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Fully leased neighbourhood centre Norfolk Village in Gold Coast's Ormeau has been purchased by a Melbourne-based syndicate group for $9.7 million on a yield of nearly 7.2 per cent in an off-market deal.
Located at 174 Pascoe Road, the single-level building comprises 16 specialty tenancy retailers such as Subway, Ray White, L.J Hooker, a medical centre, dentist and bakery among others.
The centre is fully leased with the annual net income of approximately $700,000. 
Its site area is 6,161 sqm site with a total net lettable area of 1,481 sqm.
The deal was brokered by Stewart Gilchrist of Colliers International 
“Norfolk Village did not suit all investors who enquired due to the short WALE lease terms, however, it appealed to the purchaser due to its strong history of being fully leased with fixed annual rent increases,” said Gilchrist.
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j.ballantyne1990-6AQqhLzZaK

Fully leased Norfolk Village in Gold Coast's Oremeau sold for $9.7 million

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Building services that support indoor environmental quality, lift performance and technology are among the top factors that drive the building selection decision, according to CBRE’s latest report.
However, current satisfaction levels amongst occupiers reflect the largest gaps between what is currently being offered and occupier expectations of these fundamental base building services.
As technology continues to evolve, the way we work is changing, creating the flexibility to work how, when and where we want; this can drive greater efficiency, supporting business growth as well as individual choice and work-life balance.
The war for talent continues to be a major focus for most organisations as they seek to attract and retain the best people.
Greater awareness is now being paid to the demands of staff and increasingly we expect to organisations evaluating their offerings to their people through location and building selection as well as workplace design.
There are now four generations represented in the workplace and this is resulting in a much more diverse workforce with differing needs and desires.
The CBRE Australian Millennials Survey: Myths and Realities revealed some of the demands of the Millennial generation around the workplace, with some surprising results.
Wellness and relaxation facilities ranked as the most influential amenity Millennials would desire when considering a new job.
At the same time, this factor also represented the biggest gap between desire and current provision in the workplace.
So what does this mean? A greater need for alignment in the real estate decision-making process between corporate real estate and human resources will emerge.
While corporate real estate has traditionally placed the greatest importance on cost, the core offering and base building services, there will be a greater shift towards the appreciation of the cost and value of an organisation’s people and ensuring that their demands are met.
This will drive an increasing demand for some of the softer tenant services and building differentiators such as wellness facilities and customer experience offerings such as concierge services.
According to CBRE’s Occupier Survey, the trend for workplace design is heading towards a more agile workplace format or one which endangers higher performance amongst employees.
An increasing number of occupiers planning a near-term redesign indicated they intend to implement this style of workplace format.
Occupiers who had redesigned in the past two years and adopted a more agile workplace format reported higher success ratings in achieving a number of business objectives, particularly around the areas of achieving knowledge sharing, collaboration and effective use of space.
They also gave the highest ratings in terms of their new workplace format increasing employee productivity, helping to attract and retain staff and improving the on-boarding of new and junior staff.
A high performance workplace format should be designed to enable employees to do their jobs in the most effective and efficient manner whilst also inspiring them and supporting their comfort and wellness.
Ultimately the goal of a high-performance workplace is to increase employee productivity and thus business profitability.
The next frontier in the evolution of occupier demand will be the expectation of an enhanced customer experience offering.
There is an increasing recognition that the customer relationship is now evolving beyond that of the landlord and the representative of the tenant that signs the lease.
It is now extending to include occupants of and visitors to the building.
With more diversity in the workforce, a more flexible approach to work and an increasing focus on wellness and work-life balance.
It will be imperative for landlords and building managers to ensure they are delivering an enhanced customer service experience to gain a competitive advantage in the marketplace and strengthen the landlord/occupier relationship.
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Lift performance, technology and indoor quality top factors in choosing offices: CBRE

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Performance in 2017 will differ markedly across the major cities throughout Australia as further divergence will occur in the hotel sector, according to CBRE’s latest report.
Some markets struggling to cope with unfavourable trading conditions and increases in supply.
However, the star performers of 2016 – Cairns, the Gold Coast, Hobart – will continue their rise off the back of renewed interest in their locale by both foreign and domestic tourists.
Figure 14 illustrates Sydney’s continued strong revenue per available room (RevPAR) growth off the back of favourable trading conditions in 2015.
<a href="https://www.propertyobserver.com.au/images/2017/02/17/Figure%2014.jpg" target="_blank">Click to enlarge</a>
<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/2017/02/17/Figure%2014.jpg" alt="">
In particular attracting a good mix of corporate and leisure tourists that enabled operators to increase room rates.
With the International Convention Centre opening in early 2017 Sydney room rates are expected to continue to climb off the back of increased corporate travel, albeit at a more moderate pace due to increases in supply.
Despite Melbourne’s strong start to the year there are signs that the market is struggling to cope with the increases in supply entering the market.
Melbourne’s strong performance historically has been largely driven by occupancy rather than room rate growth so any sign of occupancy pressure will see rates decline somewhat in 2017 before stabilising in 2018.
The resource markets of Brisbane and Perth continue to lag the rest of the nation; both saw revenue per available room (RevPAR) declines in the double digits.
The downturn in mining coincided with significant increases in supply in Brisbane which exacerbated the decline in performance.
A problem that Perth will have to contend with in the coming years as it nears the peak of the development cycle in 2018-19.
The more leisure-based destinations of Cairns, the Gold Coast and Hobart have been the star performers in the market as they continue to attract large volumes of both domestic and international visitors.
Admittedly these three markets are coming off a low base as a result of tough trading conditions pre and post GFC.
However 2016’s performance has still been impressive and is set to continue in the coming years as all three benefit from limited supply pipelines coupled with renewed tourist interest.
The year ahead will see increases in supply for the majority of key markets including Melbourne, Sydney, Brisbane and Perth.
However, they will all cope in different ways with Perth and Brisbane forecast to see further declines in hotel performance.
Whilst Sydney is expected to cope well with this increased supply, Melbourne will likely see small falls in room rates and occupancy levels.
Cairns and the Gold Coast have limited pipeline with no major new supply coming into the market in 2017.
“However, such is the interest in these regions we can expect to see developers announcing plans to enter the market, particularly the Gold Coast,” the report stated.
What will be of interest is the style of hotels that are announced in 2017 as recent trends reflect a shift towards greater tailoring of guest experiences such as Accor’s Mama Shelter or IHG’s EVEN Hotels.
In order to stand out from the crowd operators are offering unique experiences to pique interest and capture market share, particularly from the millennial generation, so we will see further announcements regarding these lifestyle brands coming to Australia.
The investment market has been dominated by overseas capital in the last three years and 2017 will likely be no different.
The current capital flight from China should continue to unfold and be the dominant source of capital in 2017 as investors seek safe-havens and long-term income generating assets.
Due to the tightly held nature of CBD markets investors will continue to look at fringe-CBD hotels as well as those in more regional locations such as Cairns and the Gold Coast.
Investors keen to move further up the risk curve will start to look at assets in Brisbane and Perth for potential counter-cyclical investment opportunities.
These markets have seen limited transaction activity over the last few years but such is the dearth of quality stock available in Sydney and Melbourne CBDs that investors may start to turn their attention back to these resource states.
<div>
Office to residential conversions have been popular with investors and developers alike over the last few years, particularly in Melbourne and Sydney.
But with the residential market showing signs of cooling, the potential for conversions earmarked for residential to change to hotels is increasing.
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Hotel market reporting struggles with supply increase and unfavourable conditions: CBRE

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ASX-listed Propertylink Group (ASX:PLG) has posted net earnings of $18.71 million for the six months ending December 31, 2016, the first since its disappointing debut on the market last year.
Propertylink, which owns industrial and logistics properties and also invests in them,  said total comprehensive income for the half year was $38.13 million.
The company said it was on target to deliver the FY2017 forecasts of distributable earnings per security of 6.67 cents and distribution per security of 6.32 cents (pro-rata from the completion of the IPO).
The company declared an interim distribution of 2.7 cents per security, to be paid on March 3.
Propertylink, which raised $502 million from its IPO, made a disappointing market debut in August 2016 when its shares slumped 9 percent.
Chief executive Stuart Dawes hinted that the company was looking to acquire more assets.
“We currently have a strong pipeline of additional assets in due diligence for continued growth in our investment management business and anticipate adding new investors to the investment management platform,” said Dawes.
“We will also continue to assess opportunities to realise assets where strong performance can be crystalised for our investors.”
Financial Highlights
<table style="width: 342px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="179">
 
</td>
<td valign="top" width="82">
1HY15 ($m)
</td>
<td valign="top" width="82">
1HY16 ($m)
</td>
</tr>
<tr>
<td valign="top" width="179">
Net property income
</td>
<td valign="top" width="82">
0.165
</td>
<td valign="top" width="82">
18.714
</td>
</tr>
<tr>
<td valign="top" width="179">
Co-investment income
</td>
<td valign="top" width="82">
1.699
</td>
<td valign="top" width="82">
2.957
</td>
</tr>
<tr>
<td valign="top" width="179">
Investment management revenue
</td>
<td valign="top" width="82">
5.729
</td>
<td valign="top" width="82">
31.278
</td>
</tr>
<tr>
<td valign="top" width="179">
Total comprehensive income
</td>
<td valign="top" width="82">
1.592
</td>
<td valign="top" width="82">
38.137
</td>
</tr>
<tr>
<td valign="top" width="179">
Distributable Earnings
</td>
<td valign="top" width="82">
N/a
</td>
<td valign="top" width="82">
18.045
</td>
</tr>
</tbody></table>
The company said it had kept good momentum in leasing transactions with tenant retention of more than 80 percent. Dawes said Properylink’s portfolio had increased to $697.8 million due to the "team’s active approach to asset management". It completed 35 leasing transactions during the six months, covering 128,418 sqm and accounting for 25.5% of the portfolio. It also increased the weighted average lease expiry (WALE) of the overall portfolio to 4.4 years.
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Propertylink posts net income of $18.7 million, says on the lookout for assets

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A number of mining towns are recording ongoing falls in vacancies, signalling that the housing bust in the mining towns is possibly coming to an end, according to SQM Research’s latest newsletter.
Residential vacancies in Karratha, Port Hedland, Mackay and Gladstone are all down compared to his time last year.
<a href="https://www.propertyobserver.com.au/images/2017/02/24/Screen%20Shot%202017-02-24%20at%2010.32.12%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/02/24/Screen%20Shot%202017-02-24%20at%2010.32.12%20AM.png" alt="">
Reflecting its high vacancy rate, Darwin continues to record big falls in asking rents, with units falling by another 2.5 percent for the month of January (houses down 0.1 percent).
Perth continues to record the largest yearly declines.
However, rents did rise slightly for the month at 1.1 percent for houses and 0.5 percent for units.
Meanwhile, Hobart is the strongest rental market in the nation with rents up by 6.7 percent for houses in January and 11.6 percent for units.
As noted, Hobart also has the lowest vacancy rate of all capital cities at just 0.7 percent.
Brisbane remains a flat rental market with falls in rents being recorded for units in the inner ring of between 2.5 percent to 5 percent declines, against the background of a relatively high vacancy rate of 3.3 percent.
Overall, rents continue to rise at about 2 percent per annum nationwide with some variability reflecting the mixed Australian housing market. 
So far, the feared oversupply for Sydney and Melbourne has not yet eventuated and we are aware of some scaling back of developments, particularly in the Melbourne rental market.
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Mining towns continue to have high vacancies and falling rents: SQM

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Australians and businesses overwhelmingly think our country is a great place to live and have a business.
However, Australian consumers and businesses are anxious about what the future holds.
National Australia Bank (NAB) today released a new report which asks consumers and businesses to explore life, work and running a business in Australia – now and in the future.
“Nine in 10 Australians told us our country’s open spaces, people and lifestyle and access to affordable and quality healthcare are the biggest contributors to liveability and their choice to call Australia home,” NAB Chief Economist Alan Oster said.
“There are some clear differences between states. Consumers in SA/NT are much more positive in relation to travel time, living costs and housing – and in Victoria, a love of sport means entertainment options feature more prominently for liveability than any other state.”
Businesses too are optimistic, with 8 in 10 (82%) surveyed viewing Australia as a great place to have a business.
“Australian business people see the economy, our close proximity and strong connections to Asia and the growing population as some of Australia’s key strengths,” Mr Oster said.
“Making the most of these strengths is vitally important for Australia, to support more growth opportunities for businesses and the millions of Australians they employ.”
But despite their current optimism, the report found only 1 in 2 people and 60% of businesses think Australia will be a great place to live and have a business in 10 years’ time.
“There is a clear message of anxiety in the future coming from Australian consumers and businesses,” Mr Oster said.
“Australians identified access to social welfare, living costs, tax levels, jobs and housing affordability as the key factors they expect will deteriorate the most in the next 10 years.
Consumers are saying they expect very little progress in the areas already holding Australia back now.
“While a person’s income didn’t affect current perceptions of liveability, there was a large future disconnect between high income earners (earning over $100,000) and those earning under $35,000 a year.”
Businesses are slightly more optimistic.
“Australian businesses expect the things that make our country great now to continue to make us great in the future – this includes our population, proximity to Asia and our innovative and entrepreneurial economy.”
“These insights on how Australians feel about our country may be able to help businesses and governments discover what we’re concerned about, and prompt discussion on how to tackle some of the big issues,” Mr Oster said
About 2,300 consumers and 500 businesses took part in the survey, and full findings can be viewed at news.nab.com.au
NAB Chairman Dr Ken Henry will be speaking about the research today in his address to the Centre for Economic Development.
You can find a full version of his speech at <a href="https://www.news.nab.com.au" target="_blank">news.nab.com.au</a>.
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Life in the lucky country: What makes Australia great?

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After a sustained period of growth in residential construction activity over the past five years, 2016 represented a shift in the development cycle with historical undersupply being addressed in most markets, according to CBRE’s latest report.
Sydney remains the exception; low vacancy rates (sub 2 percent) and a nation-leading level of price growth make it likely that the construction cycle with extend for longer in Sydney than in other Australian markets.
Price and rent growth eased across all capital city unit markets in 2016.
Total dwelling approvals in 2016 were 4% lower than in 2015, but as a signpost for 2017 approvals for Q416 were 14% lower than the previous corresponding period.
Approvals are losing momentum.
In light of weaker price and rent growth comes the prospect that developers may delay commencement of projects.
This is especially in markets where demand conditions are less favourable (Brisbane, Perth) or with significant supply (Melbourne), although there was little evidence of this occurring during 2016.
“We expect that less-favourable conditions in mortgage markets (higher interest rates and stricter lending requirements for some types of mortgages) and lower levels of unit rent growth will likely soften buyer demand and reduce the amount of new supply being planned in 2017,” the report stated.
Dwelling approvals are expected to slow in 2017, but unit completions are expected to reach record levels (figure 19).
<a href="https://www.propertyobserver.com.au/images/2017/02/16/Figure%2019.jpg" target="_blank">Click to enlarge</a>
<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/2017/02/16/Figure%2019.jpg" alt="">
With apartments representing 50% of expected completions (up from a historical norm of -30%), inner-city markets, where most new apartments are being built, appear most likely to experience downward pressure on rent growth as a high proportion of the new stock becomes available for rent.
Pricing already shows a narrowing gap in median values between inner-city apartments and outer suburb houses as new supply slows price growth in areas of high building activity.
This is particularly in Brisbane and Melbourne due to the concetration of apartments in the inner-city area.
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Weaker price and rent growth will result in residential project delays: CBRE

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Queensland is a significant step closer to having a world-leading health precinct at Brisbane’s Herston Quarter after Australian Unity today executed a series of agreements for the development.
The $1.1 billion Herston Quarter project is set to provide Queenslanders with access to state-of-the-art health, hospital and aged care services, as well as creating scope in the future for international standard research and educational facilities.
Health, wealth and living company Australian Unity will develop the precinct, which includes both public and private hospitals and residential options for retirees and those looking for aged care, and take an ongoing role in operating care services.
“This project embodies Australian Unity’s vision to create the social infrastructure people need, and we appreciate the Palaszczuk Government’s commitment to moving ahead with this important project for Brisbane and Queensland,” Australian Unity Group Managing Director Rohan Mead said.
“The exchange of contracts between Australian Unity and Metro North Hospital and Health Service for Herston Quarter is a vital step on the path to delivering stronger future health outcomes to Queenslanders,” Mr Mead said.
In August, the Palaszczuk Government announced Australian Unity as the preferred tenderer for the development of Herston Quarter after a rigorous selection process.
Located adjacent to the Royal Brisbane and Women’s Hospital in inner suburban Brisbane, the Herston Quarter is set to include a specialist rehabilitation and ambulatory care centre; a private hospital; residential aged care; retirement living and student accommodation; childcare; a co-working hub and education and training facilities.
“Australian Unity is a 177-year old member-based mutual organisation, so we can focus on longer-term projects such as Herston Quarter that deliver community value over time ahead of short-term shareholder returns,” Mr Mead said.
Australian Unity Chief Investment Officer David Bryant said the Herston Quarter as envisaged would bring together in one project much of Australian Unity’s broader business capacity.
“Herston Quarter will combine our experience in the construction of hospitals and the operation of ‘hard’ social infrastructure such as aged care and retirement villages with our expertise in the provision of ‘soft’ social infrastructure, such as our preventative health businesses, playing an integral part in the health research element of the project,” Mr Bryant said.
Mr Bryant said the overall project had a five to 10 year construction life, but would be completed in stages.
“The first building planned for construction is the public rehabilitation hospital, which we anticipate will be up and running by 2020,’’ Mr Bryant said.
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Australian Unity's Herston Quarter health precinct update

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The Australian Prudential Regulation Authority (APRA) has updated its expectations for sound residential mortgage lending practices for authorised deposit-taking institutions (ADIs) following consultation with industry and other stakeholders.
APRA released for consultation a revised draft of Prudential Practice Guide APG 223 Residential Mortgage Lending in October 2016 to incorporate measures previously announced by APRA in 2014 or communicated to ADIs since that time.
The revisions to APG 223 are designed to ensure that the sound lending practices that have been implemented across the industry since late 2014 are maintained and reinforced.
As a result of the consultation, APRA has made a small number of refinements to the prudential practice guide, which are explained in a letter to ADIs.
APRA does not expect these refinements to result in material changes to existing lending practices across the industry as a whole.
APRA is continuing to maintain its close monitoring and supervision of residential mortgage lending practices, including growth in investor lending, as part of its broader mandate to build resilience in the financial sector and promote financial system stability.
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APRA updates guidance on residential mortgage lending

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The Brisbane Ice Cream Festival will be held in the historic Peter’s Ice Cream Factory on 11 March.
The Brisbane Ice Cream Festival, part of the $800 million West Village mixed-use development, will feature ice creams from Minus 32, Frozen Sunshine, Queen of Pops and Messina Gelato.
The historic factory building is one of two buildings that will be retained as part of developer Sekisui House’s masterplan for the West Village development.
<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/2017/02/15/West%20Village%20V32_Common%20Wide_Final%202000.jpg" alt="">
The building has been an iconic West End landmark since its completion in December 1928.
The Peter’s factory once produced 10,000 gallons of ice cream per day.
 Andrew Thompson West Village project director said the Peter’s factory buildings will stand as an enduring reminder of the industrial past of West End, and the communities that were formed as a result.
“The masterplan for West Village has always focused on preserving and celebrating these historic structures and respecting their stories,” he said.
“We’re honouring an important piece of Brisbane’s history in this urban renewal project that will create a vibrant ground plane at West Village and add to the Boundary Street precinct, which is set to be the central retail hub of West End.
“It is a visionary re-imagining of these buildings that will create a bustling retail hub by combining lively green spaces and green eclectic laneways to bring a diverse new precinct to the beating heart of Brisbane.
<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/2017/02/15/West%20Village%20V40_Common%20Far_Final%2020001.jpg" alt="">
“We want it to be fun for all ages and families, but we also want it to mean something to the many people who remember this historic landmark as it once was.
"It’s important to celebrate the evolution of the city’s history and its cultural heritage, and West Village will accomplish this through this revitalisation process.”
The Brisbane Ice Cream Festival starts from 11am on Saturday 11 March.
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Brisbane's West Village brings Peter’s ice-cream history back to life

Apartment buyers in New South Wales are set to gain a decade of insurance-backed protection against major building defects, after the NSW Parliament passed the Fair Trading and Building Legislation Amendment Bill 2026.&nbsp;

The Bill establishes decennial defect insurance, known in the market as Latent Defects Insurance (LDI), as an alternative to the existing two-year strata building bond. It cleared the Legislative Council with amendments on Tuesday evening (August 4, 2026), with the Legislative Assembly agreeing to those amendments shortly after.

Under the reform, eligible developers can satisfy their statutory bond obligation by taking out an approved decennial-style policy that gives owners 10 years of cover for major structural defects from completion, claimable directly, without first having to pursue developers or builders through costly legal action.&nbsp;

The change forms the final tranche of amendments arising from the 2021 statutory review of the Strata Schemes Management Act 2015 and related legislation.

Resilience Insurance, which originated the cover in Australia and has delivered it in NSW since 2022, welcomed the passage and credited the NSW Government for delivering it.

“This is protection apartment buyers have needed for a long time, and the credit for delivering it belongs to the NSW Government,”&nbsp;said Corey Nugent, CEO of Resilience Insurance.

“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into. Reform like this is what good, evidence-based regulation looks like.”

Resilience has delivered LDI in NSW since 2022, protecting thousands of apartments, giving the State, and now the country, real-world evidence of how decade-long, no-fault protection works in practice.

The reform also places NSW within a wider national shift.

NSW is the third jurisdiction to put decennial cover into law. The ACT legislated for it in 2024, with the scheme taking effect in late 2025, and Victoria passed its own framework on 17 June. Between them, the three cover the majority of Australia's apartment market.

The reform commences once the legislation is proclaimed, which is expected in the coming weeks. From that point, developers of Class 2 residential apartment buildings can meet their statutory obligation with an approved decennial policy in place of the bond.

Buyers who purchased into projects that took out the cover early are among the first in the country to take keys to apartments carrying decade-long structural protection.

“With the legislation passed, the focus now turns to making it work for buyers,”&nbsp;Nugent said.

“There are already thousands of apartments in NSW covered by this insurance, bought by developers who moved early. The question every buyer should be asking in a display suite is a simple one: does this building come with 10-year defect cover, and who stands behind it?&nbsp;

“We look forward to working with the Government and the Building Commission in coming weeks as the framework moves to implementation, and to sharing what we have learned over the past four years so the protection reaches owners as smoothly and quickly as possible.”

Other states are working through their own reform programs. Western Australia has indicated that decennial cover is within consideration a later stage of its reform sequence, and Queensland has been examining the settings as it looks at the development pipeline ahead of the 2032 Olympics.

Resilience Insurance acknowledges the NSW Government’s continued focus on strengthening consumer protection while supporting housing delivery across the State.

Fast Facts: What the reform means

<ul style="color:#222222; font-family:Arial, Helvetica, sans-serif; font-size:small; font-style:normal; font-variant-ligatures:normal; font-weight:400; text-align:start; white-space:normal; background-color:#ffffff; text-decoration-thickness:initial; text-decoration-style:initial; text-decoration-color:initial">
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Proven at scale:&nbsp;Decennial cover has operated in NSW since 2022, protecting thousand of apartments.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">10 years of cover:&nbsp;Protection for major structural defects runs for a decade from completion, claimable directly and with no legal action required.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">An alternative to the bond:&nbsp;Eligible developers can meet their statutory obligation with an approved decennial-style policy in place of the 2% strata building bond.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Part of a national shift:&nbsp;The ACT has had decennial provisions in force since 2025 and Victoria passed its framework in June. NSW now joins them.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">No-fault, first resort:&nbsp;Owners corporations claim directly from the insurer without first having to establish who is liable for the defect.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Cost-competitive:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the 2% bond while offering broader, longer protection.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Market position:&nbsp;Resilience originated LDI in Australia and has delivered it in NSW since 2022.</li>
</ul>

Fast Facts: What is Resilience LDI?

<ul style="color:#222222; font-family:Arial, Helvetica, sans-serif; font-size:small; font-style:normal; font-variant-ligatures:normal; font-weight:400; text-align:start; white-space:normal; background-color:#ffffff; text-decoration-thickness:initial; text-decoration-style:initial; text-decoration-color:initial">
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Resilience Latent Defects Insurance (LDI):&nbsp;Covers major structural defects for 10 years from completion.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Consumer-first:&nbsp;Direct claim access, no need for lengthy legal action.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Cost advantage:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Market leader:&nbsp;&nbsp;Resilience Insurance originated LDI in Australia and is the national market leader.</li>
</ul>

Joel Robinson

NSW parliament passes 10-year defect insurance laws for new apartment buyers

Builder-developer <a href="https://www.apartments.com.au/developers/mcnab-developments">McNab</a> has wasted little time reshaping one of South Brisbane's most significant undeveloped apartment sites after acquiring the property earlier this year.&nbsp;

McNab has lodged plans to scrap an existing approval for two 30-storey towers and instead deliver a single 28-storey residential building, preserving part of the site for a future development opportunity.

The proposal, lodged over <a href="https://www.apartments.com.au/new-apartments/64-peel-street-south-brisbane-qld-4101">64 Peel Street and 9 Cordelia Street</a>, is for a residential-led mixed-use development comprising 124 apartments above a landscaped podium, alongside a boundary realignment that preserves part of the land for a future residential project.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="743bf564-3f8f-45fc-b8d3-bbf18f5b628f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20Peel%20st%20podium.png?VersionId=EhCxGrVn_VFH3qTbKnI4WppGwaMnOn0t" />

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a>, the development will deliver 119 two-bedroom and five three-bedroom apartments across 23 residential levels. A five-level podium will accommodate 135 car spaces, while the ground floor will include a 66 sqm commercial tenancy, an activated residential lobby with work-from-home spaces, and a publicly accessible landscaped plaza linking Cordelia and Peel streets.&nbsp;

Communal amenities will span Level 6 and the rooftop, including indoor and outdoor recreation spaces, a swimming pool, barbecue facilities, kitchen and dining areas, lawn space, sauna, steam room and yoga facilities.

The application also proposes a boundary realignment to create a standalone 1,290 sqm development lot while retaining an adjacent parcel for future redevelopment, allowing the balance of the site to contribute additional housing over time.

Hayball said the architecture has been shaped by the site's elevated corner position at the intersection of Peel and Cordelia streets and Brisbane's subtropical climate.

The design incorporates generous landscaped setbacks, a masonry podium wrapped with planting, large north-facing balconies, and a slender tower profile intended to maximise natural light, cross ventilation and long-range views. The rooftop has been conceived as a wellness-focused retreat overlooking Brisbane, with amenities positioned to capture views towards Mount Coot-tha and the CBD.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="c5f99e84-6ad8-4a87-82d1-869685b754d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20tower%20perspective.png?VersionId=Gw0IuJaSAlk.tvGBxInhZOcQAdIB..2b" />

The planning submission positions the proposal as a response to both changing market conditions and Brisbane's Kurilpa Sustainable Growth Precinct planning reforms.

McNab acquired the site after the previous approval was granted, with the existing scheme no longer reflecting current residential market demands, economic conditions, construction challenges, construction efficiencies or the quality of development outcome now being pursued, the planning report noted.

McNab continues to expand its residential development pipeline across Brisbane and the Gold Coast. The developer recently launched The Tannery in West End, securing more than 60 per cent of apartments before the project's public release. It is also delivering Elements Budds Beach in Surfers Paradise and Lucia Highgate Hill, an eight-apartment boutique development overlooking the Brisbane River.

McNab resets decade-old South Brisbane approval with 124-apartment tower

A steeply sloping Bellevue Hill site is set to accommodate a new mid-rise apartment development, with plans lodged for 20 homes that respond to the site's dramatic topography.

The proposal for the consolidated land at <a href="https://www.apartments.com.au/new-apartments/138a-140-bellevue-road-bellevue-hill-nsw-2023">138A-140 Bellevue Road</a> has been designed by Sydney architecture practice Common Office, which has used the site’s substantial fall to distribute the building’s scale and unlock 20 apartments without presenting the full height to the street.&nbsp;

“The unique design strategy leverages the site’s substantial topographical fall to facilitate increased density, presenting a seven-storey profile to Bellevue Road while rising to 10 storeys at the rear,” Common Office said in its architectural design report.

The apartment mix spans one, two, three- and four-bedroom residences. Four two-bedroom apartments are designated as affordable housing, while the plans also include two adaptable dwellings. The mix is majority three-beds, with the typical three-bed apartment offering around 144 sqm internally, with balconies of around 15 sqm.

The affordable housing component represents 15 per cent of the residential floor area and allows the project to access additional height and floor space under the NSW Government’s in-fill affordable housing provisions. The site also falls within the inner area of the Low and Mid-Rise Housing Policy because it is within 400 metres walking distance of Double Bay Town Centre.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="b1230d0f-3bfa-4a11-abaf-0928c66ef345" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da.png?VersionId=dZeMK3P.OutGjN8ycjsxm8uNsj_QFWQv" />

Common Office has arranged the building around a masonry podium and a lighter upper volume, drawing on two recurring elements of Bellevue Hill’s established architecture: sandstone bases and the vertical proportions of local Inter-war Art Deco apartment buildings.

“The proposal is governed by a holistic design language that reconciles the solid horizontal masonry of the neighbourhood’s podiums with the elegant verticality of its Art Deco heritage,” the architect said.

“The building maintains a consistent rhythmic logic utilising deep recesses and a sophisticated material transition to break down the 10-storey scale into a series of articulated, human-scale volumes.”

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="0147f503-1af1-4d51-97fb-c2f1cba63a9d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20bldg.png?VersionId=GoW7q3NlK67OpnePXhk7zvklrlKb72Qc" />

Large-format sandstone tiles will define the lower levels, establishing a robust base that negotiates the change in elevation from Bellevue Road. Above, red-tinted precast concrete frames, recessed balconies, anodised aluminium screens and expanded metal details will create a more vertically expressed façade. Integrated planter beds will introduce greenery across balcony edges and recessed sections of the building.

The elongated northern façade has been divided into three recessed vertical masses to reduce its perceived length. Triangular window elements and metal privacy screens reference the geometry of nearby Art Deco buildings while controlling overlooking toward surrounding homes. The southern elevation will incorporate further privacy screening, landscaped edges and deep balconies to maintain light and ventilation.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="e8679cf1-18bc-4447-8a0f-0052b94ab83c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da%20rooftop.png?VersionId=5SQqQqRFf76rvE2p1TbxJSweMN70AIbc" />

Private and communal landscaping is distributed throughout the development. A landscaped garden apartment is positioned within the lower portion of the site, while a communal terrace on Level 5 will include a central timber deck, barbecue facilities, resident planting plots and areas for outdoor dining and informal gatherings.

Common Office described the terrace as an elevated sanctuary designed to capture district views and sunlight. Its planting strategy incorporates endemic species associated with the Eastern Suburbs Banksia Scrub, extending the landscape vertically through the building and providing habitat for local flora and fauna.

A second communal outdoor area is proposed at roof level, with built-in seating, paved gathering areas and perimeter planting.

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction. Positive Investment Enterprise is delivering the 16-apartment Kew Palm House on Birriga Road, while Chanine Developments is also under construction at Florian, a 36-apartment project on Banksia Road.

&nbsp;

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction.

First Look: Apartment development pitched for Bellevue Hill, Double Bay fringe

South Brisbane's apartment pipeline continues to build momentum, with <a href="https://www.apartments.com.au/developers/trk-property-group">TRK Property Group</a> lodging plans for a 161-apartment tower on Montague Road as developers accelerate investment across the Kurilpa Sustainable Growth Precinct.

The proposal for 176–186 Montague Road would replace an existing office building with a 20-storey residential tower designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, adding to a growing pipeline of high-density projects reshaping one of Brisbane's fastest-evolving inner-city precincts.

The project has been conceived as a "living building", featuring a flowing tower form, extensive vertical landscaping, and generous communal spaces that respond to the evolving Kurilpa Sustainable Growth Precinct.

TRK Property Group Development Director Matt Kan said the project reflected the confidence developers have in South Brisbane's long-term future.

"South Brisbane is entering an incredibly exciting period, and we see Montague Road sitting right at the heart of that evolution," Kan said.

"With the former Visy site directly opposite us and significant investment planned throughout the broader Kurilpa precinct, there is a real sense of momentum around this part of the city and what it will become over the coming years.

"For TRK, this is an opportunity to be part of that next chapter and deliver a project that responds to where the precinct is heading, while contributing to the continued evolution of Brisbane's river edge."

<img alt="First look: TRK Property joins South Brisbane apartment surge with Montague Road tower plans" data-entity-type="file" data-entity-uuid="590fe1ad-f892-4446-a679-80e33a16d029" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/TRK%20tower%20facade.png?VersionId=uOJStrcKpyHFcPE1w6_9SMAFzVMCcZll" />

The scheme includes a mix of one, two, three and four-bedroom apartments, incorporating multi-purpose rooms in selected residences to provide additional flexibility for home offices or expanded living areas. The proposed mix comprises 15 one-bedroom, 13 one-bedroom plus MPR, 73 two-bedroom, 26 two-bedroom plus MPR, 30 three-bedroom, and four four-bedroom apartments.

Rather than adopting a conventional rectilinear tower, COX Architecture has developed a sculpted form inspired by the movement of the Brisbane River.

"The proposal has been designed by COX Architecture as a 'living building' that responds to the site's riverine setting, floodplain history and evolving urban context within the Kurilpa Sustainable Growth Precinct," the planning report states.

"The architectural form draws from the fluid nature of the Brisbane River, with a curved and undulating tower form that creates a varied architectural edge and avoids a conventional rectilinear tower expression."

The podium has also been designed as an architectural feature rather than a conventional parking structure, with cascading planting, screening and natural-toned materials softening its appearance. Resident parking is elevated above ground level to address the site's flood constraints, while habitable apartments sit above flood planning levels. Upper-level communal facilities are designed to accommodate shelter-in-place arrangements during major flood events.

<img alt="First look: TRK Property joins South Brisbane apartment surge with Montague Road tower plans" data-entity-type="file" data-entity-uuid="01fa15d0-90df-46c7-9555-7941fc45373c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/TRK%20podium.png?VersionId=mHyua.w1pHGBt9qEdWzrlsv.leztUCwO" />

Communal amenity is a major focus of the proposal. Around 1,815 sqm of shared resident space is proposed across the ground floor, level 19 and the rooftop, including co-working areas, indoor and outdoor recreation spaces, wellness facilities, dining and gathering areas, lawn spaces, a rooftop pool and spa, and extensive landscaping. At street level, a landscaped forecourt and approximately 345 sqm of publicly accessible open space along Montague Road are intended to improve the pedestrian experience while activating the building's frontage.

The development will provide 163 car spaces, including 152 resident bays and 11 visitor spaces, together with 144 bicycle spaces incorporating resident storage, visitor parking, bicycle maintenance facilities and e-mobility charging infrastructure.

The site sits within one of Brisbane's fastest-changing inner-city precincts, less than two kilometres from the CBD and within easy reach of South Bank, West End, the Queensland Cultural Centre and extensive public transport connections. The Kurilpa Sustainable Growth Precinct planning framework is encouraging higher-density residential development to help meet Brisbane's housing supply targets while supporting walkable, transit-oriented neighbourhoods.

TRK Property joins South Brisbane apartment surge with Montague Road tower plans

Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Staff reporter

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