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Brisbane’s industrial market is showing signs of life, as the market had the highest number of major industrial transactions in Australia during the second quarter of 2011, according to Savills. The deals combned generated just under $100 million.
The biggest deal was signed by Kimberly-Clark, the marketer of health and hygiene products, which paid $20 million for 13,738 square metres at 92 Sandstone Street, Parkinson at yield of 8.25%
K-mart’s $72 million investment in a 52,000-square-metre distribution centre in Sydney’s west was the biggest deal of the second quarter of 2011, according to Savills.
The retailer paid $1,394 per square metre for the warehouse at Lot 22 Wonderland Drive, Eastern Creek, with a yield of 7.96%
The deal accounted for nearly half of all the value of the five major transactions that occurred over the three-month period in Sydney, totalling $15o million.
Other notable deals included logistics and transport storage group General Carrying spending $24 million for a 24,000-square-metre space at 211 Topham Road, Smeaton Grange, 60 kilometres west of the Sydney CBD.
Figures compiled by Savills reveal that Melbourne maintained its reputation as the industrial investment hotspot, with nine major deals totalling $220 million.
An unnamed investor paid $70 million for a 75,348-square-metre warehouse on Dohertys Road, in the industrial suburb of Truganina in Melbourne’s west.
The investor paid $926 per square metres at a yield of 8%.
Other big brands to move buy industrial space in Melbourne include confectionery and beverage group Cadbury, which spent $30 million on a 27,000-square-metre chocolate factory at 39 Bennet Street, Dandenong South and ASX-listed clothing manufacturer Pacific Brands, which spent $35 million for a 40,000-square-metre warehouse. Pacific Brands spent $926 per square metre at a yield of 8%.
<a href="/images/stories/kmart.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/kmartthumb.jpg"></a>
Source: Savills
Investors steered clear of the Perth industrial market, with six major transactions generating just $16 million of deals over the June quarter.
Mazda secured the biggest leasing deal of the quarter, securing 20,000 square metres of warehouse space at 880 Cooper Street, in Somerton, 21 kilometres north of Melbourne at $70 per square metre.
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lschlesinger-FZcF9M3vE6

Brisbane leads other cities in industrial deals for quarter

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The six-level Austar building in the Robina CBD on the Gold Coast has been listed for sale by owner BlackRock, following an unsuccessful attempt to sell the building in June 2008. 
The 6,760-square-metre site is located 35 Robina Town Centre Drive, with CBRE’s Gold Coast managing director Mark Witheriff appointed as the exclusive selling agent. 
Austar’s lease over the building extends to October 2016, with two options of five-year terms thereafter. 
It offers a net lettable area of 9, 814 square metres and incorporates 157 undercover car parks and 111 podium-level car parks. It is adjacent to the recently refurbished Robina Town Centre in the heart of the Robina CBD. 
It is the fourth-largest office building on the Gold Coast. 
In 2008, the Waterside West tower at Holden Place Bundall, west of Surfers Paradise, which has a net letable area of 7,170 square metres, sold for $33.5 million to a local investor. 
The Austar building is held through a property trust managed by BlackRock Investment Management (Australia), formerly Merrill Lynch Investment Managers (MLIM) – a subsidiary of US fund management group BlackRock.
MLIM acquired the site from QIC Robina in 2000 for $1.27 million ahead of the building's construction in 2001. 
It will be sold by expression of interest on September 1 at noon. 
News of the sale comes as Foxtel’s proposed acquisition of Austar awaits ACCC approval. A decision on the takeover will be made on September 8. 
Witheriff says the strength of the building’s tenancy profile and the property’s central Robina location will be significant draw cards for prospective purchasers. 
“The Austar building represents one of a handful of institutional grade investment properties available on the Gold Coast,” he says. 
While the Gold Coast office sector as a whole has suffered through the GFC, Witheriff says the Robina CBD currently boasts the lowest vacancy rate on the Gold Coast of approximately 10%.” 
Tenants of redeveloped Robina Town Centre include Coles, Woolworths, Myer and David Jones, Apple and JB Hi-Fi. 
The Queensland government’s Department of Public Works (QBuild) is among state and federal government departments that have committed to new office leases over the past three years in Robina. 
Engineering company GHD and Gold Coast-based accountancy group WMS have also signed lease agreements recently.
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Austar's Gold Coast headquarters back on the market

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International retailers are poised to snap up the vacancies left by the collapse of Borders, Angus &amp; Robertson and the Colorado Group, according to its retail report for the second quarter of 2011.
Jones Lang LaSalle director of national retail research Leigh Warner says overseas retailers who have been scoping out Australia would have been buoyed by the recent success of European fashion giant Zara opening stores in Sydney, Melbourne with Brisbane and Adelaide next in line.
Previously, Warner says overseas retailers’ ambitions in Australia had been “somewhat constrained by a lack of quality space options in CBD and regional centre locations”.
According to SmartCompany.com.au, Apple is set to spend more than $10 million on its first retail site in Brisbane’s CBD and British clothing operator Topshop is tipped to take over some vacated Borders sites for its Australian entry later this year including those on Chapel Street and Chadstone shopping centre in Melbourne as well as setting up in the Chatswood shopping centre in Sydney.
David Gordon, partner in charge of national retail advisory practice at WHK Group, says Topshop potentially filling the 2,800-square-metre Borders site on Chapel Street would help in the revival of the strip.
“And if Topshop got into the major shopping centres that should be seen as a positive because it would reintroduce foot traffic,” he told <a target="_blank" title="SmartCompany" href="https://www.smartcompany.com.au">SmartCompany.com.au</a>.
Jones Lang LaSalle data for the first half of 2011 reveals that average specialty store vacancy rates rose across all retail sub-categories over the first half of 2011 in line with the generally soft retail environment, buts still remain low.
The biggest increase in vacancies occurred in regional shopping centres, where average vacancy rose from 0.6% at the end of 2010 to be 1.4% at the end of June 2011.
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According to Warner this figure is slightly misleading because this un-weighted average was heavily influenced by the smaller markets of Canberra and Adelaide. 
</div>
“Regional shopping centre vacancy remains below 1% in Sydney, Melbourne, South East Queensland and Perth, which is still low any way you look at it,” he says. 
A total of 762,700 square metres of retail space is under construction nationally, compares with 466,000 square metres at the end of 2009, when the impact of the GFC was at its greatest, suggesting improved conditions for developers. 
However, according to Jones Lang LaSalle’s Australian head of retail management, Tony Doherty, the majority of the pick construction is being driven by specific retailers with conditions for speculative development remaining “very challenging”. 
This is particularly the case in the hardware bulky goods space, where Woolworths is taking on Bunnings with its new Masters stores.
A glance at the list of major retail centres under construction in Melbourne reveals that 11 of the 21 centres due to be completed up until March 2014 are for specific retailers with six masters stores, two IKEAs and one Bunnings store.
In Sydney four out of the 13 centres under construction are being built by Bunnings, with Costco soon to open a 16,000 square metre store in Auburn and IKEA a 39,000-square-metre store in Tempe.
Other sectors looking strong are core regional and CBD shopping centres with major centre owners looking to “capitalise on an inevitable recovery in retail turnover over the next few years”.
In May, Westfield reported it was undertaking pre-development activity on eight of their centres across Australia beyond their current three projects
The four largest retail transactions this year to 30 June have been: 
<ul>
<li>The $455 million sale of a 50% interest in Northland Shopping Centre, a 92,380-square-metre super regional centre 11 kilometres north of the Melbourne CBD. The asset was purchased by CPPIB from the Gandel Group, reflecting an initial yield of 6.25%;</li>
<li>Charter Hall Retail REIT and Telstra Super acquired six neighbourhood and two sub-regional New South Wales and Victorian based shopping centres in a one-line transaction from Woolworths Limited for $266 million, reflecting an initial yield of 7.94%;</li>
<li>Bunnings Group Limited (BGL) transferred to Bunnings Warehouse Property Trust (BWP) 10 operational Bunnings Warehouses and three properties on which BGL will develop Bunnings Warehouses in Victoria and New South Wales, for a total price of $241.71 million on an initial yield of 7.71%; and</li>
<li>LaSalle Investment Management acquired the Novotel on Collins hotel and Australia on Collins shopping centre for a total of $ 204 million from Thakral Holdings on a yield of 8.20%</li>
</ul>
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International retailers look to fill vacancies left by big chain collapses

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Melbourne investor David Marriner has revealed development plans for the iconic Sheraton Mirage Port Douglas, which he bought in April this year for $35 million.
Stage one of the development will include the refurbishment of the resort’s central areas and rooms, construction of a 1,450-square-metre Great Barrier Reef arts and exposition forum and an adjacent outdoor covered amphitheatre seating 500.
The amphitheatre will replace the 850-seat Glade Pavilion, which Marriner referred to as an “out-dated tent” that was never meant to be a permanent structure.
During stage two the Mirage Country Club will be redeveloped into a prestigious harbour-style Westin resort with luxury yacht moorings, a boutique retail centre and redesigned golf course, Cairns.com.au reported.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/portdouglas1.jpg">
The redevelopment is expected to take two years to complete, with a planning application to be submitted shortly.
The new plans have been developed by DBI architect Stuart Shakespeare, the original designer of the resort.
The Sheraton Mirage was one of two Mirage resorts in Port Douglas developed by the late, disgraced Australian businessman Christopher Skase in the late 1980s. The hotel effectively put the tropical north Queensland town on the map.
At the helm of Qintex Corporation, Skase spent $100 million building the hotel, which launched in 1987.
On the eve of the 1990 economic recession, his two Mirage resorts in Port Douglas, Queensland were among the largest in the country.
In 1989 Skase was forced to sell 49% of the Mirage resorts, with Japanese investors Mitsui and Nippon Shinpan paying $151 million for the Port Douglas resort.
Facing ASIC charges of improperly using his position to obtain management fees as well as personal debts of $170 million and corporate debts of $1.7 billion, Skase fled to the Spanish island of Majorca in 1991, where he died in August 2001.
Former guests of the Sheraton Mirage include former US president Bill Clinton and Hillary Clinton, Hollywood stars Leonardo DiCaprio, Tom Hanks and John Travolta, opera singer Luciano Pavarotti, model Claudia Schiffer, and Rolling Stone Mick Jagger.
"What we're really doing is capitalising on a lot of the infrastructure that's here, we're modernising it, refurbishing it, and adding it to a new journey,” Marriner says.
The focus of the redevelopment will be what Marriner describes as the “artistic, cultural, arts fabric” that is prevalent in Port Douglas. "It's our view that there's a level of sophistication within the fabric of this community that lends itself to be capitalised in a little more sophisticated way than perhaps you would tackle other markets,” he says. The Mirage has 294 rooms, six bars, an 18-hole golf course and beach frontage via a tropical forest. The property also includes 41 hectares of vacant land with residential redevelopment potential.
Presenting his vision for the Sheraton Mirage, Marriner described it as a resort that had grown tired over the years due to a lack of reinvestment.
The development requires $18 million from each of the Queensland and federal governments over five years for infrastructure development.
The presentation was attended by opposition spokesman Joe Hockey, who said if the numbers and ambition stacked up he would try to get the government to commit some funding to the project.
Also in attendance was Leichhardt MP Warren Entsch, who had lobbied Federal Regional Development Minister Simon Crean and Federal Tourism Minister Martin Ferguson for support.
Marriner says public money will go towards the infrastructure development, not the hotel refurbishment.
As security for the governments’ investment, he is offering a $10 million performance bond and the reassurance public money will be the last into the project.
Marriner says private investment of $120 million is needed just to “keep the lights on” and redevelop the asset. Investors are said to include mining magnate Clive Palmer and property entrepreneur Lloyd Williams.
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Five-star facelift planned for Sheraton Mirage Port Douglas

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St Kilda Road on the fringes of the Melbourne CBD is the most sought-after office strip in Australia, according to the latest leasing figures revealed by Savills.
In the second quarter of 2011, office leases on St Kilda Road topped 24,000 square metres, with eight major deals signed over the three months.
St Kilda Road filled more office space than all other major metropolitan markets, with Sydney CBD coming in a distant second, with 10 transactions totalling 16,746 square metres.
Even excluding Spotless taking up an entire office building of 9,500 square metres at 549 St Kilda Road on July 5 in a deal negotiated by Colliers International’s office leasing director Ben Christie – by far the biggest deal on the street over the quarter – the strip would still have comfortably beaten the 10,500 square metres of office space let in the nearby Melbourne CBD.
<a href="/images/stories/savillsjuly22large.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/savillsjuly22.jpg"></a>
Other major leases signed on St Kilda Road include energy consultants ServiceWorks taking up 5,500 square metres at 457 St Kilda Road at $235 per square metre, property developer Australand taking up 1,985 square metres at 484 St Kilda Road at $270 per square metre, Newcrest Mining occupying 1,800 square metres at 616 St Kilda Road for $250 per square metre and diet food group Jenny Craig leasing 1,700 square metres at 464 St Kilda Road at $255 per square metre.
The rise of St Kilda Road as a major office destination follows predictions by Colliers International that office tenants would start decentralising from CBDs.
Fringe markets stood up well against their CBD rivals in all the major capital cities.
The Sydney CBD office market had strong competition from both North Sydney (three deals totalling 12,990 square metres) and Parramatta and the suburbs (six deals totalling 11,028 square metres)
Brisbane’s fringe CBD markets attracted eight new tenants, who took a combined 5,053 square metres of office space, compared with eight deals in the Brisbane CBD totalling a slightly higher 6,177 square metres.
West Perth secured four major lease agreements totalling 3,068 square metres, compared with just two in the Perth CBD totalling 4,710 square metres in the second quarter of 2011.
The biggest leasing deal secured for the quarter was signed in May when the Department of Innovation, Industry, Science and Research committed to 10,000 square metres of laboratory and office space at the Precinct Corporate Centre developed by Goodman at 105 Dehli Road, North Ryde. The deal was struck at $350 gross per square metre.
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Office tenants flock to St Kilda Road: Savills

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NSW consumers are glass-half-full types when it comes to the housing market, with the ratio of optimists to pessimists higher there than in any other state or territory, according to Westpac’s July Red Book. 
In the July Westpac– Melbourne Institute Consumer House Price Expectations Index, Westpac senior economist Matthew Hassan notes that NSW housing market optimists outnumber pessimists by 24%.
However, Hassan warns of the fragility of consumer views on housing: “The consensus [on housing] also seems to have low conviction with opinions very erratic month to month, especially at the state level.”
The most pessimistic states are Queensland and South Australia, with pessimists outnumbering optimists in the Sunshine State.
Nearly half (47%) of Victorian consumers expect house prices to rise. Western Australian consumers are the least worried about the market, with only 13% expecting house prices to fall.
Overall, 42% of Australian consumers expect house prices to rise over the next year, a third expect prices to be steady, and 26% expect declines. This is the weakest mix since May 2009, when a third of consumers expected rises and a third expected price falls.
 Hassan warns that weaker prices and reduced price expectations will reinforce the shift to consumer caution and increased saving.
Released at the same time as Westpac’s Red Book, the NAB July quarter business survey shows that business conditions improved for the construction sector in the second quarter of 2011 but worsened for those in property.
According to NAB, business conditions in mining remain the strongest across all sectors, with the gap between the best- and worst-performing sectors widening to a point last seen during the 2000 recession.
Conditions improved for the construction sector in the July quarter. According to NAB, the increasing gap between weak and strong industries is due to a weakening in the poor performers, rather than strong performers like mining doing better.
Overall, while business conditions improved slightly in the June quarter, they remain soft, with confidence down and further weakness expected in the near term.
In the June 2011 quarter profitability rose, employment eased a little and trading conditions were broadly unchanged. Forward orders remained weak and stocks were unchanged, consistent with softer domestic demand in the near term.
Conditions improved solidly in Queensland over the quarter, but it remains the weakest performing mainland state.
Confidence deteriorated across all mainland states, with the sharpest declines recorded in Queensland, NSW and Victoria. Sentiment was weakest in SA and highest in WA.
Consistent with a fall in average hours worked, short- and long-term employment expectations softened, although overall expectations remained above current levels implying that the labour market may continue to tighten.
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Optimists still outnumber pessimists, but housing sentiment turning into consumer caution: Westpac 

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Retail vacancies on two of Melbourne’s prime retail strips have risen to almost twice the average across the prime street market, according to the latest Savills research.
More than one out of every 10 shops in upmarket Toorak Road, South Yarra (11.4%) and discount street Bridge Road, Richmond (10.6%) sits empty, compared with a prime street vacancy rate of 6% across Melbourne.
Toorak Road, South Yarra has proportionally fewer fashion retailers (24%) than the average for Melbourne prime retail strips of 31%.
It has no major anchor tenants, though supermarkets are to be found in adjoining Chapel Street.
Toorak Village Traders’ Association president Tony Fialides expressed concerns about rundown shopfronts in July, telling Melbourne Weekly shopping strips needed council-funded upgrades to keep them competitive with major shopping centres.
Fialides says shops particularly on the south side of Toorak Road have moved due to a tough market, and the council, landlords and retailers could do more to improve streetscapes and boost traffic.
Currently seven properties are listed on realcommercial.com.au as up for sale on Toorak Road, South Yarra, ranging in price from $750,000 to just over $800,000 for shops of about 45 square metres.
There are currently vacancies in the upmarket Como Centre at 299 Toorak Road, and a 45-square-metre shop at 210 Toorak Road is being offered for rent at $550 per week by Dixon Kestles.
In the Melbourne suburb of Richmond, Bridge Road is heavily reliant on fashion retailers, with 38% of shops on the strip operating as clothing stores. Coles occupies space in Richmond Plaza on the street.
Shops for lease on Bridge Road include a 47-square-metre site at 116 Bridge Road for $52,000 per year by Alex Teneketzis from TCI Property Consultants.
Four retail locations on Bridge Street are listed for sale on realcommercial.com.au – none include listing prices.
In the December quarter of 2010, CBRE noted that the number of retailers offered incentives had increased on both Toorak Road, South Yarra and Bridge Road, with both strips affected by the downturn in the fashion sector.
Vacancies rates on Australia’s most fashionable suburban strip, Chapel Street, remain low at 3.8% despite the fashion downturn, while higher up in Toorak Road in Toorak village, vacancy rates are at 6.5%
The tightest prime street retail markets are Glenferrie Road in Hawthorn, six kilometres east of the Melbourne CBD and Puckle Street in Moonee Ponds, seven kilometres northwest of the Melbourne CBD. Vacancies rates are at 2.1% for both locations.
According to Savills, retailers in street locations have started to rethink their offerings and have aggressively started to renegotiate their rents.
<img src="/images/stories/savillsjuly21.gif">
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Toorak and Bridge roads struggle with high retail vacancy rates

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Rivalries between Sydney and Melbourne will be renewed following a global survey that rates the NSW capital’s CBD as a far more attractive office location for the world’s biggest blue-chip companies.
Sydney placed equal 16th across all sectors, with 136 (49%) of the 280 major international companies occupying office space in the city, according to CB Richard Ellis’s Business Footprints survey
Melbourne ranked a distant 43, as just 87 companies have office space in the Victorian capital. Melbourne ranked just ahead of Auckland, which has 85 companies.
Brisbane ranked 9oth (with 48 companies) and Wellington 119th ( with 31 companies).
 
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<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="557" colspan="4" valign="top">
Global Office Locations 2011: Full City Ranking 
</td>
</tr>
<tr>
<td width="66" valign="top">
Rank  
</td>
<td width="212" valign="top">
City
</td>
<td width="139" valign="top">
No. of companies
</td>
<td width="139" valign="top">
% of companies present in city
</td>
</tr>
<tr>
<td width="66" valign="top">
1 
</td>
<td width="212" valign="top">
Hong Kong  
</td>
<td width="139" valign="top">
191 
</td>
<td width="139" valign="top">
68.2% 
</td>
</tr>
<tr>
<td width="66" valign="top">
2 
</td>
<td width="212" valign="top">
Singapore 
</td>
<td width="139" valign="top">
189 
</td>
<td width="139" valign="top">
67.5% 
</td>
</tr>
<tr>
<td width="66" valign="top">
3 
</td>
<td width="212" valign="top">
Tokyo  
</td>
<td width="139" valign="top">
179 
</td>
<td width="139" valign="top">
63.9% 
</td>
</tr>
<tr>
<td width="66" valign="top">
4 
</td>
<td width="212" valign="top">
London 
</td>
<td width="139" valign="top">
177 
</td>
<td width="139" valign="top">
63.2% 
</td>
</tr>
<tr>
<td width="66" valign="top">
5 
</td>
<td width="212" valign="top">
Shanghai
</td>
<td width="139" valign="top">
172
</td>
<td width="139" valign="top">
61.4%
</td>
</tr>
<tr>
<td width="66" valign="top">
16=
</td>
<td width="212" valign="top">
Sydney
</td>
<td width="139" valign="top">
136
</td>
<td width="139" valign="top">
48.6%
</td>
</tr>
<tr>
<td width="66" valign="top">
43
</td>
<td width="212" valign="top">
Melbourne
</td>
<td width="139" valign="top">
87
</td>
<td width="139" valign="top">
31.1%
</td>
</tr>
<tr>
<td width="66" valign="top">
47=
</td>
<td width="212" valign="top">
Auckland
</td>
<td width="139" valign="top">
85
</td>
<td width="139" valign="top">
30.4%
</td>
</tr>
<tr>
<td width="66" valign="top">
90=
</td>
<td width="212" valign="top">
Brisbane
</td>
<td width="139" valign="top">
48
</td>
<td width="139" valign="top">
17.1%
</td>
</tr>
<tr>
<td width="66" valign="top">
119=
</td>
<td width="212" valign="top">
Wellington
</td>
<td width="139" valign="top">
31
</td>
<td width="139" valign="top">
11.1%
</td>
</tr>
</tbody></table>
</div>
 
Sydney also ranked higher as global financial and banking hub, with two-thirds of the world’s biggest banks and financial services companies occupying office space in the city,
Sydney ranks as equal ninth with Milan on the list of global banking and financial services hubs, hosting 32 international companies out of the 48 included in the CBRE survey.
Melbourne does not host enough companies to make it into the elite Top 10 list (CBRE does not provide figures for Melbourne), with top billing shared by traditional financial services powerhouses London and New York (92% of firms) with Hong Kong (88%) a close third.
<img src="/images/stories/cbre2july21.jpg">
 
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However, the results might not tell the full story, since a multi-national only has to occupy a physical office in a city to be counted towards its ranking.
No additional weighting is given to the size of that presence in the city or whether it is the company’s local headquarters.
A closer look at the two cities by Property Observer suggests Melbourne may punch above its ranking.
Melbourne is the Australian headquarters of global giants Goldman Sachs, GE Consumer Finance, AXA Asia Pacific, Legg Mason, Standard &amp; Poor’s, The Bank of New York Mellon, Mercer, Morgan Stanley, Vanguard, Computershare and Franklin Templeton.
It is also the home base of two of the big four banks, NAB and ANZ.
The other two major banks, CBA and Westpac, are headquartered in Sydney, as is HSBC, Munich Re, Credit Suisse, Royal Bank of Scotland, PricewaterhouseCoopers, Ernst &amp; Young, Deloitte, Citi, China Construction Bank, The People’s Bank of China and QBE Insurance.
The global locations list (across all sectors) is headed by the Asian powerhouses of Asian, Singapore and Tokyo, which are home to about two-thirds of the world’s biggest global businesses.
London is the only city outside of Asia inside the top five. 
On a country basis, Australia placed equal ninth with Hong Kong in the country rankings, with 68.2% or 191 companies maintaining an office presence in the country.
New Zealand also made the top 50, ranking a respectable 46th place, with 34.6% or 97 multi-national companies present in the market. 
The US is home to the greatest number of the world’s biggest global companies, with 90% of the 280 companies having a presence in the company. A third of the businesses included in the survey are domiciled in the US.
The report highlights a trend among the world's largest companies to locate their offices in booming Asian economies, reflecting a shift in global economic power, with China ranked fourth (81%), Japan sixth (69%), Hong Kong ninth (68%) and Singapore 12th (68%).It also found that companies headquartered in Asia Pacific show significantly less propensity for overseas expansion than those headquartered elsewhere.
Nearly 40% of companies headquartered in Asia Pacific were present in fewer than 10 countries, compared with fewer than 20% of those headquartered in Europe, the Middle East and Africa or the Americas. 
At present, Asia Pacific-domiciled companies also typically confine their choice of locations in overseas markets to fewer cities than companies from other regions.
Pharmaceutical and healthcare firms typically have the widest global office distribution at country level while, at the other extreme, automobile and parts companies have a presence in the fewest countries. 
Sydney’s strong global showing comes as leasing activity picks up on the back of a growth in corporate jobs.
In April, 20 new leasing deals were signed in the Sydney CBD, CBRE reported.
CBRE regional director of office services James Patterson reported in March that there were signs of strong effective rent growth in the past six months in the Sydney and Melbourne CBDs.
Patterson expects strong rental growth in the Sydney CBD in the short term before an increase in development activity, including Barangaroo, starts to restrict the scope for landlords to increase rents.
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Sydney ranks 27 places higher than Melbourne as a regional financial hub

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Market forces are aligning for investors in prime office property in Sydney CBD, with CB Richard Ellis forecasting total returns of 20% by 2012, according to CBRE global research chief Kevin Stanley.
More than half of this total return will come from rent increases of 10 to 12% in 2012 as the office market recovery finally gathers pace.
Stanley told Property Observer the two other factors contributing to totals returns (income and capital appreciation) of 20% will be a drop in incentives – forecast to reduce from 29% to 22% through 2012 – and a “slight compression in the capitalisation rate”, which will push up building valuations.
Incentives currently offered to tenants include rent-free months and free office refits.
Speaking to more than 350 people at CBRE’s annual Sydney Market Outlook breakfast, Stanley said he expected the prime office vacancy rate to be as low as 6% by the end of the year.
<img src="/images/stories/cbrejuly21.gif">
“While there is some scope for a slight compression in investment yields, income growth will be the key value driver in this recovery,” Stanley says.
“It has taken longer than we may have initially expected, but prime rents are increasing and incentives are starting to move down, and this combined will provided a super boost to returns over the next 12 to 18 months.”
The Sydney prime market is also likely to be boosted by an Asia-Pacific market performing poorly relative to stronger markets like Hong Kong and Singapore.
Stanley says this will encourage offshore investment in Australia given the positive market fundamentals and the likely opportunities for future capital value growth.
“There’s an interesting contrast between Australia and the rest of world, where you could argue pricing has moved ahead of the improvement in the fundamentals, and at some point Australia is going to have to catch up,” he says.
“Globally, we are still seen very much as a growth region where investment capital will continue to flow, and we’ve continued to see this in the current quarter, with approximately 50% of all purchases having been to foreign investors.”
Across Australia, prime office yields are set to contract by an average of 15 basis points up until 2016 in a tightening cycle that began in 2009.
More modest returns of between 10% and 15% are forecast for the Macquarie Park, Sydney suburban, North Sydney and Parramatta office markets.
Macquarie Bank and the Property Council of Australia’s joint autumn 2011 office report forecasts that Sydney prime office rents will rise to an average of $849 per square metre from a current level of $833 per square metres with yields declining slightly from 7% to 6.9% over this period.
Perth is forecast to have the dearest prime office market by January 2012, according to the Property Council and Macquarie Bank, with rents rising from $837 to $859.
Six out of eight commercial property experts polled in the report say Melbourne is currently the hottest prime office market, with Perth and Sydney picking up a vote each.
On the global front, CBRE head of research for Asia Pacific Nick Axford says that while uncertainty still prevails, there are now clear signs of stability in most major property markets around the world.
Hong Kong and Singapore are among the markets that have experienced strong growth in recent times.
However, he says capital markets are showing clearer signs of recovery than the occupational markets and the speed of the recovery varies markedly from region to region and from city to city.
“Prime property looks attractive relative to other asset classes, and this is driving global investor demand,” he says.
“Investors are targeting only the very best quality, prime-grade property with a focus on the quality of covenants and income streams and the larger, more liquid markets.”
Returning to Australia, CBRE forecasts a more modest total return of 10 to 13% for the industrial sector in Sydney, where leasing demand has improved and property construction activity has resumed, with a clear focus on the arc stretching from Port Botany through the M5 corridor and to the outer west.
Stanley says the retail property market is facing its biggest challenge in 20 years due to consumers saving and not spending, low household confidence and an accelerating online retailing sector.
According to Stanley, there is still significant potential for more global retailers to come into the Sydney market, which is currently running second to Melbourne in regard to the representation of global retailers.
“Sydney has suffered from an overall low and falling ranking in global retailer representation by world standards. An increase in global retailer numbers would help fill the higher-than-usual vacancy in the retail sector, sustain the current high rentals and help bring the wow factor back into the retail sector.”</body></html>

Sydney prime offices to yield 20% returns for investors: CBRE

<html><body>
The Hoppers Crossing 7-Eleven service station sold at auction today for $3.49 million, the highest price achieved on a day when 12 out of the 13 sites sold.
There were about 10 bidders for the 5,575-square-metre Hoppers Crossing site on the corner of Old Geelong and Heaths Roads in a room packed with about 100 potential investors.
With guaranteed annual rent of $210,000, the property has a yield of 6%. It includes eight petrol bowsers and is three kilometres from Werribee Plaza and near Aldi, Woolworths and Target.
It was marketed by Jones Lang LaSalle agents Steve Bolton and Ben Galanos.
The remaining four service stations all sold for prices ranging from $1.685 million for the Bayswater site up to$2.92 million for the Brandon Park site, which was picked up by an Asian investor.
Earlier in the day seven out of the eight NSW offerings were sold to buyers with only the Narrabeen site at 1497 Pittwater Road passed in at $2.5 million. The highest price of $3.35 million was achieved for the 7,451 square metre Edensor Park site on the corner of Cowpasture and Elizabeth Roads at a yield of 7.34%.
All properties were sold with 15-years lease and renewal options of three five-year terms. The tenant pays all outgoings (except land tax), and rents will rise 4% every year.
Each includes a service station, convenience store and customer parking.
Ahead of the auction, prices were expected to range between $1.5 million and $4 million for the five in the Melbourne metropolitan area and eight stores in the Sydney metropolitan area.
Jones Lang LaSalle director David Bowden said earlier purchasers had been attracted by land rich investment properties in prime locations with secure long-term leases and fixed rental increases.
Interest in the retail sites has been high since Jones Lang LaSalle listed a second tranche of 15 refurbished stores were listed for sale on June 17 2011.
Two weeks ahead of the auction, private investors paid a premium for two in Victoria.
Two weeks ahead of the auction, private investors bought the Blackburn South premises and the Lilydale site.
The 2,738-square-metre Blackburn South site on Canterbury Road was offered with an annual rent commencing at $140,000. It sold pre-auction for $.183 million at a yield of 6.98%.
The 1,463-square-metre Lilydale site on the corner of Maroondah Highway and Cave Hill Road, bringing in $130,000 in annual rent sold for $1.52 million and a yield of 8.45%.
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="130" valign="top">
NSW
</td>
<td width="85" valign="top">
Site Area
</td>
<td width="96" valign="top">
Annual Rent
</td>
<td width="103" valign="top">
Sales price
</td>
<td width="103" valign="top">
Yield
</td>
</tr>
<tr>
<td width="130">
Artarmon, 477 Pacific Highway
</td>
<td width="85">
1,548sqm
</td>
<td width="96">
$210,000
</td>
<td width="103" valign="top">
$2.72 m
</td>
<td width="103" valign="top">
6.91%
</td>
</tr>
<tr>
<td width="130">
Granville, Cnr Parramatta Road &amp; Harbord Street
</td>
<td width="85">
1,499sqm
</td>
<td width="96">
$200,000
</td>
<td width="103" valign="top">
$2.56 m
</td>
<td width="103" valign="top">
6.88%
</td>
</tr>
<tr>
<td width="130">
Lambton, 21 Croudace Street
</td>
<td width="85">
1,932sqm
</td>
<td width="96">
$190,000
</td>
<td width="103" valign="top">
$2.13 m
</td>
<td width="103" valign="top">
8.53%
</td>
</tr>
<tr>
<td width="130">
Sth Strathfield, 577 Liverpool Road
</td>
<td width="85">
4,998sqm
</td>
<td width="96">
$200,000
</td>
<td width="103" valign="top">
$2.63 m
</td>
<td width="103" valign="top">
5.91%
</td>
</tr>
<tr>
<td width="130">
Blaxland, 137 Great Western Highway
</td>
<td width="85">
1,809sqm
</td>
<td width="96">
$190,000
</td>
<td width="103" valign="top">
$2.25 m
</td>
<td width="103" valign="top">
7.98%
</td>
</tr>
<tr>
<td width="130">
Kensington, Cnr Anzac Parade &amp; Todman Ave
</td>
<td width="85">
1,429sqm
</td>
<td width="96">
$150,000
</td>
<td width="103" valign="top">
$2.4 m
</td>
<td width="103" valign="top">
4.63%
</td>
</tr>
<tr>
<td width="130">
Edensor Park, Cnr Cowpasture &amp; Elizabeth Roads
</td>
<td width="85">
7,451sqm
</td>
<td width="96">
$260,000
</td>
<td width="103" valign="top">
$3.35 m
</td>
<td width="103" valign="top">
7.34%
</td>
</tr>
<tr>
<td width="130">
Narrabeen, 1497 Pittwater Road
</td>
<td width="85">
1,619 sqm
</td>
<td width="96">
$270,000
</td>
<td width="103" valign="top">
Passed in at $2.5 m
</td>
<td width="103" valign="top">
 
</td>
</tr>
<tr>
<td width="130">
Victoria
</td>
<td width="85">
Site area
</td>
<td width="96">
Annual rent
</td>
<td width="103" valign="top">
Sales price
</td>
<td width="103" valign="top">
Yield
</td>
</tr>
<tr>
<td width="130">
Bayswater East, Cnr Dorset Road &amp; Mountain Hwy
</td>
<td width="85">
1,932sqm
</td>
<td width="96">
$140,000
</td>
<td width="103" valign="top">
$1.685 m
</td>
<td width="103" valign="top">
8.31%
</td>
</tr>
<tr>
<td width="130">
Brandon Park, Cnr Springvale &amp; Ferntree Gully Roads
</td>
<td width="85">
2,720sqm
</td>
<td width="96">
$190,000
</td>
<td width="103" valign="top">
$2.92 m
</td>
<td width="103" valign="top">
6.51%
</td>
</tr>
<tr>
<td width="130">
Hoppers Crossing, Cnr Old Geelong &amp; Heaths Rds
</td>
<td width="85">
5,575sqm
</td>
<td width="96">
$210,000
</td>
<td width="103" valign="top">
$3.49 m
</td>
<td width="103" valign="top">
6.02%
</td>
</tr>
<tr>
<td width="130">
Epping, Cnr Dalton &amp; Childs Roads
</td>
<td width="85">
5,204sqm
</td>
<td width="96">
$150,000
</td>
<td width="103" valign="top">
$2.21 m
</td>
<td width="103" valign="top">
6.79%
</td>
</tr>
<tr>
<td width="130">
Tullamarine, Cnr Mickleham &amp; Melrose Roads
</td>
<td width="85">
1,864sqm
</td>
<td width="96">
$180,000
</td>
<td width="103" valign="top">
$2.27 m
</td>
<td width="103" valign="top">
7.93%
</td>
</tr>
</tbody></table>
</body></html>

Hoppers Crossing 7-Eleven sells for $3.49 million, with nine bidders missing out

For the first time in a long time, Australia's inflation story is starting to look more like a landing than a fight.

The latest Consumer Price Index figures from the Australian Bureau of Statistics showed annual inflation eased to four per cent in May, down from 4.2 per cent in April. On the surface, that might not seem like a major move. Inflation remains above the Reserve Bank's target range and some categories continue to record stubborn price growth.

But the significance of this result lies less in where inflation sits today and more in what it means for where interest rates are likely heading next.

The biggest takeaway is that inflation continues to move in the right direction.

Markets had been bracing for another sticky result after a period where progress appeared to stall. Instead, headline inflation came in softer than expected, helped by falling fuel prices and easing transport costs. Annual transport inflation halved from 6.6 per cent in April to 3.3 per cent in May, while automotive fuel prices fell 11.9 per cent during the month following lower oil prices and the impact of reduced fuel excise measures.

While petrol prices don't solve Australia's affordability challenges, they are one of the most visible and immediate costs for consumers. Falling fuel costs feed through the economy quickly, helping ease pressure on household budgets and business operating expenses.

The ABS data also showed headline inflation is now sitting at its lowest annual level in several months, reinforcing the broader trend that price growth is gradually moderating.

That trend is important because it aligns with what many economists and lenders have been saying for the last month.

Prior to this week's inflation data, ANZ, NAB and Commonwealth Bank had all shifted their forecasts, now believing the Reserve Bank had likely reached the peak of the interest rate cycle. Following the May inflation release, ANZ reaffirmed that view.

In its latest economic update, ANZ said it expects quarterly trimmed mean inflation to come in at 3.7 per cent for the June quarter, slightly below the Reserve Bank's forecast of 3.8 per cent. Importantly, the bank said that outcome, when combined with slowing economic activity, "supports our view that the cash rate has peaked".

The Reserve Bank has spent the better part of three years attempting to bring inflation under control through higher interest rates. If Australia's major banks are correct and rates have now peaked, the conversation shifts from how much higher rates could go to when they might begin coming down.

Westpac's caution comes from underlying inflation. The trimmed mean, the measure most closely watched by the Reserve Bank, increased from 3.4 per cent to 3.6 per cent annually. Housing inflation remains elevated at 6.5 per cent, reflecting ongoing increases in rents, electricity costs and new dwelling construction.

Electricity prices remain particularly problematic, rising 21.1 per cent over the past year following the removal of government rebates.

Housing construction costs are also showing signs of renewed pressure. ANZ noted new dwelling costs rose 0.9 per cent in May and are now running at an annualised pace of 8.6 per cent over the past three months. Builders continue to face higher labour, fuel and material costs, a reminder that inflationary pressures have not completely disappeared.

Housing affordability has deteriorated largely because of higher interest rates rather than higher property prices alone. Even modest reductions in mortgage rates would improve borrowing capacity, increase buyer confidence and reduce repayment pressure on existing homeowners.

While August is far from a certainty, the latest inflation result has strengthened the view that the next move in rates is more likely to be down than up. For borrowers, buyers and the development sector, that alone represents a significant shift from the conversation that dominated much of the past two years.

Joel Robinson

The inflation result the property market was waiting for

Commercial property group FiveX is doubling down on its move into the residential space.

The group, founded by Joshua and Marko Berger more than five decades ago, has followed up its plans for a 39-storey tower on North Sydney's Alfred Street with a proposed 61-storey tower in Chatswood.

The new tower at <a href="https://www.apartments.com.au/new-apartments/815-pacific-highway-chatswood-nsw-2067">815 Pacific Highway</a>, which would be one of the tallest proposed in Chatswood in recent years, will comprise 490 apartments, 76 of which will be dedicated affordable housing and managed by Evolve Housing for a minimum of 15 years.

The project will replace the long-standing Panorama Building, originally known as the BMA Tower, a 14-storey office building completed in 1972 and designed by Hungarian-born architect Hugo Stossel. At the time of its completion, the building was the tallest structure in Chatswood and became a local landmark due to its distinctive curved form and external glass lift.

<img alt="FiveX" data-entity-type="file" data-entity-uuid="956bd299-3864-47a0-8ea6-162b5524c5d8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-24%20at%201.02.03%E2%80%AFPM.png?VersionId=EWx7teUr7RcYrI9mgRytwppwt5AdUDtb" />

fjcstudio is behind the designs. Its Architectural Design Report argues the ageing commercial building no longer reflects Chatswood's role as one of Sydney's key strategic centres and that the site is ideally positioned to support significantly higher residential density.

"The site is located at the heart of Chatswood, within the TOD accelerated rezoning area that supports higher density development around the new Metro station," the report states.

"The site's role within a walkable 400-metre radius catchment is where housing, employment, retail and community uses are encouraged to cluster in support of transit-oriented living."

<img alt="fjc" data-entity-type="file" data-entity-uuid="8d198f5e-cc71-4175-9357-be6ec7207473" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-24%20at%201.18.27%E2%80%AFPM.png?VersionId=5WUFc3IYBPvhQMBUYLCsjJhzdcVeYodE" />

The proposal has undergone two rounds of review by the NSW State Design Review Panel, with the design evolving through an extensive assessment process focused on design excellence, public realm outcomes, residential amenity and the integration of affordable housing.

fjcstudio says the residential component provides a diverse mix of apartment typologies, supporting a broad demographic and contributing to housing supply in a highly accessible location close to major transport, employment and retail infrastructure.

The application follows FiveX's plans for a 39-storey tower at <a href="https://www.apartments.com.au/new-apartments/275-alfred-street-north-north-sydney-nsw-2060">275 Alfred Street</a>, which it <a href="https://www.apartments.com.au/new-apartments/275-alfred-street-north-north-sydney-nsw-2060">submitted through the same NSW Government pathway</a> in December. That's for 184 apartments.

Recent activity in Chatswood includes Hyecorp launching its Archer Street project, Celine, and Develotek securing approval for a 34-storey tower.

First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans

Bridgewell Capital and SLD Development seem to be bullish on the Killara apartment market, filing plans for a second new development next to the Killara Golf Club.

The new plans are for 79 apartments across an amalgamated 4,989 sqm site on Buckingham Road.&nbsp;The project has been designed by BKA Architecture and is being assessed under the NSW Government's Low and Mid-Rise Housing and Infill Affordable Housing reforms. It is just 300 metres from&nbsp;Killara train station.

The majority of the apartments are three-bedrooms (46), with 23 two-bedroom apartments, seven one-beds, and three four-bedroom apartments. 17 of the apartments&nbsp;are proposed as affordable housing, representing 15 per cent of the project's gross floor area, allowing the development to access additional floor space and height incentives available under the NSW Housing SEPP.

There will be 131 resident and visitor car spaces, and more than&nbsp;1,450 sqm of communal open space. Landscaped areas would account for approximately 45 per cent of the site.

<img alt="Killara" data-entity-type="file" data-entity-uuid="75ef5ef7-a53b-4932-a8f1-38f63169eec9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-24%20at%2011.04.00%E2%80%AFAM.png?VersionId=d_lG1A1StDaMQilljy25Fr8SF1BnAmKE" />

The site currently contains three detached dwellings and occupies a prominent position on the eastern side of Buckingham Road, with frontage to an area that has already begun transitioning towards higher-density housing. Existing apartment buildings of up to six storeys surround the site, while the Killara Golf Club forms its southern boundary.

The application has been lodged as a State Significant Development due to the affordable housing component and the scale of the project.

According to the design report, the proposal has been shaped by the area's evolving planning framework, which is encouraging greater housing density around transport infrastructure.

"The site sits along a growth area anticipated to undergo transformation in line with broader trends across New South Wales, driven by the implementation of the Low and Mid-Rise and Transport-Oriented Development State Housing Policies," the report states.

"Being within 800 metres walking distance to Killara Train Station, the project seeks to provide high-quality apartments designed for various family sizes, located in a vibrant landscaped setting."

The Upper North Shore suburb has become one of the most closely watched testing grounds for the NSW Government's housing reforms. A number of developers have moved quickly to consolidate sites around railway stations across suburbs including Killara, Lindfield, Gordon and Roseville, where the new planning settings are creating opportunities for apartment developments that would previously have been difficult to achieve.

The likes of Aqualand, Hyecorp, Holdmark and Vermont Property Group have projects in the region.

Bridgewell has several developments in the pipeline. Last September they submitted plans for <a href="https://www.apartments.com.au/news/nsw/bridgewell-capital-seeks-55-apartment-project-in-killara">55 new apartments</a> at&nbsp;23-25 Lorne Avenue in Killara, just the other side of Regimental Park from their new project. In May they filed for <a href="https://www.apartments.com.au/news/nsw/first-look-bridgewell-plots-120-apartments-and-childcare-centre-in-maroubra-town-centre">120 apartments in Maroubra</a>.

&nbsp;

&nbsp;

&nbsp;

First look: Bridgewell, SLD Development double down on Killara Golf Club

Sydney developer&nbsp;<a href="https://www.apartments.com.au/developers/central-element">Central Element</a>&nbsp;is doubling down in Drummoyne, lodging plans for a boutique apartment development on St Georges Crescent, only one-kilometre down the road from its first Drummoyne development, Bianca.

The new project at 15A-21 St Georges Crescent,&nbsp;a&nbsp;1,701sqm north-facing site overlooking Iron Cove, will have 45 apartmnts across 10 levels. Eight of the units will be dedicated to affordable housing.

The site sits within walking distance of Drummoyne Village, Birkenhead Point, ferry services and the Bay Run, and offers harbour views towards the Sydney Harbour Bridge and CBD skyline.

Designed by MHN Design Union, the development will deliver a mix of one, two and three-bedroom apartments, alongside resident amenity including a gym, landscaped communal open space and three levels of basement parking.

The project has been lodged under the NSW Government's Low and Mid-Rise Housing reforms, with Drummoyne Village identified as a town centre capable of accommodating additional housing supply.

Central Element acquired the site earlier this year as part of its continued expansion across Sydney's eastern suburbs, lower north shore and inner west.

The developer's current pipeline includes luxury apartment projects Pearl Bondi and a separate development on Lamrock Avenue in Bondi, a residential project in Barry Street, Neutral Bay, and a mixed-use seniors living community in Greenwich.

Central Element Managing Director Nathan Chivas said the project would address a shortage of new owner-occupier housing opportunities in Drummoyne.

"While we're seeing a significant shift across Canada Bay as major infrastructure investment, population growth and planning reform drive a new chapter for the region, in suburbs like Drummoyne there remains a genuine shortage of new boutique luxury housing opportunities for owner occupiers," Chivas said.

"Sites of this nature are increasingly difficult to secure, particularly those that combine a north-facing aspect with direct water outlook. Our St Georges Crescent project responds directly to the market demand, offering a level of exclusivity, outlook and lifestyle in the highly sought after suburb."

The development application has been lodged with the City of Canada Bay Council, with the project expected to launch to market in early 2027.

&nbsp;

Central Element seeks second Drummoyne apartment development

The NSW Government has unveiled plans that could deliver around 1,300 new homes across Nowra and Kiama, continuing its push to unlock housing in well-located regional centres along the South Coast.

The proposals, now on public exhibition, would pave the way for around 830 homes in Nowra and a further 450 homes in Kiama, while also introducing affordable housing requirements and increased building heights in key locations.

The larger of the two proposals is centred on Nowra, where the NSW Government is seeking to rezone land within the Mandalay and Riverfront precincts.

The Mandalay sub-precinct, located close to Shoalhaven Memorial Hospital, Nowra Library and the city's aquatic centre, could accommodate around 530 new homes. Around 30 per cent of housing delivered on Homes NSW-owned land would be dedicated to social and affordable housing, equating to roughly 100 homes. Building heights would increase from the current two-storey limit to between three and six storeys.

A separate rezoning proposal for the Nowra Riverfront Precinct would unlock a further 377 homes while creating stronger connections between the Shoalhaven River and the CBD. The plans include building heights ranging from five to 12 storeys, floor space ratios of up to 2:1 and a requirement for two per cent affordable housing.

Together, the two proposals would deliver more than 900 homes across the broader Nowra area, reinforcing the city's role as one of regional NSW's key growth centres.

The housing push builds on previous infrastructure commitments in the Shoalhaven, including government funding aimed at supporting thousands of future homes in West Nowra through upgrades to water and wastewater infrastructure.

Further north, the NSW Government is also progressing plans for the former Kiama Depot site, a two-hectare parcel near Kiama's town centre.

The rezoning proposal would transform the former industrial site into a residential community capable of delivering up to 450 homes. Buildings would range between six and eight storeys, with at least 10 per cent of homes allocated as affordable housing. The proposal also includes approximately 600 parking spaces and improved walking and cycling connections.

Planning Minister Paul Scully said the proposals are designed to increase housing supply in locations close to jobs, transport and services.

"For too long, families have struggled to find somewhere to live, and activating underutilised sites allows us to deliver the new homes these families need," Scully said.

"The Minns Labor Government is getting on with the job of unlocking well-located sites close to transport, jobs, and town centres and building the homes our communities need.

"These rezonings are about removing barriers to housing delivery and making sure land is put to better use so more people can find a place to call home within the communities they choose."

The latest rezonings form part of the Minns Government's broader strategy to accelerate housing delivery across NSW, particularly in established centres where existing infrastructure can support additional population growth.

Community consultation on the proposals is now underway, with feedback set to inform the final planning controls before the rezonings are determined.

Larry Schlesinger

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