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<p>Two months after filing plans for a dual-tower residential development on the Gold Coast, property giant Stockland has put the Hope Island site on the block.</p><p>It has been listed and taken to market by Colliers in an expressions of interest campaign.&nbsp;</p><p>The 4639sq m waterfront site is along a former boulevard of broken dreams at the northern end of the Glitter Strip.</p><p>It is part of a 3.3ha holding previously envisioned by fallen Gold Coast entrepreneur John Fish as a $1-billion town centre precinct, including upmarket retail outlets, restaurants, a private school and medical precinct.</p><p>Stockland swooped on the parcel straddling Marina Quays Boulevard back in 2017, acquiring it for $13.5 million from administrators of Fish Developments.</p><p>Subsequently, it has developed a $60-million townhouse project along its 180m north-facing frontage to Hope Island canal.</p><p>The townhouses surround the remaining vacant site, one block back from the canal, that Stockland has put up for sale.</p><p>Under <a data-mce-href="https://www.theurbandeveloper.com/articles/stockland-hope-island-twin-towers-da" href="https://www.theurbandeveloper.com/articles/stockland-hope-island-twin-towers-da" target="_blank">a development application lodged in September</a> with the Gold Coast City Council, Stockland has earmarked the site for two towers rising 10 storeys (33m) and comprising 122 one, two, three and four-bedroom apartments.</p><div id="58Qp6Vobd0USVdMDjzGnWE"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5KjkdBQgRno2sFiFqswy3M/ba23a4b56ecb6c7162ccbcfb1e026801/1__6_.jpg" alt="Aerial view of the vacant site at Marina Quays Boulevard, Hope Island." data-mce-src="//images.ctfassets.net/8pr762qjocl3/5KjkdBQgRno2sFiFqswy3M/ba23a4b56ecb6c7162ccbcfb1e026801/1__6_.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Aerial view of the vacant site at Marina Quays Boulevard. Source: Nearmap<br><br></span></div></div><p>Th proposal also includes 1042sq m of podium-top landscaped communal open space with a swimming pool, sunbeds, deck, barbecue and seating nook areas.</p><p>On the ground level, retail-commercial tenancies with a gross net lettable area totalling 1000sq m fronting Marina Quays Boulevard have been integrated into the DKO Architecture-designed scheme.</p><p>As well, two levels of carparking for 287 vehicles would be provided across the basement and lower podium.</p><p>While the application is still undergoing development approval evaluation, the site is being offered as a “premium development opportunity” with potential alternate uses under its centre zoning.</p>

Two months after filing plans for a dual-tower residential development on the Gold Coast, property giant Stockland has put the Hope Island site on the block...

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<p>A site approved for a hotel in Melbourne’s inner south-east has come to market and is expected to fetch around $10 million.</p><p>The property, held by development company Mantello Holdings, at 1-3 Harcourt Parade, Cremorne, has DA approval for a 96-key hotel development.</p><p>The 785sq m site currently has income from carparking and a billboard—with views of it from Punt Road and the M1, it is one of Melbourne’s most prominent billboard sites, allowing for dual income, according to the agents.</p><p>&nbsp;CBRE’s Scott Callow and Aston Commercial’s Jeremy Gruzewski are managing the sale via an expression-of-interest campaign due to close on November 16, 2023.</p><p>&nbsp;“Cremorne is the ideal location for a new boutique hotel,” Callow said.</p><div id="4KHPZ9xF8hBs99mRsra1GL"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6eQHrF6jXCKtuAWxuZEoLU/df0139dc0898ffb50e9d48eb74aee5cf/CBRE_-_1-3_Harcourt_Parade_-_Aerials_-_V13__1_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6eQHrF6jXCKtuAWxuZEoLU/df0139dc0898ffb50e9d48eb74aee5cf/CBRE_-_1-3_Harcourt_Parade_-_Aerials_-_V13__1_.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ A render of a hotel approved for the site at Cremore that is now for sale. <br><br></span></div></div><p>“Close to Melbourne’s sport and entertainment precinct as well as the CBD and its more recent office developments, the hotel would be able to capitalise on the corporate and leisure market.</p><p>“The rather unusual investment income from a hotel operation and substantial digital signage makes this a development with added appeal, and we are expecting interest from onshore and offshore investors and hotel operators.”&nbsp;</p><p>Gruzewski said there had been significant redevelopment of commercial office buildings in Cremorne, increasing the workday population.</p><p>“Add to this the proximity to Melbourne’s sporting precinct and it makes it the right time for a hotel to service the demand,” he said.</p><p>Last month in the same suburb and 20 years after he acquired it, a Sydney businessman put an <a data-mce-href="https://www.theurbandeveloper.com/articles/melbourne-cremorne-victoria-industrial-site-listing" href="https://www.theurbandeveloper.com/articles/melbourne-cremorne-victoria-industrial-site-listing" target="_blank" rel="noopener">8000-square-metre-plus office site </a>on the banks of the Yarra River up for sale.</p><p>Industry commentators at the time said the island site at Cremorne—with four street frontages and commanding views of the Melbourne cityscape—would fetch $80 million to $100 million.</p><p>In May,&nbsp;Time &amp; Place and joint-venture partner MaxCap Group were&nbsp; <a data-mce-href="https://www.theurbandeveloper.com/articles/time-place-maxcap-cremorne-office-melbourne-approved" href="https://www.theurbandeveloper.com/articles/time-place-maxcap-cremorne-office-melbourne-approved" target="_blank" rel="noopener">greenlit for their nine-storey office tower</a> on a 2678sq m site at 75-119 Cubitt Street, while in April the City of Yarra council approved <a data-mce-href="https://www.theurbandeveloper.com/articles/riverlee-cremorne-office-project-approval" href="https://www.theurbandeveloper.com/articles/riverlee-cremorne-office-project-approval" target="_blank" rel="noopener">Riverlee’s nine-storey office tower</a> at 99 Green Street.</p><p>And in January, plans for a <a data-mce-href="https://www.theurbandeveloper.com/articles/fitzroy-cremorne-hotel-development-application" href="https://www.theurbandeveloper.com/articles/fitzroy-cremorne-hotel-development-application" target="_blank" rel="noopener">12-storey mixed-use building</a> with ground-level commercial and a hotel above short-stay accommodation were filed for 14-18 Cremorne Street.</p>

The 785sq m site in Melbourne’s Cremorne presents a fairly unusual dual-income opportunity thanks to its location next to two busy roads…

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<p>One of billionaire hotelier Sam Arnaout’s regional NSW hotels, complete with an approved DA to develop the site into a residential tower, has come to market.</p><p>The property at Coffs Harbour, about 500km north of Sydney, is one of two Ibis Budget hotels owned by Arnaout’s Iris Capital being sold.</p><p>The other is at Dubbo, about 400km west of the NSW capital. They are being offered as in-one-line or individually.</p><p>Iris Capital who acquired the hotels as part of the 17-asset AccorInvest Portfolio in 2021. </p><p>“Our group has evolved considerably in the past couple of years headlined by major development projects in Newcastle and the Gold Coast,” Arnaout said. </p><p>“It made sense to capitalise on investor interest and re-direct the proceeds into the core focus and future of our business.”</p><p>JLL Hotels &amp; Hospitality’s Andrew Langsford, Nick Roche and Taylor O’Brien are marketing the properties via an expressions-of-interest campaign.</p><p>The Ibis Budget Coffs Harbour features 70 guest rooms, reception, restaurant, outdoor swimming pool and onsite parking and is within the Coffs Harbour CBD and close to the Pacific Highway and Harbour Drive.</p><p>The property has a development application before the Coffs Harbour City Council to redevelop the 3205sqm freehold site.</p><p>Proposed is a mixed-use development comprising 98 apartments in one, two and three bedrooms, 137 carparking spaces and one commercial unit.</p><p>The development application was lodged by Iris Hotels Coffs Harbour Property—its director is Sam Arnout, who has an estimated worth of $2.3 billion.&nbsp;</p><div id="6xOjIgfPJtFZOzUmhEbXKh"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7mKmQ3NFUWsoHPKc487q5V/a863eb95aea230c5b48a65fa728fc49a/Mid_article_resizes__77_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/7mKmQ3NFUWsoHPKc487q5V/a863eb95aea230c5b48a65fa728fc49a/Mid_article_resizes__77_.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Iris Capital head Sam Arnaout and the Coffs Harbour Ibis hotel.<br><br></span></div></div><p>The Ibis Budget Dubbo comprises 65 guest rooms, reception, restaurant, swimming pool and onsite parking.</p><p>Both properties are managed by Accor, however, vacant possession is available upon sale.</p><p>Begun in 1995, <a data-mce-href="https://cse.google.com/cse?cx=756112276a0564662" href="https://cse.google.com/cse?cx=756112276a0564662" target="_blank" rel="noopener">Iris Capital</a> had by 2006 acquired 13 hotels. Its holdings include Ibis hotels in NSW, Queensland and the ACT, including Canberra, Fawkner, Dandenong, Brisbane Airport, Newcastle, St Peters, Enfield, Wentworthville, Liverpool, and Campelltown.</p><p>It also holds 35 pubs and two casinos, in Alice Springs and Canberra. Iris has residential developments in Queensland and NSW in its pipeline, including <a data-mce-href="https://www.theurbandeveloper.com/articles/iris-capital-queensgate-potts-point-amendments-filed" href="https://www.theurbandeveloper.com/articles/iris-capital-queensgate-potts-point-amendments-filed" target="_blank" rel="noopener">Potts Point</a>.</p>

Two of Sam Aranout’s 17 Ibis hotels are being offered for sale in NSW, one with approval for a 98-apartment tower…

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<p>One of beleaguered developer Toplace Group’s sites, in Sydney’s Hills District, has come to market.</p><p>The 4.3ha site at Box Hill, about 48km north-west of the Sydney CBD, has approval for a a 22,843sq m shopping centre and 660 apartments.</p><p>Sydney developer Jean Nassif’s Toplace Group went into voluntary administration earlier this year, sparked by the developer’s building arm going into voluntary administration at the start of July in the wake of its licence being suspended, which was followed by more than 64 subsidiaries going under.</p><p>In July, administrators DVT Group said it was investigating assets and liabilities “well in excess of $1 billion”.</p><p>“The voluntary administration of Toplace may well be among one of the largest property administrations in Australia,” a spokesperson said at the time.</p><p>Receivers and managers Joseph Hansell and David McGrath, with their NSW real estate solutions lead Glen Smith of FTI Consulting, are now selling the site.</p><p>CBRE’s James Douglas, Ben Wicks and Alex Mirzaian, with Knight Frank’s Mark Litwin, Graeme Russell and Chris Maher, are conducting the on-market campaign.</p><p>The site at 29-31 Terry Road “provides a rare opportunity to secure a full line supermarket development opportunity with a complementary residential component” a spokesperson said.</p><p>The site also “benefits from a lease commitment from leading ASX-listed supermarket operator Coles Group, with strong tenant and leasing interest having also been shown across the project’s speciality component”.</p><div id="2d6556gdNt9epPaNlYWv2q"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1Y0BbCimDNGr0AwGSlINoW/21f794eebc2e431916360d471eba78b4/2.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/1Y0BbCimDNGr0AwGSlINoW/21f794eebc2e431916360d471eba78b4/2.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ A render of the shopping centre approved for the site at Box Hill. Main image: The centre and Jean Nassif.<br><br> </span></div></div><p>CBRE’s Wicks said the listing was expected to generate significant interest from traditional retail and mixed-use investors, supported by the site’s rapidly growing trade area.</p><p>“The residential market in north-west Sydney continues to demonstrate consistent growth in value, primarily driven by robust demand, reduced supply and investor activity being experienced within the macro market,” Wicks said.</p><p>Knight Frank’s Maher said town centre opportunities in Sydney growth centres are increasingly hard to acquire, “particularly those that integrate the kind of residential development capable at 29-31 Terry Road”.</p><p>Box Hill is a major growth area for Sydney’s north-west and is forecast to contribute about 12 per cent of the homes needed within Sydney over the next 20 years, accommodating some 90,000 new homes and a population of up to 250,000 people. </p><p>In March, Nassif put <a href="https://www.theurbandeveloper.com/articles/toplace-director-s-mascot-site-on-the-block-amid-court-battle" data-mce-href="https://www.theurbandeveloper.com/articles/toplace-director-s-mascot-site-on-the-block-amid-court-battle">his 1.64ha site near Sydney Airport</a> up for sale.</p><p>Nassif was granted a permit for a 96-room hotel and 444 serviced apartments across the agglomerated site and the agents said it was a develop or hold asset in a strongly contested area that he reportedly acquired for $32 million from Dexus in 2015, later buying a site at Mascot to create the holding.</p>

A site in Sydney’s north-west held by Toplace Group is for sale as the fall-out from its voluntary administration continues…

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<p>South Molle Island is on the block as the Whitsundays asset sell-off continues.</p><p>China Capital Investment Group (CCIG) has listed the island in Queensland’s tropical north amid heightened investor interest in Queensland’s Whitsunday Islands.</p><p>Known for its white sand beaches, clear waters and secluded bays, South Molle is the largest island in the Molle Group archipelago and one of the closest major islands to the mainland, offering strong transport connectivity benefits.</p><p>The listing included combined development parcels totalling about 28ha of beachfront and island centre land across perpetual and long-term leasehold lots.</p><p>CBRE Hotels’ Raymond Tran, Wayne Bunz and Tom Gibson have been appointed to manage the international expression-of-interest campaign for the leasehold interest in the island, which was once home to the 188-room Adventure Island Whitsunday resort.</p><p>The listing of South Molle comes after a recent flurry of Whitsunday Island transactions, with Lindeman, Dunk, Lizard, Long and Hook islands all changing hands during the past two years.</p><p>In May last year, Sydney hotelier&nbsp;<a href="https://www.theurbandeveloper.com/articles/sydney-hotelier-glenn-piper-hook-island-whitsundays-capricorn-sands" data-mce-href="https://www.theurbandeveloper.com/articles/sydney-hotelier-glenn-piper-hook-island-whitsundays-capricorn-sands">Glenn Piper bought the Hook Island Lodge&nbsp;</a>leasehold, while Annie Cannon-Brookes, wife of tech billionaire Mike,&nbsp;<a href="https://www.theurbandeveloper.com/articles/tech-billionaire-dunk-island-atlassian" data-mce-href="https://www.theurbandeveloper.com/articles/tech-billionaire-dunk-island-atlassian">bought the abandoned tropical island</a>&nbsp;resort of Dunk Island in July.</p><p>And then in November, Lindeman Island was purchased by Queensland property developer Shaun Juniper, with plans to transform the former Club Med site into a six-star luxury health retreat.</p><p>A year earlier, Andrew ‘Twiggy’ Forrest and his wife Nicola’s private investment company, <a href="https://www.theurbandeveloper.com/articles/twiggy-forrest-buys-lizard-island-for-42m" data-mce-href="https://www.theurbandeveloper.com/articles/twiggy-forrest-buys-lizard-island-for-42m">Tattarang, splashed $42 million </a>for Lizard Island.</p><p>Tran said the opportunity to acquire South Molle Island “provides investors with the ability to redevelop the asset in line with other nearby successful luxury resorts, such as Qualia Hamilton Island, or to provide a more experiential offering including boutique villas or glamping sites”.</p><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="2.jpg" src="http://images.ctfassets.net/8pr762qjocl3/3WSUOXqurjbpHZHIT4m2F6/3dd235b52ec4897d6bac535c33441c3c/2.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/3WSUOXqurjbpHZHIT4m2F6/3dd235b52ec4897d6bac535c33441c3c/2.jpg" data-mce-style="height: 100%;"></div><div class="slider-el"><img style="height: 100%;" title="3.jpg" src="http://images.ctfassets.net/8pr762qjocl3/3RhO9ITTaL8qGlypfEPRXw/06c12e8fad04867e2e56b81850d28f8a/3.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/3RhO9ITTaL8qGlypfEPRXw/06c12e8fad04867e2e56b81850d28f8a/3.jpg" data-mce-style="height: 100%;"></div><div class="slider-el"><img style="height: 100%;" title="1.jpg" src="http://images.ctfassets.net/8pr762qjocl3/6VJ58zmEZuDVh5Eo8Rcicx/79800dc6ad54f9acd59be1d94838fc28/1.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/6VJ58zmEZuDVh5Eo8Rcicx/79800dc6ad54f9acd59be1d94838fc28/1.jpg" data-mce-style="height: 100%;"></div></image-carousel></div></div><p><br>“The current owners have also undertaken a $10m redevelopment of the jetty, to allow for marine vessels to drop off and pick up island visitors, given its popularity as a Whitsundays destination for multiple yacht charters.”</p><p>The South Molle holding is accessed via the north-facing Bauer Bay, a popular anchorage for sailing yachts and catamarans as a transient stop for many Whitsunday charters.&nbsp;</p><p>“South Molle Island is one of the closest islands to the coast of Queensland and is close to Hamilton Island and Proserpine airports,” CBRE Hotels national director Bunz said.</p><p>“The Whitsunday region proved to be one of the most resilient markets through the pandemic.”</p><p>The expression of interest campaign closes on September 28, 2023 unless sold prior.</p>

The Great Barrier Reef island is the latest in the group to come to market as its international owners look to realise their asset…

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<p>Two DA-ready sites aimed at Victoria’s luxury market have come to market—one aimed at the high-end residential sector, the other at tourism.</p><p>In the state’s south, and opposite the 12 Apostles<a data-mce-href="https://www.theurbandeveloper.com/articles/road-trip-great-ocean-road-victoria-shipwreck-coast-masterplan" href="https://www.theurbandeveloper.com/articles/road-trip-great-ocean-road-victoria-shipwreck-coast-masterplan" target="_blank" rel="noopener"> along the Great Ocean Road,</a> a 79ha site is being offered for sale by an international expressions-of-interest campaign managed by Stonebridge Property Group and HTL Property.</p><p>The project has been estimated to be worth about $200 million.</p><p>Approved for the site is the Neil-Architecture-designed 12 Apostles Hot Springs and Resort, a project with a GFA of 4092sq m that includes 3363sq m of state-of-the-art bathing facilities, up to 150 luxury eco-pods for accommodation, a 12-room spa catering to public and resort guests, conference facilities for corporate and private events, multiple food and beverage operations, an amphitheatre and visitor centre, and on-grade carparking.</p><p>The project has been “significantly de-risked” with planning approval, a thermal bore license, EPA approval and a conditional state government grant for more than $7 million, according to a spokesperson.</p><p>“The 12 Apostles is one of the most visited regional tourism attractions in Australia but there is limited accommodation or other complementary experiences in the precinct, making this an incredibly rare development and business opportunity,” Stonebridge national partner Julian White said.</p><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="1.jpg" src="http://images.ctfassets.net/8pr762qjocl3/1OOu4anA46JuZRoyp4adPu/9646dbf1bc8534b7c771e5c1404f5cc7/1.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/1OOu4anA46JuZRoyp4adPu/9646dbf1bc8534b7c771e5c1404f5cc7/1.jpg" data-mce-style="height: 100%;"></div><div class="slider-el"><img style="height: 100%;" title="2.jpg" src="http://images.ctfassets.net/8pr762qjocl3/61KkwH0bMKkACaop81DAPC/cc64c36cb549040f21cb6a8b74118d93/2.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/61KkwH0bMKkACaop81DAPC/cc64c36cb549040f21cb6a8b74118d93/2.jpg" data-mce-style="height: 100%;"></div></image-carousel></div></div><p><br>HTL Property managing director Andrew Jolliffe said that with domestic and inbound tourism levels rebounding sharply, “experiential assets with unrepeatable magnets such as the inimitable 12 Apostles are as rare as they are sought-after investment opportunities”.</p><p>“And in respect of both the scale and dress circle positioning of this development, I can’t recall a more compelling long-term tourism investment so meticulously curated for a successful purchaser,” he said.</p><p>The expressions-of-interest campaign by Stonebridge Property Group’s Julian White and Chao Zhang, and HTL Property’s Andrew Jolliffe and Andrew Jackson closes on September 8, 2023 at 2pm.</p><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="3.jpg" src="http://images.ctfassets.net/8pr762qjocl3/WjpVjbI5S5DNVZyuw0B0T/478c95a6ba0c12bf2e3b7aa36973d398/3.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/WjpVjbI5S5DNVZyuw0B0T/478c95a6ba0c12bf2e3b7aa36973d398/3.jpg" data-mce-style="height: 100%;"></div><div class="slider-el"><img style="height: 100%;" title="map_20230706 (1).png" src="http://images.ctfassets.net/8pr762qjocl3/7j9vDRuI9mtEj0TJcP1NN8/b325817fb51ac8a450048e8364d85992/map_20230706__1_.png" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/7j9vDRuI9mtEj0TJcP1NN8/b325817fb51ac8a450048e8364d85992/map_20230706__1_.png" data-mce-style="height: 100%;"></div></image-carousel></div></div><p><br>Meanwhile in Port Melbourne, a site opposite North Port Oval, home of the Port Melbourne Football Club, with permits and plans in place for a luxury apartment development is also being offered by an expressions-of-interest campaign.</p><p>The 967sq m site at 550 Williamstown Road, which is being marketed by Savills Australia and New Zealand for vendors Mondous Group, borders Australia’s largest urban renewal project, Fishermans Bend, and is close to supermarkets and the Bay Street retail area.</p><p>Market expectations are that the site will fetch north of $7 million.</p><p>Savills associate director Cam Zamora said the site had “immense potential as the offering includes plans for 32 luxury apartments plus retail, as well as the security of a short-term holding income available via an existing warehouse onsite”.</p><p>“The site is also an easy commute to the CBD via North Port light rail station, 150m away.”</p>

A spa resort approved for opposite Victoria’s 12 Apostles is one of the sites aimed at the top-end of the market…

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<p>Chinese investor NewCity Developments Group is looking to offload a last-of-its-kind site already approved for what would be among Melbourne’s tallest buildings.</p><p>Discussions are under way to find a partner, or to sell the key site.</p><p>NewCity, headquartered in the southern Chinese port city of Guangzhou, first won approval from the then-minister for planning for a twisting, multi-coloured, 69-storey glass tower on Melbourne’s Southbank in April of 2017</p><p>The plans called for a 233m hotel and apartment development on 1790sq m at 51-65 Clarke Street—a site in the middle of the South Melbourne lifestyle precinct, close to the Melbourne CBD and Crown Casino entertainment complex as well as the Melbourne arts confines.</p><p>Now, six years later, the developers are looking to sell all or part of the project.</p><p>NewCity managing director Michael Cao told&nbsp;<em>The Urban Developer</em>&nbsp;there were no immediate plans to begin construction.</p><p>“That will depend upon negotiations we are having with a build-to-rent operator,” he said.</p><p>“Currently we’re looking for a joint-venture partner, and we think a build-to-rent operator is possible.</p><p>“They would keep the apartments and use them as build-to-rent or build-to-sell,” Cao said.&nbsp;&nbsp;“We just want to keep the hotel.”</p><div id="5G6KlroZScU19THTADwVlf"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6VKU84V4SwWm4SyphARAew/c617d063109c355c6c172359aebba2a2/NewCity_2_Mid.jpg" alt="Artist's impression of the 69-storey tower." data-mce-src="//images.ctfassets.net/8pr762qjocl3/6VKU84V4SwWm4SyphARAew/c617d063109c355c6c172359aebba2a2/NewCity_2_Mid.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Plans for the 69-storey Southbank tower were first approved in 2017.</span></div><div><br></div></div><p>Cao said they were in discussions with one operator, via an agent, but no agreements had been signed. He would not name the operator.</p><p>Selling the entire project was also an option, he said.</p><p>“To be honest if an agent approached us with a very good offer, our head office has said they might consider it.&nbsp;&nbsp;We don’t want to go to public market, we don’t want to do that.&nbsp;&nbsp;We much prefer off-market.”</p><p>One property developer familiar with the project, but who would not be named, said the DA-approved site was likely to fetch between “the high $40s and low $50 million”.&nbsp;&nbsp;It is understood there is at least one offer on the table between those numbers.</p><p>Online documents show NewCity acquired the site in 2014, paying $30.4 million.</p><p>Twelve months ago the developer successfully sought amendments to the originally-approved plans.&nbsp;&nbsp;While the number of apartments and hotel keys continues to fluctuate—it is currently approved for 350 apartments and 220 rooms—the main change was in the building’s Elenberg Fraser architectural design.</p><div id="4vUb6R2kiluojpgrNfwTXs"><picture><img src="//images.ctfassets.net/8pr762qjocl3/37nlI2cKioLf9c5yMTJkpg/21984848de092bfb6622326ec6f258a2/NewCity_1_Mid.jpg" alt="An artist's impression of the original design for the 69-storey tower." data-mce-src="//images.ctfassets.net/8pr762qjocl3/37nlI2cKioLf9c5yMTJkpg/21984848de092bfb6622326ec6f258a2/NewCity_1_Mid.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Gone from the amended plans is the earlier twisting curvature of the of the Southbank tower.</span></div><div><br></div></div><p>While the buildings footprint, height and 53,313sq m of gross floor area remain much the same, the latest plans have done away with the twisting design.</p><p>Cao conceded the curvature in the building was a problem in terms of functionality, floor plates and building costs.</p><p>“Let’s say the updated amendment means the building will be more straightforward, and very different from the first time we applied for the permit,” he said.</p><p>Critically, under the latest amendments NewCity was given a two-year extension on the original permit, taking the starting date for the development to April 2026. And further adding value to an already key inner city development site.</p><p>At 323m, Australia 108—also in Southbank—is Melbourne’s tallest completed building.&nbsp;&nbsp;If built to current plans, NewCity’s Clarke Street development would be the 14th tallest in the city.</p>

Chinese investor NewCity Developments Group is looking to offload a last-of-its-kind site already approved for what would be among Melbourne’s tallest buildings.

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<p>Australia’s leading industrial and logistics property managers are expected to join a diverse group of investors looking to pick up 40ha of farming land, slightly more than a kilometre from a planned major freight terminal north of Melbourne.</p><p>The 37.79ha parcel at 2451 Epping-Kilmore Road in Wallan is almost next to the proposed Beveridge Intermodal Freight Terminal—destined to be among the biggest freight hubs in the country.</p><p>The privately owned property is being brokered by LAWD real estate agent under an expression-of-interest campaign.</p><p>Late last month the Federal government completed its of 1100ha in Beveridge, about 45km north of the Victorian capital, intending to develop an $1.62-billion intermodal freight terminal for Melbourne’s Inland Rail project.</p><p>The Beveridge Intermodal Freight Terminal, or BIFT, is one of two key freight hubs being proposed in Victoria.&nbsp;&nbsp;Truganina—20km west of the city centre—is the other.&nbsp;&nbsp;The two terminals will provide critical support to the government’s long-term strategy to move freight from road to rail.</p><p>LAWD Director Paul Callanan said the fully integrated terminal was expected to be operational by 2028-29, enabling freight services to operate across Melbourne and through to Sydney, Brisbane and Perth.</p><p>“This site offers an exceptional land banking opportunity based on the strength of the industrial market and the importance of freight services in the context of supply chain security,” he said.&nbsp;</p><p>The site has a 450m frontage to Epping-Kilmore Road, and access to the Hume Freeway.</p><p>Callanan would not be drawn on what the strategically positioned property might fetch on the market, but recent sales in the area suggest it could go for up to $15 million.</p><div id="1enX0cLL7FD3BeB7Ub0liz"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2FA4kfjsVEoAlmjh3o9irW/5ca691e0b8e290b00dbeff6ed95ef034/Wallan_Farmland_Mid.jpg" alt="The Eastern seaboard's inland rail project.  It is likely the land will be turned to industrial use, and given its closeness to the proposed Beveridge Freight terminal, be much sought-after my investors.  " data-mce-src="//images.ctfassets.net/8pr762qjocl3/2FA4kfjsVEoAlmjh3o9irW/5ca691e0b8e290b00dbeff6ed95ef034/Wallan_Farmland_Mid.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Land around the multi-billion-dollar inland rail project, and particular that near a freight terminal, is likely to be much sought-after by investors.</span></div><div><br></div></div><p>Twelve months ago the Mitchell Shire Council—one of the fastest-growing municipalities in Victoria—announced the Federal government had agreed to provide $280 million for critical infrastructure in the area, including the Camerons Lane Interchange on the Hume Freeway.</p><p>The shire said at the time the interchange would unlock more than 30,000 homes, and along with the freight terminal, support up to 20,000 jobs.</p><p>“That’s a critical piece of infrastructure,”&nbsp;&nbsp;Callanan told <em>The Urban Developer</em>.</p><p>“And all of these commitments from Federal government seem to be putting a real focus on this area.</p><p>“We've had a variety of interest from both medium-scale and large-scale private developers, investors as well as syndicates looking at it. So, it's been a broad mix of prospective purchasers.”</p><p>In April this year a&nbsp;<a href="https://www.theurbandeveloper.com/articles/inland-rail-report-2023-freight-terminals-east-coast-australia" data-mce-href="https://www.theurbandeveloper.com/articles/inland-rail-report-2023-freight-terminals-east-coast-australia">scathing review of the 1700km Inland Rail project&nbsp;</a>revealed massive cost blowouts, lengthy delays and a management team without the necessary skills for the job.</p><p>The report by Australia’s former Energy Security Board chairperson Dr Kerry Schott said the cost of the federally funded project—which will build a continuous freight line from Queensland to Victoria—has almost doubled in the past two years, and now tallies $31.4 billion.</p><p>However, Schott’s report made clear the two Victorian freight terminals were long overdue.</p><p>A Victorian government spokesperson was equally clear that Truganina and Beveridge were both needed “to deliver better outcomes for Victorian businesses and the community”.</p><p>The Victorian government included $6.1 million in its 2022-23 budget for planning of the Western Interstate Freight Terminal (WIFT) as the priority location.</p><p>The expressions-of-interest campaign for the Walla farmland closes on July 19.</p>

Australia’s leading industrial and logistics property managers are expected to join a diverse group of investors looking to pick up 40ha of farming land, slightly more than a kilometre from a planned major freight terminal north of Melbourne.

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<p>More than 70 private owners of the Potts Point Central Apartment Hotel have banded together to list the historic Art Deco brick building.&nbsp;</p><p>The strata-titled hotel at 15 Springfield Avenue is being sold in-one-line with vacant possession and is expected to fetch about $35 million.&nbsp;</p><p>The former Bernly Private Hotel was built in 1937 by F. J. Berne and during World War II became the Bernly American Red Cross Officer’s Club.&nbsp;</p><p>In 1979 it was known as The Manzil Room, an iconic Kings Cross rock music venue that hosted hundreds of gig by such acts as the Hoodoo Gurus, Paul Kelly and Pseudo Echo.&nbsp;</p><p>The four-star hotel comprises 70 serviced apartments, averaging 23sq m, a ground floor food and beverage outlet and a rooftop public amenity with views of Sydney’s CBD.</p><p>CBRE Hotels’ Tom Gibson and CBRE Capital Markets’ Harry George and Angus Windred are managing the sale via an expression-of-interest campaign.</p><p>“This is an opportunity to acquire a strategic foothold in Sydney—one of Asia Pacific’s most sought-after and tightly held hotel investment markets,” Gibson said.</p><p>“Given that the hotel is offered with vacant possession, the incoming purchaser is afforded the flexibility of either partnering with one of the leading hotel managers that have expressed interest to operate it, or to alternatively run the hotel under their own positioning.</p><p>“Sydney has welcomed multiple iconic boutique hotels in recent years, and with a thoughtful renovation Sydney Potts Point Central Apartment Hotel has the ability to establish itself as a leading boutique hotel with its excellent connectivity to the Sydney CBD and surrounding demand drivers.”</p><p>CBRE Capital Markets’ Harry George said the hotel could also be positioned as luxury residences with a 30 per cent rental growth forecast in the area in the next five years.&nbsp;</p><p>CBRE’s Capital Markets team has been a leader in strata amalgamations within the Sydney CBD and city fringe.&nbsp;</p><p>The team has amalgamated about 150 strata lots across five buildings in the past two years, including 104-118 Clarence Street, which forms part of Justin Hemmes’ Merivale development site.&nbsp;</p>

More than 70 private owners of the Potts Point Central Apartment Hotel have banded together to list the historic Art Deco brick building in-one-line... 

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<p>Legacy Property Group is offloading its DA-approved 20-storey mixed-use project in Sydney’s north-west.</p><p>An expressions-of-interest campaign closes this week for the 2500-sq-m site, with permission for 132 apartments, five levels of basement parking plus ground-floor retail.</p><p>Legacy’s head of strategy and acquisitions Mike Williams said the sale was part of a broader pipeline management exercise, and that the developer would now concentrate on a bigger, neighbouring development in the same street.</p><p>“There are a lot of groups at the moment that don’t have sites on their books or pipelines are looking fairly bad,” Williams said.</p><p>“We think there’s a number of sophisticated groups which recognise that, and so a DA-approved site gives them an opportunity to capitalise on the underlying demand and lack of supply.”</p><p>Savills Australia is brokering the sale of the site—about 12km north-west of downtown Sydney— which has a primary frontage at 14-16 Cottonwood Crescent and secondary frontage to Waterloo Road.&nbsp;&nbsp;The Macquarie shopping centre and Macquarie University’s main campus entrance are within 250m of the block.</p><div id="49sFALQOs1yLfYpLcEDQIq"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7nRYNxj3UbgiPRav7Yx4IN/60d98aadfd5b182c25d4e2e6210c3543/Legacy_Approval_Mid__Long_.jpg" alt="An artist's impression of the pre-approved, mixed-use tower in Cottonwood Crescent." data-mce-src="//images.ctfassets.net/8pr762qjocl3/7nRYNxj3UbgiPRav7Yx4IN/60d98aadfd5b182c25d4e2e6210c3543/Legacy_Approval_Mid__Long_.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Legacy says it will now concentrate on a bigger, neighbouring development in the same street.</span></div><div><br></div></div><p>The approved development application allows for 10 studio apartments, 29 one-bedroom, 79 two-bedroom, and 14 three-bedroom apartments.</p><p>The project has estimated construction costs of $67.5 million.</p><p>Legacy first began amalgamating the 36 units that make up the site in 2017, but ultimately lost out to Chinese developer, Visionary Investment Group.&nbsp;&nbsp;But when VIG was unable to complete the deal, Williams said, Legacy re-engaged with the owners.</p><p>“From our perspective there was a hiatus of more than two years before we were able to pick up the pieces,” he said.&nbsp;&nbsp;“Now we have the opportunity to realize the value we've created in that site through the amalgamation and the DA.”</p><p>Williams said there had been a lot of interest in the site, mainly from local builders and developers.</p><p>Legacy would now concentrate on a second MacQuarie Park site—about 5000sq m, also in Cottonwood Crescent, which they expect to realise about 270 apartments.</p><p>Legacy said it had built or was building more than 5600 dwellings with a combined value of about $3.5 billion in the greater Sydney area.&nbsp;</p>

Legacy Property Group is seeking to offload a development-approved 20-storey mixed-use project in Sydney’s north-west.

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<p>Hopes are high a penthouse in Brisbane’s South Bank will smash the city’s apartment sales record.</p><p>The 891sq m penthouse atop the 21-storey Emporium building on Grey Street has been brought to the market via an expressions-of-interest campaign by YPM Group, who has put forward a price expectation in the neighbourhood of $30 million.</p><p>The current apartment record sale in Brisbane was for an off-the-plan penthouse at New Farm, which sold in February for $16.5m, while YPM Group sold an off-the-plan penthouse at Toowong $13.6m in March, setting a $35,000per sqm record for the river city, according to the agent. </p><p>YPM Group director Bryce O’Connor said the never-before-listed penthouse “sets benchmarks for opulence as Brisbane’s luxury penthouses soar in popularity”.</p><div id="o3YDeVcrZf3NG9ePMsq4j"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5qZhIOLD7HcerVQGwrrKG0/e91b50ddce824df9b4118fbfcd1a3d48/Emporium_Penthouse_city_views__1_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/5qZhIOLD7HcerVQGwrrKG0/e91b50ddce824df9b4118fbfcd1a3d48/Emporium_Penthouse_city_views__1_.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ The penthouse has panoramic view of the city from the 21st floor.<br><br> </span></div></div><p>The penthouse, which has been held by the same owners since completion in 2018, was previously available for $15,000 a night, hosting visiting pop stars and A-list celebrities.</p><p>“The Emporium Residences penthouse represents the pinnacle in grandeur with the best in design, finishes and service, elevating it to a level above Brisbane’s best,” O’Connor said. </p><p>“Sitting atop one of Queensland’s leading hotel residences, this penthouse brings the trimmings of a 5-star luxury hotel with lifestyle additions that rivals those enjoyed by the upper echelon in international cities like New York and Hong Kong. </p><p>“Services available include concierge, housekeeping, hotel amenities, breakfast to your door, use of a personal in-house chef, in room massage, and a bed turndown service are at your beck and call 24 hours a day.”</p><div id="2Iw4PxfCdXvHJvefEZVcWt"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6bqWgNJW6rfON97ZV6NxO9/a51dac7edc5ac2230aac91020e575907/Emporium_Penthouse_infinity_pool__1_.JPG" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6bqWgNJW6rfON97ZV6NxO9/a51dac7edc5ac2230aac91020e575907/Emporium_Penthouse_infinity_pool__1_.JPG"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ A 15m infinity edge pool is among the highlights of the penthouse.<br><br></span></div></div><p>The four-bedroom, three-bedroom penthouse features a 15m infinity edge Italian-mosaic-tiled rooftop pool, 82m of north and east facing frontage and outdoor space with adjoining billiard/entertainment room and bar, private lift access, and a 5000-bottle wine bottle cellar in the six-car basement garage.</p><p>“Brisbane produces world-class properties in a city that embraces community, an outdoor lifestyle coupled with some serious business achievements,” O’Connor said. </p><p>“Apartments in the Emporium Residences are sought after and rarely come on the market with owners desiring the Emporium community coupled with the respected privacy provided. </p><p>“We believe demand is increasing for luxury apartments in Brisbane. And though there is quality product on the way, it is limited, meaning offerings like the Emporium Residences penthouse with attract plenty of interest from those who desire only the best.” </p>

Sitting on the 21st floor on top of a luxury hotel, hopes are high this Brisbane property will fetch north of $30 million…

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<p>A “rare and city-shaping” block has come to market in the nation’s capital.</p><p>The site, spanning almost 2ha, is next to City Hill and is part of the ACT government’s renewal of Canberra’s city centre.</p><p>The permit-approved site is mooted to become a new gateway to the city centre from the south with a focus on residential and retail space.</p><p>JLL is handling the sale, via an international expressions-of-interest campaign, for the land, Block 1 Section 121 City.</p><p>JLL&nbsp;managing director, ACT Tim Mutton&nbsp;said that with frontages to London Circuit, Edinburgh Avenue, Vernon Circle and Commonwealth Avenue, the block “is one of the most significant development sites to come to market in Canberra’s history”.</p><p>“Land release offerings have been extremely rare within the central city area, let alone one of this scale.</p><p>“The site provides 18,959sq m of prime development land and presents an opportunity for developers to create something that will become part of the history of Canberra’s renewal.”</p><p>The Canberra City Centre is currently going through its biggest transformation in recent memory. As the population grows and the ACT government delivers on its urban densification goals, the city centre continues to be Canberra’s biggest beneficiary, Mutton said.</p><p>Ongoing investment from private and public organisations has delivered the first stage of light rail, a new Magistrates Court and award-winning developments such as Constitution Place and Civic Quarter.</p><p>The ACT government also committed $28.477 million to the design of a world-class arts and entertainment precinct in Civic Square.</p><p>&nbsp;“The sale conditions will ensure a sustainable and high-quality development fitting of its significant city centre location,” Mutton said.</p><p>“The new development can feature a combination of residential accommodation and retail space, as well as potentially office or hotel space.”</p><p>The expressions-of-interest campaign closes July 4.</p>

The site, spanning almost 2ha, is part of the ACT government’s multi-million-dollar City Centre renewal program…

LISTINGS