<html><body>
AMP Capital Wholesale Office Fund has taken full control of NAB house in Sydney's CBD announcing today it has acquired the remaining 25% interest in the A-grade building.
Developed by AMP Capital, 255 George Street has been the Sydney headquarters for National Australia Bank since its completion and NAB remains the building’s anchor tenant today.
AMP Capital Wholesale Office Fund Manager Nick McGrath said the acquisition further strengthens the AWOF portfolio.
In recent years, the owners have invested over $50 million in a transformational upgrade of the asset, setting a new standard of sustainability for existing buildings in the CBD. The building today boasts a 5-star NABERS rating.
“As full owner of the building, we believe we can continue to extract value from this prime asset for investors over the long-term”, McGrath said.  
AWOF is an open-ended unlisted trust investing in high-quality office buildings in Australia and New Zealand. As of 31 December, 2013, its assets stood at $2.9 billion.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
                  
</body></html>

kjiminez-eaYKfU7qd2

AMP Capital take full control of NAB House in Sydney

<html><body>
He is known as the Wizard of Omaha and considered to be one of the world's most successful investors.
And for thousands of investors around the world, Warren Buffett has become their investment guru. 
Every year, through his letter to Berkshire-Hathaway shareholders, the legendary investor offers his wisdom on anything from his rules for investing in stocks to the US and global economies or even Bitcoin. 
This week, Buffett he again released his highly anticipated annual shareholder newsletter and this time, front and centre of his letter was real estate investment.
Specifically, he reflected on two small properties that he purchased long ago and offered some insights on real estate investment.
One purchase involved a 400 hectare farm in Nebraska, which cost him $280,000 in 1986. 
The other purchase, which he made with a small group of investors a few years later, was a retail property in New York. 
The common theme in these tales was that he purchased both assets after property collapses. 
In his letter, Buffett says he cites the tales to "illustrate certain fundamentals of investing". 
He then goes on to highlight his five tips for real estate investing. 
They are:
<img style="float: left;" alt="number-1" height="30" width="20" src="/images/stories/2014/03/05/number-1.jpg">You don't need to be an expert in order to achieve satisfactory investment returns.  But if you aren’t, you must recognize your limitations and follow a course certain to work reasonably well. Keep things simple and don’t swing for the fences. When promised quick profits, respond with a quick “no.”
<img style="float: left;" alt="number-2" height="30" width="26" src="/images/stories/2014/03/05/number-2.jpg">Focus on the future productivity of the asset you are considering. If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility. But omniscience isn’t necessary; you only need to understand the actions you undertake.
<img style="float: left;" alt="number-3" height="30" width="22" src="/images/stories/2014/03/05/number-3.jpg">If you instead focus on the prospective price change of a contemplated purchase, you are speculating. There is nothing improper about that. I know, however, that I am unable to speculate successfully, and I am sceptical of those who claim sustained success at doing so. Half of all coin-flippers will win their first toss; none of those winners has an expectation of profit if he continues to play the game. And the fact that a given asset has appreciated in the recent past is never a reason to buy it.
<img style="float: left;" alt="number-4" height="30" width="22" src="/images/stories/2014/03/05/number-4.jpg">With my two small investments, I thought only of what the properties would produce and cared not at all about their daily valuations. Games are won by players who focus on the playing field – not by those whose eyes are glued to the scoreboard. If you can enjoy Saturdays and Sundays without looking at stock prices, give it a try on weekdays.
<img style="float: left;" alt="number-5" height="30" width="22" src="/images/stories/2014/03/05/number-5.jpg">Forming macro opinions or listening to the macro or market predictions of others is a waste of time. Indeed, it is dangerous because it may blur your vision of the facts that are truly important. (When I hear TV commentators glibly opine on what the market will do next, I am reminded of Mickey Mantle’s scathing comment: “You don’t know how easy this game is until you get into that broadcasting booth.”
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
</body></html>

Warren Buffett's five tips for investing in real estate

<html><body>
<img style="display: block; margin-left: auto; margin-right: auto;" alt="CBRE_-_Pxrl_Edit" height="76" width="200" src="/images/stories/2014/03/03/CBRE_-_Pxrl_Edit.jpg">
Agent: Phil Schell<img style="float: right;" alt="schell-profile" height="200" width="150" src="/images/stories/2014/03/03/schell-profile.jpg">
Position: Director
Company: CBRE Agribusiness
Office Location: Adelaide
How long have you been in the industry? Seven and a half  years in real estate practices and 30 years as an owner/operator in farming, South Australia.
What’s happening in the area you specialise in?
In the first quarter of 2014, activity in the agricultural sector has been warming more towards private vendors and not distressed transactions. Our South Australian team had anextremely successful 2013, which saw 22 individual properties sell in South Australia (local sales), with a gross realisation of more than $32 million.
Transactions take time and that won’t change this year. Generally six months is a typical rural transactional period. My business model includes the local (SA) market and extends to working and assisting my interstate colleagues. I work with an amazing and skilled national team on projects and listings in sectors including grain, livestock, horticulture, viticulture, northern cattle, dairy and forestry.
Confidence from the corporate sector increased late last year,with excellent signs of continuing in 2014. I feel that the small and medium rural business owners are expanding theiroperations by acquiring neighbouring or nearby land holdings. From discussions in recent meetings, it appears the four big banks are starting to fight over “market share” providing opportunities for good borrowing and better deals.
Describe the most interesting property you have sold?
Eyre Peninsula Cropping Aggregation in 2013 - 14 properties scattered over the Eyre Peninsula. Diverse land holdings across variable rainfall regions. Some of the properties werewell developed and boasted good assets and others not so good. It was great to sell 14 out of 14, with the receiver and manager McGrathNicol very satisfied with the end result.
What are the ingredients to being successful in your job?
Having a good team is essential, as well as understanding the intricacies of the industry, being able to fully engage with your clients (never take anything or anyone for granted), persist in a deal and don’t be concerned about the opposition - just be better!
What aspects of your role do you enjoy the most?
Client engagement and “doing the deal”.
Where would you invest a spare $750,000?
Obviously rural property. The food security issue will not go away. Rural property is a “long-term hold” investment. My background is farming so I understand the risks.
Which football team do you support? The Adelaide Crows.
What’s your favourite app or techno gadget?
The iPhone is my office away from the office.
How do you use social media?
I prefer to engage with people personally. I do use <a target="_blank" href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/phil-schell/41/684/583">LinkedIn</a>, however, I need to explore the advantages of it further.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
                                
</body></html>

In profile: CBRE Agribusiness' director, Phil Schell

<html><body>
The light at the end of the tunnel has arrived for Australia's accommodation market, with supply levels hitting a record high last year.
Research from JLL's latest Top Hotel Owners and Operators Survey showed that accommodation supply rose 1.3% to 230,064 rooms at the end of June 2013, which it described as a "positive sign" that the market is "once again poised for growth after the uncertainty of the past few years".
After declining in 2012, it said, serviced apartments emerged as the growth sector in 2013 with room supply increasing 2.6% year-on-year with the addition of 1,442 keys. That compared to growth of 1.9% (1,683 rooms) in the hotel sector and a 0.3% decline in motel rooms (-229 rooms), revealed the report, which is based on supply levels across the hotel, motel and services apartment sectors.
Of the 230,064 accommodation rooms in Australia, the top 10 owners accounted for 11.3% (26,085 rooms) of total room supply at the end of 2013 and the top ten operators 40.7% (93,691 rooms).
The survey noted that the top 10 owners recorded a 1% lift in rooms in 2013 with the addition of 267 rooms.
<img alt="JLL_Australia_top_ten_owners_-_chart-march-5" height="375" width="470" src="/images/stories/2014/03/05/JLL_Australia_top_ten_owners_-_chart-march-5.gif">
Source: JLL. Note: * Includes joint venture properties with Far East
Last year also brought one new entrant into the top ten - the Abu Dhabi Investment Authority (ADIA) - following its acquisition of the Tourism Asset Holdings (TAHL) portfolio. The sale saw TAHL exit the sector after more than a decade in the top spot, it said.
"The transaction represented the first major direct hotel acquisition by a Middle East group in Australia...," said JLL's Hotel &amp; Hospitality Group chief executive for Australasia, Craig Collins.
"Offshore groups now account for 53% of rooms owned by the 30 largest accommodation owners in Australia".
Offshore investors, the survey showed, were predominantly from Asia, albeit with an increasing proportion of rooms held by Middle Eastern and global groups.
"This indicates how globalisation trends are gaining pace once again in the new era of hotel investment", JLL said.
The survey highlighted that operating groups have been very active over the past year, resulting in some significant changes to the top order.
<img alt="JLL_Australia_top_ten_operators_-_chart-march-5" height="350" width="470" src="/images/stories/2014/03/05/JLL_Australia_top_ten_operators_-_chart-march-5.gif">
Soure: JLL. *Note: Not provided, sourced from website
Collectively, the top ten increased their portfolio holdings 2.5%, bringing the total rooms under management to 93,961 across 963 properties.
However, JLL also said that four companies achieved double-digit growth, with the biggest gains recorded by Toga Hospitality - up 30.4%; Hilton 27.9%; Best Western 12.1 % and Oak Hotels &amp; Resorts 10.7%.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a> 
                      
</body></html>

Accommodation market supply levels hit record high: JLL

<html><body>
Investors are being offered a rare opportunity to buy a residential development site, with development approval for an 18-level mixed use building in Sydney's exclusive suburb of North Sydney. 
Located at 225-235 Pacific Highway and 22 Angelo Street, the 1,538 square metre site is approved for 190 apartments with 11,937 square metres of residential space plus ground commercial/retail space of 867 square metres. 
<img alt="north-sydney-feb-26-one" height="288" width="470" src="/images/stories/2014/02/26/north-sydney-feb-26-one.jpg">
Knight Frank’s Andrew Drury, Peter Krieg, Brett Burridge and Dominic Ong have been appointed to sell the mixed use development site on behalf of industrial property investment group, Ford Land Company.
Mr Drury said that with limited development sites remaining in such prestige localities, <a target="_blank" href="https://225pacific.com.au/?">225-235 Pacific Highway</a> offers a rare opportunity to acquire such a property with valuable development consent.
The agents said that potential buyer could immediately start per-sales from settlement of the purchase.  
The approval consists of six, three bedroom penthouse apartments, 72 two bedroom apartments, 97 one bedroom apartments, 15 studio apartments, roof top communal entertaining areas, six levels of secure basement parking for 150 cars plus extensive storage areas. The approval also includes lower ground floor areas incorporating a tapas bar, restaurant and café and a top floor concierge apartment.
The DA approved site will be ready for construction to commence in July 2014. The public tender closes on 18 March.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
        
</body></html>

Rare residential development site opportunity in North Sydney

<html><body>
Melbourne-based unlisted property fund manager, Quintessential Equity, has leased a further 13% of its office building in Sydney's Lane Cove West, taking it to near fully occupancy. 
Quintessential Equity purchased the 166 Epping Road property last April when it was just 80% occupied. 
Following the recent leasing to a joint venture between Downer EDI Works Pty Ltd, a subsidiary of ASX-listed Downer EDI Limited, and Mouchel International (Jersey) Limited, a major international infrastructure and business services group - just two% or 161 square metres of the building is now vacant. 
Quintessential Equity director, Shane Quinn, said the additional lease agreement was a
positive result for investors in the Trust and demonstrated the success achieved through
proactive management by the company.
"Since we settled 166 Epping Road, we have made steps towards significant enhancements to the property, aiming to attract new tenants".
“We have enhanced the presentation of the space and worked with leasing agent specialists in the Lane Cove area to encourage new tenants to preview the refurbished office building".
The five level commercial building has three levels of office accommodation with a total net lettable area of about 7,129 square metres as well as two levels of basement car parking with 235 individual car spaces.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
                     
</body></html>

Quintessential Equity sign additional lease to expand Lane Cove West office

<html><body>
Cold-press juice offering company, Pressed Juices, has continued its expansion across Melbourne, this time signing an eight year lease in the CBD. 
The 10 Howey Place deal was negotiated at $3,000 per square metres for the 20 square metre boutique site on the laneway off Little Collins Street. 
<img alt="melbourne_feb_27_one" height="353" width="470" src="/images/stories/2014/02/26/melbourne_feb_27_one.jpg">
The deal follows a recent letting by Pressed Juices at South Yarra and represents the company's sixth site in the Garden State. Nationally, it has nine sites. 
Fitzroys City retail leasing executive, Michael Rainey, said the deal with Pressed Juices is a product of the resurgence in leasing enquiry currently seen throughout Melbourne.
“We’re seeing businesses again looking to further expand their presence,” said Rainey.
Fitzroys' city retail team negotiated the lease.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
            
</body></html>

Pressed Juice to squeeze into boutique site off Little Collins Street

<html><body>
International plastic products designer and manufacturer Reln Pty Ltd has secured an industrial complex in Brisbane's northern industrial hub of Brendale. 
The warehouse/office, at 9 Mackie Way, is situated on a land area of 9,256 square metres, which includes 5,456 square metres of hardstand.
The three plus three year lease was struck at a rental of $220,000 per annum gross plus GST.
Paul Anderson of Ray White Industrial Milton in conjunction with Dillon Murphy and Trevor Nelson-Jones of Ray White Commercial Pine Rivers handled the lease. 
Mr Murphy said the property was zoned general industry and included a 1,600 square metre warehouse and 77 square metres of office/showroom space.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
               
</body></html>

Brendale, Brisbane warehouse/office industrial property leased

<html><body>
A local investor has acquired an industrial facility at <a target="_blank" href="/news">Molendinar</a>, an industrial suburb on the Gold Coast - for $1.05 million. 
Gold Coast based business TEW purchased the 10 Barnett Place property, which has high site coverage of above 53% with a ground floor area of 932 square metres, an office mezzanine of 130 sqaure metres plus and an additional storage mezzanine. The total floor area is 1,122 square metres, on a 1,741 square metre site.
The selling agent was Pat Cavanagh of Colliers International.
“The previous owners who occupied the property were MP Group,” said Mr Cavanagh. “They sold the property as part of their business consolidation plan and have relocated their business to another building within Molendinar.”
The new owners TEW, offer mechanical and electrical technical services and have been operating on the Gold Coast for 21 years.
news@propertyobserver.com.au
           
</body></html>

Gold Coast industrial facility sells for $1.05 million

<html><body>
A local investor has snapped up a prominent retail showroom at <a target="_blank" href="/news">Nerang</a> on the Gold Coast for $1.8 million.
The 84 Spencer Road property, with exposure to the Pacific Motorway, is on a five year lease with an extra five year option to a flagship Bridgestone Select Service and Tyre Centre.
<img alt="nerang_feb_26_one" height="271" width="470" src="/images/stories/2014/02/26/nerang_feb_26_one.jpg">
Ross Salmon of Sun Shop (NSW) Pty Ltd acquired the purpose built 894 square metre building.
The modern tilt panel building is constructed on a 2,000 square metre site and was previously bought by the Nichols family in 1995 for $330,000. The family built the building and operated a tyre centre at the premise for 17 years before leasing the property to Bridgestone Australia Limited in late 2012.
Colliers International associate director of investment services and marketing agent of the property, James Crawford, said that the income was $126,000 per annum excluding land tax and management, reflecting a true net yield of just under 6.5%.
news@propertyobserver.com.au 
</body></html>

Local investor snaps up Nerang showroom for $1.8 million

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