse in the tower. </div></div>Italian stone and marble frame the interiors which include a 5m custom kitchen island and cabinetry with Venetian polished plaster walls and integrated appliances.&nbsp;There is a concealed 3.7m-long butler’s kitchen, a second living and entertaining space with a bespoke billiards table, and a secluded games lounge with a kitchenette that includes integrated refrigeration.&nbsp;“After living through Covid, we as a community have turned to more intimate dining and entertaining with friends so the custom bar, games lounge and billiards table make the most of this incredible residence—why go out when the new owner can entertain guests at home while Port Phillip Bay shimmers in the foreground,” Gurner said.When asked why he was selling, Gurner told The Urban Developer “Aimee and I love to create amazing spaces and invest ourselves into the detail as a distraction from daily life. In some of our projects we choose one special apartment and create something truly unique for the market. This is that residence.”A helical staircase leads to the second storey with a custom brass floating handrail and LED lighting.The master suite takes up most of the top floor with an infra-red sauna in the grand ensuite, a walk-in robe, separate study and private living retreat with an open fireplace.&nbsp;“The benefits of infra-red saunas are incredible and I incorporate the practice into my own daily routine, so we included the custom sauna to the master suite upstairs,” Gurner said.<div id="carousel-root" data-reactroot=""><image-carousel-remove-button><div class="rm-carousel-wrapper"><button id="rm-carousel" class="rm-carousel-btn">Delete</button></div></image-carousel-remove-button><div class="slider-wrap"><image-carousel><div class="slider-el"><img style="height: 100%;" title="gurner selling penthouse hero.jpg" src="http://images.ctfassets.net/8pr762qjocl3/2Z7jlty4193Yj3DpovE5RV/0cfdea9fbc17637d004a87cec1bfde52/gurner_selling_penthouse_hero.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/2Z7jlty4193Yj3DpovE5RV/0cfdea9fbc17637d004a87cec1bfde52/gurner_selling_penthouse_hero.jpg" data-mce-style="height: 100%;"></div><div class="slider-el"><img style="height: 100%;" title="Tim_Gurner_Pentouse_Heroes-621.jpg" src="http://images.ctfassets.net/8pr762qjocl3/4Jx6gJHT2kO6klxLBChpSx/926a17386e34adedb4a63f253e96d3d6/Tim_Gurner_Pentouse_Heroes-621.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/4Jx6gJHT2kO6klxLBChpSx/926a17386e34adedb4a63f253e96d3d6/Tim_Gurner_Pentouse_Heroes-621.jpg" data-mce-style="height: 100%;"></div><div class="slider-el"><img style="height: 100%;" title="Tim_Gurner_Pentouse_Heroes-432.jpg" src="http://images.ctfassets.net/8pr762qjocl3/6KAUqQNEQ4CT8rPaMrbH2f/2b77b135ba71944125e2bd0c5a5fc04c/Tim_Gurner_Pentouse_Heroes-432.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/6KAUqQNEQ4CT8rPaMrbH2f/2b77b135ba71944125e2bd0c5a5fc04c/Tim_Gurner_Pentouse_Heroes-432.jpg" data-mce-style="height: 100%;"></div><div class="slider-el"><img style="height: 100%;" title="Tim_Gurner_Pentouse_Heroes-365.jpg" src="http://images.ctfassets.net/8pr762qjocl3/2aQRGksrfc9F22z3rVNT7d/98edc1e5843744c884d0af0ea96a5baa/Tim_Gurner_Pentouse_Heroes-365.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/2aQRGksrfc9F22z3rVNT7d/98edc1e5843744c884d0af0ea96a5baa/Tim_Gurner_Pentouse_Heroes-365.jpg" data-mce-style="height: 100%;"></div><div class="slider-el"><img style="height: 100%;" title="Tim_Gurner_Pentouse_Heroes-347.jpg" src="http://images.ctfassets.net/8pr762qjocl3/7s5Oo32wzpQAULCHSq4r1i/aa87cea769baa82e46750efb2b372689/Tim_Gurner_Pentouse_Heroes-347.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/7s5Oo32wzpQAULCHSq4r1i/aa87cea769baa82e46750efb2b372689/Tim_Gurner_Pentouse_Heroes-347.jpg" data-mce-style="height: 100%;"></div><div class="slider-el"><img style="height: 100%;" title="Tim_Gurner_Pentouse_Heroes-311.jpg" src="http://images.ctfassets.net/8pr762qjocl3/63toiDdjiG63B9I9nQnTgB/275b9d3031801f30b21cc11a1ca6340a/Tim_Gurner_Pentouse_Heroes-311.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/63toiDdjiG63B9I9nQnTgB/275b9d3031801f30b21cc11a1ca6340a/Tim_Gurner_Pentouse_Heroes-311.jpg" data-mce-style="height: 100%;"></div><div class="slider-el"><img style="height: 100%;" title="Tim_Gurner_Pentouse_Heroes-219.jpg" src="http://images.ctfassets.net/8pr762qjocl3/4LVxx8knU2n3w4Qs5zVkxk/7e6f85b8ffebe14f141f22c0c2335f8a/Tim_Gurner_Pentouse_Heroes-219.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/4LVxx8knU2n3w4Qs5zVkxk/7e6f85b8ffebe14f141f22c0c2335f8a/Tim_Gurner_Pentouse_Heroes-219.jpg" data-mce-style="height: 100%;"></div></image-carousel></div></div> Gurner said he wanted to be original when Saint Moritz was initially designed.“When we launched Saint Moritz, we set out to create something that simply did not yet exist in the market, something that had no comparable sales or properties, something that was only emulated in five star resorts in places like New York, Miami or London,” Gurner said.“The result is like having your own private-day spa retreat downstairs.”Gurner expects interest from local and international buyers, who would also have access to the building’s luxury private club facilities.These include Samsara, a health and wellness facility with an underground pool, cryotherapy chambers, float tanks, private bookable spa and treatment rooms, salt rooms and on-call treatment practitioners and services.There is also a BMW 7-series car and private driver bookable for residents’ use, a full-time concierge and valet, a 12-seat private cinema, 16 fulltime staff, an underground champagne bar and wine room, and other services such as dog washing and grooming, housekeeping, laundry and private dining and catering.&nbsp;

With a curved staircase, an infra-red sauna, and massive views of Port Phillip Bay, Tim Gurner's private residence at St Kilda is now up for sale...

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