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Some of Melbourne's most favourite retail high streets have experienced a significant jump in vacancies, most notably Bridge Road in Richmond.
The once popular discount fashion precinct, Bridge Road, recorded it's highest ever vacancy rate, according to the latest research from Knight Frank.
Vacancies along Bridge Road climbed to 16.5%, up from 11.5% a year earlier. And the research also showed that the strip had the highest churn rate at 11.9%, reflecting to the change of occupants.
Knight Frank Victorian research director, Richard Jenkins, said that Bridge Road’s loss of identity as a discount fashion destination as a result of the emergence of DFO centres had fuelled the rise in vacancy in recent years.
Other retail strips to record a spike in vacancy rates were Toorak Road in South Yarra, with vacancies nearly doubling to 12.8%; Glenferrie Road, Malvern rose from 3.6% to 6.2% while High Street, Armadale increased from 3% to 6.4%.
The emergence of online retailing was also partly blamed for fashion focused strips struggling.
But it wasn't all bad news for the high streets of Melbourne.
Burke Road in Camberwell; Puckle Street, Moonee Ponds; Acland Street, St Kilda; Clarendon Street, South Melbourne and Church Street, Brighton all experienced vacancy falls.
Mr Jenkins said the strips which recorded falls in vacancy rates all had a higher exposure to food and convenience based retailers, demonstrating the strength of the non-discretionary retail sector.
The Knight Frank research showed that Church Street in Brighton recorded a fall from 1.7% to 1.2%, as did Clarendon Street in south Melbourne, down from 6.2 % to 4.1%. Acland Street was stable at 2.8%.
Mr Jenkins said the outlook for many of those prime retail strips was "positive", pointing to new apartment developments coming on stream, "boosting the surrounding local population."
Rents in Chapel Street remain the highest, achieving rental levels of $1,000 per square metre per annum, whereas other strips such as Puckle Street, Moonee Ponds achieve rents of around $650 per square metre.
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Bridge Road, Richmond records highest ever retail vacancy rate: KnightFrank

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South African hotel baron Sol Kerzner has entered into an agreement with Malaysian-backed company Mulpha Australia to assume management of one of Australia's most prized luxury Island resorts - Hayman Island.  
Under the deal announced today between Mulpha and Mr Kerzner's international hotel group, Kerzner International, the iconic resort will undergo a multi-million dollar renovation and be re-launched as One&amp;Only Hayman Island in April 2014 - the first of its kind in Australia.
Mulpha will maintain full ownership of the island and the resort.
Mulpha executive chairman Seng Huang Lee described the partnership as the start of a "new era for the resort under their One&amp;Only brand”.  
Kerzner International’s One&amp;Only brand - located in the Bahamas, Mexico, Mauritius, the Maldives, South Africa and Dubai - is considered to be one of the finest luxury resort properties in the world and known for its "blow away the customer" experience.
Mr Kerzner was not available for immediate comment but sources told Property Observer he is due to arrive in Australia later this month for a three day visit.
Kerzner International chief executive Alan Leibman said Hayman was the perfect destination for the first One&amp;Only brand in Australia and “I know the resort will be well received by our many loyal One&amp;Only guests, as well as guests that have been enjoying Hayman for years."
“My personal commitment is to make One&amp;Only Hayman Island a must stay for the well-travelled to explore the wonders of this magnificent destination.”
DBI Design, in partnership with the Kerzner International Development Team, has been engaged for the interior design and landscape architecture for the resort’s rebirth.
In a glimpse of what is to come, the new Hayman rooms and Hayman suites, featuring ocean and lagoon views, will be introduced with reimagined interiors and amenities and the iconic pool will be renewed. A variety of world-class cuisines overseen by internationally acclaimed chefs will also be introduced, along with a One&amp;Only Health Spa.
As part of the ongoing development and investment programme, Mulpha will continue a staged rollout of the ultra- luxury Hayman Private Residences and Hayman Marina Residences offering private ownership opportunities for select clients and guests.
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Sol Kerzner finalises Hayman Island management agreement

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On the surface, the Brisbane CBD office market has all the appearance of a market on the nose. 
At 14.2%, the city has the highest vacancy rate in the country and a shrinking public sector but new research from Jones Lang LaSalle paints a vastly different picture of the Brisbane market.
<img src="/images/stories/2013/09/04/chart-of-the-week-sept-4.jpg" width="470" height="267" alt="chart-of-the-week-sept-4">
Analysis of the office market showed a "broadly negative correlation between floor plate size and the vacancy rate," said the author of the report, Peter Gueverra, who is a senior market research analyst at JLL.
Specifically, he said the vacancy rate in buildings with floor plates of greater than 1,500 square metres  - which accounted for around a quarter of all stock - was just a  low 5.5%.
In stark contrast, the vacancy rate in buildings with smaller floor plates of less than 1,000 square metres was considerably higher at 19.2%.
<img src="/images/stories/2013/09/04/chart-of-the-week-sept-4.-two.jpg" width="470" height="272" alt="chart-of-the-week-sept-4.-two">
Mr Guevarra described the market's vacancy profile as "fragmented", and said that posed "significant implications for both occupiers and investors."
"Relatively tight vacancy in prime assets with large floor plates of greater than 1,500 square metres means there are very few immediate options available for larger corporate occupiers."
At the end of the June 2013 quarter, larger occupiers were limited to just four buildings with floor plates over 1,500 square metres, JLL highlighted.
Looking ahead, vacancy in buildings with larger floor plates of greater than 1,500 square metres is tipped to remain "tight".
JLL is forecasting 2013 to be at the “trough of the demand cycle", with tenant demand expected to increase moderately through to 2015. It also points out that no new major supply was expected to enter the market over the next two years, with the "supply cycle forecast to reach its trough level next year."
Only three major developments are due to hit the market over the next three years - namely  Daisho’s 58,000 square metre speculative development, at 180 Ann Street, which commenced without a tenant pre-commitment and DEXUS’ 55,000 sqm project, at 480 Queen St, which is 38% pre-leased to multiple tenants.  The third and already fully leased project is Cbus’ 75,000 square metres project at 1 William St.
Another interesting set of numbers within the research was the divergence in the vacancy rates for prime buildings with floor plates of between 1,000 square metres and 1499 square metres, compared to equivalent secondary space. The vacancy rate for prime vacancy space was just 9.5%, while the equivalent secondary market was a massive 26%.
“There may be an opportunity for investors to acquire and upgrade B-grade assets into A-grade within this floor plate cohort," said Mr Guevarra. "The wide spread between prime and secondary vacancy makes upgrading assets particularly attractive at this time".
However, he cautioned that risks remained for investors. "While we expect some demand to return over the next two and half years, further office rationalisation may continue,” he said.
"Resource sector tenants may continue to postpone or scale back office expansion plans, while the public sector may also continue to reduce its office footprint with further moderate consolidation into existing offices."
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Fragmented Brisbane CBD office market shows correlation between size and vacancy: JLL

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<img style="display: block; margin-left: auto; margin-right: auto;" alt="colliers-logo" height="194" width="300" src="/images/stories/2013/09/04/colliers-logo.jpg">
Agent: Ben Tana<img style="float: right;" alt="ben-tana-in-porfile" height="200" width="200" src="/images/stories/2013/09/04/ben-tana-in-porfile.jpg">
Position: Manager, Retail Sales &amp; Leasing
Company: Colliers International WA
Office location: Perth
How long have you been in the industry?
Since 2000
What’s happening in the area you specialise in?
It’s an exciting time to be working in CBD retail leasing in particular, dealing with some really big international names who are seeking space in the city. Once they’ve locked their deals away in Sydney and Melbourne the next box to tick is WA, and we’ve seen some big news in recent months with the likes of Zara and Topshop reportedly settling on premises in the CBD.
Enquiry for food and beverage in the city is also very strong – we’ve got a vibrant restaurant and small bar scene emerging in Perth, so there’s lots of activity on that front too.
Describe the most interesting property you have leased?
Introducing Scanlan &amp; Theodore to Bayview Terrace in Claremont in 2004 – that deal started a real domino effect, with new retailers rushing to get into the precinct, and it was a great example of how the arrival of one brand can really lift and change an area.
What are the ingredients to being successful in your job?
Relationships, first and foremost. Having and maintaining strong relationships with both landlords and retailers, and providing top service – being professional, responsive and giving 110% on everything for both parties at all times.
What aspects of your role do you enjoy the most?
Being able to create change, or kickstart momentum for change, by introducing new retailers or brands and seeing them lift the profile and activity in an area.
Where would you invest a spare $750,000?
I’d invest half in a Primewest syndicate and put the rest towards my mortgage.
Which football team do you support?
West Coast Eagles.
What’s your favourite app or techno gadget?
My laptop.
How do you use social media?
I haven’t got into Twitter, but I do use Facebook and Instagram. <a target="_blank" href="https://www.linkedin.com/profile/view?id=195319822&amp;authType=name&amp;authToken=MbqK&amp;goback=&amp;trk=abook_conn">I also use LinkedIn</a> to connect professionally.
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In profile: Colliers International WA's retail sales and leasing manager, Ben Tana

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Sol Kerzner's international hotel group Kerzner International is expected to make an announcement on its rumoured acquisition of Hayman Island in the Whitsundays next week.
Reports emerged yesterday in The Australian Financial Review that the South African hotel billioniare was in talks to buy Hayman Island from Malaysian investment group Mulpha Australia.
A source close to the international hotel group told Property Observer that an announcement would be made next week, possibly on Wednesday.
Kerzner International declined to comment on the speculation.
It was reported that top federal and state tourism bureaucrats were meeting with Kerzner International executives in the coming weeks and that once a deal was completed, Kerzner would close the island from January next year to complete three months of further renovations.
<a target="_blank" href="https://www.propertyobserver.com.au/news/august-27-news-sol-kerzner-rumoured-buyer-of-hayman-island-in-whitsundays/2013082664568">Mulpha Australia purchased the Hayman in 2004</a>.
 
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Hayman Island sale annoucement tipped for next week

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<img style="display: block; margin-left: auto; margin-right: auto;" alt="ray-white-retail" height="33" width="200" src="/images/stories/2013/08/ray-white-retail.jpg">
Agent: Mark Greer<img style="float: right;" alt="Mark-Greer-Profile-pic" height="200" width="200" src="/images/stories/2013/08/Mark-Greer-Profile-pic.jpg">
Position: Director – Retail Investments
Company: Ray White Retail
Office Location: Brisbane    
How long have you been in the industry?
Over 25 Years  
What’s happening in the area you specialise in?
The only certainty in retail is change. The impact of online retailing has required retailers to continue to adapt their model, creating new selling and distribution opportunities. Currently online retail represents 6% of all retail sales ($13.5 billion) and growing compared to over $200 billion in traditional retail sales.
The retail property industry is going through continual evolution reflecting the social, economic and technological changes in society; these changes provide new development and investment opportunities. Some retail outlets embrace this change better than others, for example, specialists vs. generalists. Companies such as Apple with an annual turnover of over $120 billion and growing are outperforming traditional retail outlet such as department stores.
Describe the most interesting property you have sold.
The site located on the corner of Queen, Edward and Adelaide Street we initially sold in receivership which now houses the iconic “Queens Plaza” shopping complex in the heart of the Brisbane CBD. The site included a multitude of tenants and buildings across different titles. A deal needed to be structuredthat allowed the developers to unlock the true potential of the site through a staged development, ultimately maximising the return to the receivers and developers.
What are the ingredients to being successful in your job?
• Listen to the needs of your clients
• Have a true passion for yours, your clients and colleagues’ success
What aspects of your role do you enjoy the most?
Creating new concepts and opportunities to reflect the changes in the market place, whilst working with an enthusiastic and creative team to unlock the full potential of business opportunities.
Where would you invest a spare $750,000?
I would invest in the Gold Coast property market which has recently suffered as a result of the GFC. We believe the Gold Coast property market will rebound as a consequence of the falling interest rates and falling dollar, and ultimately lead to an increase in tourism. It is predicted a subsequent resurgence of the economy will result in due course.
Which football team do you support?
The Queensland Reds
What’s your favourite app or techno gadget?
I live off my iPhone in terms of work, media, photography and entertainment.
How do you use social media?
<a target="_blank" href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/mark-greer/35/6a0/882">LinkedIn</a> for business, Twitter for entertainment and news, and Skype for family communication either overseas or interstate. It is very much an evolving interest; subject to the benefits of the various mediums.
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In profile: Ray White Retail's director of retail investments, Mark Greer

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International health and fitness club Anytime Fitness has leased 557 square metres of retail space in Adelaide's suburb of Unley.
The property, at 14 Arthur Street, is adjacent to Unley Shopping Centre and has been leased for a term of 7 years, at an annual net rent of $130,000.
Jones Lang LaSalle agent Robert Parkinson's negotiated the lease.
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Anytime Fitness leases Unley retail space

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Gym operator Snap Fitness has secured 350 square metres of retail space in Melbourne's leafy suburb of South Yarra.
The retail property, at 9/11 Clarendon St, is part of the 850-square-metre Dutton luxury car showroom, which is relocating to Richmond in 2014.
Under the leasing deal, Snap is taking a 10-year lease on the property. It is understood the owner was targeting a rent of $800 per square metre.
The lease was negotiated by CBRE's Zelman Ainsworth.
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Snap fitness secures South Yarra retail leasing

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The owner of prominent bakery business Glick's Cakes and Bagels has put up for sale its head office in Melbourne's Carnegie for about $7 million.
The 4,147 square metre site at 1056-1060 Dandenong Rd, has development approval for a 10-storey apartment building for 174 units.
CBRE's Justin Clarkson and Mark Wizel have been appointed selling agents through an expressions of interest closing on 26 September.
"The development package has all the elements of a significant, landmark residential project in a rapidly growing area which continues to benefit from the nearby and expanding Monash University," said Mr Clarkson.
"By 2030, the Caulfield campus will grow by 87% in size, with this property ideally positioned to take advantage of the growing number of students attending Australia's largest university."
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Carnegie's Glick's Cakes and Bagels head office listed with student accommodation prospects

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A heritage listed retail property in Melbourne's Camberwell Junction has sold under the hammer for 30% above the reserve price.
The retail property, on the corner of Burke and Riversdale Road, was sold to local private investor for $3.6 million, on a tight yield of 4.56%.
The hotly contested auction drew more than 70 bids, with several serious bidders, said Savills selling agents Nick Peden and Clinton Baxter.
The 250 square metre property is leased to restaurant Meat &amp; Wine Co and is subject to a 10 year lease at a current net rental of $164,117 per annum. The lease has fixed annual increases of 4%.
Mr Peden said the sale price was a signal that the market was very strong, buoyed by the low interest rate environment.
While Mr Baxter added that both the record low yield of 4.5% and the building rate of $14,400 a square metre were signs that good quality retail investments were in high demand and buyers were confident of the market outlook.
The 1885-built church-like structure is the former English, Scottish and Australian Bank. <a target="_blank" href="https://www.realcommercial.com.au/property-retail-vic-camberwell-500820651">The brick building</a> is somewhat awkwardly wedged in to the<a target="_blank" href="https://www.propertyobserver.com.au/victoria/fkp-completes-construction-of-delayed-aerial-apartment-project-in-camberwell/2012110757688"> newly built Aerial residential development</a>, retained as a concession to the rich heritage of the area.
It was the subject of a $500,000 renewal in 2009 during the construction of Aerial.
In 2007 planning minister Justin Madden intervened in the VCAT case surrounding the $150 million development to push it through following strong community opposition <a target="_blank" href="https://www.propertyobserver.com.au/developments/completion-of-fkps-apartment-project-aerial-in-camberwell-junction-delayed/2012062255229">though it still suffered from construction delays</a>.
It was designed in the picturesque Gothic style by architects William Wardell and W L Vernon. Wardell was responsible for a number of buildings around Melbourne.
According to Heritage Victoria the branch was responsible for facilitating much of the suburban building boom in the area after the extension of the railway line from Hawthorn in 1882.
The sale includes nine secure car parks.
The Aerial development, by Queensland developer FKP, has 144 apartments and nine shops.
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Heritage listed Camberwell Junction retail site sold for $3.6 million

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.

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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.

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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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