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More turbulent times are ahead for the already fragile Adelaide office market, with predictions that the CBD vacancy rate could surge to as high as 15% in 2015.
According to the latest BIS Shrapnel Adelaide Commercial Property Prospects 2013 to 2023 report, the weak South Australian economy and lack for growth drivers for the state over the next few years will see the city's current vacancy rate lift from 12.1% to a peak of between 14% and 15% in 2015. It is not expected to fall below 14% until 2017.
Commenting on the state of the local economy, the author of the BIS Shrapnel report Maria Lee said "major hospital building projects are winding down, manufacturing and other sectors negatively impacted by the high Australian dollar remain weak and the state looks likely to largely miss out on the dwelling building upswing that is underway in some other parts of the country.”
The deferral and scaling down of the Olympic Dam expansion was also cited as a "key factor" in the weak outlook.
As such, it is forecasting a sustained period of leasing market weakness, creating difficult and competitive conditions for landlords. "Leasing incentives are expected to be scaled up further and effective rents—which are already off their peaks—are forecast to fall by another 10% plus in the prime market and 20% in the secondary market," it said.
BIS Shrapnel was more upbeat about the longer term prospects for the state economy and local office market. It believes SA will be a major beneficiary of a more substantial fall in Australian dollar and the structural change that brings. "The benefit will be felt not only in the manufacturing sector, but also in agriculture, tourism, education services and mining” said Ms Lee. If and when the Olympic Dam expansion gets under way, she said, that should boost construction and have spill-over effects to other industries and lift the pace of growth in the state economy to match, or even outperform, the wider Australian economy for a period of time.
“The office market will clearly benefit from this upturn ... but landlords have a long time to wait before they see a substantial pick-up in rents” she concluded.
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kjiminez-eaYKfU7qd2

More turbulence ahead for fragile Adelaide office market: BIS Shrapnel

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The prominent The Chocolate Box Centre in Melbourne's retail precinct of Camberwell has been slated for sale, with price expectations of more than $13 million.
Tenanted by ASX listed retailer Kathmandu and two established local traders, The Chocolate Box and the Short Black Cafe, the property sits on a building area of about 1,457 square metres and has a part single and two-level building.
Kathmandu accounts for about 60% of the total income at the 761-767 Burke Road property.
The annual net rental is about $772,000 with fixed yearly increases.
Expressions of interest close on November 15 through Fitzroys and CBRE.
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Camberwell's The Chocolate Box Centre slated for $13 million plus sale

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Medical equipment and repair company Medifix Pty Ltd has purchased an industrial facility in Sydney's Silverwater $1.335 million.
Located at Unit 5, 7 Millennium Court, the industrial unit is about 545 square metres, and features office, technology and warehouse space. The vendor was Comsec TR Pty Ltd.
Knight Frank associate director of industrial in Western Sydney, Peter Hanzis said that the increase in demand for stock had depleted a lot of the stock within the Silverwater area.
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Medifix purchases Silverwater industrial site

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A 70 square metre retail strata shop in Brisbane's southern suburb of Shailer Park has sold for $485,000.
The sale price reflected a yield of more than 9%.
A local small business owner purchased the property, at 10/46 Bryants Road, which is leased to long-term tenant - tutoring service provider Fruition Tuition. The shop sits within a complex of 20 tenancies with no vacancies. 
The selling agent was Silvio Bevacqua of Ray White Commercial Springwood.
Mr Bevacqua said “the current rental return is $44,350 per annum with the tenant paying all the outgoings so the sale represents a very solid net yield of 9.14% to the local investor seller.”
He said the sale showed the growing demand from buyers currently in the south-east Queensland property investment market with the current investor demand exceeding supply in most areas.
“We do not expect this to slow down solid results any time soon and with the potential for continued lower interest rates we would expect this trend will only strengthen," said Mr Bevacqua. 
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Retail strata shop sells for $485,000 in Shailer Park, Brisbane

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Stockbroking firm Wilson HTM has leased about 1,400 square metres of office space in the recently redeveloped 99 Elizabeth Street office building in Sydney's CBD.
Wilson HTM was previously located in the Governor Philip Tower.
Leasing agent, Jenine Cranston of CBRE said the relocation highlighted the strong trend over the past 12 months for tenants to drive cost efficiencies. She said "99 Elizabeth Street offered the group a reduction in occupation costs while not compromising on elements crucial to business operations and staff retention".
The 15-storey boutique office building - owned by property developer Kyko Group - has a 4.5 star NABERS energy rating.  CBRE is steering the project leasing campaign.
<img src="/images/stories/2013/11/13/syd/sydney_0001_2.jpg.jpg" width="470" height="313" alt="sydney_0001_2.jpg">
Ms Cranston said that level of enquiry for 99 Elizabeth had been healthy and she expected it to be significantly leased by mid-2014.
“We are currently negotiating with numerous potential tenants who are attracted to the property because of its quality of design, its fresh aesthetic and the floor plate size," she said.  "The legal sector is showing the particular interest; however the building is proving to have broad appeal to the tenant market, as the circa 500 square metre floors are perfect for Sydney’s most active size range".
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Wilson HTM takes out lease at 99 Elizabeth Street, Sydney

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Steady population growth and strong investment spending is tipped to underpin demand and buyer interest in Perth's industrial property market in the year ahead.
In its latest industrial research and forecast report for the second half of 2013, Colliers International found that while 2013 had seen a relatively subdued rental and investment market, Perth’s industrial sector remained tight in comparison to other major capitals such as Melbourne and Sydney, "with rents increasing and yields tightening in response to comparatively minor upward shifts in demand.”
Colliers director of industrial, Wayne Chorley, said that despite the downbeat commentary on the state of WA’s economic outlook in recent months, predictions of an adverse impact on the property market had failed to eventuate.
"We have not seen any major impact on vacancy, and rents have held up well with only a small increase in availability – stock at the top end of the market in particular remains very tight, with pent-up demand for larger assets," he said.
The report highlighted that while the resource sector project investment had come off a record peak from the 2012/2013 period, investment spending had remained strong. Deloitte Access Economics is forecasting quarterly expenditure out to 2021 to be about 20% higher than the five- year average to June 2013.
"China’s strong demand for iron ore is expected to continue, and drive a new round of construction activity and infrastructure spending in the less developed interior regions," it said.  "This is expected to flow through to WA commodities demand over the medium term."
Chorley said “Institutional investors are looking at what remain reasonably strong forecasts and a build-up of capital, and it’s pushing up their level of interest in the WA market – and as a result we’re seeing a number of them looking to enter or increase their exposure to the Perth industrial sector". “At the same time, we’re now seeing the first green shoots and stirrings of activity in that smaller end of the market, which had been quiet for much of this year, so the signs are there that the market across the board is beginning to gear up again".
In the medium term, Colliers is projecting rental growth to be minimal. Cost cutting was the current trend among businesses and that was likely to reduce expansion, it said. “Perth’s industrial rents are in general already higher than most Australian capital cities and this is likely to impact landlords’ ability to push rents higher without further impacting industrial occupier sentiment," the report added.  
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Perth industrial market tipped to remain tight

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More than $300 million worth of non-core commercial property assets within the Commonwealth Property Office Fund could be offloaded if predator Dexus Property Group succeeds with its consortium takeover bid for the fund. 
DEXUS and partner Canada Pension Plan Investment Board this week unveiled a revised bid for the Commonwealth Property Office  Fund (CPA) valued at $2.8 billion.
In a note to clients, Credit Suisse analysts said they expected moderate dilution to DXS’s (Dexus) overall portfolio quality to be offset by multiple asset sales from both portfolio’s over the next 12 months.
The analyst said that in addition to likely asset sales from the current Dexus portfolio, the "handful of CPA assets"  sold could potentially include 46 Colin Street ($44 million, West Perth), Finlay Crisp Centre ($77.5 million, Canberra) and 101/150 George Street ($192.5 million, Parramatta) in Sydney.  
The Australian Financial Review reported today that the sell-off of non-core CPA assets could be worth at least $500 million.
If the takeover offer is successful, Dexus's office portfolio will balloon from $5.6 billion to $7.5 billion, making it the biggest landlord of office property in the country.
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Dexus may offload $300 million of CPA's non-core commercial assets if takeover bid succeeds

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The once humble mum and dad coffee shop has become big business in Melbourne.
Figures from online local restaurant review website Urbanspoon showed there are 2,574 cafés alone in metropolitan Melbourne, the Weekly Review Melbourne Times (WRMT) reported.
With a population of just over 4 million, that equates to one cafe per about 1,600 people.
Driving this rapid spread of cafes has been the shift away from the traditional cafe shop model to a "coffee-business" hybrid.
Across Melbourne, hairdressers, car dealerships, record shops, laundromats, art galleries and even a church now either sell barista-made coffee or offer it gratis to customers, WRMT reported.
An example of that is the Soap Bar Launderett in Carlton’s Elgin Street. The owners are installing a new in-store café in the hope it will ease customers’ boredom as they wait for their washing and bring in a few extra dollars.
Knight Frank research director Richard Jenkins told the publication that he expected more businesses were likely to add a coffee machine to their business in order to diversify how they made a buck. “A lot of owners are interested in trying to offer more experiences to their customers and I think that’s what they’re doing by offering a convenience that could translate into more sales,” he said, "Retail sales are slowing down but people are still going out. It’s a cheap luxury and will attract shoppers. It’s a really clever idea.”
<a href="mailto:%20news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
 

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In-store coffee shops becoming big business in Melbourne

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Australia's real estate market remained a tale of two stories in the third quarter of this year.
In its latest Global Market Perspective fourth quarter report, Jones Lang LaSalle found that during the September quarter, the theme of robust investment activity and subdued leasing activity not only continued globally but was more pronounce in the Australian market.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2013/11/12/chasrt_of_the_week_nov_12.jpg" title="Click to enlarge"><img src="/images/stories/2013/11/12/chasrt-of-the-week-nov-12-small.jpg"></a>
Unlike the US and London which are experiencing both strong leasing and investment markets, it highlighted that in Paris and the Australian cities, the very strong demand from domestic and cross-border investors were in stark contrast to weak market fundamentals.
But JLL also noted that with the outlook improving in the majority of major leasing markets, it expects "in general, that disconnects will narrow during 2014".
The domestic findings were part of broader global real estate market report which overall pointed to more encouraging signs in 2014.
"Virtually all major markets are recording sales volume growth - and the weight of money, combined with an improving lending environment and heightened risk appetite, point to further uplift over the coming year," the report said.
"Liquidity is improving across a broad spectrum of markets and sectors and, barring external shocks, we are looking at a scenario where 2014 global sales volumes are potentially only 20-25% lower than the boom years of 2006 / 2007.”
However, it cautioned that the global leasing markets are less exuberant, with corporates remaining vigilant.
It also pointed out that following such a period of weak corporate activity, demand would typically be expected to bounce back by 20-30% - but that this cycle was likely to be different. "Commercial real estate is now being utilised more efficiently, leading us to the view that the upswing in occupier demand is likely to be less pronounced than in previous cycles, JLL said. “Even so, the majority of major leasing markets should be on a more solid footing in 2014".
Commenting on the local results, JLL head of international investments for Australia, Simon Storry said that strong institutional demand, both domestic and offshore, continued to support core valuations and noted that yield spreads, both within and between markets, widened again in the third quarter.
"These very wide spreads are now attracting yield-hungry investors - frequently active asset managers, smaller funds and syndicates - with more flexible mandates," he said.
In office markets, the average CBD vacancy rose from 10.9% (Q2) to 11.3% (Q3). He attributed that spike in vacancy rates to an increase in stock, however, he also pointed out that net absorption across CBD markets posted the first positive reading since 2012.
"Sub-lease availability (a sensitive indicator of underlying demand for office space) also fell slightly in Sydney and Melbourne although Brisbane and Perth both reported increases," said Mr Storry.
On the basis of information on future transactions, as well as long term indicators such as residential construction, Mr Storry said "we see the September quarter as marking the stabilisation of office space demand". But he expected vacancy rates to remain elevated through 2014.
"The medium term outlook for office markets, as for retail and industrial sectors, is for a measured recovery, with rental growth strengthening,” he concluded.
<a href="mailto:%20news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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International trend of robust investment activity and subdued leasing pronounced in Australia: JLL

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<img style="max-width: 480px; display: block; margin-left: auto; margin-right: auto;" alt="Colliers_Logo_Digital_Colour_RGB_Rule_Gradient" height="135" width="200" src="/images/stories/2013/11/12/Colliers_Logo_Digital_Colour_RGB_Rule_Gradient.png">
Agent: Adam Davy<img style="max-width: 480px; float: right;" alt="adam-davy-porfile" height="200" width="150" src="/images/stories/2013/11/12/adam-davy-porfile.jpg">
Position: Manager - office leasing
Company: Colliers International

Office location: Melbourne


How long have you been in the industry?  
Just over three years in commercial office leasing.

 What’s happening in the area you specialise in?
The Melbourne CBD office leasing market is currently experiencing some ongoing challenges due to limited tenant growth, however there are still multiple opportunities for leasing transactions. By providing my clients with accurate advice on market conditions and a leasing strategy tailored to their building I have been able to transact over 35 deals this year.
Tenants are remaining optimistic about their business performance over the next three to five years but are basing their decisions on only moderate growth. There is a trend for tenants to be taking advantage of the favourable market conditions and moving to higher quality buildings. For this reason buildings that have had good quality refurbishments are attracting the most deals as tenants want to see the space ready for their fitout and occupation.
There is also most tenant interest in spaces of 200-350 square metres which is allowing landlords that can subdivide floors to capture the greater demand. Additionally space that offers a good quality existing fitout is in demand as tenants look to minimise their upfront capital costs of relocating.

Describe the most interesting property you have leased?
Level 1 at 533 Little Lonsdale Street, Melbourne. The landlord (Vantage Property Investments) completed a quality internal refurbishment of the space which included installation of a new deck over the 132 square metres terrace on the floor complete with plants, BBQ, outdoor furniture and two putting greens. The terrace space now adds significant amenity for staff who will occupy the floor and also is an attractive outlook.

What are the ingredients to being successful in your job?
Confidence and enthusiasm. Real estate is very much about people and being a good communicator is vital to being successful.

What aspects of your role do you enjoy the most?
Doing deals, entertaining clients, pitching for new listings. Real estate is a very dynamic and social industry and it is great to be able to meet new people every day and share successes with colleagues and clients.

Where would invest a spare $750,000?
I would buy land in the inner eastern or western suburbs to develop for townhouses. I have been doing this for around four to five years as a personal interest and investment and believe I have a good knowledge to unlock value in these sorts of projects.

Which football team do you support? 
 AFL - Hawthorn

What’s your favourite app or techno gadget?
App – Pandora (online radio)

How do you use social media?
I am a frequent user of multiple social media platforms. For networking I think it is a revolutionary tool for how we communicate and do business. Social media is a great method for building my personal brand within the industry and also I find it useful to share market knowledge or articles of interest with my connections.
 
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In profile: Colliers International manager of office leasing, Melbourne, Adam Davy

Brisbane developer Red &amp; Co's decision to include dual key apartments in its debut Gold Coast apartment development, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO Varsity Lakes</a>, is proving to be one of the project's biggest drawcards, with buyers quickly snapping up the flexible residences.

More than half of the project's 36 dual key apartments have already sold, helping drive COMO beyond the 50 per cent sold mark within the first month of launch.

The strong response highlights growing demand for apartment designs that can adapt to changing lifestyles, with buyers increasingly looking for homes that accommodate multi-generational living, provide rental income opportunities or simply offer greater flexibility over time.

Located on the shores of Lake Orr, COMO will deliver 156 apartments across 16 levels, with the dual-key residences forming a limited release within the broader development.

Each combines a primary two-bedroom apartment with a fully self-contained studio on a single title, connected by a shared foyer and lockable internal door. The design allows owners to house ageing parents, adult children or guests while maintaining privacy, or lease the secondary residence to generate additional income.

Just 17 of the original 36 dual key apartments remain available.

[smartcode_project:default project_id=135546 project_image_fid=367096]

The innovative configuration combines two fully self-contained residences on a single title, typically comprising a primary two-bedroom apartment alongside a separate studio residence, connected via a shared foyer and lockable internal door.&nbsp;

The model is proving particularly attractive to owner occupiers navigating changing family dynamics and the realities of the current housing crisis.&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363511]

<a href="https://www.apartments.com.au/project-marketer/npa">NPA</a>&nbsp;CEO Andrew Erwin said dual key living was resonating strongly with modern buyers because it delivered both financial flexibility and practical lifestyle benefits.&nbsp;

“The housing crisis and rising cost of living are fundamentally changing how Australians think about home ownership,” Erwin said.&nbsp;

“Dual key apartments provide a genuine solution for families who want to stay connected while maintaining independence. Parents can help adult children save for a future home, ageing parents can remain nearby without moving into aged care, and owners still retain privacy and flexibility.

“Importantly, buyers are also recognising the financial advantages. It creates the opportunity to generate additional income from part of the home without the holding costs associated with owning a separate investment property.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363509]

Unlike traditional dual occupancy arrangements, the residences operate under a single title, meaning owners only incur one set of body corporate fees, council rates and holding costs.&nbsp;

The secondary residence can also evolve over time - functioning as guest accommodation, a home office, creative studio or private retreat before later becoming an income-producing asset.

<a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a>&nbsp;Director and Co-Founder David Laverty said the strong early sales reflected growing buyer urgency and changing priorities within the market.&nbsp;

“Securing more than half of COMO’s residences within such a short timeframe is an outstanding result and a clear endorsement of both the design and location,” Laverty said.&nbsp;

“Buyers are responding to the combination of location, connectivity and amenity, but ultimately it’s value relative to other East Coast markets that is driving enquiry.”&nbsp;

“We’re also seeing strong interest from owner occupiers looking for homes that can adapt with them over time. Flexibility has become one of the most important considerations for buyers in today’s market.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363515]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, COMO features a mix of one-, two- and three-bedroom residences with 2.7-metre ceilings and larger-format floorplans aimed at owner occupiers, downsizers and lifestyle-focused buyers.&nbsp;

The development will feature an extensive rooftop recreation and wellness offering including a 25-metre lap pool, sundeck, barbecue and dining areas, gym, sauna, plunge baths, landscaped gardens, wellness spaces and rooftop pickleball and paddleball courts.

The remaining dual key apartments range from 137 sqm to 167 sqm and include generous three-bedroom layouts with separate self-contained studio accommodation and dual parking.&nbsp;

Erwin said the dual key concept represented a broader shift in how Australians would live in the future.

“People want homes that can evolve with their lives,” he said.&nbsp;

“A dual key apartment can suit a family today, support an ageing parent tomorrow, and potentially generate income later on. That adaptability is becoming incredibly valuable in the current environment.”

Prices currently range from $2,115,750 to $2,583,000.&nbsp;

[smartcode_project_cta:default project_id=135546]

Joel Robinson

Inter-generational living drives demand for COMO’s dual key apartments as housing pressures reshape buyer priorities 

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/ceerose">Ceerose</a> has doubled down on its Leichhardt ambitions, lodging its second State Significant Development Application (SSDA) in the suburb in the last six months.

Their newest proposal seeks to transform a former industrial precinct into a new residential community centred around the adaptive reuse of one of the site's heritage warehouse buildings.

The new project, on a 6,930 sqm block at&nbsp;<a href="https://www.apartments.com.au/new-apartments/40-76-william-street-leichhardt-nsw-2040">40–76 William Street</a>, will bring more than 200 apartments to a suburb that has seen little to no new supply in recent years. It follows Ceerose's late 2025 SSDA for a mixed-use apartment project on nearby Parramatta Road, signalling the developer's growing investment in Sydney's Inner West.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the redevelopment would involve the demolition of four existing industrial buildings while retaining and adaptively reusing the site's most significant warehouse. The retained structure would anchor a new residential precinct comprising five interconnected buildings arranged around a large central landscaped courtyard, with heights stepping from five storeys along the surrounding residential streets to 11 storeys at the William Street corner.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="7258c54c-8167-479e-8361-2d5fca9915b4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010B%20-%20CGI%20-%20View%202.jpg?VersionId=S9DQfxu_jpcB5LrAEYFUbyMzg5odW6i5" />

According to the Architecture Design Report by Woods Bagot, the proposal "seeks to create a residential village centred around a generous green heart while celebrating the site's industrial heritage through the adaptive reuse of the existing warehouse building."

The development would comprise 203 apartments, with 188 proposed as build-to-sell residences, alongside 15 affordable housing apartments.

Rather than treating the retained warehouse as a standalone heritage object, Woods Bagot has sought to weave the site's industrial history throughout the masterplan. The proposal retains the north and west facades of the landmark corner warehouse, while new buildings reinterpret the site's brick-and-steel industrial language through their material palette and architectural expression.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="9e8c64c2-881b-49e1-8c90-6b6acaaa45b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010C%20-%20CGI%20-%20View%203.jpg?VersionId=Qm8_8H_Xrg_sc4Mdjc59vlAcKF_5wRTb" />

The design is organised around what Woods Bagot describes as a "green heart", a landscaped communal open space that reinstates the leafy character removed when the site became an industrial storage facility. A new pedestrian laneway running through the site would improve permeability between William, North and Francis streets, linking residents through landscaped public spaces while activating the ground plane.

Residents would have access to communal gardens, rooftop open space and shared recreation areas distributed throughout the development. Sustainability has also been prioritised, with the project targeting an average 7.9-star NatHERS rating. Proposed initiatives include rooftop solar generation, rainwater harvesting, passive solar design, naturally ventilated lobbies, extensive cross-ventilation and the reuse of existing building fabric to reduce embodied carbon.

The adaptive reuse strategy became a defining feature of the application after heritage investigations found only one of the site's industrial buildings could feasibly be retained. The Heritage Impact Statement concludes that preserving the key warehouse façades while referencing the site's industrial character throughout the new development provides an appropriate balance between renewal and conservation.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="efffafdb-594f-4e2b-a067-921fd51c05e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010D%20-%20CGI%20-%20View%204.jpg?VersionId=DPmE4.k16YRt0i27hEZVtJAffarpvUfx" />

"Retention and adaptation of the site buildings has been explored but found not to be feasible except for the tallest building, whose street facades will be retained," the heritage report states.

"The proposed building will interpret the brick and steel character of the subject site, including reuse of some components and construction of a large 'sawtooth' structure in the proposed open space."

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="3bfef2b5-83f5-40cd-9cab-767092f34266" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010E%20-%20CGI%20-%20View%205.jpg?VersionId=7asb3i_ql4ybbuJOUb5UHBEIy0Q9t.DF" />

The William Street site is located around 300 metres from Leichhardt North Light Rail station and a short walk to Norton Street's retail, dining and hospitality precinct. The surrounding area has increasingly become a focus for urban renewal given its proximity to public transport and the Parramatta Road corridor.

Ceerose, founded by Edward Doueihi in 1998, has become one of Sydney's more active apartment developers, with completed projects including The Alex Collective in Alexandria, Abbie's Lane in Annandale, and the award-winning Munro House in Elizabeth Bay. They are currently delivering Belgravia, 17 luxury apartments in Potts Point.

First look: Ceerose doubles down in Leichhardt with adaptive reuse of former warehouse site

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]

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]

Katherine Jimenez

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