Australian property market wrap 22 September 2023
Image: Canva.
  • A South Australian estate from the 1800s has come to market.
  • A Melbourne medical hub was listed for sale.
  • Several developments and completions were announced.

Today’s wrap encompasses a wide array of developments and listings, from social housing to lifestyle resorts, medical facilities and a hospitality venue from the 1800s.


Metacap approved for new South Australian project

Queensland developer, Metacap, has doubled its active project portfolio of over-50s lifestyle resorts to almost $700 million after securing approval for a new master-planned community in South Australia.

The developer recently received development approval for its $300 million masterplan that is set to transform the coastal town of Port Hughes in South Australia.

The proposed development is the largest to date for Metacap’s Riverbend Resorts and Villages division and comes as the company begins construction of two over-50s lifestyle communities in the Queensland retirement hotspots of Hervey Bay and Agnes Water.

The $130 million Riverbend Hervey Bay comprises 160 homesites, while the $150 million Riverbend Agnes Water has 190 homesites. Together with the Port Hughes project’s 460 lots, the company’s development portfolio will grow to more than 800 residential sites in the over-50s market.

The Adelaide project represents a significant expansion of Metacap’s Riverbend Resorts and Villages brand since the company entered the over-50s residential resort market four years ago.

$18.3M Melbourne development completed

The multi-residential development at 260 Bell Street in Melbourne’s northeast has been completed.

The property was designed by Plus Architecture and built by Manresa Constructions for not-for-profit housing provider Unison Housing.

Homes Victoria, in partnership with Unison Housing, funded the project as part of the $5.3 billion Big Housing Build which aims to provide more social and affordable housing to people in need across metropolitan and regional Victoria.

The 6-storey building comprises 42 apartments. Just 9.5 km from Melbourne’s CBD, the development provides residents with access to service amenities, education facilities and employment opportunities – contributing to their increased quality of life, social inclusion and mobility.

“Increasing the provision of safe and affordable social housing like the Bell Street property provides more families with housing options. I’m proud that Unison is part of the solution,” said Unison Housing CEO, James King.

“For forty-two families, this development represents an opportunity for a new start to life. It is a place where people can be comfortable, live with dignity, stay well, raise their family, make memories and connect and support each other within a community.”

Plus Architecture’s first project with Unison Housing, 260 Bell Street, is the latest in the practice’s growing portfolio in the build-to-rent sector, with sites also in development in Western Australia and Queensland.

New supermarket opens at World Square

Gong Grocer officially opened at World Square in Sydney on 21 September. The 800 sqm space features a modern fit out with soft natural materials and an authentic Chinese cultural flair and vibrancy.

“It has been a long-term vision for World Square to bring a premium Asian supermarket to Sydney’s CBD and Gong Grocer provides an innovative and exciting product range,” said World Square general manager, Rosemary Antonios.

The supermarket was opened by a team led by Linh Trinh Nguyen, a co-owner of, and the former operator behind the Haymarket Asian supermarket institution, Thai Kee IGA.


Melbourne healthcare hub listed

The Manningham Medical Centre in Melbourne’s east is set to sell for circa $50 million.

Located at 200 High Street, Templestowe Lower, the medical centre was completed in the early 2000s and has since undergone refurbishment with tenancy expansions and new fit-outs.

The 5,000 sqm, six-storey centre, has a WALE of 6.3 years and a gross passing income of $3,390,227 from a mix of anchor tenancies including a general practice, Nexus Day Hospitals, Sonic Healthcare, and Capital Radiology.

CBRE’s Australian healthcare and social infrastructure team of Sandro Peluso, Marcello Caspani-Muto, and Jimmy Tat are managing the sale via an international expressions of interest campaign closing on 19 October 2023.

Private estate in South Australia comes to market

Waverley Estate, a ‘French Provincial’ estate nestled on 3 acres of countryside in the coastal hamlet of Port Elliot, is coming to market for the first time in 20 years.

The estate is located a stone’s throw from the coastal township of Port Elliot and its famed Horseshoe Bay.

Dating back to 1856, Waverley Estate offers luxury accommodation for up to 22 guests and features a traditional lawn tennis court, a central courtyard with a fire pit, and a generously sized solar-heated swimming pool.

The accommodation comprises a variety of options, including the 1856 Bluestone House, The Stable, The Loft, Isabella Room, School House, and The Villa Suite.

Waverley Estate is available for sale by expression of interest with Cushman & Wakefield’s Sam Alexander and Jed Harley, and Woodbridge Iles’ Russel Iles, closing on Thursday, October 26, 2023, at 4 pm ACST.

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