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<img src="/images/stories/62point4.jpg">
The size of the Novotel Forest Resort near Daylesford, which has been listed for sale. The property incorporated an eco-friendly resort, golf course and gated residential community featuring 37.2 hectares of freehold land and 25.2 hectares of leasehold land. Jeremy Gruzewski and David Grima from Colliers International have been appointed to market the resort, which opened in 2008 and was built at a cost of $200 million. The resort comprises 144 rooms over four levels, including a wellness centre and day spa, modern convention centre, retail facilities, bistro and restaurants.  Also up for sale is the 18-hole, 72-par golf course and an 80% shareholding in Forest Resort Utilities Pty Ltd, a wastewater treatment plant. The land was acquired by developer Jim Walsh and his family for less than $1 million in 2001, after it was in financial trouble. Approval to develop the land took four and a half years of Walsh’s Forest Resort business and the local Dja Dja Wurrung tribe for the use of 25 hectares of adjoining Crown land. The golf course was designed by famed golf course architect Tony Cashmore and is the site of heritage water courses and gold diggings, which date back to the mid-1800s gold rush. 
The Walsh family almost lost the hotel after being caught up in the collapse of Gold Coast lender MFS in 2009, which had provided a $48.3 million loan to fund construction of the resort. In April this year Walsh lodged a $168 million lawsuit in the Victorian Supreme Court against MFS and its custodian prior to its collapse, Perpetual Trustees.
 
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<img src="/images/stories/13m.gif"> 
The amount Gold Coast developer Sunland paid for <a href="https://www.propertyobserver.com.au/leisure/sunland-cements-gold-coast-holdings-with-neighbouring-%2413-million-mariners-cove-purchase/2011102652080">Mariners Cove and Marina at Main Beach</a>. Industry sources were expecting $20 million for Mariners Cove, which has been in the hands of receivers since late 2009.The site comprises 1.15 hectares of land lease and 2.8 hectares of seabed lease, with 102 marina berths. Mariners Cove is located in a prime position on the Broadwater of the Gold Coast and is adjacent to the Marina Mirage Retail precinct and Palazzo Versace Hotel.The site sold through public tender through receivers McGrath Nicol. Settlement is due on December 24, 2011.
 
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<img src="/images/stories/172point2.jpg"> 
The amount Stockland will receive following the sale of its half stake in 52 Martin Place, Sydney to joint owner QIC Global Real Estate. The sale price is above the 30 June, 2011 book value of $167.7 million. The landmark A-grade office tower has 33 floors including the Channel 7 news studio and a retail arcade linked to the Martin Place railway station. The property is a leasehold title, with 33% of the area leased back to the NSW state government until 2110.The transaction is part of Stockland’s ongoing asset sale program, the proceeds of which are being used to fund investment in the share buy-back currently underway as well as growth in Stockland’s core businesses.
 
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<img src="/images/stories/2800ha.jpg">
The size of the rural property <a href="https://www.propertyobserver.com.au/rural/sean-howard-sells-upper-murray-holding-for-about-%246-million/2011103152139">Mount Falcon Station in the Upper Murray region</a> of southern NSW sold by entrepreneur Sean Howard for about $6 million. Howard had owned it since 1998. It includes a five-bedroom 1934 homestead set in a mature garden and recently carried up to 1,350 breeding cattle. It has had three owners over most of the past century including the Falkiner family, who sold in 1964. It changed hands again in 1998 when offloaded by the Olympic runner John Landy and his brothers, Richard and Tony. John Landy was the governor of Victoria from 2001 to 2006. The property is close to the junction of the Murray and Tooma rivers near Corryong. Howard, one of the founders of OzEmail, spends his time in the retirement and aged care sector.
Know of a commercial sales deal? <a href="mailto:news@propertyobserver.com.au" target="_self">Let us know</a> to be included in next week's listing.
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lschlesinger-FZcF9M3vE6

Commercial hammer prices

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<img src="/images/stories/36point1.jpg">
The estimated conditional sales price agreed for the <a target="_blank" title="Centro Newton Plaza" href="https://www.propertyobserver.com.au/retail/centro-sells-adelaide-shopping-centre-following-brisbane-settlement/2011092051630">Centro Newton Plaza in Adelaide</a>. Centro says the conditional sale was achieved at price above the June 30, 2011 valuation, which is recorded as $36.2 million. At this valuation price, it reflects a yield of 10% based on gross annual rent of $3.6 million. The centre, part of Centro’s MCS 37 Syndicate, is located at 84 Gorge Road in Newtown, four kilometres southwest of the Adelaide CBD. 
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<img src="/images/stories/40m.jpg">
The amount <a target="_blank" href="https://www.propertyobserver.com.au/leisure/wellington-intercontinental-sold-for-nz%2450-million/2011092051615">a New Zealand-based investor has paid to acquire Wellington’s five-star InterContinental Hotel</a>, the top commercial sale of the year to date across the Tasman.  The hotel was put up for sale in June this year by Sydney-based owner Eureka Funds Management, with Jones Lang LaSalle Hotels appointed to market the property.  The sale was negotiated by Jones Lang LaSalle executive vice-president Dean Humphries and senior vice-president Ross Beardsell.
 
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<img src="/images/stories/10point3.jpg"> 
<a target="_blank" href="https://www.propertyobserver.com.au/retail/centro-sells-adelaide-shopping-centre-following-brisbane-settlement/2011092051630">The estimated yield achieved following the sale of Centro’s Whites Hill Centre in Camp Hill, Brisbane</a> for $15.5 million to a neighbouring landowner. This price is $200,000 above the June 30 2011 independent valuation. Whites Hill was built in 2003. It attracts gross annual rent of $1.6 million, has gross lettable space of just under 4,000 square metres and is anchored by Woolworths.
 
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<img src="/images/stories/7m.jpg"> 
The mount Queensland billionaire and mining supremo <a target="_blank" href="https://www.propertyobserver.com.au/leisure/clive-palmer-buys-distressed-golf-courses-at-discount/2011092051616">Clive Palmer is believed to have paid for the Robina Woods and The Colonial golf courses</a> on the Gold Coast. The <a href="https://www.propertyobserver.com.au/news/babcock-and-browns-queensland-golf-course-investment-caught-in-the-rough/2011070750736" target="_blank">courses were put on the block in July</a> under instructions from McGrathNicol, receivers and managers of Playmore Golf Pty Ltd. Playmore acquired them in 2002 for $7.8 million from the American Golf Corporation. The golf courses were marketed on behalf of receivers by Mark Witheriff and Paul Nyholt of CBRE, with McVay Real Estate’s Will and Sam McVay.
 
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<img src="/images/stories/86point75.jpg"> 
The amount Altis Property Partners paid for the St. Leonards Corporate Centre on the Sydney North Shore. The two-four level office buildings, warehouses and 22 industrial units formed part of the unlisted Orchard Diversified Property Fund. The sale was negotiated by Ian Hethrington and Darren Curry of Savills and Graham Russell and Matt Lee of CBRE, the Australian Financial Review reported.
Know of a commercial sales deal? <a href="mailto:news@propertyobserver.com.au" target="_blank">Let us know</a>.
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<img src="/images/stories/30mplus.jpg">
The minimum price CBRE’s Will Cameron, Mark Witheriff and Lachlan Harris will be seeking for <a href="https://www.propertyobserver.com.au/developments/offers-over-%2430-million-sought-for-austcorp-s-coomera-waters-gold-coast-development/2011101851986?source=flciker2">Austcorp Group’s masterplanned 476-hectare Coomera Waters development on the Gold Coast</a>. The estate is located on the banks of the Coomera River, 18 kilometres north of the Surfers Paradise CBD and directly opposite Sanctuary Cove. The expressions-of-interest campaign for sale of the balance of residential land, the marina shopping village and marina berths. Expressions of interest close on November 24, 2011 at 4pm.
 
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<img src="/images/stories/5139.jpg">
The size of a well-known medical centre in the inner city suburb of Prahran purchased by a private syndicate for $18.7 million. The Victoria House Medical Centre and Victoria Clinic at 314-324 Malvern Road in Prahran was sold by Colliers International’s Pat Burke and Peter Bremner on behalf of Australian Unity following a successful expressions-of-interest sales campaign, The property is positioned between Chapel Street and Hawksburn Village and is fully leased including a seven-year lease to Healthscope, a private healthcare group. The centre had an estimated total passing net income of $1.55 million per annum from the six established tenants with annual reviews.
 
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<img src="/images/stories/4point1m.jpg">
The amount a developer paid for the iconic 1961 <a href="https://www.propertyobserver.com.au/industrial/developer-buys-derelict-iconic-eta-butter-factory/2011101751965">ETA peanut butter industrial building</a> at Braybrook on Ballarat Road about 10 kilometres from the Melbourne CBD. The site was designed by Frederick Romberg of the 1950s architectural practice Grounds, Romberg and Boyd and is regarded as an important Modernist industrial building employing glass curtain wall design. The 16,000-square-metre Melbourne site has a heritage overlay.
 
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<img src="/images/stories/1571.jpg">  
The price per square metre achieved following the sale of two architecturally designed warehouse units at Kubis Industrial Estate, 136 Hall Street, Spotswood in Melbourne. The 420-square-metre property was marketed by Lemon Baxter associate director Richard Hutton, who achieved a sale price of $660,000. The warehouse units are two of 10 built. Following this sale only two remain for sale or lease. “These refurbished office spaces with modern warehouses have been popular with owner occupiers and tenants looking for cheap space close to the CBD,” says Hutton.
 
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<img src="/images/stories/500k.jpg">
The amount road building contractor Delcon Civil Pty Ltd is believed to have paid for a brand-new industrial facility at Carrum Downs in Melbourne’s outer south east. Located at 37 Yazaki Way with immediate access to Dandenong-Frankston Road, the property comprises a 377-square-metre office and warehouse unit. Savills Australia divisional director Joseph Catanese, who negotiated the deal, says Delcon wished to be located close to clients and EastLink, and that the Carrum Downs location provided the best solution with close proximity to both EastLink and the Frankston-Dandenong  Riad. The vendor was Melbourne-based developer Elite Property Group.
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<img src="/images/stories/6500sqm.jpg">
The amount of space that Holding Redlich will lease as  anchor tenant of the <a target="_blank" href="https://www.propertyobserver.com.au/office/holding-redlich-to-anchor-bourke-street-tower/2011101951998">St James office project being developed by the Juilliard Group in the Melbourne CBD</a>. The law firm has committed to lease the top two levels of the 555 Bourke Street building together with a portion of the ground floor.  The deal, which was brokered by CBRE regional director of office services Hamish Sutherland, will provide Holding Redlich with a dedicated entry and lobby space. The Juilliard Group hopes to achieve a five-star NABERS rating for the project.
 
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<img src="/images/stories/4numb.jpg">
The number of years it will take property developer Dexus to fully lease its recently completed <a href="https://www.propertyobserver.com.au/office/dexus-1-bligh-street-criticised-over-price-design-and-views/2011101952002" target="_blank">1 Bligh Street tower in the Sydney CBD</a>, according to Bank of America Merrill Lynch analyst Simon Garing. The 27-storey tower features floor plates measuring 1,600 square metres and is 44% vacant, according to a recent Dexus ASX filing. Its major tenant is law firm Clayton Utz. The office tower is advertising rents around $650 per square metre and was recently valued at $629 million. It is the first high-rise office building to win a six-star rating from the Australian Green Building Council.
 
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<img src="/images/stories/2056sqm.jpg">
The amount of gross floor space available for lease at 36-40 Gurwood Street in the northern section of Wagga Wagga’s CBD. The building, which was formerly tenanted by IT communications company Salmat, commands a large street frontage of 43 metres and is owned by the Wagga Wagga City Council. Leasing agent for the property, Jill Toohey, principal of Knight Frank Wagga Wagga, says the property lends itself to use as a contact centre, general office space or retail space.
 
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<img src="/images/stories/240k.jpg">
The annual rent that grout manufacturer Pavex Davco will pay to lease a warehouse with office attached at 73-75 Licola Crescent, Dandenong, in a deal negotiated by Crabtrees agent Tony Aminian in the Dandenong industrial precinct, south east of Melbourne. The lease covers 3,848 square metres of building and is for seven years with a further seven-year option.  Annual rental increases at 4% are fixed in the lease. Aminian says demand for industrial and commercial space in the Dandenong and adjoining industrial precinct remains healthy.
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Commercial leasing: Watch this space

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<img src="/images/stories/690k.jpg">
The amount a local private investor paid for a vacant shop on Wickham Street in Brisbane’s Fortitude Valley. Located at 138 Wickham Street, it was built in 1922 and features a federation Anglo-Dutch style architectural influence by notable architects Chambers and Ford. It comprises  lettable area of approximately 204 square metres over two levels with high ceilings and sits on a 159-square-metre site with two street frontages. The original owner, George Hooper, operated a jewellery store in the building until 1950. Notable owners have included nightclub entrepreneurs Geraldo Bellino and Vittorio Conte in the 1980s. It was sold by Michael Harcourt of Savills on behalf of Sunshine Coast businessman Jerry O’Reilly, who owned the property for close to 25 years. The new owner intends to re-lease the premises.
 
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<img src="/images/stories/1point8m.jpg">
The amount an industrial warehouse complex at Yatala on the northern Gold Coast has been sold for at auction. The property at 28 Commerce Circuit, Yatala, was sold under the hammer at the Ray White Capital City Auctions in Brisbane by Ray White Commercial Queensland sales director Karen Seeto and John De Martini of Ray White Commercial Springwood. The complex was offered for sale by Paradise Property Developments Pty Ltd and was purchased by construction company Rob Carr Pty Ltd, which intends to be an owner-occupier. The 2,962-square-metre site is located within the Yatala Enterprise Area currently home to more than 550 small, medium and large commercial and industrial developments as well as large businesses including Harvey Norman, Woolworths, Mitre 10 and VIP Pet Foods.
 
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<img src="/images/stories/10point78.jpg"> 
The amount Brisbane-based Engage Capital paid for the landmark former Woolstore building at Teneriffe occupied by Brisbane’s Nova radio station. The four-level office building at 130 Commercial Road is set on 1,710 square metres of freehold land in the heart of Teneriffe. It features a total of 4,338 square metres of large floor plate office space, with the top floor occupied by Nova Media (DMG) on a 15-year lease with options. The property was sold by international cotton trading company Dunavant, with the transaction negotiated by Greg Harris and Peter Chapple of Savills and Gareth Closter of Chesterton.
 
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<img src="/images/stories/5point1m.jpg"> 
The price achieved for an industrial property in Derrimut has been sold to a private investor in a deal negotiated by Colliers International. The 12,370-square-metre site at 26 Paramount Boulevard in Derrimut includes a modern office-warehouse facility with two street frontages. It was marketed by Colliers International industrial director Tony Iuliano and associate David Kalb. It is located in the well-known Paramount Industrial Estate, around 16 kilometres west of the Melbourne CBD and within two kilometres of both the Deer Park Bypass and Western Ring Road. The property is currently returning net rental income of $516,600 per annum. The property is leased to international publishing company Parragon Publishing and with surrounding residents including Mercedes Benz, Aldi, Coles, Audi, Stora Enzo, Sleepy Head, Vista Print, Hellmann and Blundstone.
 
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<img src="/images/stories/160num.jpg">
The number of cherry trees producing fruit along with 1,620 plum trees and 680 fig trees at <a target="_blank" href="https://www.propertyobserver.com.au/rural/two-sweet-victorian-orchard-offerings-as-cherry-season-begins/2011110152159">Ainslie, a 21-hectare property at Young in NSW</a>, which has been listed with a $395,000 asking price through LJ Hooker agent Christian Rowan. It has growers’ market potential, Rowan says. In 2008 the Australian cherry industry – a small agricultural industry – had an estimated 700 growers spread across all states excluding the Northern Territory. The Dandenong Ranges ranks as the key production area within Victoria along with the Young, Orange and Bathurst regions in NSW, the Mount Lofty Ranges and the Riverland area (SA), the Huon Valley (Tasmania) and the Bridgetown and Mt Barker areas (WA).
 
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<img src="/images/stories/3mil.jpg"> 
The amount being sought for <a href="https://www.propertyobserver.com.au/rural/bolivia-station-in-rural-new-england-put-on-the-market-by-mcalary-family/2011103052124">Bolivia Station, the historic rural property at Tenterfield in the New England district of northern NSW.</a> It’s been listed by Patricia McAlary, the widow of the late Sydney barrister Frank McAlary, QC, the "dancing man" caught on film while twirling his hat in the air down a Sydney street on VP Day in 1945 at the end of World War II. Tenders for the 2,946-hectare property New England Highway property including the cattle close on November 10 through Ray White Rural Tenterfield agent Bruce Birch, in conjunction with Jim Ritchie of Landmark Harcourts Glen Innes.
Know of a commercial sales deal? <a target="_self" href="mailto:news@propertyobserver.com.au">Let us know </a>to be included in next week's listing.
 
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<img src="/images/stories/71000sqm.jpg">
The amount of space that Brookfield Office Properties has leased to Bank of America/Merrill Lynch in a renewal agreement for office space at the World Financial Center in Lower Manhattan. It is the second-largest office lease signed in Lower Manhattan this year following <a href="https://www.google.com.au/url?sa=t&amp;rct=j&amp;q=conde%2Bnast%2Bproperty%2Bobserver&amp;source=web&amp;cd=4&amp;ved=0CDcQFjAD&amp;url=http%3A%2F%2Fwww.propertyobserver.com.au%2Fnews%2Fmagazine-empire-to-rent-one-third-of-one-world-trade%2F2011053050347&amp;ei=JSavToWAIMK0iQfm4NyqBw&amp;usg=AFQjCNEJ3pmHMJFzsb8j6GPmvHamB0tYQg&amp;sig2=M-hOrE3byiQM1yWWD0BeSQ">Conde Nast's commitment to occupy 1 million square feet (92 903 square metres) at One World Trade Center</a>.  Brookfield has executed approximately 130,000 square metres of leasing at the World Financial Center thus far in 2011. Brookfield Office Properties is the largest office landlord in the Lower Manhattan market. In addition to the 743,000 square metre World Financial Center, Brookfield also owns and operates One Liberty Plaza and One New York Plaza as well as office buildings in Sydney, Melbourne and Perth.
 
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<img src="/images/stories/423k.jpg">
The gross annual rent that Retail Adventures (trading as Sam’s Warehouse) will pay to lease the Warwick Farm Racecourse bulky goods home maker centre located in the heart of Sydney’s southwest opposite the Warwick Farm Racecourse on the Hume Highway. The property is owned by Centuria Property Funds, which also negotiated the leasing arrangement.
 
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<img src="/images/stories/83k.jpg">The estimated gross annual rent that electrical contractors John Moss Electrical Pty Ltd will pay to lease a freestanding warehouse at 33 Barry Avenue, Mortdale, in Sydney’s southwest. The three-year deal was negotiated by Ryan Jennings of Ray White Industrial M5. The property is owned by locally based investors and features a vacant 700-square-metre warehouse as well as a 50-square-metre office. The warehouse is located close to Forest Road and King Georges Road.
 
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<img src="/images/stories/1525sqm.gif"> 
 
The amount of office space that Victoria University will lease at ISPT Core Fund’s Central West Business Park on the corner of Ashley Street and South Road, Braybrook, in Melbourne’s inner-western suburbs in a 10-year deal negotiated by Savills Australia Victorian head of office leasing Nicholas Farley.  The university will pay a gross rental of $280 per square metre. According to Farley the location is ideal for the university, which is based in the western suburbs with its main campus in nearby Footscray.
 
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<img src="/images/stories/368sqm.gif"> 
The amount of shop space leased to men’s clothing store Lowes Manhattan in Burwood Plaza, a single supermarket based centre located in the Burwood Town Centre, approximately 12 kilometres west of the Sydney CBD. The shopping centre is owned by Centuria Property Funds. Lowes Manhattan will pay net rent per annum of $137,706 plus GST with the agreement negotiated by agents from Savills NSW.  Burwood Plaza is anchored by Woolworths Supermarket, Tong Li Asian Supermarket and a Best and Less store.
Know of a commercial leasing deal? <a target="_self" href="mailto:news@propertyobserver.com.au">Let us know</a> to be included in next week's listing.
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<img src="/images/stories/450k.gif">
The estimated net rent per annum that Gymnasium, Derrimut 24:7 will pay to lease a warehouse/showroom measuring 4,156 square metres currently under construction at Ravenhall in Melbourne’s western suburbs. The group has agreed terms on a new 10-year lease negotiated by Chris Telley from Savills Australia. Telley says the facility is expected to be the largest 24/7 gymnasium in Australia by floor space. 
 
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<img src="/images/stories/360sqm.gif"> 
The amount of space that Fitness centre Snap Fitness will rent at its new premises at 4-6 Wheeler Street, Berwick, a shopping precinct in the outer south western suburbs of Melbourne. The gym group has negotiated a seven-year deal paying around $350 per square metre net. The deal was negotiated by CBRE’s Richard Height.
 
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<img src="/images/stories/105.gif"> 
The amount of gross rent per square metre that Phoebe's Floral and Gifts will pay to lease a 674-square-metre property at 20 Egerton Street in Silverwater, south west of Sydney. The deal was negotiated by Bawdens Industrial.
 
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<img src="/images/stories/88sqm.gif"> 
The amount of office space that Interfuse Technologies will lease at 275 Alfred Street in North Sydney. The technology company will pay rent of $460 per square metre (gross) in a two-year deal negotiated by Aspace Estate Agents.
 
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<img src="/images/stories/350.gif"> 
The amount of net annual rent per square metre that residential real estate agency Fruit Property will pay to lease 118 square metres of retail space on a three-year term in a shopping precinct at 4-6 Wheeler Street, Berwick. The deal was negotiated by CBRE’s Richard Height. Berwick is located approximately 45 kilometres south east of the Melbourne CBD.
 
 
 
 
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<img src="/images/stories/2000plus.jpg">
The estimated annual rent per square metre that Australian designer and manufacturer of men’s dress shoes Acuto Shoes will pay to lease a 40-square-metre retail site on the at 123 Queen Street, on the corner of Little Collins Street in the Melbourne CBD. The retailer has committed to a new five-year CBD retail lease following a successful three-month trial in a deal negotiated by Savills Australia director of retail leasing Michael Di Carlo in conjunction with colleague Jeremy Marmur.
 
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<img src="/images/stories/460to480.jpg">
The gross annual rent per square metre that Academies Australasia and Performance Education will pay to lease space in at 333 Kent Street in the Sydney CBD. The two entities will lease four floors from CQ University. Academies Australasia has secured a five-year lease for 2,197 square metres on the ground floor and levels six and seven, while Performance Education secured a five-year lease for 1,041 square metres on level eight.  Louise Rowe and Peter Robinson of Knight Frank negotiated the leases on behalf of CQ University.
 
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<img src="/images/stories/600k.gif">
The annual net rent that BlueScope is paying to lease space 6,600 square metres of heavy industrial space and 406 square metres of office space at 249 Berkeley Road in Unanderra near Port Kembla. BlueScope’s tenancy has an early termination clause. The industrial space sits on 4.7 hectares of land. The property is being sold via expressions of interest by Tim Jones, Travis Machan and Geoff Jones from MMJ Wollongong closing on March 15.
 
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<img src="/images/stories/1000sqm.gif">
The amount of space that the Shadforth Financial Group has leased in 240 Queen Street in the Brisbane CBD. Shadforth is a wealth management and financial advisory firm, listed on the Australian Securities Exchange. The 10-year lease over a whole floor was negotiated by CBRE state director of office services David Prosser and Luci Chiappini of Jones Lang LaSalle’s corporate solutions. The A-grade office building is owned by Brookfield Asset Management. The space was previously occupied by an AMP subsidiary.
 
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<img src="/images/stories/10years.jpg">
 
The length of lease that sporting giant Adidas has signed as it moves to new Australian headquarters in Salta Properties’ Nexus estate in Melbourne’s east. Two buildings at 35 and 37 Dunlop Road will provide Adidas with 3,600 square metres of office space at the junction of Springvale Road and Monash Freeway. Rob Joyes, Colliers international director in charge of Melbourne East, represented Salta Properties while Peter Walsh, national director, and Jessica Van Raay, consultant, with Jones Lang LaSalle’s corporate solutions division acted on behalf of Adidas. Adidas will move from its existing premises in Mulgrave – where its national headquarters has been based for 15 years.
 
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<img src="/images/stories/15000sqm.gif">
The amount of industrial space that Container Fumigation Services had committed to lease at 407 Douglas Parade in Melbourne’s west for a minimum of seven years. The lease was negotiated by Nathan Bingham from Colliers. The property – a purpose-built container handling facility featuring 10,000 square metres of heavy-duty hardstand and warehouse capacity of around 5,000 square metres – had been occupied for more than 15 years by Hoffman Transport, which was purchased by the Silk Logistics Group in 2008. “Silk Logistics has rationalised their property requirements and will move these operations from Newport to a significant container handling facility located on Sunshine Road in Tottenham,” says Bingham  “There were a number of parties vying for the property, and the lease was secured under significant competition,” he adds.
 
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<img src="/images/stories/65m.gif">
The amount Lend Lease will realise following the sale of its 75% interest in the Chelmsford Meadows Unit Trust in the UK. The interest has been sold to Legal &amp; General Property for £42 million (circa $65 million).The Chelmsford Meadows Unit Trust owns The Meadows Shopping Centre in Chelmsford, east of London, and two retail/commercial properties on the adjacent High Street. The shopping centre has 14,300 square metres of retail space and a multi-storey car park.
 
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<img src="/images/stories/7point8.gif"> 
The yield achieved following the sale of <a href="https://www.propertyobserver.com.au/retail/high-yields-for-7-elevens-continue-to-attract-investors/2011120752720">Mount Druitt 7-Eleven for $4.04 million</a> as part of a Burgess Rawson commercial property portfolio auction in Sydney. It was sold to a Victorian buyer and negotiated soon after the auction. The property has an annual income of $316,000.
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<img src="/images/stories/1point88b.gif">
How much a consortium of institutional investors from Canada and Singapore have offered for the Australian office assets in the <a href="/news">Charter Hall Office REIT</a> after raising their bid to $2.59 per share. The bid has been conditionally accepted by the trust’s management. The Charter Hall Group, which owns 15% of the office REIT (equating to $141 million), says it will join the consortium subject to final documentation being agreed and executed.
 
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<img style="border-style: initial; border-color: initial;" src="/images/stories/7point8.gif"> 
The yield achieved on an industrial property in Keilor Park, which has sold on the back of strong investor interest in this sector of the Melbourne market. Chris Jones from Colliers International negotiated the sale of 39 Wright Road in Keilor Park for $5,075,000 to a private purchaser on behalf of vendor Corplex. The 4,020-square-metre building, comprising both office and warehouse space, was leased to Quality Bakers Australia Pty Ltd (a division of leading Australian food company Goodman Fielder) on a 10-year lease, commencing January 2011.
 
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<img src="/images/stories/86point75.jpg"> 
The amount Altis Property Partners has paid for 35,538 square metres of commercial office and industrial space at St Leonards on Sydney’s lower north shore. Altis acquired 39 Herbert St, St Leonards from Orchard Funds Management at yield of 9.2%. It comprises 22 industrial units of 25,026 square metres of net lettable area and two office buildings of 10,304 square metres of net lettable area plus 683 car spaces.  The property is 92% leased to 20 tenants with a current weighted average lease expiry of 4.6 years.
 
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<img src="/images/stories/3point7.gif">
The amount Andale, Australia's largest manufacturer, installer and supplier of beer dispensing equipment, has paid for three adjoining industrial sites in Melbourne’s commercial precinct of Airport West. The properties are located at 1-3 and 5-11 King Street. The sales process was steered by CBRE’s Rory Hilton and Matt Sampson on behalf of PPB Advisory.
 
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<img src="/images/stories/7point16.gif"> 
The yield achieved on the Goulburn Valley Hotel, which <a href="https://www.propertyobserver.com.au/leisure/shepparton-s-goulburn-valley-hotel-sells-for-%246.6-million/2011121152785" target="_blank">sold under the hammer for $6.6 million at auction in Melbourne</a>. The hotel has annual income of $472,849 and comes with a long-term lease with options expiring 2035. It was sold on behalf of H. MacKinnon and K. Sutherland of Bent and Cougle, receivers and managers of Zurcus Hotel-Motel, who were appointed in October. The property was marketed by Scott Callow from CBRE, Terry Board from TJ Board, Rocky Gagliardi from Kevin Hicks Real Estate Shepparton and Numurkah and Billy Holderhead from Burgess Rawson.
 
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<img src="/images/stories/535k.gif"> 
The amount a non-profit organisation has paid to purchase a tenanted 380-square-metre industrial factory in the Kunda Park industrial precinct on the Sunshine Coast. The property at 18 Hitech Drive was sold at auction following a sales campaign led by Ray White Commercial Maroochydore principal David C Smith on behalf of receivers and managers PKF Chartered Accountants and Business Advisers. The industrial factory sits on a 1,000-square-metre site. The property is currently leased to Steps Sunshine Coast Laundry Ltd.
 
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<img src="/images/stories/116m.gif"> 
The price (£75 million) being sought for London’s iconic Admiralty Arch, put up for sale by the UK government through Savills. <a href="https://www.propertyobserver.com.au/office/admiralty-arch-a-piece-of-london-s-history-up-for-sale/2011120752678" target="_blank">The building lies on the south-west corner of Trafalgar Square and acts as the entrance to The Mall, which leads to Buckingham Palace</a>. The 13,685-square-metre building was most recently home to the Ministry of Defence and the Cabinet Office. It was originally commissioned by King Edward VII as a tribute to his mother and was completed in 1912 after his death. The arch was designed by the architect Sir Aston Webb and built by John Mowlem and Co, now owned by construction giants Carillion.
 
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<img src="/images/stories/1point735m.gif">
The amount a private investor with has paid for a former ABC Learning Centre in Lane Cove on Sydney’s north shore. The property sold under the hammer through exclusive agents Cushman &amp; Wakefield. Located at 17 Austin Street in Lane Cove, the two-storey property has been used as a childcare centre for more than 20 years and was sold with a long-term lease to operator Good Start Childcare Ltd in place until 2017. It is licensed for 59 children.
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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.

Joel Robinson

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.

[smartcode_project:default project_id=152737 project_image_fid=377679]

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.

[smartcode_project:default project_id=152737 project_image_fid=377675]

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.

[smartcode_project:default project_id=152737 project_image_fid=377685]

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.

[smartcode_project:default project_id=152737 project_image_fid=377680]

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.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Larry Schlesinger

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