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Strong owner occupier demand for office space in Melbourne's CBD has seen two strata suites on Queen Street fetch record prices.
The two 62.2 square metre suites, at 2 Queen St, were sold together for $488,270 plus GST, translating to $7,850 per square metre.
At $7,850 per square metre, said DTZ selling agent Danny Clark, the result was well above historical results in the 2 Queen Street building, "with the most recently sold suites being purchased for $6,380 per square metre and $6,200 per square metre respectively ".
Mr Clark said the sale of those two suites continued the trend of owner occupiers paying a premium for quality strata buildings in the heart of the Melbourne CBD.
<img alt="queen_street_sept_25_onew" height="337" width="470" src="/images/stories/2013/09/25/queen_street_sept_25_onew.jpg">
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kjiminez-eaYKfU7qd2

Record price recorded for 2 Queen Street, Melbourne office strata

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The pendulum has well and truly swung in favour of tenants. A new national office market report from Jones Lang LaSalle (JLL) has revealed that incentives are high and that an increasing number of landlords are willing to negotiate options that were unavailable six to 12 months ago.

In its latest, The Wrap research report, JLL found that landlords are prepared to write deals on space much further ahead of lease expiry than is typical, along with underwriting a tenant’s existing lease tail.

<img src="/images/stories/2013/09/24/jll_chart_sept_24.jpg" width="470" height="198" alt="jll_chart_sept_24" style="font-size: 0.8em;">
JLL’s head of tenant representation for Australia, Steve Urwin added that an "increasing number of institutional landlords were also prepared to consider pure effective deals with low rentals and no incentives – unheard of for a very long time – in an attempt to differentiate their offering in the market".
Driving those market conditions, he said was primarily subdued tenant demand due to cost cutting, headcount reductions and nervousness in the outlook over the next two-year period.
Breaking down the state of the individual market, JLL said the resources sector tail off had been a key influence in Perth and Brisbane, with the latter market also affected by significant government sector job cuts.
The delivery of close to 200,000 square metres of new stock in Brisbane in 2016 will further dampen the market, it noted.
In Sydney, negative sentiment led by the financial and legal sectors had resulted in the "increasingly strong sense that below replacement cost rental deals will continue from now until at least after delivery of the next wave of new projects in late 2015,” JLL said.
But in his closer assessment of Sydney market, JLL’s NSW head of tenant representation, Gavin Martin said that while 2013 had certainly seen the market move further into the tenant’s favour "it is not to the same extreme we faced in the 1990s with 20% plus office vacancy levels driving incentives as high as 50% of the lease term.”
He suggests that with current incentive levels of 30% available in a number of Sydney buildings, "this may be the tipping point for landlords.”
In short, Mr Martin believes that conditions in Sydney have got incrementally worse, not substantially worse, and "tenants may be advised to make the most of opportunities presented to them whilst the landlords are willing to ‘bank’ future income.”
On the Melbourne market, the report said that while the market had tended to avoid the peaks and troughs of rentals in other states “a large volume of sub-lease space and some new building completions are again fuelling negativity and increasing concern for landlords."
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Office market well and truly in tenants favour: JLL

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<img src="/images/stories/2013/09/23/jll_logo.jpg" width="200" height="114" alt="jll_logo" style="display: block; margin-left: auto; margin-right: auto;"><img src="/images/stories/2013/09/23/guerra-profile-pic-sep-t23.png" width="200" height="229" alt="guerra-profile-pic-sep-t23" style="float: right;">
Agent: Jamie Guerra
Position: Managing director
Company: Jones Lang LaSalle 
Office Location: Adelaide
How long have you been in the industry?
20 years. I started as a graduate out of university with the Commonwealth government’s Australian Property Group in the Adelaide market. I moved to Sydney in 2002 and returned to Adelaide in 2009.
What’s happening in the area you specialise in?
I specialise in the sale of investment property in the South Australian market across commercial, retail and industrial sectors.
There has been a noticeable increase in private investor activity since the beginning of the year and we have had in excess of $60 million worth of transactions either sold or under contract over the past three months ranging from a $2 million medical centre through to $25 million shopping centre.
We are also seeing greater interest in the Adelaide market from national syndicates and east coast based funds.
Describe the most interesting property you have sold.
The most interesting property I’ve sold recently was a 42 hectare sand pit in the outer metropolitan suburbs of Adelaide. It was a personally satisfying appointment because a corporate I had successfully sold for in Sydney tracked my move back to Adelaide and appointed me exclusively. The sand pit had capacity to hold 3.6 million tonnes of fill and we were unsure how much interest the sale would generate. However, through a well created campaign we delivered a result some 35% above valuation.
What are the ingredients to being successful in your job?
Being able to successfully deal with people and understanding their objectives. Having worked in the Adelaide and Sydney markets, I have been fortunate to have been exposed to a wide range of clients from private investors through to multi-nationals. Long term success is about having people trust you and being confident in the advice you provide.
What aspects of your role do you enjoy the most?
Doing the deal. It doesn’t matter the size but the satisfaction from working with the team to identify the opportunity, securing the listing and closing the deal is very rewarding.
Where would invest a spare $750,000? ?
In a well leased inner suburban investment property as I believe there is great value in the market at present.
Which football team do you support?
The Adelaide Crows, however I do have a soft spot for the Swans having spent seven years in the Sydney market and hosting Barry Hall for work experience for a day!
What’s your favourite app or techno gadget?
As a sports fan my AFL and Cricket Live apps get a strong workout on weekends.
How do you use social media?
I am not active on social media but do have a <a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/jamie-guerra/29/668/123" target="_blank">LinkedIn</a> account and see the benefits of being more connected.
You can also follow Jones Lang LaSalle on <a href="https://%20www.twitter.com/jllaustralia" target="_blank">Twitter.</a>
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In profile: Jones Lang LaSalle's managing director South Australia, Jamie Guerra

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Brisbane-based asset manager Blue Sky Private Real Estate has acquired a building in Brisbane's Bowen Hills for $2.45 million.
The 24 Brookes Street property sits on a 607 square metre site, which is earmarked for redevelopment.
Steve Black and Dillon Murphy of Ray White Commercial Pine Rivers negotiated the sale.
Mr Black described Bowen Hills as one of the fastest growing urban areas in Queensland, with billions of dollars’ worth of infrastructure proposed for the area.
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Bowen Hills redevelopment site sells for $2.45 million

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A computer tech firm has paid more than $2.5 million for a prominent corporate office and showroom in Brisbane’s western industrial precinct of Richlands.
The 81 Kelliher Road property (pictured below) was purchased by Tawamist Pty Ltd – an importer and exporter of computer equipment.
<img src="/images/stories/2013/09/18/richlands_sept_18_one.jpg" width="470" height="313" alt="richlands_sept_18_one">
The facility has a total building area of 2,635 square meters, which includes 450 square metres of corporate office space. The property was previously occupied by ASI Shop Fittings.
CBRE's Mark Gilbride negotiated the sale. A key attraction for the buyer was the property's 100 metres of uninterrupted frontage to the Centenary Motorway, said Mr Tawamist who intends to open a retail showroom at the property, which will accommodate their rapidly growing Brisbane business.
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Computer tech firm forks out $2.5 million for prominent Brisbane corporate space

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Brisbane property developers Anthony Moreton Group and Pryde Group have acquired the Beach Hotel in Broadbeach and two adjoining properties for $6 million.
The joint venture partners bought the 1,768 square metres property, at 2663 Gold Coast Highway, along with the two adjoining vacant parcels of land with a view to redevelop the site over the next few years.
The three properties have a combined area of 2,982 square metres and were taken to the market as one offering by vendor Rothmont Projects - a company owned by Gold Coast developer John Fish.
The total site has council approval for a 35-storey, 198 apartment complex.
Selling agent Darrell Irwin and Brad Johnston of Colliers International said the properties drew strong interest from a range of buyers, including Chinese investors and developers.
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Property developers acquire Broadbeach's Beach Hotel

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Toyota Tsusho South Pacific Holdings Pty Ltd has leased 1,000 square metres of office space in the CB1 building in South Brisbane.<img style="float: right;" alt="south-brisbane-sept-18-two" height="231" width="200" src="/images/stories/2013/09/18/south-brisbane-sept-18-two.jpg">
The CB1 building is owned by the ASX listed A-REIT Growthpoint Properties Australia and sits within the bigger $300 million SW1 mixed-use development.
The lease was struck on a 10-year term, at an annual rental of about $550 per square metre.
Peter Dodd and Alastair Dunlop of Savills negotiated the 104 Melbourne Street (pictured right) lease.
The Brisbane based company manages and supports Toyota distributors throughout the South Pacific region, namely in Papua New Guinea, Fiji, Vanuatu, Solomon Islands, Samoa, American Samoa and Tonga.
 
<hr>
Correction notice: this article has been amended since initial publication.
The original article identified the CB1 building as being owned by “South African company Growthpoint Properties Australia.” 
Growthpoint Properties Australia is actually an ASX listed property group which is majority owned by South Africa’s largest listed property company, Growthpoint Properties Limited. 
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Toyota Tsusho South Pacific  lease South Brisbane office space

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Soup and juice bar concept store, Green Press, has secured a new retail lease at the west end of Collins Street in Melbourne’s CBD.
The 39 square metre lease, at 500 Collins Street (pictured below), was struck at more than $1000 per square metres for a term of three years.
<img src="/images/stories/2013/09/18/melbourne_sept_18_one.jpg" width="470" height="313" alt="melbourne_sept_18_one">
Other tenants to recently move into the building include Kartel and Henry &amp; the Fox.
Savills Australia agents Michael Di Carlo and Jeremy Marmur brokered the lease.
Mr Di Carlo said the deal was a further indication of the renewed interest in the CBD retail sector, as recent consumer spending data suggested the market had seen the bottom of the cycle.
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Green Press soup and juice concept bar lease Collins Street space

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The Rocks is no longer just one of Sydney's most popular tourist destinations. It seems the historic heartland is fast capturing the attention of businesses and government.
Government Property NSW has taken out a five year lease for about 2,140 square metres of contiguous office space at 88 Cumberland Street. The lease was struck at an initial gross rental of $740 per square metre per year.
In a separate deal, engineering and technical recruitment firm Sniper Solutions has leased about 50 square metres in the same Cumberland St building for an initial gross rental of $625 per square metre. The Lessee had previously occupied about 112 square metres within the same building.
Cumberland Street Developments owns the five-storey building
Nearby, at 111 Harrington, migration and education services firm Uvision leased a strata suite for about $775 per square metre. The term of the lease is for one year.
The Sniper Solutions and Uvision leases were negotiated by Ray White Commercial office leasing director, John Skufris.
Mr Skufris said businesses were drawn to the area because of its close proximity to George St, Wynyard and Circular Quay, as well as the greater availability of metered parking.
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The Rocks captures the attention of office leasings

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A flurry of local and offshore investor interest is expected when Western Australia’s largest dairy enterprise, Lactanz Dairies hits the sales block next month.
The business consists of four state-of-the-art developed properties totalling more than 2,208 hectares in the state’s Scott River region. The properties vary in size from 283 hectares for the smallest property to 834 hectares for the biggest.
Rawdon Briggs and Tim Altschwager of Colliers International Rural &amp; Agribusiness Australasian have been appointed to sell the properties. They will be sold via four concurrent international tender campaigns, running in two rounds. The first round of tenders for Lactanz Dairies will close in October and the second round will close in November.
It is understood the properties were previously listed for sale by another real estate firm for about $27 million.
“Currently, there is $4 billion being moved by a number of different agriculture-exposed companies and funds for investment in Australian agricultural assets,” said Mr Briggs.
“Australian agricultural land and logistics assets are moving to the top of investors wish lists now that hard commodity mining assets have lost favour. It is about food security and portfolio diversification.”
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Flurry of interest tipped as Lactanz Dairies hits the sales block

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Joel Robinson

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

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Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

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La Vera closes in on completion as Macquarie Park continues residential transformation

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]

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.

Katherine Jimenez

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