Demand for new retirement living apartments seems still unquenched with property development and investment group Third.i stating it has had over 2,500 enquiries about its forthcoming Over 55s development The Merewether in the city of Newcastle, 162km north-northeast of Sydney.

The Merewether is part of the redevelopment of the Merewether Golf Club. ThirdAge Villages offers 148 two- and three-bedroom apartments plus penthouses in a design by architects, Marchese Partners | Life 3A

Third.i said it had recorded $3.5 million in sales across a number of penthouses for the $120 million development, which will secure the financial future of the 18-hole golf club.

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Three more apartments are going up across New South Wales, with the developments to rise over Sydney’s lower north shore, Newcastle and Coffs Harbour.

Worth over $700 million in total, the projects are largely targeted towards the luxury end of the market, with some apartments tailored for the over 55s market.

$500M St Leonards master planned community begins construction

Top Spring Australia is developing a 1.26-hectare master planned community in Sydney’s lower north shore, called The Newlands. DASCO has been appointed as the construction partner of the project.

Construction on the project is expected to commence later this year with early works and demolition already begun.

The project boasts a central 5,700 square metre green spine and 1,500 square metres of communal rooftop amenities, with over $65 million in apartments already sold.

Top Spring Australia Development Director, Jeff Curnow, said: “DASCO is one of few builders in the state to achieve a coveted 4.5-star iCIRT rating, recognising their success in innovation, reliability, and construction excellence.”

“The park-front three-bedroom terraces and apartments have attracted professionals and down-sizers, while the popular one- and two-bedroom apartments are appealing to professionals, First Home Buyers and young families.”

“We’re seeing strong buyer confidence in St Leonards and demand for the three-bedroom residences remains particularly high, so we’re planning to bring forward the next release later this month,” said Cunrow.

Regional apartment sells for over $2 million

Third.i Sable at the Jetty project in Coffs Harbour has recently seen a penthouse go for $2.35 million.

The $35.5 million project will be home to 35 residences, and is on the corner of Collingwood and Edgar Streets.

“The strength of the sales at Sable at the Jetty demonstrates that regional cities are seeing a consistent uptake of sales activity. There is still growth in the market here, with property sales in the New South Wales north coast holding steady,” said Luke Berry, Third.i’s Co-Founder.

“There’s heaps of opportunity for growth in Coffs Harbour and this record penthouse sale tells us buyers feel the same way.”

Demolition is complete, with the apartments scheduled for completion in mid-2024.

$200M mixed-use development begins construction in Newcastle

Third.i have commenced construction on its Dairy Farmers Towers project at 924 Hunter Street in Newcastle West.

The developer said the whole floor penthouse recently sold for a record-breaking undisclosed sum, with a local family making the purchase.

Notably, the site was the original head office for Dairy Farmers Limited in Australia.

The stunning penthouse is in the project’s North Tower, which offers a combined 440 sqm ‘Sky Home’ sitting 100 metres above sea level. The 4 bedroom, 3.5 bathroom, 4 car property features multiple living and dining rooms, a separate ‘feature’ and chef’s kitchen, bar and adjoining wine cellar, library, study and more.

Third.i also noted that more than 70% of the project has sold since its launch in late 2022. The development will be home to 184 apartments across two towers.

The company has also recorded $3.5 million in sales across a number of penthouses in its Newcastle retirement living project, The Merewether.

Located within Merewether Golf Course, the over 55s project has seen over 2,500 enquiries.

Land registration for $2 billion Wilton Greens

Wollondilly Shire Council has granted Risland land registration for the first phase of Stage 1 (A to D: 263 land parcels) in the company’s $2 billion Wilton Greens development, located in Sydney’s South West in the countryside township of Wilton.

Spanning 433 hectares, Wilton Greens will comprise 3,600 land parcels with a variety of housing types. Two employment hubs, a local neighbourhood centre, high-quality parks and playgrounds, several kilometres of cycle paths and 8.5 hectares of open spaces will feature in the project.

TRN Group was awarded the civil infrastructure and subdivision works for the first 263 land parcels with more than 1.4 million tonnes of earth already moved. Construction works in the initial Stages A to D are now complete with all authority inspections and approvals finalised.

Development approved Stage One will include 678 land parcels, positioned in the middle of the master planned community.

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Third.i Group has smashed records across two of its developments in Newcastle and Coffs Harbour, with the penthouses across the two developments drawing considerable revenue for the group.

The sales have been made at the developer’s Dairy Farmers Towers and Sable at the Jetty projects, seeing $3.5 million sales across a number of 3-bedroom penthouses in Newcastle, while a $2.35 million sale was made in Coffs Harbour, a record for the region.

Designed by CKDS Architecture, Dairy Farmers Towers (pictured above) comprises 184 apartments, as well as a co-working space, yoga studio, outdoor gardens and an elevated pool and sundeck. The project pays homage to the history of the site, with the heritage-listed architecture to be thoughtfully restored.

The 440 sqm penthouse sold recently sits 100 metres above sea level, and comprises 4 bedrooms, 3.5 bathrooms and multiple living and dining rooms with 3-metre high ceilings and 360-degree views of the entire surrounding landscape. 

Marking Third.i’s first development within the region, Sable at the Jetty (pictured below) is a fitting debut project. The LJM Architecture-designed tower captures views and breezes with plenty of natural ventilation and sunlight. Deep balconies protect against the elements while glazing maintains comfort and maximises views from inside. The interior spaces feature sandstone, timber and steel, reflective of the coastal and lush green surrounds.

“The strength of the sales at Sable at the Jetty demonstrates that regional cities are seeing a consistent uptake of sales activity,” says Third.i Co-Founder Luke Berry.

“There is still growth in the market here, with property sales in the New South Wales north coast holding steady.”

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Australian property developer Third.i continues to defy the property market downturn, exchanging on a string of record-breaking apartment sales across two projects in Newcastle and one in Coffs Harbour. 

As the first project for Third.i in Coffs Harbour, Sable at the Jetty has been met with strong interest, with the penthouse selling for $2.35 million, recording a record for the region. 

Over 80 per cent of the apartments have been sold since launch in October last year, with Third.i’s Co-Founder Luke Berry saying the strength of the sales at Sable at the Jetty demonstrate that regional cities are seeing a consistent uptake of sales activity. 

“There is still growth in the market here, with property sales in the New South Wales north coast holding steady,” Berry said. 

“There’s heaps of opportunity for growth in Coffs Harbour and this record penthouse sale tells us buyers feel the same way.”

With only a handful of apartments remaining, the $35.5 million project is set to deliver a mix of one, two and three-bedroom residences, with construction due to commence in the coming months, with completion slated for mid-2024. 

Located on the corner of Collingwood and Edgar Streets, Sable at the Jetty is within walking distance from the beach, local schools, cafes and shops, and also offers numerous transport links at your doorstep. Remaining apartments are priced from $650,000 to $1.6 million.

Sable at the Jetty joins a growing list of Third.i’s record sales in New South Wales, following three record sales in Newcastle, with the sale of the penthouse at Dairy Farmers Towers going for $6.5 million and two back-to-back $3.5 million penthouse sales at the group’s retirement living project, The Merewether Residences. 

The extensive whole floor penthouse in Dairy Farmers Towers, located at 924 Hunter Street, Newcastle West sold to a local family who swooped in to secure their slice of the iconic project which pays homage to the site’s history as the original head office for Dairy Farmers Limited in Australia.

The buyer is a Hunter Valley legend, winemaker and businessman, who says the level of offering at Dairy Farmers was exactly what he and wife were looking for in an inner-city abode.

When asked about the status of setting a record with their purchase, the buyer said, “We love Newcastle and Novocastrians, and are excited to have an apartment there. We can’t wait to move into such an iconic property and participate in the fantastic social activities Newcastle can offer.”

The penthouse is in the project’s North Tower, which offers a combined 440 sqm ‘Sky Home’ sitting 100 metres above sea level.

The four-bedroom, three-and-a-half-bathroom, four-car property features multiple living and dining rooms, a separate chef’s kitchen, bar and adjoining wine cellar, library, and study.

All rooms will have three-metre high ceilings and floor to ceiling glazing, which will deliver 360-degree views of Newcastle all the way to the Broken Back Range in the Hunter Valley, a crucial feature for the buyers who previously lived under the Broken Back Range.

The project has also been met with a swarm of interest from downsizers and owner occupiers, with more than 70 per cent of the project sold since its launch in late 2022.

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Australia’s property downturn is slowing, the latest data shows, with the steep price falls recorded in September last year easing to smaller quarterly declines and even stabilising in some cities.

Only Sydney, Brisbane and Canberra fell over the December quarter, according to the latest Domain House Price Report, while house prices in Melbourne, Adelaide, Hobart and Perth edged upwards. House prices in Darwin increased by 3.3 per cent.

Unit prices were mixed, proving resilient in Sydney, Brisbane, Adelaide and Darwin – but Melbourne’s median price is in its fastest decline in history and, in Canberra, its fastest decline since 1997.

Nationally, house and unit prices only fell by less than 1 per cent over the three months to December.

“The spring selling season bore the brunt of interest rate shocks and skyhigh inflation levels,” says Domain’s chief of research and economics, Dr Nicola Powell. “This is why the September quarter saw house prices fall at their fastest quarterly rate.

“Sellers had been sitting on the sidelines to see how the housing market downturn unravelled and how high inflation and interest rates would land.

“Now, in the December quarter, the data suggests that the peak rate of the quarterly decline has passed as buyers have had time to adjust to the new norm of rising debt cost and reduced borrowing capacity.”

The top-performing regions in Australia over the quarter were units in Holdfast Bay in Adelaide’s southern coastal suburbs, up 17.5 per cent, units in Bundaberg, Queensland, up 12.9 per cent, and units in the Wagga Wagga and Richmond Valley coastal areas in NSW, which both increased by more than 10 per cent.

The top performing region for house prices in the nation was Dural-Wisemans Ferry in Sydney, where values shot up by 8.5 per cent over the December quarter.

Nationally, house prices have fallen 6.3 per cent from their peak, and Sydney has led the charge – its prices are down 11.3 per cent from the peak – followed by Canberra (6.7 per cent) and Brisbane (6.6 per cent).

Sydney’s house prices have fallen for three consecutive quarters, producing the steepest annual decline in the city’s history. Canberra’s story is the same – the steepest annual decline on record – while Brisbane’s annual falls equate to the steepest in a decade.

However, house prices have still got a long way to go before the massive gains made during the pandemic property boom are erased. Even with an 11.3 per cent loss, Sydney’s house prices are still 24.2 per cent – or $275,388 – more expensive than they were pre-pandemic.

Canberra’s median is a whopping $319,565 more than it was pre-pandemic, and Brisbane’s $205,297.

The outlook going into autumn has improved, Powell says. “While lingering weakness has persisted in the property market, the potential end of interest rate hikes later this year will bring in more buyers and sellers, creating some green shoots for the months ahead,” she says, adding that there are still “possible risks ahead”.

“That doesn’t discount from an unsettled RBA environment and tight serviceability requirements, which will take time for consumers to shake off.”

“Based on calculations from Domain Home Loans, those with a $1 million mortgage are now paying almost $1800 more on their loan than this time last year, which has been a hard pill to swallow.”

However, apartment developers are feeling more optimistic about the way ahead, with hopes that the cash rate will start to stabilise in the second quarter of this year, and that inflation will have passed its peak.

“The uncertainty they produced has been challenging, but we’ve had apartment sales in the NSW regions like Newcastle, Coffs Harbour and Port Macquarie recently which are offering glimmers of hope,” says Luke Berry, director of Third.i Group.

“We think the second half of 2023 will be good, especially with record numbers of migration and a chronic undersupply of new projects. People are now becoming more confident about buying.”

Tim Spencer, head of development at Mulpha, says there’s a lot of pentup demand which is beginning to be unleashed into the market, with its Sanctuary Cove development Harbour One at the start of this year setting a new record of $18,000 a square metre.

“I think interest rate rises spooked the market but we’re now predicting an uplift of demand in the second quarter of this year,” he says.

“There’s low stock, builders are getting back to business, there’s less rain, and confidence is rising.”

For first-home buyers Katie Norbury and Juliana Moore, falling prices in a rising interest rate environment turned out to be somewhat of a blessing in disguise. The couple had been disheartened by the level of competition and spiralling prices at the peak of the boom last year.

“Peak-COVID you had to be offering $50,000 more than the asking price and be ready to jump immediately,” Norbury says. “We really noticed around October a shift in how willing agents were to call us back; they had more time for us.”

Then the couple discovered a rental property two doors down from their rental was going up by $100 a week. It was the final push they needed to buy.

“We knew it was only a matter of time before our rent went up another $100 a week,” Norbury says. “I worked out we’d be paying the same amount in rent as we would in mortgage repayments.”

They found a two-bedroom unit in leafy Alderley, in Brisbane’s inner north and, to their amazement, secured it with no competition.

“It was a private treaty sale; no one was interested in it – we had never come up against that before – which was amazing!” Norbury says. “We offered lower than was asked and were able to negotiate. It was nice to be able to breathe, to take a day to think about it.

“The agents walked us through the buying process and were very supportive. I just don’t think we would’ve got that [support] in the peak of the market.

The whole thing felt more comfortable because we had a day to think about it.”

The couple will move into their new home in the coming weeks after some minor renovations and are not worried by the prospect of further rate rises.

“For us, we were comfortable seeing interest rates rise because I budgeted for them to go to 10 per cent,” Norbury says.

“I expect them to continue to rise; it’s a necessary evil so we can give everyone the privilege of home ownership. I’m 27 and most of my friends can’t consider owning a property. We should be concerned about what’s going to happen in the future.”

Developer Thirdi and funder Phoenix Property Partners have acquired two sites above Sydney Metro’s Crows Nest station on which they will develop up to 38,000 square metres in a project worth as much as $1 billion.

Privately owned Thirdi and Hong Kong-based Phoenix – in their fifth joint project – are planning a residential tower up to 17 storeys and a commercial tower with hotel of up to 200 rooms and between 15,000 and 25,000sq m of office space.

Having secured the site with a five-year settlement term that allowed it and equity partner Phoenix to ride out the current time of uncertainty, the next task was to work up detailed designs for the two sites, said Thirdi director Luke Berry. He declined to say how much the sites had cost.

“We’ve been approved to develop within that envelope of 38,000sq m and now it’s up to us to cut it up and put in different elements,” Mr Berry told The Australian Financial Review.

“That five year window allows us the time to get it right. It’s also time for the market to get on board with what we’re proposing.”

Crows Nest station, one of 18 new stations being developed for Sydney’s Metro City & Southwest rail line – which will link Chatswood on the lower north shore under Sydney Harbour and through to the CBD and Bankstown in the west – is due to start operating next year.

Under the concept proposal for the above-station development approved in 2020, the first site, Lot A, will have one or two towers with retail, office and the hotel, Mr Berry said.

The second site, Lot B, will have ground-floor retail with 140 apartments ranging from one- to four-bedroom dwellings.

With one-bedroom units selling from about $800,000, two-bedroom units from about $1.8 million, three-bedroom-apartments from “high” $2 millions and penthouses that carried $5 million-plus price tags, the units would sell in the $25,000-$30,000 per-square-metre range, he said.

“It would be comparable to the lower north shore current range,” he said.

Thirdi hopes to launch the residential project next year.

“If everything goes to plan, I’ll be in the market selling apartments by this time next year,” Mr Berry said.

“We see 2025-26 as boom years for off-the-plan apartments. That’s going to coincide really well with Crows Nest.”

The commercial building – or buildings – will be six green stars – with floor plates ranging from 500sq m to 1500sq m.

Mr Berry who called the financing market more challenging now than at any other time during his 20 years of development, said there was still a lot of debt available, higher-returning equity funding, was harder to secure.

“Equity needs to take a position on the development,” he said. “Do they believe in it? Believe you’re going to be able to build for a price? That you’ll be able to build in certain time? Sell at certain square-metre rate?”

Phoenix, which funded Thirdi’s 10-storey, 14,000-square-metre office building Blue & William in North Sydney – which Lendlease and Singapore-based Keppel REIT acquired for $327.7 million in 2021 – said it had a strong track record of success with the developer.

“We’re excited to continue our relationship with Thirdi and look forward to delivering the Crows Nest over station development in partnership with them,” 

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One of Australia’s leading property development firms, Third.i, and real estate investment firm, Phoenix Property Investors, have further solidified their partnership in Sydney, acquiring the last two of Sydney Metro’s Crows Nest over station development sites via Private Treaty with Sydney Metro and the NSW Government. The deal was brokered by Third.i’s Head of Acquisitions, Florian Caillon, and Sydney Metro’s commercial team.

Strategically located above the upcoming Crows Nest metro station, one of six new stations for Sydney Metro City & Southwest, slated to be operational by 2024 and will extend the metro rail from Chatswood through the Sydney CBD to Bankstown. 

The concept proposal for the over station developments was approved by the Minister for Planning and Public Spaces In December 2020. 

The first site, Lot A, will feature a unique commercial and retail offering with a focus on health and wellness in its design. Meanwhile, the second site, Lot B, will comprise a mixed-use space with ground-floor retail and a residential component, solidifying Crows Nest as a top destination to live, work and play in Sydney’s Lower North Shore.

Third.i’s Co-founder & Director of Acquisitions, Bob Huxley, expressed his excitement for the project, stating “This will be a legacy development for Third.i, and we can’t wait to start working with all stakeholders to bring the Crows Nest over station development to life and add significant value to the Crows Nest community.”

This acquisition marks the fifth joint venture between Third.i and Phoenix Property Investors, with a strong track record of success in Sydney’s North Shore, including the successful sale of the Balfour Place residential project in Lindfield and the Blue & William commercial precinct in North Sydney to Keppel REIT via Lendlease. Trent Winduss, Head of Australia at Phoenix Property Investors, said, “We’re excited to continue our relationship with Third.i and look forward to delivering the Crows Nest over station development in partnership with them.”

With this acquisition, Third.i’s overall project pipeline has grown to over $4 billion across Australia and the UK.

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Third.i and Phoenix Property Investors have announced the acquisition of the remaining two development sites located above the future Crows Nest Sydney Metro station.

One of six new stations, Crows Nest’s above-station lots will feature vibrant mixed-use precincts that will boost the economy in the area. Third.i and Phoenix plan for the first site, referred to as Lot A, to be an innovative commercial and retail development, with health and wellness to be at the forefront of the design.

Lot B will be a mixed-use site comprising ground floor retail and residential apartments that will provide occupants with a centrally located complex complemented by retail and commercial offerings.

“Third.i is extremely excited to commence a relationship with Sydney Metro and the NSW Government and work with them to deliver what will be an outstanding, market-leading project for the Sydney region,” says Third.i Co-Founder, Bob Huxley.

“We have an established network of retail operators, and have already had a number of world class businesses express an interest in pre-committing to space at the Crows Nest over station development, which is just incredible. It really demonstrates the demand and need for this type of development in Sydney’s Lower North Shore.

“This project will be a legacy development for Third.i, and we can’t wait to start working with all stakeholders to bring the Crows Nest over station development to life and add significant value to the Crows Nest community.”

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Australian developer Third.i, and real estate private equity group Phoenix Property Investors have further expanded their partnership in Sydney, acquiring the last two of Sydney Metro’s Crows Nest over station development sites in the Lower North Shore.

The joint venture acquired the site via Private Treaty with Sydney Metro and the NSW Government, with the deal negotiated by Third.i’s Head of Acquisitions, Florian Caillon, and Sydney Metro’s commercial team.

The Crows Nest over station development is situated over the new Crows Nest Metro Station, which is due to be operational by 2024. As one of six new stations planned for the Sydney Metro City and Southwest regions, the new developments will extend the Metro Rail from Chatswood, under the Sydney Harbour and through the Sydney CBD to Bankstown.

The concept proposal for both over station developments was approved by the Minister for Planning and Public Spaces in December 2020, with the first site, referred to as Lot A, set to deliver an innovative commercial and retail development above the station, with plans to have health and wellness at the forefront of design.

The second site, Lot B, will deliver a mixed-use site consisting of ground floor retail with an overhead residential offering, helping Crows Nest secure its place as one of the best areas to live, work and play on Sydney’s Lower North Shore.

Co-founder & Director of Acquisitions at Third.i, Bob Huxley said the project will be a legacy development for Third.i and will add significant value to the Crows Nest community.

“Third.i is extremely excited to commence a relationship with Sydney Metro and the NSW Government and work with them to deliver what will be an outstanding, market-leading project for the Sydney region,” said Huxley.

“We have an established network of retail operators, and have already had a number of world class businesses express an interest in pre-committing to space at the Crows Nest over station development, which is just incredible. It really demonstrates the demand and need for this type of development in Sydney’s Lower North Shore.”

With the acquisition bringing Third.i’s overall project pipeline to over $4 billion across Australia and the UK, the project will also mark the fifth joint venture for Third.i and Phoenix Property Investors.

Trent Winduss, Head of Australia at Phoenix Property Investors, said they were excited to continue their strong track record with Third.i, which has proven success especially across Sydney’s North Shore. 

“This includes the selling out of the major residential project Balfour Place in Lindfield as well as the sale of the Blue & William commercial precinct in North Sydney to Lendlease that was acquired by Keppel REIT,” Winduss concluded. 

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Thirdi and real estate private equity group Phoenix Property Investors have inked a deal for the final two Sydney Metro over-station development sites at Crows Nest.

The joint venture acquired the site via private treaty with Sydney Metro and the NSW Government for an undisclosed figure but the end value of the projects is expected to be $1 billion. 

The NSW minister for planning and public spaces signed off on a concept proposal for Lot A and Lot B in December 2020. 

The approved proposal for Lot A included a commercial and retail development above the new Crows Nest Sydney Metro station, incorporating wellness at the centre of the design. 

Lot B is earmarked for a mixed-use development comprising retail and residential.

Thirdi’s head of acquisitions, Florian Caillon, negotiated the deal to secure the final over-station sites. 

Thirdi co-founder Bob Huxley said it was a strategic location as one of six new stations for the Sydney Metro City and Southwest, which would connect the area from Chatswood through the Sydney CBD to Bankstown. 

“Thirdi is extremely excited to commence a relationship with Sydney Metro and the NSW Government and work with them to deliver what will be an outstanding, market-leading project for the Sydney region,” Huxley said.

“We have an established network of retail operators and have already had a number of world-class businesses express an interest in pre-committing to space at the Crows Nest over station development, which is just incredible. It really demonstrates the demand and need for this type of development in Sydney’s Lower North Shore.

“This project will be a legacy development for Thirdi and we can’t wait to start working with all stakeholders to bring the Crows Nest over-station development to life and add significant value to the Crows Nest community.”

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