Mirvac is seeking to reshape its Sydney development pipeline, lodging plans for three build-to-rent towers.

The proposal for 960A Bourke Street, Zetland, part of the Green Square project, includes 504 apartments in buildings of 14, 19 and 21 storeys.

With an end value of c$336 million, the scheme includes retail and commercial space, communal facilities and basement parking.

Sixty dwellings will be allocated for affordable housing.

The 5127 square metre site forms part of Green Square Town Centre, where Mirvac has been developing with Landcom since 2012.

Landcom buy-up

Mirvac Residential (NSW) Developments Pty Ltd paid Landcom $25.5m for 960A Bourke St in April 2023.

It was the state government agency’s last Green Square Town Centre interest.

Announced in October 2020, the property formed part of a staged buyout covering two future residential stages, about 7600 sqm of retail space and 47,500 sqm of office and other commercial space.

Landcom was responsible for planning and remediation.

Mirvac’s FY25 property compendium lists Green Square with an indicative project value of $2.591 billion, including GST, across 1865 lots.

Zetland is four kilometres south-east of the city (continues below).

Build-to-rent shift

The latest proposal, lodged by Mirvac Green Square Pty Ltd, replaces mixed-use development plans for Sites 7, 17 and 18, with three towers, of 13, 18 and 20 storeys, with a total 384 build-to-sell apartments over retail, offices and hospitality.

The replacement plan, for 504 dwellings, will contain 40,008 sqm.

The apartment mix comprises 145 studios, 175 one-bedroom, 158 two-bedroom and 26 three-bedroom dwellings.

Fender Katsalidis and Plus Studio are the architects.

Height exemption

The application seeks changes to planning controls governing building heights, floor space and affordable housing requirements.

The City of Sydney has raised objections to aspects of the changes.

The application is being assessed as a State Significant Development under the NSW planning system.

The NSW Department of Planning, Housing and Infrastructure will assess the proposal with the final decision to be made by the Planning Minister or a delegated departmental officer.

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The Hargreaves family has ended its 32-year ownership of the Strawberry Hills Hotel.

The freehold going concern at 451-455 Elizabeth Street, Surry Hills, curried favour with local operators Danielle Richardson, daughter of pub operator Arthur Laundy, and her husband, Shane who jointly oversee Laundy Hotels’ NSW operations.

The outlay is speculated to be $30 million.

On the corner of Devonshire St, less than 200 metres from Central Station, the two-level property contains a ground-floor public bar, bistro and gaming room with 26 electronic gambling machines.

A first-floor alfresco drinking and dining area also forms part of the operation.

The hotel was acquired by the late Margaret Hargreaves in 1994 – the freehold cost for $1.47m – about a decade after she began building the family’s pub interests through the nearby Shakespeare Hotel.

End of an era

Ms Hargreaves began operating the Shakespeare in 1975, initially leasing the Devonshire St hotel before buying its freehold in 1978.

That freehold going concern sold in 2024, for c$10m. The freehold cost $3.53m.

That buyer was Laurence Collins who also owns the leasehold to Balmain’s The London Hotel.

Ms Hargreaves died in July 2025, having retained the heritage-listed Strawberry Hills Hotel until her death.

The hotel dates to 1844, though the present building was developed in 1921. The style is Interwar.

Council records show alterations and additions were approved in 2008, including an upgrade of the ground and first-floor hospitality areas, a new gaming room, outdoor terrace and roof plant room.

The estimated development cost was $2.87m (continues below).

JLL Hotels and Hospitality Group’s Kate MacDonald and Ben McDonald negotiated the latest sale.

The Richardsons are expected to move in before Christmas.

Woolloomooloo hotel offered for first time in 50 years

Meanwhile the East Sydney Hotel, formerly known as the Shamrock Hotel, has been listed for the first time in 50 years.

The c1856 heritage-listed Woolloomooloo pub at 64-66 Crown Street is being offered as a freehold going concern.

The property is held by ESHOC Pty Ltd.

The freehold last sold in 2013 for $2.4m.

Before that it traded in 1982 for $300,000.

Ms McDonald with Edward Browne, the agents, describe the property as “the last country pub in Sydney”.

With a bar, bistro, function areas and 10 accommodation rooms, annual revenue is c$1.9m, they added.

The property is permit-ready for a first-floor rooftop courtyard.

The hotel is about a kilometre east of the CBD walking distance of St James, Kings Cross and Martin Place stations.

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An expanding independent grocery chain has acquired a prominent Doncaster Hill holding to occupy.

Hometown Asian Supermarket acquired 546 Doncaster Road, Doncaster which hit the market earlier this year carrying c$10 million price hopes.

The 4081 square metre site – just over an acre – accommodated Plume Chinese Restaurant for 27 years until 2021, and before that, Italian-style steakhouse, Barbarino’s.

Also with 132 car parks, the block is zoned Activity Centre, with 47 metres street frontage.

Westfield Doncaster is about 500 metres to the east.

To the west is Mirvac’s Tullamore which replaced the former Eastern Golf Club with a mix of low and medium density housing and a health hub which sold for $25m late last year (continues below).

JLL’s Romanor Falconer, Tom Noonan and MingXuan Li were the agents.

They said the catchment is poised for ongoing high-density transition with over 5500 new dwellings projected over the next 15 years.

Doncaster is about 18 kilometres east of the CBD.

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Clarence Property has sold two Brisbane industrial investments for a combined $38.4 million – but both on low yields of 5.12 per cent.

The first asset, 18 Macgregor Place, Richlands, has traded for $22.5m.

The buyer is PI Macgregor Pty Ltd, registered at the address.

The 7669 square metre office/warehouse is leased to automotive parts distributor MaxiPARTS and logistics operator TVS Supply Chain Solutions.

The site spans 1.38 hectares, 15 kilometres south-west of the CBD.

It was held in Clarence Property Diversified Fund.

Knight Frank’s Mark Clifford and Elliot Ryan were the agents.

Northgate asset

The second disposal, 48 Bell-Are Avenue, Northgate, collected $15.9m.

The 4651 sqm logistics facility is leased to veterinary supplies distributor Provet, a subsidiary of US-listed Henry Schein (continues below).

CG Property Group’s Michael Callow, who brokered the Northgate transaction, said the Sydney-based buyer was attracted by the rental and capital growth potential over the next three to five years as the lease approaches expiry.

He added the suburb and neighbouring Banyo recently recorded several transactions in the $20-$25m range.

Capital recycling

Clarence paid $8.475m for the Northgate property in 2017.

The Richlands investment was acquired in 2021 – the land set it back $5.5m.

The completed development was valued at $17.3m.

Clarence chief executive Simon Kennedy said the disposals formed part of the group’s portfolio management strategy.

The fund manager holds assets worth c$950m across office, retail, industrial, aged care and residential property in south-east Queensland and northern NSW.

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Interstate operator Keepers Self Storage quietly securing a high-exposure Nepean Highway restaurant with redevelopment upside.

The new, Sydney-based group paid $6.2 million for the 3648 square metre site at #1117-1119 in Highett.

The off-market transaction, which settled in 70 days, reflects values land at $1,699 per sqm.

Long held by a local family that previously operated Domenic’s restaurant there, the property is leased to national seafood restaurant chain Kickin’ Inn until July 2028.

Zoned Commercial 2, with 60 metres of highway frontage, with more than 60 car parks, it is near major retailers including Anaconda, KFC and Officeworks (continues below).

MAKER Property’s Anthony Kirwan, Raphael Favas and George Davies brokered the deal.

It failed to sell via a different agency following a public campaign in 2023.

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Australia Post is consolidating its regional Queensland logistics operations into a new facility capable of processing 5000 parcels an hour.

The 8000 square metre parcel centre will be delivered at the Wellcamp Airport precinct, about 17 kilometres west of Toowoomba’s CBD.

Expected to open in mid-2028 it will contain automated sorting equipment.

It will also bring Australia Post and Star Track operations together in the area.

$8m hub

Construction is expected to cost about $8 million.

The end value of the project is expected to exceed $34m.

The site will service more than 100 facilities across 700 Queensland suburbs.

It will also contain dedicated customer collection and drop-off points for StarTrack customers.

The development will be undertaken in partnership with Wagner Corporation, which owns and operates Wellcamp Airport and the adjoining Wellcamp Business Park (continues below).

The facility will preserve the potential to leverage airside access in the future.

The 500 hectare business park accommodates industrial, warehousing, manufacturing and aviation-related businesses, with access to the Toowoomba Bypass and the airport’s freight infrastructure.

Automated operations

The building is planned to include a 200kW rooftop solar system, rainwater harvesting and electric vehicle charging infrastructure.

Australia Post said the consolidation would reduce manual handling by bringing existing operations under one roof.

Toowoomba-based retailer Tentworld is among the businesses expecting to benefit from the additional capacity.

The project follows Australia Post’s opening of its largest air and speed hub at Brisbane Airport, while a new parcel facility on the Sunshine Coast is set to open in 2027.

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Warburg Pincus has raised its takeover proposal for Ingenia Communities Group to $5.60 per stapled security, topping AVID Property Group’s matching offer by 10 cents.

The US private equity firm has submitted its fourth revised proposal, comprising $5.55 cash per security plus a permitted distribution of up to 5 cents for the half-year ending December 31.

The offer implies an equity valuation of about $2.3 billion on a fully diluted basis and represents a 50.4 per cent premium to Ingenia’s $3.69 closing price on August 28, before Warburg’s initial proposal was announced.

The $3.2b enterprise valuation includes the group’s debt and other balance-sheet adjustments.

AVID lifted its proposal to $5.45 cash per security earlier this week, also allowing securityholders to retain the permitted distribution, taking its potential total consideration to $5.50.

Warburg’s latest proposal is backed by proposed Australian co-investors Discovery Parks and LDR Capital, with key commercial terms now agreed.

Paul Lederer, Discovery backed

Under the proposed structure, Discovery Parks would acquire Ingenia’s holiday parks business, while LDR Capital would take its gardens business (continues below).

Warburg said it had completed phase one due diligence and a material amount of phase two investigations, positioning the consortium to move directly to remaining confirmatory work and negotiations over binding transaction documents.

The latest proposal also seeks to distinguish itself on regulatory and execution risk, with Warburg arguing the proposed Discovery Parks combination would involve less overlap with Ingenia’s holiday parks than AVID’s proposed structure involving Tasman Holiday Parks.

The proposal remains conditional and non-binding, requiring due diligence, binding transaction documentation and regulatory approvals, including from the Foreign Investment Review Board and Australian Competition and Consumer Commission.

Ingenia’s board is considering the latest offer.

The company has yet to establish that the proposal is superior to its existing arrangements with AVID and its separate scheme implementation agreement to buy Peet for c$1b – a deal which would be off the table if a deal was settled with it or Warburg.

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Fortis has applied to build 178 apartments across two towers, in Melbourne’s inner-east Richmond.

The Pallas Capital-backed developer is proposing 15 storeys at 550 Swan Street and 13-levels, next door at #556, with ground floor retail and dining and offices over the first two floors (image, top, from Madden Grove).

Jackson Clements Burrows Architects penned the project.

The application has been lodged through a project vehicle whose directors include Pallas Capital chief investment officer Daniel Gallen, executive chairman Patrick Keenan and Fortis executive director Charles Mellick.

It is being assessed through the state government’s Development Facilitation Program; the planning minister will decide following advice by the Department of Transport and Planning.

80m frontage

Fortis paid $13.6m for 550 Swan St in 2024.

Offered by KordaMentha as receiver and manager of Melbourne developer The Residences Company, it covers 1627 square metres with 40 metres of Swan St frontage.

Cushman & Wakefield’s Daniel Wolman, Hamish Burgess and Joe Kairouz were co-agents on that deal.

556 Swan St, an early learning centre turned showroom with nine car parks, spans 1244 sqm, also with 40m Swan St frontage.

The c2871 sqm amalgamation is zoned Commercial 1 (continues below).

Two-tower plan

The apartment towers will be connected by a recessed bridge around a central courtyard.

The bulk (103) will be configured with two bedrooms. Forty will contain one while 26 are configured with three.

There will also be nine three-bedroom penthouses.

A basement would contain 237 car parks.

Residential facilities are proposed on level three and the rooftop of 556 Swan St.

The shared office amenities will include meeting rooms, kitchens and breakout areas.

The properties are about a kilometre east of Fortis’ Richmond Square, with 107 apartments and a 57-room hotel, commercial, retail and hospitality space, nearing completion.

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AsheMorgan is targeting a Sydney CBD office and retail investment for about $200 million, below the price the vendor outlaid nearly nine years ago.

MEC Global Partners Asia, part of Japan’s Mitsubishi Estate group, and CLSA Real Estate held 130 Pitt Street through their PA Realty joint venture.

The Singapore-based partnership (CLSA is Hong Kong-based) paid Investa $229m in December 2017.

It then spent $13m on a refurbishment completed in 2022, with a new façade, and upgraded ground-floor retail areas, lobby, lifts and end-of-trip facilities.

MEC Global also has two Melbourne offices for sale: 575 Bourke St, being marketed by Cushman & Wakefield Leigh Melbourne, Nick Rathgeber, Mark Hansen and Morgan Briscoe, and 850 Collins St, listed with the same agents, and Lloyd Crozier.

Those offices were bought in 2017 too.

130 Pitt Street

130 Pitt St contains 9829 square metres of A-grade office space over 13 upper levels.

Also with the basement, ground and first level configured with retail – occupied by Adidas as its flagship store – the total net lettable area is 11,214 sqm.

The sports retailer occupies about 1131 sqm paying about a third of the gross income.

Office occupiers have included BigCommerce, Australian Ethical Investments and OnDeck Capital.

About 1600 sqm of fit-out space is for lease, including the top two floors -15 and 16 (continues below).

Between Pitt Street Mall and Martin Place, the site spreads 976 sqm, with natural light to three sides.

Cushman & Wakefield Josh Cullen and Mark Hansen with Savills’ Ben Schubert, Seb Turnbull and Neil Brookes were the agents. 

AsheMorgan builds portfolio

Established in 1981, AsheMorgan manages more than $5 billion in commercial property investments across Australia, with exposure to office, retail, industrial and mixed-use assets.

Its Sydney portfolio includes 60 Margaret St and the adjoining MetCentre, acquired with Mitsubishi Estate from Mirvac and Blackstone in 2023.

The transaction was reported at about $820m.

Also in the New South Wales capital, AsheMorgan acquired a 50pc interest in 309–321 Kent Street in April 2022 for $401m before buying the balance from Dexus in March 2025 for about $290m.

The two adjoining office buildings contain a total c47,650 sqm of office area.

AsheMorgan acquired Homemaker Prospect from Dexus too – in 2022 for $78.9m.

Elsewhere since last year, AsheMorgan paid $79.1m for Perth’s Joondalup Gate and bought two industrial investments from Centuria: 40 Decco Drive, Campbellfield, for $33.5m and 45 Hume Drive, Bundamba, for $20.5m.

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Silverstone Group has sold a Sydney residential development site for $14.5 million after winning approval for a 51-lot subdivision.

The 2.02 hectare R3 Medium Density Residential property, 2 Harkness Road, Oakville, exchanged unconditionally following a competitive Expressions of Interest campaign.

The sale price equates to about $284,000 per approved lot.

CBRE’s Ray Ahsan and Lord Darkoh were the agents.

With services connected, the site is within Sydney’s North West growth corridor, abutting the Box Hill growth precinct, near Rouse Hill, Riverstone and Windsor, about 38 kilometres north-west of the CBD.

Previous sale

Silverstone Project Seven bought 2 Harkness Rd from UPG 90 Pty Ltd, owned by Ellen McMahon, in February 2024, for $13m.

The holding previously sold for $8.1m in May 2022.

In 2025, Hawkesbury City Council agreement to buy a 445.5 square metre piece for road widening and a roundabout (continues below).

Mr Ahsan said developers were increasingly focused on project margins, funding costs and capital deployment when assessing residential land.

“Developers are becoming increasingly disciplined in how they assess opportunities, particularly around project margins, funding costs and capital deployment. We recognised early that a conventional sales process alone would not necessarily capture the full depth of the market,” according to the executive.

“By introducing alternative transaction structures, including lot retention and deferred payment arrangements aligned with the site’s three-stage development, we were able to accommodate different acquisition strategies and capital structures while broadening the buyer pool,” he added.

Mr Darkoh said the campaign attracted interest from developers seeking residential land across Western Sydney.

“We received strong interest throughout the campaign, reflecting continued demand for well-located residential development sites,” according to the executive.

“Opportunities with development and SWC approvals already in place continue to attract significant attention, particularly from groups seeking to accelerate project delivery and reduce planning risk,” he added.

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