<html><body>
A tightening white collar employment market and weaker business conditions for the private sector saw leasing activity in the Adelaide CBD office market sink below the five year average last year.
The latest quarterly Savills Spotlight Adelaide Office market report revealed that 74,697 square metres of leasing activity took place in central Adelaide in the year to December - down 8.1% on 2012 and well down on the five year average of 125,590 square metres.
Of the 74,697 square metres reported leased in central Adelaide, the government and community sector was most active leasing about 45% of the stock reported leased.
Despite a positive contribution from the fringe precinct, overall net absorption across the city and fringe was 4,108 square metres.
Adelaide’s combined office market vacancy rate for the CBD and fringe markets stood at 11.8% as at December 2013. Of the two markets, the CBD has the highest vacancy rate at 12.4%, while the fringe is 8%.
Dissecting the results for the CBD market, Savills said that prime grade stock recorded positive absorption of 20,094 square metres over the period but noted that it was down 14,003 square metres on the previous year.
Secondary grade stock recorded negative absorption of -22,943 square metres. "These figures show that most demand for prime grade stock is coming from within the CBD, with only a small proportion of tenants moving into prime space from other office precincts," said the report.
The city fringe recorded net positive absorption of 2,030 square metres - down on the previous 12 months but up on the five year average of 1,835 square metres.
While Savills is tipping leasing activity to remain subdued in the short-term, it expects tenant demand to improve, predicting positive net absorption to return to the CBD market in the medium term.
Helping to drive that shift in leasing conditions, it says will be the introduction of newly refurbished office space onto the leasing market in late 2013 which "should provide a number of opportunities for existing and new tenants during 2014".
"The next 12 months are forecast to have an increase in lease expiries over the past 12 months which should help drive an increase in leasing activity in central Adelaide."
More stringent rules surrounding mandatory NABERS Energy rating disclosure, it adds, were also likely to have a negative impact on older office space in Adelaide, particularly for properties seeking to attract government tenants.
Average CBD net face rents remained steady in the final quarter of last year - ranging from $310 to $410 per square metre per annum.
Savills said incentives remained steady for premium grade buildings over the quarter due to relatively strong leasing demand. However, A and B grade incentives increased as a result of increased supply and the resulting increase in competition, it noted. 
</body></html>

kjiminez-eaYKfU7qd2

Leasing activity in Adelaide CBD market slips below five year average

<html><body>
<img src="/images/stories/2014/03/12/manuel-profile.png" alt="" style="float: right;">
Name: Jesse Manuel
Position: Manager – rural and agribusiness
Company: Colliers International
Office Location: Adelaide
How long have you been in the industry?
About 10 years. I started in residential real estate in a small country town. Given my farming background I moved to a boutique rural agency in Adelaide before joining Colliers International in 2007 as one of the original start-up members of the Rural &amp; Agribusiness specialisation.
What’s happening in the area you specialise in? 
Consolidation. Many of the well-positioned larger producers and long-standing industry participants with minimal debt have taken advantage of their position, acquiring neighbours and competitors. There is considerable interest in Australian agriculture from Chinese buyers such food companies and major private investors. Institutional investors from Europe and the US are also emerging as an important segment of the buyer market for large scale farming assets.
Describe the most interesting property you have sold?
By virtue of the asset class I deal with, nearly all of the assets seem ‘interesting’ to people from outside the industry. We have sold a vertically integrated oyster business comprising extensive water and land-based operations, chicken meat farms, large scale forestry plantations and country mansions.
What are the ingredients to being successful in your job? 
Be passionate, eager to learn and expand your network, and never ever give up.
What aspects of your role do you enjoy the most?
Dealing with new people and interesting properties on a daily basis, and the thrill of a deal!
Where would invest a spare $750,000?
$750,000 won’t go a long way in commercial farming but I would say the chicken meat sector is one of the best-performing agribusiness industries currently, so that would have to be a consideration. I would also invest in a vineyard in a renowned region such as the Barossa Valley because values are on the way up.
Which football team do you support?
The mighty Adelaide Crows! We’ll make top four this year.
What’s your favourite app or techno gadget?
Google maps.
How do you use social media? 
<a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/jesse-manuel/20/9b5/219" target="_blank">LinkedIn</a> is very helpful in finding contacts within organisations you don’t have relationships with. We also like promoting our deals and sharing research reports with our clients.
</body></html>

In profile: Colliers International's manager - rural and agribusiness, Jesse Manuel

<html><body>
A retail shop in Melbourne's Footscray, home to international fast-food chain Nando's, has been listed for sale. 
The 150 square metre property, known as Shop 1, 250 Barkly Street, is leased to Nando's on a 5+5+5 year lease to 2027, with annual 3% fixed rent increases. 
The annual rent is $65,672. 
The selling agents are Jamie Perlinger and Adam Thomas of Burgess Rawson. 
<a href="mailto:news@propertyobserver.com.au" target="_blank"></a><a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
                   
</body></html>

Nando's Barkly Street, Footscray retail shop listed

<html><body>
<img alt="welshpool_march_5" height="353" width="470" src="/images/stories/2014/03/05/welshpool_march_5.jpg">
A large industrial facility in the Perth's premier industrial precinct of Welshpool has been listed for sale or lease.
Located at 33 McDowell Street, the property is being offered for sale at a price of $11.95 million with vacant possession or leased on flexible terms.
The property, which has the potential to be divided into several separate tenancies, has two large warehouses, loading docks and office to provide almost 14 square metres of refurbished warehousing.
One warehouse covers 7,769 square metres and the other 3,442 square metres, with the office space covering 864 square metres.
Knight Frank industrial director Jarrad Grierson said the property had a substantial land area of 2.89 hectares and had previously been the headquarters of a local manufacturing company.
<a href="mailto:news@propertyobserver.com.au" target="_blank"></a><a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
              </body></html>

Industrial facility in Welshpool, Perth listed for sale or lease

<html><body>
Property developers and investors are expected to jockey for position when a five-level office building in South Melbourne goes under the auctioneers hammer later this month. 
The 71 Palmerston Crescent property, located 3 kilometres south from the Melbourne CBD, is scheduled to go under the hammer on 27 March and is tipped to fetch more than $7 million.
The property offers a net lettable area of just over 2,710 square metres, 39 car parks, a communal rooftop entertaining and barbecue area.
Colliers International’s Jeremy Gruzewski and Peter Bremner have been appointed to sell the property.  
“The building is currently configured into 11 office areas plus a retail premise, all but one of which are currently leased,” Bremner said. “The property has a current net passing income of approximately $621,110 per annum however the potential fully let net income is estimated at $721,502 per annum.”
The property also offers the possibility of future redevelopment potential.
Gruzewski said that at a minimum, the site had the potential to develop "up to four lightweight units for either residential or commercial use (STCA)".
He also added that "given recent residential redevelopment in the area and a recent zoning change to Commercial 1, it is possible a redevelopment of a much higher density and height could be carried out, thus providing a solid exit strategy for a prudent property investor.”
<a target="_blank" href="mailto:news@propertyobserver.com.au"></a><a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
</body></html>

Five-level South Melbourne office building set to spark $7 million plus scrap

<html><body>
A retail complex at Oxenford on the Gold Coast has sold for $2.145 million to a local private investor.  

The sale of 110-112 Old Pacific Highway reflected a yield of 7.8%.  It houses four tenants - Ray White, a dentist, The Salvation Army and a Seafood &amp; Pizza eatery, which occupy a total of 570 square metres of retail space. The combined net income is about $175,750 per annum.

The tenants have between one and four years left remaining on their lease with options ranging between three to five years. The largest retail tenancy - the Salvation Army - covers an area of 220 square metres at a rent of $48,920 per annum.

The sale was negotiated by Mr Mason Kidman and Alan Robertson of Colliers International.

Mr Mason said the property was a straight forward income producing investment which was managed entirely by the previous owner. 

He expects the property will also benefit from significant infrastructure and commercial development that is currently in planning or under construction, pointing out that there was about $43 million worth of projects already underway in Oxenford.

Mr Mason said that the retail complex was positioned over two titles on a land area of 1,556 square metres and it had potential for future development, as it fell under a Zoned Central Oxenford Local Area Plan with allowance of up to three storeys build.

<a href="mailto:news@propertyobserver.com.au" target="_blank"></a><a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>

                      </body></html>

Gold Coast retail complex sells for $2.145 million

<html><body>
A local investor has snapped up a commercial retail site at Capalaba in Brisbane's east for $3.7 million.  
The 1 Moreton Bay Road property is anchored by a Cash Converters outlet and sits on a site area of about 4,224 square metres, with the building area at about 1,542 square metres.
Ray White Commercial Bayside’s Nathan Moore and Michael Keddy were the selling agents, acting on behalf of a private seller.
“This freehold property has three tenancies with a potential net rental income of more than $320,000 per annum,” said Mr Moore. 
Cash Converters started a 3 x 3 x 3 x 3 lease in January, 2011 and have exercised the first option.
An outdoor furniture is another tenant in the property, while the third tenancy is currently vacant.
“We are working with a number of parties to finalise a lease over this prized corner location,” said Mr Keddy. 
<a target="_blank" href="mailto:news@propertyobserver.com.au"></a><a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
               </body></html>

Local investor snaps up Capalaba, Brisbane retail site for $3.7 million

<html><body>
Furniture retailer Homeland Furniture is expanding its business into the Lower Hunter region of New South Wales after signing a lease at the Sentinel Property Group's Hunter Supa Centre at Rutherford.
The retailer has secured 785 square metres of retail space at the centre on a five year lease with a further five year option, at a gross annual rental of $145,225 a year.
The Hunter Supa Centre, at 343 New England Highway, Rutherford, is on a 50,690 square metre site which features three separate buildings with a total lettable area of 19,768 square metres plus 438 parking bays.
The Brisbane-based Sentinel acquired the centre in May 2013.
More than 85% of the centre is underpinned by national tenants, including Fantastic Furniture, Petbarn, Betta Electrical, Loot Homewares, The Outdoor Furniture Specialists, Bubs Baby Shops, Plush, Genesis Fitness and Repco.
<a href="mailto:news@propertyobserver.com.au" target="_blank"></a><a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
      </body></html>

Homeland Furniture secure Hunter Supa Centre, Rutherford lease

<html><body>
Growing business confidence and easier access to capital could see Melbourne's strata office in for a big year in 2014.
Full-floor office sales in the last quarter of last year came in at more than 13 and that level of strong level of activity spilled into the start of this year.
DTZ manager of CBD Strata Sales, landlord and institutional investor services, Danny Clark said: “We are being inundated with strata office enquiries, and 2014 is set to be a strong year for sales in the sector with growing business confidence and easier access to capital.”
Such is the competition, DTZ CBD strata sales and leasing executive, Samuel Bell added that it recently concluded the sale of a vacant floor at level 1, 20 Queen Street (pictured below), which attracted fierce competition from both owner occupiers and investors.
{yoogallery src=[images/stories/2014/03/05/mel]}
The sale, he said, further highlighting the fact that investors were now prepared to carry the risk on vacant floors.
“We are starting to see increased competition from both local and offshore investors looking for quality investments; however, full floor investments are a rarity in the Melbourne market. This competition, coupled with a shortage of available stock, is leading to record sales per square metre," said Mr Bell.
The 20 Queen Street floor was 390 square metres and sold for $1.1 million.
Nearby, at 620 Bourke Street, a 567 square metre floor on level 4, fetched $2.075 million.
Levels 1 and 2, at 420 Collins Street - combines floor size of 780 square metres - sold for $2.9 million.
<a href="mailto:news@propertyobserver.com.au" target="_blank"></a><a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
</body></html>

Melbourne strata office market tipped for a big year

<html><body>
Brisbane has welcomed its first international hotel in more than a decade, with Starwood Hotels opening its Four Points by Sheraton in the city centre.
State Minister for Tourism, Jann Stuckey, said it showed confidence in the sector, which the government promised to grow as one of the four pillars of the economy.
The Four Points hotel boasts 246 rooms and suites and is expected to contribute to visitation numbers by bringing thousands of guests each year.
The Newman government is aiming to double annual overnight visitor expenditure from $15 billion in 2010 to $30 billion by 2020.
Ms Stucky described the new hotel as "big boost for the local precinct" and that it was another step in the revitalisation of this part of the city’s CBD, which would see "significant redevelopment in the coming years".
<a href="mailto:news@propertyobserver.com.au" target="_blank"></a><a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
        </body></html>

Four Points by Sheraton hotel opening in Brisbane city centre a "big boost for the local precinct"

Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

[smartcode_project:default project_id=112195 project_image_fid=3286]

Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

[smartcode_project_cta:default project_id=112195]

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

<img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" />

Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

[smartcode_project_cta:default project_id=28384]

North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

[smartcode_project:default project_id=143337 project_image_fid=374768]

McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

[smartcode_project:default project_id=143337 project_image_fid=374760]

Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

[smartcode_project_cta:default project_id=143337]

More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Katherine Jimenez

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News