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An offshore investor has acquired an industrial property in Sydney's Regents Park for $12.425 million. 
The 7,827 square metre building is located at 2-6 George Young Street and was owned by vendor Abacus. 
The sale price reflected an initial yield of 7.6% and equated to about $1,587 per square metre.  
Colliers International's John McCann and Tony Durante negotiated the off-market transaction.  
The agents said that the property was listed to go to an on market campaign with advertising booked but was sold prior.
The property is leased to Colorpak Limited until May 2021.
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Regents Park industrial property sells off-market for nearly $12.5 million

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A local investor has purchased a retail shop in the popular tourist destination of Noosa Heads on the Sunshine Coast for $1.575 million.
The 5/62 Hastings Street transaction reflected a net yield of about 7.4%.
The 61 square metre shop is leased to local business owner Poeta Herford on a five year lease.
Paul Forrest and Tracey Ryan of Ray White Commercial Noosa negotiated the sale.
“With the completion of this sale, supply of investment property in Hastings St has become extremely limited,” said Mr Forrest.
Ms Ryan noted that recent leasing activity in Hastings St had also seen vacancy rates tighten.
“Current projections will see a retail vacancy level in Hastings St of less than two% by Easter,” she said.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
 
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Noosa Heads retail shop sells to local investor for $1.575 million

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Singapore listed group Hiap Hoe has extended its presence in Australia, this time acquiring an A-grade building in Perth for $90 million. 
The off-market transaction, at 130 Stirling Street (pictured below), is the fourth purchase undertaken by Hiap Hoe in Australia and is the biggest sale in Perth since May 2013. 
<img alt="130_Stirling_St_2" height="353" width="470" src="/images/stories/2014/02/19/130_Stirling_St_2.jpg">
The 5,033 square metre site was held in a Charter Hall syndicate. 
The sale was negotiated by Paul Craig and Miles Rowe from Savills Perth office.
Savills managing director of Western Australia, Paul Craig, noted that the sale signalled the entry of a major new international investor in Perth, which "represents a strong vote of confidence in the property fundamentals and future outlook for the market". 
Since making its first foray in 2013, Hiap Hoe has acquired three Melbourne CBD assets: 6- 22 Pearl River Road; 380 Lonsdale Street and 206 Bourke Street. 
The Perth acquisition is said to be in line with the company's strategy to build up a strong geographical presence in Australia with a diversified portfolio of income – generating assets. 
The seven-storey building has a net lettable area of 12,349 square metres. 
Hiap Hoe executive director, Tracy Wun, said: “130 Stirling Street enjoys a strong occupancy of 97.7 per cent with a weighted average lease expiry of 5.71 years.”
"Moving forward, Hiap Hoe will continue to opportunistically expand our regional real estate portfolio as we remain focused on quality investment assets with attractive yields just as 130 Stirling Street.”
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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Hiap Hoe splashes $90 million on A-grade Perth building

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Serviced office provider Servcorp said it was on track to deliver continued earnings growth in the 2014 financial year after handing down a 20% lift in interim net profit.  
Net profit after tax came in at $11.12 million for the six months to 31 December, on revenue growth of 15%.  
Like for like occupancy across the group was steady at 78%.
Excluding North Asia and the ANZ/SEA region - which comprises of Perth, Singapore, Kuala Lumpur and Wellington - the remaining international locations achieved their occupancy target of between 82-85%. 
Growth in the virtual office business continued in line with management's expectations, delivering growth of 9% to about 37,000 packages.
The company's operating cash flow was strong - up 63% to $18.13 million. 
On the outlook, management said that "initial indications are that business conditions are starting to recover around the world".
"Over the last four years we have substantially enhanced our footprint and as the global economy improves we are very well positioned to take advantage of the recovery in global business sentiment.”  
Its current vacancy levels, added management, gave the company “significant opportunity to improve our margins and operating results". 
It is aiming to grow its footprint in strategic locations and to add 10% to office capacity in FY14.
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Servcorp hands down 20% lift in interim net profit over first half of financial year

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Improved trading conditions in Melbourne, Sydney and a recovery in Cairns helped boost average hotel room rates across the country by more than 3% in the 12 months to December 2013.

The figures were revealed in the latest Savills Insight Australian Hotels report, which painted an upbeat picture for hotel industry in the year ahead. 
"As the correction of the Australian dollar continues, domestic travel is likely to increase and Australia will become more affordable for international tourists", the report said. That combination of factors, it believes will lead to increased demand and higher rates in Australian hotels.
Average revenue per available room (RevPAR) growth rose by 3.2% to $132.36 in 2013. RevPAR is a key industry performance measure based on multiplying the occupancy rate by average daily room rate.
RevPAR growth was the strongest in Melbourne, which recorded a 7.2 per lift, followed by Sydney at 6.4% and Cairns at 3.3%. That was offset by falls in Perth, which was affected by the mining industry scale back, Brisbane and Canberra.  
Savills is tipping a better year ahead for the Brisbane market, with expectations of a "spike in trading" during the G20 summit in November.  
During the 12 months to December, Savills recorded 69 sales of hotel assets over $5 million throughout Australia, representing a total value of $2 billion. More than half of that total value was attributed to the sale of the Four Seasons Hotel Sydney and the TAHL portfolio. 
With demand continuing to outstrip supply, the report said: "current owners are looking to capitalise on rising values and view the next 12 to 18 months as a good time to exit the market."
Savills also highlighted that development of new hotels was picking up and as a result "we could see offshore investors acquire hotels on forward commitments as a way to secure assets in a tightly held market."
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Average national hotel room rate lifts by over 3% in 2013: Savills

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<img src="/images/stories/2013/10/29/KF_STACKED_RGB.jpg" width="200" height="75" alt="KF_STACKED_RGB" style="max-width: 480px; display: block; margin-left: auto; margin-right: auto;">
Name: Ashley Moffat<img style="float: right;" alt="ashley_moffat_feb_17" height="125" width="100" src="/images/stories/2014/02/17/ashley_moffat_feb_17.jpg">

Position: Associate director, retail leasing

Company: Knight Frank

Office Location: Brisbane





How long have you been in the industry?
21 years
What’s happening in the area you specialise in?
Plenty – the sands are shifting constantly in retail leasing and sometimes hard to keep up with the latest trend/fad/concept. At the moment, it’s all about very specific fresh food concepts. Rather than just opening an Italian restaurant, restaurateurs are instead opening up a “Meatball” restaurant which may roll out 10 different varieties of meatballs. It’s all very exciting.
Describe the most interesting property you have sold
I’ve spent most of my career leasing or developing shopping centres. Probably the funniest transaction was when I was in the pub talking to a complete stranger who, after sharing a couple of drinks, asked me whether I was interested in buying a piece of land he had an interest in. 12 months later I completed building a BI-LO Supermarket and specialty shops on it which resulted in a few million dollar profit for the company I was working for at the time. Goes to show, networking does work!
What are the ingredients to being successful in your job?
You have to love it, because it shows if you don’t. There are plenty of people that just go through the motions; they are also the first people to complain they haven’t received a promotion or aren’t making any money.
What aspects of your role do you enjoy the most?
Every day is different, every hour is different – it never gets boring.
Where would you invest a spare $750,000?
I’m a big believer in the Gold Coast at the moment – it’s clawing its way out of the mud and there are just some unbelievable opportunities to pick up. I would choose a two bedroom, two bathroom unit overlooking the ocean, in an older style building, for mid to high $400,000s. Spend $50,000 modernising it and to me, that is a smart investment for the boom that is on the horizon.
Which football team do you support?
Broncos (don’t hit me!), Roar and the Lions. And of course the Reds. Any ueensland team with the exception of the Titans – my brother and sister support the Titans so I automatically hate them just to be annoying! Makes for interesting dinner table conversation when we catch up.
What’s your favourite app or techno gadget?
“Kaching”, which is the Commonwealth Bank app. Obviously only handy if you bank Commonwealth, but I use it all the time, it’s just eliminated so much time wasted getting online or going to the bank.
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How do you use social media?
I admit to being a little “slow” to embrace these mediums. I don’t have Facebook because I like to maintain some form of private life. However, I am starting to embrace <a target="_blank" href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/ashley-moffat/79/971/975">LinkedIn</a>, which I think is a very handy tool for professionals to communicate and share information. But I’m still a little “old school”, and believe nothing beats picking up the phone and talking to somebody, or better still, face to face contact.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
Correction: Ashley Moffat's title has been updated to associate director of retail leasing since initial publication.
         
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In profile: Knight Frank's associate director of retail leasing, Brisbane, Ashley Moffat

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Total industrial vacancy on Australia's eastern seaboard surged to a near three year high in the 12 months to January, as the Melbourne and Brisbane markets were swamped with additional space.
Fresh figures from Knight Frank's Quarterly Eastern Seaboard Industrial Vacancy report showed that the total industrial vacancy on the east coast rose 2% over past quarter and 10% in the past six months to 1.84 million square metres as at January 2014, reflecting a 28% increase over the same time last year.
<img alt="chart_of_the_week_feb_18_one" height="316" width="470" src="/images/stories/2014/02/18/chart_of_the_week_feb_18_one.png">
Source Knight Frank
Inflating that result was a jump in available industrial space in Melbourne, which was up 26% to 626,848 square metres over the past six months - the highest vacancy in more than three years.
The vacancy rate in Brisbane soared 17% to 551,433 square metres - the highest recorded by the survey, which started in early 2007.
Taking a 12 month perspective, the vacancy rate was more pronounce in Melbourne and Brisbane - up 75% and 67%, respectively.
Sydney was the bright spot in the results, with the vacancy rate falling 7% to 662,661 square metres, down 7% over a six month period and 12% over the year.
Prime space across the Australian east coast market remained relatively scarcer than secondary, however the proportion of prime space had increased marginally over the past year, from 34% to 44% of the market, said Knight Frank's head of research and consulting Matt Whitby.
The highest proportion of available prime space is within the Sydney market with 49%, equal to 322,350 square metres of total available stock.
"The proportion of total vacancies made up of prime stock is now at its highest level since the series began although the majority of these options are in the sub 10,000 square metres range," Whitby said.
Better placed was the secondary market, which has fallen 40% since its peak down to 340,300 square metres.
“This is expected to correct sharply over the coming quarter with a strong pipeline of 35,000 square metres of vacant stock in Sydney currently under offer, 20,000 square metres of which is speculative builds,” said Whitby.
"This is another sign that confidence is returning, particularly within the Sydney market, as much of 2013 was dominated by shorter term leases in secondary accommodation as a hold over measure until corporate confidence improved and longer term, higher grade accommodation is sought.”
Commenting on the tenant demand, Knight Frank national industrial director, Greg Russell, said that the take-up across the eastern seaboard had softened for the second quarter in a row, following the July 2013 quarter record result, with 34 buildings over 228,493 square metres absorbed.
“There is some scope for leasing demand to pick up, as enquiry levels suggest a degree of improvement, however there remains a lack of urgency from tenants to finalise premises related decisions,” Russell added.
The Knight Frank research also pointed to the firmer tenant demand for prime grade stock, with 78% of gross absorption in the second half of 2013 dominated by prime accommodation. The take-up of secondary accommodation over the past quarter - some 49,400 square metres - is significantly less than the 273,800 square metres absorbed in the July 2013 quarter.
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East coast industrial vacancy surges to near three year high: Knight Frank

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Stockland today raised its full year earnings outlook to the upper end of its guidance, after a better than expected interim net profit.
A 39% surge in its residential business helped the listed diversified property group produce a stellar 5% increase in underlying profit, to $267 million for the six months to 31 December.
Underlying earnings per security (EPS) was steady at 11.6 cents.
Funds from operations (FFO) per security were in line with underlying EPS at 11.7 cents and up 4.5% on 1H13.
Stockland managing director Mark Steinert said: “This is a good result that demonstrates the progress we are making in improving our operational performance.”
He also made a point of saying that while the business was well positioned, the group remained conservative in its outlook for FY14 due to continuing uncertain economic conditions.
Despite that note of caution, Mr Steinert said: " we are confident we are on track to achieve the upper end of our guidance, and have therefore tightened this to 5-6% EPS growth in FY14, assuming there is no material decline in market conditions.”
Management is forecasting a positive seasonal skew in residential and retirement living earnings in the second half, "underpinning a stronger second half EPS".
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Stockland raises earnings outlook after better than expected interim profit

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One of Hawthorn's oldest buildings - which has been home to Young’s Auctions since 1930 - will go under the auctioneer's hammer next month.
The single storey retail building, at 229 Camberwell Road in <a href="/news">Hawthorn East</a>, has been used for the past 80 years as an auction house.
Colliers International’s Jeremy Gruzewski and Ted Dwyer have been appointed to sell the building by auction on March 20.
{qtube vid:=uIIdlD285Y0}
Gruzewski said: "Young’s Auctions has been operating here since 1930, but the property itself has been an auction home since 1910."  
The business is run by David and Ian Young, the third generation of the Young family.
"This sale doesn’t signal the end for Young’s Auctions, rather, the business is looking to relocate to bigger premises with easier access for deliveries," said Gruzewski.
The 415 square metre building is situated on a 442 square metre site near the corner of Camberwell, Burke and Riversdale Roads in Hawthorn East – an area better known as Camberwell Junction.
The property is being offered for sale with a leaseback until June 2015 at $140,000.
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Historic Hawthorn auction building set to go under the hammer next month

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One of the largest industrial properties within Brisbane's western corridor has been listed for sale with a leaseback from the vendor Hills Ltd.
The 17,455 square metre industrial facility, at <a target="_blank" href="https://www.realcommercial.com.au/property-industrial+warehouse-qld-richlands-501029711">70 Fulcrum Street</a> in <a target="_blank" href="/news">Richlands</a>, is being sold with a leaseback until 30 June 2015.
An expression of interest campaign is being led by Tim Armstrong, Mark Clifford and Greg Russell of Knight Frank.
Knight Frank’s Industrial Director, Mark Clifford said that the property’s position within a prime and tightly held location would be particularly appealing in light of Brisbane’s lack of opportunity of scale.
"Land supplies particularly in the south/west precinct of Brisbane continue to shrink", Clifford said.  "Radius Industrial City at Larapinta, Southlink Estate at Parkinson and Metro West Estate at Darra are close to 100% occupied.
"The recent deal with DB Schenker at Goodman’s Redbank Estate also highlights the quality of the Western Corridor as a location."
 news@propertyobserver.com.au
 
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One of Brisbane's largest industrial complexes listed with leaseback

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

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