Multiplex to deliver $1bn commercial office tower in Melbourne’s Bourke Street

Cbus Property has announced Multiplex will construct a $1bn sustainable tower at 435 Bourke Street, Melbourne.

The 48-storey tower will be sustainability-led, including the use of hydrotreated vegetable oil and a ‘solar skin’ facade.

Multiplex’s Ross Snowball said they are committed to reducing “embodied carbon emissions”, projecting a 90% decrease after introducing HVO100 fuel to power the tower cranes.

The tower includes 60,000 sqm of office space, retail and a ‘vertical village’. The developers expect the finished property to be a people-centric, dynamic workspace, with completion expected by Q4 2026.

“The scale, complexity and sustainability credentials of 435 Bourke Street will combine to deliver a truly world-class tower to Melbourne’s skyline,” said Ross Snowball, Regional managing director at Multiplex.

Seabreeze Beach Hotel sells after more than two decades in family ownership

Seabreeze Beach Hotel, owned by the Short family for over 20 years, has been acquired by Hunter Hotel Group.

Located on the NSW Mid North Coast, the sale attracted buyers for its beachfront location. The multi-level property includes a bar, restaurant, gaming facilities, accommodation and commercial holdings.

The sale was brokered by Andrew Jolliffe, HTL Property’s managing director, who said it was a strategic acquisition despite market discounts, with the buyers seeking a long-term investment opportunity.

While the sale price remains undisclosed, Jolliffe said it aligns with market estimates.

“Whilst transaction volumes have traded at a discount to the corresponding period, strategic acquisitions and divestments remain of the utmost importance to all investors who take a view of the market that exceeds the short term,” he said.

Final stage of Wentworth Point’s Bennelong Cove project unveiled

Billbergia has released its revised plans for Bennelong Cove, the final stage of Wentworth Point.

The proposed development features 900 apartments across two 40-storey towers, integrating a foreshore promenade, park and $70m in community infrastructure.

Subject to council approval, the developer will also commit to a new $36m sports and recreation centre, childcare facilities and electric shuttle buses.

Bennelong Cove’s updated design comes after council and community feedback, with lower building heights that align with nearby developments. The developers expect this final stage to deliver an “activated foreshore promenade” to create a more vibrant, connected and amenity-rich community.

“Community feedback has shown us that more social and sporting infrastructure is also high on residents’ wish lists, revealing the value they place on waterfront access,” said Saul Moran, development director at Billbergia.

“We see the delivery of an activated foreshore promenade with greater open space and new leisure facilities as critical to this.”

Eastern Creek Tavern sells off-market to FAL Group

HTL Property facilitated the off-market sale of Eastern Creek Tavern to the Falcone family, a group of highly regarded hoteliers.

The acquisition of this Sydney freehold hotel speaks volumes about the growing popularity of pubs and reflects the resilience of hotels as commercial investments in today’s market

Chris Unger, Redcape’s managing director, said the sector is as strong as ever, with improved trading dynamics and plenty of investment opportunities on the horizon.

“Hotels continue to be a resilient asset class in today’s market, and we are seeing trading dynamics improve across our portfolio as pubs continue to be a popular choice for customers,” he said.


Construction commences on new Balmain residences

Construction at 73-75 Beattie Street in Balmain is underway, with Urban Core named as head contractor for the $40m warehouse-to-residences redevelopment.

The project aims to revive Balmain’s historical relevance while delivering modern New York loft-style living.

Urban Core’s appointment shows the shift towards sustainability and innovation, with the contractor aligning with the project’s ESG focus and heritage preservation.

Managing director Dominique Gill said the appointment is transformative for female leadership in construction.

“Entrusting a building site to Urban Core represents a substantial leap towards the transformative change we are pioneering within the industry,” she said.

“We are committed to delivering this project in line with our diversity and sustainability targets and for this job to set a precedent in the industry.”

New $5m Manor Lakes facility, Kingswim, opens to public

A new $5m, 900 sqm Kingswim facility has opened in Manor Lakes, southwest of Melbourne.

The community facility contains modern pools and eco-friendly features like rainwater tanks. Kingswim’s Katie Adams says the response from locals has been very positive, with the facility expected to attract people to the area.

The new addition is the latest in Kingswim’s commitment to delivering quality swim education to Melbourne’s southwest, part of their 30-year legacy serving 22 million swimming lessons nationwide.

“Being able to deliver a state-of-the-art swimming facility to the local community has always been part of Ranfurlie’s vision for Manor Lakes Central precinct and goes hand in hand with Ranfurlie’s community engagement values,” said Cameron Male, CEO of Ranfurlie.

Mount Annan Hotel sells to a Sydney hotel family

Redcape’s Mount Annan Hotel recently sold to a prestigious Sydney hotel family.

The off-market deal, HTL’s fifth consecutive record sale, marks 2023’s largest single-asset pub sale in the NSW capital.

The hotel attracted buyers for its location in Sydney’s expanding southwest corridor, with a strong revenue base and future growth potential. Redcape’s Chris Unger said the resilience of hotels in today’s market, with pubs as a favoured choice, meant the Mount Annan Hotel was strategically placed in a thriving retail precinct poised for massive population growth.

“Hotels continue to be a resilient asset class in today’s market, and we are seeing trading dynamics improve across our portfolio as pubs continue to be a popular choice for customers,” he said.

North Sydney’s Pienza Neutral Bay gets approval for sixth-level addition

Central Element’s Pienza in Neutral Bay has secured development approval for an extra level, allowing the addition of seven new apartments.

Located at 12-14 Waters Road, the mixed-use development will comprise 37 north-facing luxury apartments with rooftop leisure space, gardens, a pool, yoga deck and five ground-level retail spaces.

The developer expects this expansion to further enhance the precinct’s public areas and solidify Neutral Bay as a prime town centre.

With previous sales breaking records, the upcoming release is expected to follow suit and add even more value to this popular part of Sydney’s Lower North Shore.

Unanderra Hotel sells for $15m

Unanderra Hotel has sold for $15m, with Oscars Hotel Group acquiring the property in an off-market deal.

The hotel includes 26 gaming machines, 14 rooms and generates over $130,000 in weekly revenue. The buyers saw potential in Unanderra’s changing landscape and have a deep understanding of the local area.

The sale, brokered by JLL Hotels, comes off the back of their recent Salisbury Hotel sale.

Ben McDonald, executive vice president at JLL Hotels, said it proves a steady market normalisation and growing capital interest in these assets as 2023 draws to a close.

“With price discovery being a key theme so far in 2023, we are now seeing a reduction in bid-ask spreads as the market seemingly starts to normalise,” he said.

“We are seeing private capital continue to drive enquiry through active campaigns and believe that will fuel further transactions as we move through the final quarter of the year.”