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A NSW investor has paid $1.125 million for a freehold commercial property at Noosaville on the Sunshine Coast.
The property offers two separate buildings, at 33 and 33a Rene Street, and is leased to established tenant - Bissell’s Paint &amp; Panel - which has traded out of the site for more than 20 years. The current lease doesn't expire until July, 2016.

The sale reflected a yield of about 9.9%.
John Petralia and Paul Forrest of Ray White Commercial Noosa negotiated the sale.

Mr Petralia said the property offers two separate buildings totalling about 934 square metres, on two titles with an area of 2110 square metres. 


“On one of the sites is a large open plan steel warehouse used for the main panel beating work and the other site houses modern rendered block offices with an area behind used for spray painting, storage and other associated work,” he said.


<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
 

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Noosaville freehold commercial property sells to NSW private investor

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A suburban office building in Melbourne's Box Hill has attracted one of the biggest prices seen in years, and there was no agent involved. 
The building, at 899 Whitehorse Road, fetched $9 million, on a tight yield of just 6.7%. 
The vendor was a group of 16 individual investors in a syndicate managed by Vantage Property Investments.
Vantage’s spokesman Hamish de Crespigny said: “We were approached privately by a local investment group wanting to purchase the building from us and after protracted negotiations we agreed a price of $9 million.
“There is no agent involvement as it became simply a direct sale between our syndicate and the purchasing group.”
He said the 6.7% return hadn't been "seen in the $5 million plus Melbourne suburban office investment market since about 2007.”
The property has a lettable building area of 1,817 square metres plus basement car parking. It is currently leased to some 14 tenants in small business and professional accounting, IT and medical services type consultancies.
The property was last valued on 30 June at $6.8 million. At $9 million, the sale price represents a 32% premium to the current valuation and equates to a rate of $4,950 per square metre.
Mr de Crespigny said “our syndicate investors are currently looking to Vantage to identify a new commercial property investment most likely in the Melbourne City or suburban fringe office market as a re-investment opportunity for their capital.”
Vantage Property investments is a long and well established property syndicator and investment property manager with a current property portfolio held on behalf of their investors of some eighteen properties in the City and suburbs valued at $175 million.  
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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Box Hill building sells for $9 million, without an agent

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The Commonwealth Property Group has terminated its exclusive takeover talks with the Dexus consortium, in the wake of the $3 billion GPT rival bid last week.  
The decision to end the "process agreement" was specifically due to Dexus and its partner the Canadian Pension Fund not matching the competing proposal from GPT within the specified period of time spelt out in the agreement. The decision allows GPT to start talks with the Commonwealth Property Fund (CPA). 
However, CPA management did say that the Dexus consortium "may undertake further due diligence on CPA, on a non-exclusive basis until 9 December."   
Last week, Credit Suisse analyst said it that it may be difficult for the Dexus consortium to match the competing bid offer.
GPT is offering $O.75325 in cash and 0.141 GPT security for every CPA unit. Based on GPT's closing price on 18 November, the offer values CPA units at $1.272.
The Dexus and Canadian Pension Fund offer is valued at $1.219 per unit. 
One reason Credit Suisse gave was that "if DXS were to match GPT’s offer by increasing the cash offer by 2.7¢ to 73.7¢, implying a total bid price of $1.24, this would see EPS accretion (FY15) reduce to ~1.3–1.8% as compared to the guidance of 2–2.5%". 
On that basis, net tangible asset dilution would increase from 1.9% to 2.7%, they said.  "As a result, we see limited scope for DXS-CPPIB to justify any further premium".
However, with Dexus already holding a key blocking stake of 14.9% in CPA, a likely end scenario is a break up of CPA's $3.8 billion property portfolio. Dexus has already said it won't be supporting the rival offer and GPT needs to reach a compulsory acquisition target of 90% before it can offload any of the CPA assets.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>     
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CPA terminates exclusive takeover talks with Dexus consortium

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SCA Property Group - the listed property offshoot of Woolworths - has entered into an agreement to buy a portfolio of seven neighbourhood shopping centres in Tasmania for $145.7 million. 
In making the announcement, SCA Property Group (SCP) said that the vendor had agreed to buy two of its centres for $22.1 million, as well as to subscribe for a $10 million placement of SCP units, at an issue price of $1.61 per unit.   
SCA also separately flagged that it would be disposing of five non-core assets for $53.6 million.
At $145.7 million, the acquisition price reflected a weighted average capitalisation rate of 8%. 
"The acquisition will enhance SCP's portfolio quality and income growth profile, and improve the diversification of the portfolio," said the company. 
The acquisition will be funded with proceeds from asset sale, a placement to the vendor and existing undrawn debt facilities.
Assisting in the sales process was Knight Frank Tasmanian managing director Ian Wells.  
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>  
 
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SCA Property Group makes $145.7 million Tasmanian shopping centres portfolio purchase

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A pronounced shortage of stock and heightened competition for property assets is forcing offshore investors into capital partnerships with local players to secure a foothold in the Australian property market.
The findings were revealed in new research from Cushman &amp; Wakefield which showed that since the end of the GFC, the total value of transactions recorded in the Sydney, Melbourne and Brisbane office markets had topped $10 billion in the 12 months to June 2013.
But despite that significant spike, the report pointed out that there had only been a limited number of direct property purchases.
Cushman &amp; Wakefield associate director of research and consultancy Peter Ainge attributed that shift to the increasing practice of capital partnerships.
“The proportion of capital partnerships to total sales has grown rapidly since the end of the GFC, with 46.4% of transaction volumes recorded in the Australian retail market and the eastern seaboard office markets in 2012 involving a capital partnership,” he said.
This year, the proportion of capital partnerships to total sales slipped back to just below 40%.
Cushman &amp; Wakefield estimates the weight of money from offshore buyers aimed at Australian commercial assets to be US$16.5 billion (AU$18.5 billion) as at September. Combined with the shortage of prime available stock, Ainge said “it is clear that offshore investors need to get creative to penetrate the domestic market.”
Sydney was where capital partnerships had been the most prominent, the report said. One notable partnership was the $1.2 billion privatisation of the Charter Hall Office REIT, which saw the grouping of the Government of Singapore Investment Corporation (GIC), PSP Investments from Canada (PSPIB) and Charter Hall Group.
Stockland was another prominent name recognising this trend, it said, having made available a stake in its Piccadilly Centre in Sydney CBD, which should appeal to offshore money.
“As well as the shortage of prime stock making capital partnership a necessity for offshore investors intent on investing in Australia, the relatively higher barriers to investment when acquiring prime property investments is another important driver of this model,” said Mr Ainge.
The report cited a number of pros and cons in capital partnerships.
Among the advantages identified by Ainge were access to prime assets that would otherwise be unavailable, lower entrance costs, access to existing management expertise, reduced single building exposure and increased portfolio diversification. On the flipside, he said adopting a capital partnering relationship still required risk mitigation when it came to the potential for difficulties in exit strategy, pricing risk and the investor having limited control of the asset.
With investment appetite for core Australian investments continuing to grow, and alternative investment opportunities shrinking rapidly, “it is expected that the uptake of the capital partnership model will continue to grow in popularity,” it concluded.
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Offshore investors forced into local capital partnerships by lack of stock, heightened competition: Cushman & Wakefield

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The tide is turning for Australia's bulky goods centre sector, with both investor demand returning and yields likely to tighten in 2014.
For years bulky goods have been seen as higher risk than other retail property assets. But new research from Colliers International is showing that a recovery is underway in bulky good sales, in particular in the key household goods, hardware and garden supplies categories. The research further found that a "pick up" in the sector is emerging in retailer demand.
<img src="/images/stories/2013/11/27/chart-of-the-week-nov-27-one.gif" width="470" height="302" alt="chart-of-the-week-nov-27-one">
"Investor interest in the prime end of the bulky goods sector is starting to see signs of an increase in the depth of demand, with a number of large transactions having occurred over the last 12 months," said the Colliers report titled Balancing the tenancy mix. “This reflects the expectation that market conditions will improve and the favourable terms (higher yields) at which assets in this sector can presently be acquired".
Year-to-date transaction volumes for bulky good centre assets of more than $10 million totalled $653.95 million, with 18 transactions recorded. Based on those numbers, volume is above the five year average of $576 million but well down on the total sales volume of $944 million achieved in 2012, it said.
Despite some of the positive numbers for the sector, one key measure which remains soft is yields. Average yields across the 18 transactions, Colliers noted, indicated a further softening of yields to 10.6%. That compares to the previous year's 9.3% and 8% in 2008.
However, Colliers said that values in the sector appear to have bottomed and that private investors had been "building up" their portfolios.
Rents were steady for bulky goods centres and vacancies tightened nationally.
The report concluded that while the bulky goods sector is considered higher risk than other retail investments, "this risk currently appears to be overpriced, and therefore there is scope for yields to tighten during 2014."
It also believes that with interest rates low and the anticipated increase in residential transactions, sales for retailers in the bulky goods sector was likely to improve over the next 12 months. "While this is positive, it is likely to take some time to flow through to rents," it said.
Colliers is forecasting rental growth to likely remain in line or slightly above CPI during 2014.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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The tide is turning for the bulky goods sector

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<img alt="dtz" height="66" width="200" src="/images/stories/2013/11/25/dtz.jpg" style="display: block; margin-left: auto; margin-right: auto;">
Agent: Alex Brownlee<img alt="brownlee-profile" height="200" width="150" src="/images/stories/2013/11/25/brownlee-profile.jpg" style="float: right;">
Position: Leasing executive - landlord and institutional investor services company
Company: DTZ
Office Location: Level 6, 56 Pitt Street, Sydney
How long have you been in the industry?
Four and a half years.
What’s happening in the area you specialise in?
Office leasing in the Sydney CBD is always buoyant so it is always a challenging and vibrant market in what is a growing and changing CBD.
What are the ingredients to being successful in your job?
Great people skills, efficiency, negotiation skills and energy, and of course a great brand.
What aspects of your role do you enjoy the most?
Meeting and working with lots of different people from variety industries, the fact I get to spend a lot of my day out and about rather than in the office, the variety of my role.
Where would you invest a spare $750,000?
Sydney residential real estate has always been a solid performer and it is on the up again now so this would be my pick.
Which football team do you support?
It depends on what code. I grew up in Christchurch, New Zealand, so if we are talking Rugby Union it would be the Crusaders, but after moving to Sydney I have started watching NRL as well and I support The Roosters.
What’s your favourite app or techno gadget?
I have family overseas and interstate so Skype on my iPhone gets used a lot so I can keep in touch with everyone.
How do you use social media?
I used <a target="_parent" href="https://www.propertyobserver.com.au/https://www.linkedin.com/pub/alexandra-brownlee/26/193/39">Linked In</a> for promoting myself to potential tenants and keeping in touch with those people I have worked with previously. It is a great platform for promoting our services and the DTZ brand.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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In profile: DTZ's leasing executive for landlord and institutional investor services company, Alex Brownlee

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A suburban medical centre in Geelong's Belmont has attracted buyer interest from more than 25 parties with just over a week to go before expressions interest close. 
The property is leased to Eastbrooke Medical Centres Pty Ltd, William Pardey Pty Ltd, Sonic Innovations Pty Ltd, Corio Bay Physiotherapy and Diabetes Australia – Victoria on multiple leases with options through to 2039. The centre has a net income of about $518,282.
Colliers International’s Andrew Lewis and Jonathon Lumsden have been appointed to sell the 75 -77 Roslyn Road property.
It has a total net lettable area of 1,146 square metres, comprising of 762 square metres on the ground floor and 384 square metres on the first floor.
“This is a medical freehold opportunity of 1,932 square metres of Business 1 zoned land,” said Mr Lumsden. “It is a recently completed, purpose-built medical centre, with strong lease covenants to several respected medical businesses.”
Expression of interest closes on November 28.
“With its central location, dual street frontage, on-site car parking and potential for future expansion (STCA), this property is attracting keen interest from savvy investors,” added Mr Lumsden.  
 
<a href="mailto:news@propertyobserver.com.au" target="_blank"> </a><a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
 
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Over 25 parties show interest in Belmont, Geelong medical centre

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Melbourne's prominent Spaghetti Tree building in the heart of the CBD has been listed for sale for the first time in 42 years, with price expectations of more than $7.5 million.
The iconic corner building, located, at 59-63 Bourke Street, is home to the popular Spaghetti Tree restaurant and is scheduled to go under the auctioneers hammer on December 18.
<img src="/images/stories/2013/11/20/melbourne-nov-20-20.jpg" width="470" height="340" alt="melbourne-nov-20-20">
Photo courtesy of Google.
The four storey brick and concrete building has three existing tenancies all held under continuing leases, generating an estimated annual net income of $310,000.
The principal tenancy over the ground and first floor spaces is to Spaghetti Tree which has been in occupancy for some 25 years.
The current lease commenced in November 2011 for four years and includes one further four year option, at a current net rental of $229,000. The restaurant tenancy is also responsible for a portion of the building outgoings. Included in the lease terms are CPI annual increases with a market review on exercise of the option.
The second level is leased to the Asian themed Asuka Karaoke Bar, which has an annual rent of $64,502.
The third floor tenant is iconic Melbourne rooftop bar Madame Brussels. 
The tenancy is under a five year lease that commenced from June 21, 2011 with one further option of five years. The lease has 4% annual rental increases and a market review at the expiry of three years.
The upper level of the third floor plus the adjacent rooftop terrace is home to the Madame Brussels bar, nightclub and entertainment venue.
The occupancy is under a six year lease that commenced from December 1, 2011 with one further option for another six years.
Selling agents Kliger Wood Real Estate, in conjunction with Gross Waddell have been instructed to sell the property on behalf of the vendor, a private family.
The agents highlighted that the location was a key restaurant and theatre precinct and as a freehold site there was potential to subdivide into strata units (STCA).
“The corner location adds future redevelopment potential again subject to relevant permits," they said.  
<a href="mailto:news@propertyobserver.com.au" target="_blank"> </a><a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
 
   
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Melbourne's iconic Spaghetti Tree CBD building listed for first sale in 42 years

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The Zone Centre in Maroochydore on the Sunshine Coast has secured supermarket chain IGA Supermarket as a tenant.  
IGA replaces former tenant WOW Sight &amp; Sound. The 982 square metre supermarket site in Wises Road has been leased for 15 + 7 + 7 years. Industry sources estimate the annual rental to be about $250 per square metre. 
The lease was negotiated by Daniel Vella of Ray White Commercial.
The Zone Centre’s owner is Arkadia Property Services. Arkadia's general manager Peter Cortis-Jones said the additional investment of close to $2 million on the centre was an investment worth making.
 
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IGA Supermarket coming to the Zone Centre, Maroochydore 

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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