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<img src="/images/stories/2012/07/400.gif">
The net rent (in the low $400s) per square metre that industry superannuation fund CareSuper will pay to lease a whole floor at 31 Queen Street in the Melbourne CBD. Josh Langdon from Colliers negotiated a new seven-year lease to CareSuper for 964 square metres on kevel 18 of the building owned by Challenger Diversified Property Group (CDI). Langdon says CDI had embarked on an impressive external makeover of the building since taking ownership 12 months ago. This has taken 31 Queen Street from a 15% vacancy to around 5%.
 
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<img src="/images/stories/2012/07/150k.gif">
The estimated annual rent that BDA Architecture will pay to continue to lease its Broadbeach office in The Wave in a three-year lease extension. Colliers International Ed Howard negotiated the deal, and BDA Architecture committed to a 322-square-metre space in the building at 89 Surfers Parade. The Wave is a 34-floor mixed-use development in the heart of Broadbeach, with retail amenity on the ground floor, office over the first two floors and resort accommodation above. The office component of the Wave is now more than 65% leased, with about 1,400 square metres of office space remaining available. Apart from BDA Architecture, other office tenants in The Wave include ANZ, Westpac and AIDA.
 
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<img src="/images/stories/2012/07/280.gif">
The estimated net rent per square metre that Wesfarmers’ Target department store chain will pay to lease 4,462 square metres of office space at 324 St Kilda Road, Melbourne. Target will lease five floors of the eight-storey glass-fronted building. The building is owned by Overland Properties. Malcolm Hunter from DTZ negotiated on behalf of Overland Properties, and Target was represented by CBRE’s Grant Tinker.
 
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<img src="/images/stories/2012/07/125.gif">
The net rent per square metre that Business Print Australia will pay on a six-year lease for a warehouse in Botany, Sydney. The company has leased 4,655 square metres of space at units 4 &amp; 4C, 1A Hale Street. It will use the industrial property for printing and storage. The lease was negotiated by Michael Crombie of Colliers International on behalf of GTA Industrial Custodian Pty Ltd.
 
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<img src="/images/stories/2012/07/2010.gif">
The gross rent per square metre that Flight Centre Limited will pay to lease a 97-square-metre retail shop at 75 King Street in the Sydney CBD from Samadames Pty Ltd. The lease term is seven years plus a five-year renewal option. The lease agreement was negotiated by Scott Harris, from Property Partnership Australia.
 Negotiated a lease recently? <a target="_self" href="mailto:news@propertyobserver.com.au">Let us know</a> and we’ll include it in our weekly wrap.
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lschlesinger-FZcF9M3vE6

Commercial leasing: Watch this space

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<img src="/images/stories/3500.gif">
The estimated rent per square metre that fashion retailer Marcs will pay to lease its flagship store in the Melbourne CBD retail core. The shop at 256 Collins Street comprises 430 square metres of retail space. Marcs has committed to a 10-year lease in a deal negotiated by CBRE’s Max Cookes and Zelman Ainsworth. “The deal illustrates that quality retail properties in prime locations are still achieving strong results,” says Cookes, who added that the incentive was less than 8%, with the rent in line with the market. Ainsworth says the Marcs store adds to the increasing number of major retailers that had secured a presence within this “exclusive pocket of Collins Street”. Other retail leasing deals concluded during the past 18 months include: Telstra at 220 Collins Street, Tiffany&amp; Co. at 367 Collins Street, Nespresso at 247 Collins Street, Gânache Chocolate at 245 Collins Street, Thomas Pink at 357 Collins Street and Vapiano at 357 Collins Street.
 
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<img src="/images/stories/215k.gif">
The net rent per annum that Adelaide mattress retailer Elite Bedding will pay to lease a 1,500-square-metre office/showroom/warehouse in Edwardstown, six kilometres south-west of the <a href="https://en.wikipedia.org/wiki/Sydney_central_business_district" title="Sydney central business district">Adelaide </a>CBD. The 966-970 South Road property comprises a corner site with prominent street frontage. Elite Bedding has committed to a five-year lease with two five-year options. The deal was negotiated by CBRE’s David Ludlow and Dallas Sears on behalf of a private investor. Ludlow said the property’s multiple facilities were key deciding factors in the lease.
 
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<img src="/images/stories/691.gif">
The amount professional body care treatments provider Brazilian Sunset will pay per square metre to lease a 123-square-metre ground floor shop at 410 Lonsdale Street, Melbourne. The five-year lease with a five-year renewal option, which commenced on May 1, was negotiated by Colliers International’s Mike Crittenden. “Due to the refurbishment of The Strand Arcade, at the corner of Lonsdale and Elizabeth Streets in the Melbourne CBD, there has been an increase in demand from sitting tenants looking to relocate within the immediate area,” he says. Crittenden says approximately 158 square metres of office space remains in this building.
 
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<img src="/images/stories/50k.gif">
The estimated annual rent that building and plumbing supplies company the Building Connection will pay to lease new headquarters in the Gold Coast industrial precinct of Molendinar. The company, which specialises in supplying builders and plumbers for residential and commercial projects, has leased 2/3 Expansion Street, Molendinar, in a deal negotiated by Steve Macgregor of Ray White Industrial Gold Coast. The 423-square-metre property includes an office/mezzanine area, with the warehouse component offering a rear roller door and multiple three-phase power outlets. The company has signed a three-year lease with a three-year renewal option.
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<img src="/images/stories/2012/07/83point5m.gif">
How much in New Zealand dollars (A$65.4 million) Westfield sold its Westfield Shore City shopping centre in Auckland for to fund manager Aviva. The deal was brokered by Colliers International agents Andrew Reed and John Goddard. It was the largest commercial sale in Auckland for nearly a year.  
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<img src="/images/stories/2012/07/670k.gif">
How much a local investor has paid for a tenanted retail property in the heart of St Kilda in Melbourne. The 90-square-metre property at 162A Carlisle Street, St Kilda, was sold at auction by Ray White Commercial Oakleigh sales and leasing executive Ryan Amler on behalf of a local investor. The property has a long-term tenant paying annual rent of almost $40,000 per annum.
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<img src="/images/stories/2012/07/14point25m.gif">
 
The price paid by local private investors Levanai Nominees for a fully leased office building in Sydney’s western corridor.  CBRE’s Rohan Ramsay and Richard Butler together with Warren Duncan and Miron Solomons from City Commercial negotiated the sale of the 60-62 Clarence Street building on behalf of the private owner. The eight-storey building has net lettable area of 1,864 square metres and was redeveloped in 2009. The building is fully leased to seven high-quality tenants proving a solid spread of income with a weighted average lease expiry (WALE) of 4.8 years. The sale price translates to an initial yield of 6.65%.
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<img src="/images/stories/2012/07/4point38m.gif">
 
How much an owner-occupier has paid for an office building in the Brisbane CBD’s "Golden Triangle". The sale of the property at 340 Queen Street was negotiated by Hunter Higgins and Jason Lynch of Colliers International. The freestanding building sits on a 472-square-metre site with more than 10 metres of frontage to Queen Street and has 716 square metres of lettable area, with 377 square metres of retail and office space on the ground floor and 339 square metres of office space on the first floor. This is the only freehold building that has sold for under $10 million in the Brisbane CBD this year. It is currently tenanted by BT Financial, with the vendor being a Brisbane-based private investor. The two-level freehold building was originally constructed around 1955 and received significant refurbishment in 1995.
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Commercial hammer prices

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<img src="/images/stories/2012/07/16m.gif">
How much the Sentinel Property Group has paid for an industrial property at the Australia TradeCoast precinct in Brisbane. The 46-58 Gosport Street property at Hemmant is set on 4.8 hectares of industrial land fronting directly onto the Brisbane River, 11 kilometres east of the CBD. The property has 11,785 square metres of warehouse space and 1,240 square metres of office space, fully leased to OneSteel on a seven-year lease. The Hemmant property was acquired by Sentinel Industrial Trust No 5. The forecast year one distribution to investors is 11% per annum (paid monthly) increasing to 11.69% per annum (paid monthly) in year two.
 
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<img src="/images/stories/2012/07/6point21m.gif">
How much a private investor has paid for the entire fourth floor commercial level of Fridcorp’s Lilli office and residential development on the corner of Chapel Street and Toorak Road in South Yarra, Melbourne. The sale is one of largest whole-floor strata office transactions completed recently in Melbourne. The commercial space, totalling 1,171 square metres with 12 secure car parking spaces, was sold with a seven-year lease to international software provider Attachmate Australasia, returning rent of $547,943 per annum. The $6.21 million deal was brokered by selling agents Knight Frank following a five-week public tender.
 
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<img src="/images/stories/2012/07/1point645m.gif">
How much an owner-occupier dental practice has paid for a mixed-use site in the heart of Newcastle’s CBD. The two-level office building on a 1,368-square-metre site at 130 Parry Street, Newcastle, was marketed and sold by Ray White Commercial’s Reece Harrison. The property was sold as a vacant possession via an expression-of-interest campaign under instructions from the Roads and Maritime Services. Reece says there were six formal offers for the building ahead of its sale with the site “highly sought after due to its exposure to passing traffic on the city’s ‘ant trail’”.
 
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<img src="/images/stories/2012/07/1000plus.gif">
How much a private Melbourne-based investor has paid per square metre for an office and warehouse facility at Sunshine, an industrial suburb in Melbourne’s west. Located at Unit 4/102-110 Northview Drive the property comprises a 345-square-metre office and warehouse facility including an open-plan mezzanine level, container-height roller door and on-site car parking. The deal was brokered by Savills senior industrial executive Chris Telley. “This is a good-quality industrial unit located within what is a well-established industrial precinct which features close proximity to Melbourne’s freeway network and excellent staff amenity including an on-site café,” says Telley.
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<img src="/images/stories/2012/07/1m.gif">
The price paid for four strata-titled storage units in the Port of Brisbane Storage Facility at Lytton.  The units at 118 Lindum Road, Lytton, were sold by Jared Doyle of Ray White Commercial Brisbane Trade Coast. A 350-square-metre unit was sold for $400,000 while three 175-square-metre facilities were each sold for $200,000. All four units were purchased by local investors. The units provide each investor with an annual 8.25% net return. The units purchased were part of a unit complex, which was 90% occupied. The complex is located just off the Port of Brisbane Motorway.
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<img src="/images/stories/2012/06/442point9m.gif">
The combined book value of a 50% interest in the Bankstown and Roselands shopping centres listed for sale by Centro. The sales campaign is being led by Simon Rooney, Australian head of retail investments at Jones Lang LaSalle. Rooney negotiated the sale of three <a href="https://www.propertyobserver.com.au/retail/perron-group-to-acquire-half-stake-in-three-centro-centres-for-%24690-million-setting-post-gfc-commercial-retail-record/2012051754740">Centro regional shopping centres in May for $690.4 million to the Perron Group</a>. Centro Retail Australia will retain the residual 50% interest and will provide all property level services through its existing management platform. “The well-known Bankstown and Roselands regional shopping centre assets being offered by the two syndicated [Centro] funds, MCS28 and MCS21, traded well through the GFC given their dominant trading positions in both of their respective, densely populated, western Sydney markets. Each asset presents attractive further development plays in the short term with keen tenant support,” says Rooney.
 
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<img src="/images/stories/2012/06/2point3mplus.gif">
The price that a site that formed part of the former home of Foster’s Australia Limited in Abbotsford is expected to fetch at auction on June 21. The marketing campaign is being led by Colliers International agents Jeremy Gruzewski and Ted Dwyer. The 1,180-square-metre “island” site at the corner of Nelson, Fairchild and Cooke streets in Abbotsford was part of a large property portfolio in the immediate precinct that was leased by Foster’s Australia Limited. Discussions are currently underway with Foster’s to determine future plans on leasing, with the current lease expiring in December 2014. The site currently offers a net income of approximately $75,312 per annum
 
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<img src="/images/stories/2012/06/1point2m.gif">
How much property developer and existing tenant Procon Developments Australia Pty Ltd has paid for an industrial property at Bayswater in Melbourne’s outer east.  The 820 Mountain Highway property comprises an office and warehouse facility with a net lettable area of 1,153 square metres, including a 437-square-metre office and a 716-square-metre warehouse, on a total land area of approximately 2,962 square metres. The deal was brokered by Savills Australia Notting Hill office director Ben Hegerty.
 
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<img src="/images/stories/2012/06/265k.gif">
The price paid for a warehouse/office unit in the Gold Coast industrial precinct of Molendinar. The property at 1/7 Distribution Avenue, Molendinar, was marketed and sold by Ray White Commercial Gold Coast’s Steve Macgregor. It was purchased by an engineering firm, which intends to be an owner-occupier of the 156-square-metre building. Macgregor says Molendinar is one of the fastest-growing areas in the Gold Coast region.
 
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<img src="/images/stories/2012/06/2point45m.gif">
The price expectations for a top-floor premium-grade strata office in a new mixed-use development in Hawthorn, Melbourne being marketed by Colliers International executives Hamish Burgess and Ben Baines. They have been appointed to sell level 6, 523 Burwood Road in Hawthorn by auction on June 20. The 410-square-metre strata office – complete with 38-square-metre terrace and 12 secure car parks – is leased to Drive Projects from June this year for five years. The new lease delivers $185,000 in annual rental income (plus GST and outgoings) and provides investors with the security of a six-month bank guarantee.
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<img src="/images/stories/4point7m.gif">
How much a development site in South Melbourne’s famous Dorcas Street (formerly the home to Channel 7’s television studios) has sold for. This is or more than 33% above the reserve following a hotly contested auction conducted by Savills Australia. The 244-246 Dorcas Street property, comprising a vacant office/warehouse on an 826-square-metre site, was finally knocked down to a local developer after 153 bids from seven potential purchasers in a crowd of around 100 people. The marketing campaign was led by Savills directors Clinton Baxter and Nick Peden.
 
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 <img src="/images/stories/390390.gif"> The price paid for a 1,001-square-metre vacant block in Keilor Park. The 38 Concorde Drive site, located within the Translink Business Park, was acquired by Bovino Investments Pty Ltd.  Linsday Davidson negotiated the deal on behalf of vendor Mobile Radio Services Pty Ltd, in his first deal for CBRE.  Davidson says location was a key factor in the sale. The buyer is a local property developer, who owns a number of properties in the area. He has plans to build a shed on the site around 750 square metres. Keilor Park is located approximately 17 kilometres north-west of the Melbourne CBD.
 
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<img src="/images/stories/701k.gif">
How much a private investor has paid for a ground-floor retail tenancy at 565 Flinders Street, reflecting a yield of 5.85%.  The 50.6-square-metre store features a 10-metre street frontage and is fully leased to PeterPans Adventure Travel on a six-year lease term, with a five-year option.  The lease generates an annual net income of $41,046 plus GST and outgoings.  CBRE’s Josh Rutman, Ed Wright and Max Cookes led the off-market sales campaign. The property is surrounded by national retail tenants including Nando’s, Domino’s Pizza, Michel’s Patisserie and 7-Eleven.
 
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<img src="/images/stories/10point75.gif">
The price paid for a 1913-built <a target="_blank" href="https://www.propertyobserver.com.au/leisure/art-nouveau-backpackers-hostel-on-spencer-street-sells-for-%241075-million/2012051154659">Art Nouveau backpackers' hostel in Melbourne</a> with an expected yield of more than 8%. Previously known as the Sir Charles Hotham Hotel and the Hotham Private Hotel, the building on the corner of Flinders Street and Spencer Street was first listed for sale by the vendor in June 2010. The property, 2-8 Spencer Street and 566-580 Flinders Street, last sold in 2006 to Australian Budget Accommodation Group for $6.15 million when offloaded by the Ivany family. Current tenants All Nations Backpackers Hostel have a lease until 2018, after which the marketing suggests there will be redevelopment potential for the site. The current net annual rental is $885,586.
 
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<img src="/images/stories/800k.gif">
The price paid for the Kangaroo Valley Bowling and Recreation Club in southern New South Wales, sold by Ray White Commercial Shoalhaven. The property at 10 Marshall Street, Kangaroo Valley, was sold to an investment company by Ray White Commercial Shoalhaven’s Scott Baxter and David Thorpe on behalf of the vendor, the Nowra Bowling Club. Thorpe said the new owners had yet to disclose their plans for the Kangaroo Valley club, which ceased operations in late January. The club is centrally located in the Kangaroo Valley village and offered spectacular views of the Southern Highlands mountain ranges. The former club is situated on a 1.44-hectare block and the site includes a club house as well as a three-bedroom brick cottage, which is currently rented for $250 per week.
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<img src="/images/stories/2012/06/1point5mplus.gif">
How much Savills Australia is seeking for a prime corner development site at Carrum Downs in Melbourne’s south-east.  The site is located at the intersection of Frankston-Dandenong Road and Hall Road and covers 7,539 square metres. It is ideally suited to service station, convenience store, car wash, fast food, medical or residential development, according to marketing agents Rod Neville and Joseph Catanese. The property is for sale by expressions of interest closing July 12.
 
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<img src="/images/stories/2012/06/140.jpg">
The price per square metre plus GST being sought for a parcel of industrial land totalling more than 30,000 square metres, subdivided into four allotments, at FKP’s Metrolink Business Park at Campbellfield in Melbourne’s northern industrial precinct. The properties are for sale by private sale closing July.  The properties – 54, 56, 58 and 61-63 Metrolink Circuit – range in size from 3,921 to 16,261 square metres and are ideally suited to logistics, warehousing and distribution tenants They are being marketed by Savills industrial directors Michael Green and Greg Jensz.
 
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<img src="/images/stories/2012/06/2point1m.gif">
The expected sale price for a large, inner-city industrial distribution site in Melbourne’s western industrial precinct. Nick Saunders from Colliers has been appointed to sell the site a 5-7 Alick Road in Tottenham, which comprises a 2,096-square-metre building with canopy, plus a 1,625-square-metre adjoining block of land at the rear. The building is equipped with coolrooms and chillers, which the owners are offering as optional with the purchase of the property. This property is being offered on a short-term lease-back arrangement.
 
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<img src="/images/stories/2012/06/14m.gif">
The price paid for a B-grade office building at 2-6 Bowes Street in Philips in the ACT. Penrhyn House was sold by Michael Heather from Colliers International under instructions from receivers McGrath Nicol. The sale price equates to a yield of 11%. The building measures 12,622 square metres on land measuring 4,366 square metres. The building was purchased by Quintessential Equities. The building is tenanted by Department of Human Services until November 2013.
 
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<img src="/images/stories/2012/06/980k.gif">
The price paid by GIC Real Estate (Government of Singapore Investment Corporation) for Dexus property group’s newly completed industrial park at Erskine Park. The property is located at 94-106 Lenore Drive. The sale was negotiated off-market reflecting a capitalisation rate of 8.15%. In March Dexus secured DB Schenker as the tenant at the industrial park.
 
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<img src="/images/stories/2012/06/6point75m.gif">
The price paid by a private investor from Hope Island for an industrial property located in the Brisbane-Gold Coast corridor and leased to a Fortune Global 500 company. The property stands at 55 Blanck Street in Ormeau. It was sold by former owner-occupier SFL Piletech, which is now leasing a property nearby. The deal was negotiated by Troy Whalan and Adam Wills of Colliers International. The 10,000-square-metre site houses a 5,081-square-metre building made up of warehouse space and office space. It is leased by Beko, the international household appliances brand of Arçelik Group, on a five-year lease with a five-year option, paying a net rent of $584,315 per year plus GST and outgoings, with annual reviews.</body></html>

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<img src="/images/stories/2012/06/600.gif">
The gross annual rent sought for office space at Sydney’s Museum of Contemporary Art at 140 George Street, Circular Quay. The lease is for 630 square metres on level four of the recently refurbished sandstone building, which features the art gallery in the levels below. The space is being leased by Jeremy Piggin and Anthony Harry from Ray White Commercial.
 
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<img src="/images/stories/2012/06/575.gif">
The net annual rent per square metre that Australian hematite iron ore producer Mount Gibson Iron will pay to lease a 1,440-square-metre office in West Perth. Located at 2 Kings Park Road, the level one office was the last floor to be leased after Western Areas and Kiewit secured space following a major building refurbishment. The lease was negotiated by CBRE’s Luke Bray. Mount Gibson Iron has taken a six year lease.
 
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<img src="/images/stories/2012/06/840.gif">
How much a vegan restaurant will pay per square metre gross to lease an 87-square-metre shop at 157 Broadway in Ultimo in Sydney. The lease was negotiated by Kenneth Ng from Ray White City South on behalf of Tourvas. The lease term is two years plus a five-year renewal option.
 
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<img src="/images/stories/2012/06/69point50.gif">
The gross rent per square metre per annum that Williams Pressing and Warehousing will pay to lease a 15,613-square-metre warehouse at 67-73 Gow Street in Padstow in Bankstown, south-west of Sydney. The lease was negotiated by Jon Orsborn, Alex Jaafar, Gavin Bishop, Colliers International on behalf of Wix Pty Ltd . It is for three years plus a three-year renewal option.
 
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<img src="/images/stories/2012/06/130k.gif">
The advertised annual rent for car yard/display yard in Braybrook in West Melbourne has recently been leased. The car yard measures 1,652 square metres with secure fencing and is a corner location. The premises was leased by Mario Ruberto from MCG Commercial Property Group. The car yard is situated at 252 Ballarat Road.</body></html>

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<img src="/images/stories/2012/06/28m.gif">
The price Dexus secured for its industrial development at Erskine Park. The industrial estate is situated at 94-106 Lenore Drive, Erskine Park in Sydney and has been bought by Singapore’s GIC Real Estate. The sale price reflects a capitalisation rate of 8.15%. This sale follows Dexus securing DB Schenker as the tenant in March 2012. “This sale demonstrates the team’s success, commitment and ability to generate trading profits in our active business through the development of quality industrial properties. Being able to exceed our targeted trading profits for the financial year is an excellent result and emphasises our focus on enhancing returns for investors,” says Dexus property group CEO Darren Steinberg. The Erskine Park facility is the second development to be sold this financial year, following the sale of a development for Loscam at Distribution Drive in Laverton North, Victoria, in October 2011, which generated a $1.3 million trading profit.
 
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<img src="/images/stories/2012/06/6point95m.gif">
How much Sydney pub operators Riversdale Group have paid for Vic on the Park Hotel at 2 Addison Road in Enmore. It was put up for sale by Nelson Meers, who paid $10.35 million for it in 2007. The 1,247-square-metre venue has a 3am trading licence and 26 gaming machines in a newly renovated gaming room. The deal was negotiated by John Musca, national director of Jones Lang LaSalle (JLL) Hotels. JLL currently has nearly $100 million of hotel transactions in due diligence or under agreement.  Fairfax reported that Meers, the former City of Sydney lord mayor, decided to sell the pub because the demographic of the area demanded fewer gaming machines and more entertainment. It is not viewed as a "distressed" transaction, with Meers said to be looking for new acquisitions and not to retire any debt.


 
 
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<img src="/images/stories/2012/06/1point2m.gif">
The price a local owner-occupier has paid for a North Adelaide sandstone villa at auction. The 385-square-metre site is located at 41 Mann Terrace and includes a single level building with a total building area of 190 square metres. It includes rear access to four onsite car spaces. The auction campaign was steered by CBRE’s William Brown and Andrew Park, with CBRE’s Phil Rundle the auctioneer on the day. Brown says the vendor operated a medical practice from the property for over 20 years, enjoying the functional layout and its close proximity to the Royal Adelaide Hospital and The Women’s and Children Hospital. The property is located approximately 3.4 kilometres from the Adelaide CBD and is situated on the corner of Mann Terrace and Stanley Street.
 
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<img src="/images/stories/2012/06/4point95m.gif">
How much a private investor has paid for the Avenue Shopping Centre in Melbourne’s Sunshine West. Situated at 136 The Avenue, the centre was sold by Colliers International’s Jeremy Gruzewski and Ted Dwyer under instructions from receivers and managers PPB Advisory. The sale price represents a yield of 9.6%. The 13,340-square-metre site has a net lettable area of approximately 3,997 square metres, with 196 car parks located on site. The estimated fully leased net income was approximately $565,000 per annum (plus GST). The centre’s anchor tenant is a Coles supermarket. The centre is located 15 kilometres from the Melbourne CBD.
 
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<img src="/images/stories/2012/06/8point5m.gif">
The minimum price expected for the Hawthorn Receptions Centre located at 555 Glenferrie Road, which has been listed for sale. CBRE has been appointed as the exclusive agent for the significant Hawthorn site, with CBRE’s Scott Orchard and Mark Wizel steering the sale campaign. Orchard expects the property to generate significant interest primarily from developers looking to capitalise on the significant site area. The site measures 3,825 square metres and has dual frontages with high-profile frontage of approximately 26 metres to Glenferrie Road.  The centre is being sold via an expressions-of-interest campaign closing on July 6.
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The restructuring of the Centro Retail Australia property portfolio continues with the shopping centre landlord announcing that it has acquired the Centro Tormino, about 8 kilometres south of Coffs Harbour for $65.5 million from one of its investment syndicates.
The sale was concluded on December 14 with the price in line with the June 2012 independent valuation of the centre and 8.3% above the highest offer received for the Centre during the most recent March 2012 sale campaign.
It follows Centro selling its <a target="_blank" href="https://www.propertyobserver.com.au/retail/challenger-acquires-centro-surfers-paradise-mall-for-%241625-million/2013012058885?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">Surfers Paradise Mall for $162.5 million </a>to a Challenger institutional investor syndicate.
Centro Tormino formed part of the Centro MCS 16.
The 21,000 square metre mall was acquired for $25 million in September 2006 on a yield of 10.28% with Coles and Woolworths as the anchor tenants and 35 speciality stores.
The syndicate has not made any distributions to investors since July 2008 and its senior debt facility was due to expire in December last year.
In his update to syndicate investors, Gerard Condon, executive general manager of syndicates, said the sale to Centro Retail Australia saved the syndicate approximately $650,000 in sale agents commission.
He also said that any alternative strategies were likely to "take more time to complete and incur further transaction costs with no guarantee of improved value for syndicate investors".
Investors are forecast to receive a final syndicate net asset backing of $0.44 per unit.
According to the Australian Financial Review, Centro is considering purchasing another single-asset fund, MCS 27 which holds the $91 million Sunshine Marketplace in Melbourne, as its debt facility reaches term.
Centro is currently acquiring key syndicate assets and disposing of those it deems non-core as part of its restructure plan agreed with lenders in December 2011, which saved it from collapse.
Other assets it has acquired include the Centro Dianella in Perth and full-ownership of the $570 million Bankstown shopping centre in NSW.
Centro will rebrand to Federation Centres at its EGM today, subject to shareholder approval.
 
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Centro buys Coffs Harbour mall from syndicate for $65.5 million

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

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The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

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What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

Joel Robinson

Elevated amenity anchors daily life at Aeris, Melrose Park

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

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"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

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After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

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Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

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Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

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Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

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Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

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The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

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The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

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Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

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Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

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Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

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The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

Larry Schlesinger

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