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Brisbane's CBD office market appears to be in the middle of a perfect storm.
Research from Knight Frank, published in late September, found that the Brisbane market is not only being plagued by softening tenant demand and a shrinking state government workforce but also increasing private sector contraction.
<img src="/images/stories/2013/10/15/chart-of-the-week-oct-15.gif" width="470" height="449" alt="chart-of-the-week-oct-15">
Source: Knight Frank
As at July, the Brisbane CBD office market vacancy rate stood at 12.8%, with negative absorption of 64,069 square metres - the worst net absorption on record.
According to Knight Frank’s research director in Brisbane, Jennelle Wilson, the total available space arising from the private sector contraction was about 72,894 square metres, compared with 51,762 square metres as at February 2013.
“Narrowing the focus to just the contraction space, the state government accounts for some 44% of the 113,637 square metre contraction impact," said Ms Wilson. "Of the private sector, the resource sector (22%), finance (10%), IT/communications (8%) and engineering (6%) are the dominant contributors."
Despite the worst impact of those factors being in the past, the research said net absorption was not expected to recover in the short term, "with a negative result expected for the second half of 2013".
"However, this is not expected to be anywhere near as severe as in the first half of the year, with -11,170 square metres forecast".
Knight Frank director of CBD leasing, David Howson said "net absorption is expected to return to positive levels in the first half of 2014, with the steady improvement in international economic factors expected to have a flow through in confidence to the Australian market which has been crippled by indecision, exacerbated by the lengthy Federal election campaign".
He is tipping the vacancy rate to remain relatively unchanged to the end of the year, increasing to 12.9%.
Thereafter, Mr Howson added even though the net absorption was expected to take 12-18 months to recover to trend levels, "the absence of any new supply to the market will assist to bring the vacancy rate down during 2014 and 2015".
The vacancy rate was not forecast to fall below 10% before the next wave of supply additions in late 2015/2016, the research said.
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kjiminez-eaYKfU7qd2

Brisbane office market caught in a perfect storm

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<img src="/images/stories/2013/10/14/MRE-logo.png" width="235" height="127" alt="MRE-logo" style="display: block; margin-left: auto; margin-right: auto;">
Agent: Sam McVay<img src="/images/stories/2013/10/14/sam-mcvay-proifile.png" width="180" height="225" alt="sam-mcvay-proifile" style="float: right;">
Position: Managing director
Company: McVay Real Estate
Office Location: Sydney
How long have you been in the industry? 
12 years
What’s happening in the area you specialise in?
We focus on the sale of office buildings, hotels and shopping centres. In the last six months we've seen accelerated buyer appetite from both domestic and offshore groups, evidenced by the recent campaign and ultimate sale of the Four Seasons Hotel to a Mirae Asset Management. 
Describe the most interesting property you have sold?
I loved selling Birkenhead Point Shopping Centre a few years back. It has an interesting history and was a very complicated asset with lots of moving parts. In saying that, we are now <a target="_blank" href="https://www.propertyobserver.com.au/commercial/sydney-opera-house-car-park-up-for-sale/2013091865110">selling the Sydney Opera House Carpark</a> and it is an incredible feat of engineering with some amazing hidden tunnels that burrow under the Botanic Gardens.
What are the ingredients to being successful in your job?
Focus, passion, complete understanding of the property you're selling and a supportive wife.
What aspects of your role do you enjoy the most?
I enjoy the analytical and strategic side of our business but also love the human element that can dictate a deal happening or not. The closing celebrations are good fun too.
Where would you invest a spare $750,000?
There are some experienced boutique property syndicators out there who are taking advantage of the gaps in the current market.  I'd invest with those that contribute their own equity alongside that of investors and have their fees based primarily on the overall performance of the asset once it has been held for three plus years.
Which football team do you support?
Queensland Reds / Brisbane Broncos
What’s your favourite app or techno gadget?
We invested in a variety of cloud based IT systems that I discovered whilst living in the US. They have streamlined so many of our processes and allow us to adapt and scale as technology and our business evolve.
How do you use social media?
Typically for marketing of our current listings and major announcements, and to potentially find people that fit our expanding team.
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In profile: McVay Real Estate's managing director, Sam McVay

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The North Nowra Shopping centre in southern NSW has sold at auction for $4.705 million.

The neighbourhood shopping centre, at 9 McMahons Road, North Norwa, was purchased by a local private investor on a yield of about 7%.
It attracted 12 registered bidders at the auction.
Built in the 1980's, the centre has 20 outlets and has about 3,029 square metres of net lettable area.
The selling agent Scott Baxter, principal of Ray White Commercial Shoalhaven, said “the site has more than 100 car parking spaces and there's scope for further development, as current tenants are seeking extra space."  
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North Nowra Shopping Complex sells for $4.7 million

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A prime retail shop in the heart of Melbourne’s CBD has been listed for sale with price expectations north of $3.1million.
Fashion retailer Bell &amp; Barnett currently leases the shop, at 261 Little Collins Street, and pays an annual rent of $280,800 plus GST.
The shop is about 114 square metres in size and is already said to be attracting strong interest from investors and owner-occupiers. The shop goes under the hammer on 18 October. It is being marketed through CBRE Melbourne agents Josh Rutman, Ed Wright and Mark Wizel.
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Prime Little Collins Street retail shop to go under the hammer

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One of St Kilda's most well-known landmarks, the Coffee Palace Backpackers Lodge has been listed for sale and is expected to generate offers of about $7 million.
The 47-room property, at 24-6 Grey Street, is close to Melbourne’s busy Fitzroy St and has a total building area of about 1,680 square metres.
The property is leased to the operators under a lease which has an annual rental of $424,471 plus GST. But the five year lease, which started in May 2009, is due to expire on 31 April next year, leaving potential buyers with various options.
Expressions of Interest to purchase the freehold of the three-storey building close on Friday 15 November, through marketing agents Grant McKenzie and Russell Meerkin of Kliger Wood Real Estate.
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St Kilda backpackers lodge listed with $7 million expectations

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An owner-occupier has purchased a strata warehouse unit in Brisbane’s Eagle Farm for $255,000.
The tenanted property, at 16/300 Cullen Avenue, Eagle Farm, comprises 60 square metres of warehouse and 30 square metres of mezzanine storage and office space.
Selling agent Tim Langford of Ray White Industrial Milton said the strata unit was currently leased for about $13,500 per annum and zoned general industry.
“The current tenant is using the site to store furniture whilst building a house and will vacate the property when the lease expires in February next year," he said.
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Strata warehouse unit sale in Eagle Farm, Brisbane

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A Singapore-based private investor has paid $1.95 million for a BP service station in Brisbane's Cleveland.
The BP service station, at 376 Bloomfield Street, comprises a convenience store, a large storage area, on-grade car parking areas and sits on a total site area of 1,590 square metres.
The property is leased to BP on a nine-year term until August 2017, with two further five-year options.
The selling agents were Michael Harcourt and Jon Tyson of Savills retail sales. More than 100 enquiries were received for the property.  
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Singapore-based investor buys Cleveland, Brisbane service station

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A private investor has beaten several rival bidders to purchase a prime residential site in Perth's Highgate for $1.3 million.
The 71 Mary Street site is located metres away from Hyde Park and Beaufort Street’s popular restaurant precinct and offers the potential for a grouped dwellings development.
The 569 square metre site is currently home to an older-style house.
Selling agent Colliers International’s Aaron Antonas said the prime location and development potential of the site had seen it attract five offers, with the successful bid a cash unconditional offer by a private investor.  
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Private investor pays $1.3m for prime Highgate residential site

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A spate of leasing deals has bolstered the vacancy rate in a newly refurbished building in Sydney’s Drummoyne to nearly 70%.
MRA Consulting recently secured 107 square metres of office space in the 19 Roseby Street building, while Accountancy Insurance signed a five year lease for 214 square metres of office space.
The deals were negotiated at about $420 to $450 per square metre gross.
CBRE senior negotiator for commercial sale and leasing Nick Sinclair said a further 1,032 square metres of space was under offer to seven tenants, leaving just 100 square metres of vacancy.
Since January, about 2,400 square metres of office space has been leased in the building. The latest two leasing deals take the vacancy in the building to just fewer than 70%. Renovations were completed in August.
The largest deal done in the Roseby Street property this year was the leasing of an 830 square metre office space to Redcape Hotel Group, who relocated its head office to the building, said Mr Sinclair.  
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Spate of leasing deals at refurbished Drummoyne building

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Companies wanting to achieve a zero carbon footprint are being offered a piece of Australia's only ecologically sustainable, carbon neutral business park in the Yatala Enterprise Area on the northern Gold Coast.
A range of warehouse and office leasing opportunities have become available in the business park, located just off the Pacific Motorway, at 6 Quinns Hill Road East, Stapylton.
The offering includes two clear span warehouses of 1200 square metres and an 850 square metres, respectively, a double storey office of 271 square metres and 88 square metres of office space in a carefully restored Queenslander-style building.
Steve Jeffery and Kelly Zeckovic of Ray White Commercial Robina have been appointed exclusive marketing agents.
<img src="/images/stories/2013/10/09/stayplton_oct_9_one.jpg" width="470" height="353" alt="stayplton_oct_9_one">
Building seven at Yatala Enterprise Area.
A key feature of the multi-award winning estate was the significantly lower overheads for tenants.
Mr Jeffery said on-site water and sewerage treatment meant reduced outgoings, while water pumps, street lighting and security systems were driven by grid-connected solar power.
"Both warehouses have energy-efficient lighting plus passive solar lighting and the translucent roof sheeting provides ample natural day lighting, further reducing energy consumption," he added.
The warehouses are available for lease for about $118 per square metre per annum net plus outgoings while the offices are priced at $200 per square metre per annum plus outgoings.
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Leasing opportunities at Australia's only ecologically sustainable, carbon neutral business park

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

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[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

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[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

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Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

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Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

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Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

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The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

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Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

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Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

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Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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Katherine Jimenez

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