A Bawlyn apartment development that counts billionaire James Packer as one of its interested parties, has been approved.

Packer's name features in a long list of company directorships that tie him to a new $32 million apartment development in one of Melbourne's leafiest suburbs, a suburb where new apartment developments are a dime a dozen.

A tangled web of investors shows Packer's Consolidated Press International Holdings Limited investment vehicle as the ultimate holding company for Sharland Holdings, which shows an interest in the entity NPG MALEELA PTY LTD, the name on the development application.

The project will be developed by Chapter Group, with the Lefkos family name in the directorships of the main company, in a joint venture with&nbsp;Gersh Investment Partners.

The VCAT approval, secured in 10 days, paves the way for a three-level, Cera Stribley-designed building on a prime&nbsp;3,862 sqm site at 23 Maleela Avenue, just set back from Whitehorse Road between Balwyn and Deepdene.

The design, submitted to the Boroondara Council, aims to reflect the character of Balwyn, a suburb known for its architectural diversity.&nbsp;

The building will include two and three-bedroom apartments, with 18 different floorplans across the 31 residences.&nbsp;

The two-bedroom apartments will range in size from 114 sqm to 140 sqm, while the three-bedroom apartments start at 150 sqm.&nbsp;

At the top end, three penthouses will span between 310 sqm and 361 sqm, each featuring three master suite bedrooms and two living rooms.

Cera Stribley Architects stated that the design takes inspiration from the surrounding area, referencing Balwyn's eclectic mix of architectural styles, including Georgian Revival, Moderne, and Tudor Revival homes.&nbsp;

The articulation of the building will respond directly to the adjacent residential architecture, with the southern portion of the building grounded on the highest point of the site and horizontal planes flowing northward.&nbsp;

Landscaping by Jack Merlo will further integrate the development with its surroundings.

The development reflects the growing demand for diverse housing in established premium suburbs like Balwyn, which has seen an influx of new and emerging apartment projects.&nbsp;

The development aims to offer a range of housing options, particularly for families seeking access to this coveted area.&nbsp;

The project continues Chapter Group’s recent successes, including their <a href="https://www.urban.com.au/news/vic/confidence-in-melbournes-off-the-plan-apartment-market-soars-with-record-10-million-fitzroy-sale">record-setting sale of a penthouse</a> in Fitzroy for over $10 million.

Joel Robinson

First look: Balwyn apartment development with links to billionaire James Packer approved

Maroochydore is set for a rare new development a stone's throw from the Maroochy River.

<a href="https://www.urban.com.au/developers/rocking-horse-construction">Rocking Horse Constructions</a>&nbsp;has been given the green light by the Sunshine Coast Council to developer&nbsp;El Parasol, a new 12-level apartment with 53 apartments.

<a href="https://www.urban.com.au/architects/ferro-chow-architects">Ferro Chow Architecture</a>&nbsp;has designed the building at&nbsp;15-17 Ocean Street. The designs units have been inspired by the surrounding ocean and the dynamic lifestyle of the area, the architecture firm says.

<a href="https://www.urban.com.au/new-apartments/el-parasol-15-17-ocean-street-maroochydore">El Parasol</a>'s approved design will bring 16 two-bedroom apartments, 32 three-bedroom units—half of which will feature a study—and four four-bedroom penthouses on the top floor.&nbsp;

The development will also include communal facilities on level three, such as a swimming pool, spa with cabanas, a gym, and a kitchen and dining area.&nbsp;

The ground level will house a hospitality venue, while level two and part of level three will accommodate four two-level office spaces. Parking for the development includes 128 spaces, divided among residents, visitors, retail, and office users.&nbsp;

<img alt="Parasol" data-entity-type="file" data-entity-uuid="9acf2909-a0fd-4a03-9ea5-e380e49b70d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-10-10%20at%203.09.44%E2%80%AFPM.png?VersionId=o7eBLNuwyR5.mh.YwPAKvl_VgwdPBKx2" />

The architectural vision, as submitted to the Sunshine Coast Council, is to create a multi-residential community that integrates a food and drink outlet, office spaces, and dwellings, fostering a vibrant and interconnected neighbourhood.

The design of the building incorporates earthy materials such as off-form concrete, timber, and rammed earth, with landscaping elements like hanging planters and perimeter planting to help blend the structure into its coastal environment.&nbsp;

Ferro Chow Architecture said the street-level experience will be activated with greenery, creating a connection between common areas and the surrounding entertainment precinct.&nbsp;

<img alt="Parasol" data-entity-type="file" data-entity-uuid="06085929-12ed-4cca-a61c-a6b71952d6fc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-10-10%20at%203.09.56%E2%80%AFPM.png?VersionId=BW8R5VtBZLVhLk.MaHNIJJdNxX0PNpU8" />

The building will sit directly across from Big Top Shopping Centre, in an area that has seen limited residential supply in recent years.

This version of the El Parasol project is a scaled-back iteration of an earlier plan approved in 2020, which included 66 apartments and 44 short-term accommodation units across a larger site.&nbsp; The currently approved design reflects a more compact project on a 2,190 sqm site that was previously a retail strip.&nbsp;

Maroochydore is continuing to grow into a new hub for South East Queensland and the Sunshine Coast region.

Most of the activity in Maroochydore is geared toward the new greenfield CBD, with Habitat Development Group and Walker Corp the busiest developers in the precinct.

[smartcode_project_cta:default project_id=144521]

The architectural vision, as submitted to the Sunshine Coast Council, is to create a multi-residential community that integrates a food and drink outlet, office spaces, and dwellings, fostering a vibrant and interconnected neighbourhood

El Parasol apartments set for Maroochydore

Designed for over 4500 residents, providing much-needed housing in the region, the $1.5-billion masterplan by <a href="https://www.urban.com.au/developers/lewis-land-group">Lewis Land Group</a>, Harbour Shores, is set to rise on one of the last large-scale greenfield waterfront development sites on the <a href="https://www.urban.com.au/new-apartments/gold-coast-qld">Gold Coast</a>.

<a href="https://www.urban.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters">Harbour Shores</a> is located along Oxley Drive in Biggera Waters, in between Biggera Creek and the Harbour Town Premium Outlets shopping mall developed by Lewis Land in 1999.

[smartcode_project:default project_id=113271 project_image_fid=247080]

Traditionally settled by retirees, <a href="https://www.urban.com.au/developments/biggera-waters-qld">Biggera Waters</a> has seen a recent surge in younger buyers attracted to the retail and dining hub with the development of the shopping centre.&nbsp;

Biggera Waters offers residents a quiet lifestyle, minutes from the <a href="https://www.urban.com.au/new-apartments/broadwater-qld">Broadwater</a> yet still in proximity to major shopping centres and natural attractions, and only ten minutes from the CBD during peak hour traffic. The suburb also boasts excellent restaurants, cafes, specialty stores, parklands, and proximity to boat ramps and waterways.

A quick coffee and breakfast are available at The Coffee Club in Harbour Town Premium Outlets shopping mall across the road, while lunch and dinner options range from Japanese at Ichi Ban Ya, Chinese at 8 Street, to Nonna's Italian.

After a satisfying meal, residents can stroll around the mall and shop for everything from designer fashion and accessories to&nbsp;homewares and electronics. There is also the Reading Cinemas for a date or family night.

[smartcode_project:default project_id=113271 project_image_fid=247281]

For outdoor enthusiasts, there are numerous fishing spots in the vicinity, with the closest one just a five-minute drive away.

Additionally, there are large parks just less than one kilometre from Harbour Shores, such as Ngulli Bui Park and Cos Zantiotis Park, adjacent to Cooke Murphy Oval used by the NEAFL's Labrador Australian Football Club team as their home game base.

Meanwhile, a seven-minute drive north will take residents to Quota Park and the beachside Harley Park and Ian Dipple Lagoon towards the south.

[smartcode_project:default project_id=113271 project_image_fid=247280]

Families in Harbour Shores will enjoy convenient access not only to parks and playgrounds but also to several education facilities located in Biggera Waters and nearby suburbs. Biggera Waters State School, Arundel Early Intervention Centre, Coombabah State High School, and Labrador State School are all situated within just one kilometre of Harbour Shores.

The Harbour Shores' master plan revolves around 1.5 kilometres of canal frontage, linked to private marina berths, providing direct boat access to the Broadwater and beyond. Residents can access this via the public boardwalk and extensive parklands.

Lewis Land CEO Matthew McCarron anticipates the project generating up to 5,000 jobs over its development lifespan.

[smartcode_project_cta:default project_id=113271]

From bare to burgeoning: How Lewis Land has overseen the transformation of Biggera Waters

Kooyong doesn't often get many new apartment developments.

The last launch in <a href="https://www.urban.com.au/developments/kooyong-vic-3144">the affluent suburb</a> was in 2022 when <a href="https://www.urban.com.au/new-apartments/mansard-kooyong-709-713-toorak-road-kooyong">Mansard</a>, the development of 16 apartments inspired by French architecture, hit the market. Now that's approaching completion mid next year, there is set to be a new choice for off the plan buyers.

The new development, submitted to the Stonnington Council this week, will be smaller, just nine apartments across a four-level buuilding designed by the busy Cera Strbiley at 449 Glenferrie Road.

The building will replace an existing two-level block of flats and outbuildings.

<img alt="449 Glenferrie Rd, Kooyong VIC 3144" data-entity-type="file" data-entity-uuid="6e5949a7-4525-4de4-a8f3-3813ba134a9f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/449%20Glenferrie%20Rd%2C%20Kooyong%20VIC%203144.png?VersionId=0jc6Jkxh2Hiz8cU1IbVywI7TRzKihTJL" />

Proposed is a mix of three two-bedroom apartments, four three-bedrooms, and two four-bedroom units.&nbsp;The mix is intended to address the high demand for two and three-bedroom apartments in Kooyong, particularly among buyers seeking housing options beyond the prevalent low-rise and single-residential houses in the area.

In response to feedback from the local council, several modifications have been made to the initial design.&nbsp;

The brick façade has been extended into the mansard roof to reduce the perceived bulk of the roof level and to enhance the building's recession from the street. The height and width of the roof dormers have been reduced to minimise their visual impact.&nbsp;

The pedestrian entry now includes an arbour structure to improve the sense of address and a similar structure has been added over the vehicle basement entrance to enhance the visual appeal of the northern façade.

To address privacy concerns, south and west-facing windows have been modified with 1,200mm fluted glass to prevent overlooking neighbouring properties.&nbsp;<img alt="449 Glenferrie Rd, Kooyong" data-entity-type="file" data-entity-uuid="1269fc3a-67c6-47a9-a7cf-976f3ae13d16" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/449%20Glenferrie%20Rd%2C%20Kooyong.png?VersionId=MRKiPCCsFeZ6qgpYGfhvrlt_U0QEzXKJ" />

Landscaping plans have been adjusted by realigning tree planting in the southwest corner to avoid interference with existing drainage infrastructure.

The site is situated in an established residential area with convenient access to a range of services and facilities. Kooyong Train Station is located 450 metres away, providing easy public transport options.&nbsp;

Educational institutions such as Scotch College and Auburn South Primary School are within proximity, as are recreational facilities like Kooyong Gardens and the Kooyong Tennis Centre.&nbsp;

Nearby shopping options include Woolworths Toorak and Woolworths Hawthorn East.

<img alt="​​​​ 449 Glenferrie Rd Kooyong DA" data-entity-type="file" data-entity-uuid="7bcd4632-8a35-4f9a-b296-011ba11f0156" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/449%20Glenferrie%20Rd%20Kooyong.png?VersionId=BJfZaVgFrGYXv4ZJ2uk2z_rHodHDZxvz" />

Architectural firm Cera Stribley emphasised in the support documents that the development seeks to meet the demographic needs of the area by offering housing options that are currently in high demand.&nbsp;

The project's design focuses on integrating with the adjacent parkland, featuring floor-to-ceiling windows to frame views of the surrounding greenery.&nbsp;

The building's exterior includes a marble shroud around the windows and metal finishes, aiming for a contemporary aesthetic that complements the natural environment.

The apartment mix is intended to address the high demand for two and three-bedroom apartments in Kooyong

First look: Boutique apartment development set for Kooyong

Is now the best time to purchase an off the plan apartment?

Recent data released from CBRE suggests new apartments are set to get more expensive, with CBRE forecasting prices could jump by as much as 20 per cent by the end of 2026.

CBRE is forecasting build prices are forecast to grow 23 per cent by 2026, as supply tightens to around 45 per cent below pre-pandemic completion rates over the next five years.

CBRE’s Pacific Head of Research Sameer Chopra said newly built apartments are commanding a premium price compared to older stock.&nbsp;

“These premiums are justified by changing consumer expectations around amenities, like building security, lift access, flooring to rooftop gardens and gyms, which typically come with newer builds,” Chopra said.

New one-bedroom apartments are delivering a 16 per cent premium compared to older apartments, new two-bedroom apartments are at a 30 per cent premium, and it’s 45 per cent increase for newly built three-bedroom apartments.&nbsp;

Urban.com.au CEO, Mike Bird, says we are seeing the gap between off the plan and established units continue to grow.

"Historically there hasn't been much backwards movement in the cost structure that drives new apartment pricing, so that suggests the only way the market can unlock the supply is by the price of established growing through increase lending capacity driven by the upcoming rate cut cycle."

<img alt="Premium for new build apartments" data-entity-type="file" data-entity-uuid="65399013-dea0-4b8c-b2a3-180126e3701d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Chart%20-%20premium%20for%20new%20built%20apartments.jpg?VersionId=6oTGh4Z4BAskXgYCJa1jRWZ7_Zu1ip64" />

The report forecasts rents will grow by 25 per cent ($170 per week) between 2024 and 2029 across 59 suburbs in Australian capital cities. By 2029 it’s predicted the rent for a two-bedroom apartment will exceed $600 per week across 90 per cent of precincts.

<h2>The Supply Factor</h2>

CBRE’s Apartment Vacancy and Rent Outlook 2H 2024 estimates over the next 10 years, demand for housing is expected to benefit from a combination of population growth (+3.9 million), employment growth (+2.6 million) and rising income (+$36,000).

In terms of supply, delivery of new apartments is expected to be around 50,000 per year from 2025 to 2029, but population growth is expected to require an apartment supply of approximately 75,000 per year to avoid further falls in vacancy.&nbsp;

In Sydney, apartment delivery is expected to average 12,100 per year from 2025 to 2029, well below the 30,000 average demand for housing stock per year. In the next three years, city-wide vacancy is expected to fall from 2.2 per cent to 1.5 per cent.

Apartment delivery in Melbourne is expected to average 8,700 per annum over 2025-2029, nearly 35 per cent below Sydney, however demand for housing stock is likely to average 37,000 per year over the next five years. The supply and demand inbalance should continue to drive down city-wide vacancy rates from 1.8 per cent to 1.4 per cent, CBRE suggests.

Brisbane's demand for housing stock is likely to average 18,000 per year, but apartment delivery is only expected to be 4,200 per year which should drive vacancy rates from 1.5 per cent to 0.9 per cent.

<h2>The Demand Factor</h2>

CBRE's Q3 2024 Residential Valuer Insights revealed that 43 per cent expect apartment value growth over the next 12 months, with the highest conviction in Perth and Brisbane metro.

<img alt="Demand" data-entity-type="file" data-entity-uuid="87b363ed-083e-468e-968b-5970e70a9fb4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-10-10%20at%209.51.23%E2%80%AFAM.png?VersionId=RUJC0rPMEnFYZ2U7USz83Uh.6k9hqAPq" />

CBRE's forecast suggest 60 per cent of new supply purchases will be from owner-occupiers. Over the past 25 years, the demographic has comprised 64 per cent of all purchases.

They say that of the investor market, they see a growing share moving across to institutional build-to-rent sector, which will comprises around 22 per cent of new apartment supply, or 11,000 per year, by 2029.

Urban.com.au CEO, Mike Bird, says we are seeing the gap between off the plan and established units continue to grow, but a the rate cut cycle will change that


Which room do you think delivers the most profit when renovated?

Property Observer

Editor's Picks

Developments

New apartments

New townhouses

News