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Shopping centre giant Westfield Group has this morning unveiled plans to merge its Australian and New Zealand operations with the Westfield Retail Trust to create a new entity and a separate new international group.
The Australian business, to be known as Scentre Group, will be the largest REIT on the Australian Securities Exchange and will have total assets of $28.5 billion, with interests in 47 centres. 
The international arm will become Westfield Corporation and will have total assets of US$17.6 billion, with interests in 44 centres throughout the UK,US and Europe.   Both will be listed on the ASX. 
The restructure will see Westfield Group (WDC) chairman Frank Lowy will chair both new entities.  
"Westfield's international business and its Australian/NZ business have both grown in scale and quality to the stage where they can now stand on their own," said Mr Lowy. "They can each operate more efficiently, and generate growth and value for investors, by being independent."
He said the proposed new structure will allow both companies to "pursue their individual strategic goals and financing plans."  
Under the terms of the proposal, Westfield Retail Trust security holders will receive $285 and 918 securities in the new Scentre Group for every $1000 WRT securities held. The cash payment will be effected through an $850 capital return, equivalent to a pro rata buyback of WRT securities at $3.47 per security.  
WDC security holders will receive 1,000 securities in the new Westfield Corporation and 1,246 securities in Scentre Group for every 1000 WDC securities held. 
WDC and WRT secuirtyholders will vote on the proposal at a meeting in May 2014. 
At 11am, shares in WDC were up about 6.5% or 6x. to $11.04c.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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Westfield Group merging operations to create largest ASX listed REIT

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Department store chain Myer has sold auction its carpark in Wagga Wagga in south-west of NSW for $1.15 million. 
The 2,036 square metres vacant land, at 152 Tarcutta Street, was acquired by a local group of investors.
The property accommodates about 65 cars and is currently used as overflow and staff car parking for the Myer Department Store in Wagga Wagga.
The sale was negotiated by Wagga Wagga principal at Knight Frank, Jill Toohey and colleague Scott Turner.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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Myer sell Wagga Wagga carpark for $1.15 million

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Australians love affair with online retailing has continued but the pace of growth has slowed and the value of the transactions has shrunk considerably.  
Figures in the latest National Australia Bank Online Retail Sales Index showed that Australians spent $14.4 billion in on retailing in the year to October 2013 - up $2 billion on the same period last year. But sales growth slowed considerably over the past three months, with month to month growth of just 0.3% in October, and the year-on-year rate at 10.6% - the second lowest after August 2013. 
However, it was the analysis beyond the headline number which was the most compelling and the findings are significant as we head into the crucial Christmas trading period.  
NAB’s analysis revealed that almost 90% of all online transactions in the past year were for products under $100. That compares to less than 3% of transactions with values of over $250 and just 0.2% of online sales were for purchases over $1,000. 
NAB Chief Economist Alan Oster said “retailers cutting prices to build sales volume, changes to shipping arrangements and a significant increase in people purchasing low cost media products like e-books, movies and music online are factors driving the lower transaction sizes.”
“While areas like homes and appliances and fashion have seen declines in the average transaction size, the groceries and liquor, and personal and recreational goods sectors have experienced an upward trend since early 2010.” 
Since January 2010, the average online transaction size has also fallen from $64 to $41 in October 2013. 
On what all this means for the GST debate around lowering the threshold, the NAB report found that in the year to October 2013, international online retail sales were around $3.9 billion, with almost 90% of those transactions below $100 in value. 
"Our calculations show that had a lower GST threshold been set over the past year, it would have yielded additional revenue of $42 million at a $500 limit, $210 million at a $100 limit, and $309 million if the threshold was $25", it said.  
Mr Oster said that the special report demonstrated that not only were the majority of online purchases in the very low value range, in fact 49% of all online purchases were below $10. “Transaction sizes for international retailers in particular have fallen quite dramatically over the last three years. Between January 2010 and October 2013 average purchase size dropped from $74 to $38.” 
But he emphasised that the drop wasn't equal across all sectors.
Looking at the spending pattern of the various states, it said that on a per capita basis, the ACT, Northern Territory and Western Australia continue to record stronger levels of consumption, while South Australia, Victoria and Queensland lag behind. 
The biggest spenders were aged between 35 to 44.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a> 
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Australia's love affair with online shopping continues, but growth is slowing

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The great migration back to the Melbourne CBD is on.
Fresh research from Jones Lang LaSalle has revealed a notable lift in the number of city fringe occupiers moving back to the Melbourne CBD over the past 12 months. Data from the paper recorded16 "centralised" transactions of more than 1000 square metres, compared with just three over the previous 12 month period.
Another measure was net absorption. In the year ending Q3/2013, JLL said, Melbourne CBD recorded positive net absorption (8,380 square metres) compared with negative net absorption (- 32,550 square metres) in the city fringe.
<img src="/images/stories/2013/12/03/chart_of_the_week_dec_3_one.png" width="470" height="275" alt="chart_of_the_week_dec_3_one">
Driving this migration back to the CBD, said the JLL Pulse report paper was a combination of higher incentives available in the CBD and narrowing of the rental spread between the CBD and decentralised markets which had "accelerated a wave of centralisation".
Another factor it cited was the limited new supply in the city fringe market, along with the significant shortage of contiguous space across. Only 11 prime grade options are available above 1,000 square metres, compared with 39 in the CBD.
The city fringe locations were identified as West Melbourne, North Melbourne, Parkville, Carlton, East Melbourne, Richmond, Abbotsford, South Yarra St Kilda, and Port Melbourne.
<img src="/images/stories/2013/12/03/chart-of-the-week-dec-3-two.gif" width="470" height="287" alt="chart-of-the-week-dec-3-two">
The paper also made a point of saying that there was increasing demand from decentralised occupiers for "quality, well presented stock - driven by cultural change, cost savings, business contraction and expansion activities, and changes in the way people are working." Specifically, it said companies were increasingly seeking enhanced corporate identity through location - connectivity to the CBD, which offered firms closer proximity to clients and competitors.
JLL looked at a number of themes in its report on centralisation. One was the question of cost. JLL said that since 2008, it has recorded 42 major tenant moves (1,000 square metres plus) by occupiers moving into the CBD from decentralised locations. Its analysis showed that 85% of those occupiers had relocated to the periphery of the CBD, with very few locating to the core CBD itself.
But at the same time, it points out that increasing vacancy rates have exerted upward pressure on incentives, notably in the CBD. Over the past 12 months, average leasing incentives increased from 24 months’ rent free (20%) to 35 months’ rent free (29%) - above peak levels recorded during the GFC and currently at their highest level in 17 years, it added.
As such, "city fringe occupiers are increasingly looking at upgrading from lower grade assets and taking advantage of competitive rental terms", JLL said.  "Occupiers are seeking space with a generous fit-out incentive or an attractive turn-key solution which allows them to upgrade from their current accommodation."
Based on its assessment of average rent free periods (based on 10-year term) across a basket of grade A assets in the CBD and city fringe precincts, the average rental spread between gross face rents in the city and city fringe is about 25%.
However, taking into consideration the higher incentive levels offered in the CBD compared to the city fringe, JLL calculates that the average spread on an effective rent basis narrows to 12%. This spread becomes even more acute when comparing submarkets within the CBD and city fringe markets.
Looking out, JLL said believes that a lack of development activity and limited contiguous options for large space users in the city fringe combined with higher incentives available in the CBD will "continue to drive centralisation and support Melbourne CBD demand in the short term." While a number of medium-term lead indicators have started to improve and point towards a demand recovery in the Melbourne CBD.
"A reactivation of business investment projects will have a positive impact on white-collar employment, supporting our forecasts of above trend net absorption in the Melbourne CBD projected for 2016 (75,000 square metres) and 2017 (110,000 square metres)."
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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The great migration back to Melbourne CBD office space is on: JLL

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<img src="/images/stories/2013/12/02/fitzroys-logo.png" width="200" height="106" alt="fitzroys-logo" style="display: block; margin-left: auto; margin-right: auto;">
Agent: Mark Talbot<img src="/images/stories/2013/12/02/talbot-profile-2.jpg" width="150" height="200" alt="talbot-profile-2" style="float: right;">
Position: Senior associate
Company: Fitzroys
Office location: Melbourne.
How long have you been in the industry? 
17 years.
What’s happening in the area you specialise in?
Retail property is undergoing significant changes with the onset of onlinecompetition. Rents throughout metropolitan Melbourne have adjusted and appear to be now stabilising while demand for commercial investments continues to be strong. The Melbourne suburban shopping strip continues to evolve with on-going inner city residential developments.
Describe the most interesting property you have sold?
A development site of several properties titles which contained an unused road (not owned by the vendor) directly located in the middle of land. There are now plans to development the site with the purchaser since acquiring the unused road.
What are the ingredients to being successful in your job?
Persistence, people skills and street smarts.
What aspects of your role do you enjoy the most?
Handling a sale of property where there is strong competitive bidding and the vendors reserve is substantially exceeded.  Negotiation of leases and strategic advice to clients can be challenging given the present competitive nature of retail.
Where would you invest a spare $750,000?
I would look at diversification into shares, property and a fast car which will hopefully appreciate.
Which football team do you support?
Essendon.
What’s your favourite app or techno gadget? 
Twitter and the iPhone.
How do you use social media?
While out of the office, Twitter is a great way to follow new breaks and receive information word-wide.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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In profile: Fitzroys senior associate, Mark Talbot

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A fully leased commercial building at Maleny in the heart of the Sunshine Coast hinterland is set to go under the auctioneer's hammer next month. 
The recently refurbished property, at 4/45 Maple Street, is 189 square metres and has two established 94.5 square metre tenancies on one title. The tenants are Maleny Optical and the South Indian Continental Restaurant.
The property is being marketed by Peter Capps of Ray White Commercial Caloundra.
{qtube vid:=dHocA5e60i0}
“Both the tenants are on long term leases, making this an opportunity to secure an investment property in a tightly held hinterland town,” said Mr Capps. 
“This is an attractive proposition for a self-managed superannuation fund or an addition to an existing investment portfolio".
The auction is being held on 5 December.
<a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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Sunshine Coast hinterland commercial property to go under the hammer next month

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NGA Human Resources, formerly known as NorthgateArinso, has signed a lease for 829 square metres of office space at 50 Carrington Street from listed property group DEXUS.
The six year lease, commencing on February 2014, is expected to generate a net rent of $580,300 per annum or $700 per square metre) gross.
The lease was negotiated by Ben Kardachi and Tom Mott from Jones Lang LaSalle, acting for DEXUS, and Rob Johnston of Cushman &amp; Wakefield acting for the tenant.
The property underwent an extensive refurbishment to include the lobby, lifts, and additional facilities, including male and female amenities, shower, new window glazing (allowing 35% more natural light), polished concrete floors and an exposed ceiling, said the CBRE agents.
<a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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NGA Human Resources sign six year lease in Sydney CBD

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An Internet security provider has leased an office suite of about 193 square metres in the Sydney CBD.
The firm known as Pure Hacking signed a four year lease, at 175 Castlereagh Street, in a deal negotiated by David Schmidt-Lindner of Savills Leasing NSW.
Suite 1.03 is described as a fully fitted out office with boardroom, 12 workstations, kitchen and storage area.
The area is about 193.2 square metres and it attracted a gross rental of $101,430 per annum.
Centuria Property Funds owns the 13-storey building.
<a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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Internet security provider secures Sydney CBD lease

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A near vacant office building on the edge of the Adelaide CBD is on the verge of achieving full occupancy, following an extensive upgrade.
The 12,000 square metre office building, at 431-439 King William Street, was just 16% leased 20 months ago but after a string of new leases the building vacancy's is now at about 93%. 
Among the new tenants include Logicamms, MEGT, Dunn and Bradstreet, Acciona and Guild Insurance.
A total of 10 new leases were signed up through Adam Hartley of Colliers International, covering 4,317 square metres of office space.
Mr Hartley said tenants were drawn to the convenient location, with easy access to and from the Adelaide CBD core and the suburbs.
He said the recently completed upgrade to the building was the icing on the cake for those tenants, "as they could envisage [a] great place to work and retain staff." 
The property is now an A-Grade building.
Colliers International’s Real Estate Management team assisted the building owner in identifying and implementing upgrades to improve the property’s energy efficiency and enhance its lettability, targeting a 4.5 Star NABERS energy rating, Hartley said.
<a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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Adelaide office building verging on full occupancy after extensive upgrades

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An office building occupied by government and professional services tenants in the Tweed Heads CBD has sold under the hammer for $2.7 million. 
The 38-40 Frances Street property was purchased by an investor from northern NSW on behalf of an overseas-based owner.
The selling agent was Assi Dadon of Ray White Commercial.
Mr Dadon said the building on an area of about 1,315 square metres included  eight tenancies and "had potential to generate rental income in excess of $350,000 net per annum". 
Recently refurbished, the two level building has a net lettable area of about 1,208 square metres.
<a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
 
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Tweed Heads office building sold for $2.7 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

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