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CVA have leased a modern 2,117 square metres Sunshine office/warehouse space.
The industrial facility located within the established industrial precinct of Sunshine was leased for $155,000 per annum to Cardno Construction Sciences Pty Ltd on three plus three year term, representing a building rate of $73.22 per square metre.
The property features a clear span warehouse of 1,867 square metres with an internal clearance of seven metres and three motorised roller shutter doors.
The fully air-conditioned office component of 250 square metres includes a reception area, open plan and partitioned office space, and floor to ceiling windows providing excellent natural light.
The site is conveniently located close to Somerville Road, Fairbairn Road and the Western Ring Road.
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j.ballantyne1990-6AQqhLzZaK

Modern office/warehouse at Sunshine leased for $155,000 annually

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Titan Recruitment has leased office space at London House in the Perth CBD.
Located at 216 St Georges Terrace, the 315 square metre office was leased with a turnkey fit out delivered by the lessor, WA property group Hawaiian.
The space comprises high quality sit/stand electric workstations, new staff breakout areas, reception and several interview/meeting rooms.
CBRE’s Lachlan Lewis negotiated the six-year lease for a commencing net rental in the range of $515 per square metre.
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London House flexes its strengths to attract Titan tenant

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One of Western Australia’s leading pearl businesses is being offered for sale.
CBRE Agribusiness has been appointed to sell Abrolhos Pearls WA, with its showroom business based in Geraldton and the Abrolhos Islands.
The offering includes a licence to operate a hatchery at Coronation Island, island camps, vessels, barge, jetty, operating equipment and seeding and storage rooms, as well as a 122 square metre freehold show room in Geraldton.
The sale also includes the business’ retail arm, Chimere Pearls – a showroom and online store selling a range of Chimere pearl jewellery.
CBRE’s Phil Melville said the sale represented a unique opportunity to gain a footprint in the pearling industry. 
“This sale represents a unique opportunity to gain a presence in Western Australia’s pearling industry – the state’s second most valuable fishing industry after rock lobster, valued at around $67 million,” Melville said.
“We anticipate interest from investors wanting to take advantage of online platforms to create niche markets for the specialised jewellery sector, as well as a presence in one of the world’s most pristine environments.”
The Abrolhos Islands comprise 122 islands approximately 60 kilometres west of Geraldton on Western Australia’s mid-west coast. The islands’ extensive reef is renowned for its tropical and temperate sea life, which forms one of the state’s unique marine areas.
Abrolhos Pearls WA was established in 1998, with the first culturing experiments undertaken in 1998, and subsequent first pearl harvest 12 months later. The first commercial harvest of culture pearls was released in 2000.
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Leading Western Australia pearl business for sale

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Solomon Lew’s Premier Investments has secured 457 St Kilda Road, Mebourne.
The vacant building fetched $55 million in a contest with residential developers for space on Melbourne’s premier boulevard.
The deal was negotiated by Teska Carson in conjunction with CBRE.
St Kilda Road has been the subject of many recent news stories, most recently regarding conversions to residential with tens of thousands of square metres of office stock withdrawn in the last 12 months alone.
Located in St Kilda Road’s Fawkner Park precinct, the property comprises 9349 square metres of office space over eight stories with 119 parking bays on a 3035 square metre site.
Recently vacated by Computershare subsidiary, Serviceworks Management, the property attracted 10 expressions of interest.
The property was last sold in 2002 also through Teska Carson for $23,250,000. The vendor was a private investment group.
In the mid-1990s, 457 St Kilda Road was part of the Norwich Union portfolio.
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Solomon Lew secures 457 St Kilda Road for $55 million

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 A fully-leased modern convenience centre in a high profile location in Brisbane’s northern growth corridor has been sold for $5.044 million.
The Anzac Avenue Retail Centre is 25 kilometre north of the Brisbane CBD.
Savills agents Jon Tyson and Michael Harcourt sold the centre to a Sydney-based private investor on a 6.94% yield.
The marketing campaign generated more than 200 investor enquiries and 10 expressions of interest.
The 2008-built Anzac Avenue Retail Centre at 1646 Anzac Avenue occupies a 3,349 square metre site and features a total floor area of 584 square metres, incorporating a dynamic mix of national and chain brand tenants including Nando’s, Sunshine Kebabs, Pizza Temptations and Baskin Robbins.
The centre also provides ground level car parking for 40 vehicles.
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Sydney investor secures Brisbane retail asset

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Commercial property professionals continue to be confident over the next two years and sentiment is improving, the NAB Commercial Property Survey for Q3 shows.
The NAB Commercial Property Index rose 11 points to +16, with sentiment higher across the four surveyed sectors of Office, Retail, Industrial and CBD Hotels.
Market sentiment remained strongest in NSW, which rose 17 points over the quarter to +55 and Victoria (up 2 to +30), consistent with the stronger business conditions also exhibited in those states.
<a href="/images/2016/11/09/Commercial%20property%20index.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/09/Commercial%20property%20index.jpg" alt="">
In contrast, sentiment fell a further 6 points in Western Australia to -54.
“Stronger sentiment this quarter came despite moderations in business conditions over the quarter, as recorded by the NAB Quarterly Business Survey,” NAB senior economist Rob de Iure said.
“While sentiment has improved, gains are narrowly based on the eastern seaboard with NSW and Victoria outperforming the rest of the country in sentiment, capital growth and income returns.
“Looking forward, confidence levels from respondents were also high, with gains in the CBD Hotels, Office and Industrial sectors offsetting lower confidence in Retail – likely driven by weaker retail business conditions and subdued consumer spending.”
The Q3 Survey shows nearly two-thirds of all developers looking to start projects were looking at the residential sector, however only 34% planned to start work in the next six months – dropping to 18% in 18 months’ time.
<a href="/images/2016/11/09/Property%20table%201.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/09/Property%20table%201.jpg" alt="">
“Survey respondents may be telling us that the current housing construction cycle, particularly for high density properties, may slow in the coming two years,” Mr de Iure said.
“And while the number of property developers planning to source more capital to fund their development was broadly unchanged quarter-on-quarter, nearly half (48%) were unsure of their intentions over the next 12 months – up from 31% in the second quarter.”
In addition, the Survey found more property developers are using land-banked stock to start new work, which may reflect the high levels of building activity in the residential sectors and land shortages in some cities.
Property professionals on balance also report that it is getting harder to obtain debt and equity for their businesses – with professionals expecting access to funding to remain difficult for the next 6-12 months.
About 240 property professionals participated in the Q3 Survey.
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East-West sentiment divide deepens in NAB Commercial Property Survey

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Coles Group Property Developments has sold its newly developed Coburg North Village shopping centre for $38 million on a fully leased record low yield of 4.94 per cent, to a Melbourne based private investor.
Savills agents Pat De Maria, Tom Forrest and Steven Lerche secured the sale that generated an unprecedented response with a record 300 enquiries.
There were 27 offers to purchase from a range of privates (local and interstate), off-shore and institutional investors with 18 offers at a sub 6 per cent yield.
"In this case the limited availability of quality retail investments and the high level of demand resulted in offers totaling an extraordinary $860 million and a genuine record sub 5 per cent yield for a fully leased neighborhood centre,’’ Mr De Maria said.
Anchored by a flagship Coles Supermarket, on the corner of Gaffney and Sussex streets, the property is fully leased and comprises a 6283 square metre GLA neighborhood centre on an 18,560 square metre site with four street frontages.
It was sold with a new 15 year lease to Coles and Liquorland and an estimated net income of $1.87 million per annum.
Mr Forrest said the key factor was the Coles Supermarket (incl Liquorland) lease.
"It was, without doubt, an unequivocal vote of confidence in the Coles brand,’’ Mr Forrest said.
Located just over nine kilometres north of Melbourne the centre opened in August 2015 and offers a state of the art, flagship full-line market-style Coles Supermarket and Liquorland of 4175 square metres.
The fully leased centre is further supported by 15 convenience based specialty retailers, including a medical centre and pharmacy, and provides sensor activated on-grade parking for 303 vehicles.
The centre also benefits from a large main trade area accommodating in excess of 46,100 residents which is forecast to grow to 52,050 or 12 per cent by 2026.
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Coles Coburg sells for $38 million on record yield through Savills

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Asia Pacific millennials share similar long-term lifestyle priorities with other generations, despite often superficial perceptions of this emerging superclass, according to a CBRE report.
The Asia Pacific Millennials: Shaping the Future of Real Estate survey redefines the perceptions of millennials in the Asia Pacific region and how they approach lifestyle priorities through defined live, work and play ambitions.
Based on responses from 5,000 millennials in Australia, China, Hong Kong, India and Japan, the report demonstrates perceptions that millennials prefer informal employment, seek to change hanging jobs regularly and avoid financial responsibility are inaccurate in this region.
Consistent with previous generations, most millennials save money to buy a home and spend prudently. The report also illustrates that this demographic aspires to carve out a stable career but take into account factors such as office design when selecting an employer—with 71 percent of respondents willing to give up other benefits for a better office environment.
<a href="/images/2016/11/09/Figure%202.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/09/Figure%202.jpg" alt="">
“The millennial demographic in Asia Pacific is a game-changer for businesses across the board. Their live, work and play priorities and habits will shape economics, redefine opinions on workplace design and functionality, and drive new attitudes towards consumption and experience for the foreseeable future,” said Steve Swerdlow, Chief Executive Officer, CBRE Asia Pacific.
“Millennials represent the fastest source of spending power regionally and serve as the most influential demographic framing future trends in real estate through their lifestyle behaviour, requirements and priorities of living, working and play,” said Dr Henry Chin, Head of Research, CBRE Asia Pacific.
The report also highlights some key differences between millennials in Australia and Asia.
CBRE’s Head of Research Australia, Stephen McNabb, said a relatively low proportion of Australian millennials (35 percent) live with their parents /in the family home, compared to 70 percent in Asian countries. Australian millennials are also more likely to be married or live with a partner (54 percent), compared to 37 percent in Asia.
Another key difference relates to receiving financial support from a parent or guardian when buying a home – with just 27 percent of Australian millennials receiving this type of support compared to 63 percent in Asia.
Almost two-thirds of the region’s millennials are still living with family due to both cultural practices and financial factors. In most major markets surveyed, the high cost of residential property across the region are providing challenges for Asia Pacific millennials to accumulate the necessary capital to buy their own home.
The survey found that Asia Pacific millennials do aspire to own their own home, with 65% of respondents planning to buy property in the future. However, 63% of respondents said that they are forced into renting as they are unable to buy, and until they have the financial means to live independently, millennials will continue renting.
<a href="/images/2016/11/09/Figure%204.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/09/Figure%204.jpg" alt="">
“Developers and city administrators should take heed of these trends by constructing more affordable housing for rent and sale,” said Dr Chin. “In response to the challenges for millennials to accumulate capital for down payments, there needs to be innovation in structuring mortgages for young first-time homebuyers.”
Mr McNabb added that affordability was a particular issue in Australia.
“The findings shows that 76 percent of Australian millennials want to buy a property but 66 percent believe they won’t ever be able to afford it and 74 percent believe wages are not keeping up with property prices,” Mr McNabb said.
<a href="/images/2016/11/09/Figure%205.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/09/Figure%205.jpg" alt="">
Millennials comprise 25 percent of the total workforce population in Asia Pacific. The figure is even higher in Australia at 35 percent and is set to reach 40 percent by 2030.
While salary and benefits are still the main draw when considering a job, millennials also factor in lifestyle elements such as office design, flexible working, location and commuting time. The survey findings underline the importance of a high quality office environment—more than 70 percent of respondents said they believe that employers should put more thought into their working environment. Millennials view their office and its immediate surroundings as a community where they can relax, socialise and engage in other activities.
While a preference for new amenities is common across all generations it is the strongest for millennials, with wellness/relaxation facilities and green space being the biggest influence on Australian millennials when looking for a job.
Due to the advent of technology, millennials are also increasingly demanding the freedom to work anywhere, anytime—more than 60% of Asia Pacific millennials desire flexibility and mobility at work.
Job loyalty by millennials is also stronger than perceived; two-thirds of Asia Pacific millennials (or 61 percent of Australian millennials) expect to work for the same company, or for a small number of companies, throughout their career. Findings reveal that inspiration, responsibility and career progression are prerequisites to attract and retain the talent of millennials. People-centric workplace strategies that embrace diversity, choice and community—major draw cards for Asia Pacific millennials in career choice —can keep talent happier, more engaged and more productive.
Just 6 percent of Australian millennials want to work for a large number of companies with frequent changes.
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Think that millennials job hop and will avoid home ownership? Think again

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Small residential projects provide an opportunity for 'mum and dad-style' investors to break into the next level of property speculation, but many of these opportunities are drying up, according to Herron Todd White’s (HTW) latest market report.
The property advisory firm states that it’s important to be well informed as even the most seemingly minor of projects can be a financial undoing – particularly if you don’t get fully prepared before taking the leap.
The report stated the strength of the Sydney property market, demand for housing and overall affordability have seen professional developers and mum and dad developers invest in the property market with small scale developments.
"It seems that investors are moving away from the once traditional investments such as government bonds and also shares which are seen as more volatile with higher risk for less return," the report said.
"This along with the increases in property values has proven that the property market has more appeal."
A lack of available land in already established areas has seen a rise in popularity of redevelopment on both a large scale and on the small mum-and-dad scale as developers take advantage of infill rezoning, transport infrastructure projects and overall demand for new products.
"The northern suburbs of Sydney is price restrictive for the mum-and-dad developer, creating a barrier to entry for developers who are not cashed-up," HTW said.
"The only way mum-and-dad developers can participate is if they already own the property.
"We note the recent sale of an approved two lot subdivision in the leafy north shore suburb of Lindfield."
"The property sold for $2.55 million in January 2015. The purchaser subsequently secured approval to subdivide the rear portion of the block. This same house with approved subdivision plans re-sold in July 2016 for $3.92 million.
"That’s a profit of $1.37 million over 18 months for obtaining approval only.
"This is reflective of the difficulty in obtaining approval in this area, the potential end value for a new dwelling if sold and how entry level mum-and-dad investors can be priced out of the market."
It noted that south west parts of Sydney has seen an explosion in development.
Areas such as Parramatta, Holroyd, Fairfield and Liverpool generally see dwellings on far larger allotments than inner city suburbs which makes way for development opportunities subject to council approval.
Typical small scale projects include:
• Dual occupancies (granny flats, two dwellings on one title, duplex pairs);
• Subdivision of an existing parcel where the owner keeps the main dwelling and sells off the vacant parcel.
When taking on such projects an understanding of the council’s local environmental plans and development control plans is a necessity to ensure any viability with proposed projects.
Generally sites that meet minimum requirements of frontage, size and zoning will be highly sought after, as the approval process for any development can be far less strenuous and cost and time effective.
The issue for mum and dad developers is trying to compete with local small scale developers. They are generally at a disadvantage because they tend not to have:
• Start-up capital to fund projects, in particular the ability to compete for purchase of a site while still being able to make any profit;
• Experience in building and understanding of local council requirements;
• Straight through process of completing the task in the most cost effective way;
• Lack of connection with builders. Mum-and-dad developers would generally have to pay cost plus labour rather than local developers who can source materials cheaper and cover labour themselves.
The projects that the mum and dad developer often tackle that can be very successful, due to the reasonably cost effective start-up costs, are where they consolidate their own site and remove the need to compete in purchasing expensive land. This is normally by way of granny flats, second dwellings and parcel subdivisions.
These small scale developments are well received by the buyer market. The reason for this is because they appeal to different sections of a very active market, such as:
• An investor looking to purchase a site with dual income;
• The extended family arrangements which are popular with residents of the south western area.
• Affordability for the buyer of a smaller home.
As a mum and dad developer the important concept is not to go beyond means and ability. Start off small and build from there.
Within the eastern suburbs and inner west regions there is generally limited small development projects undertaken by mum and dad developers. Even the smaller scale developments of approximately three to six units are generally undertaken by more experienced developers mostly due to the price points and land acquisition costs.
The more common types of small projects tackled within these regions are duplex pairs, dual occupancy (granny flats) and renovation and shift.
There is a wide range of buy-in price points for a duplex site in the eastern suburbs depending on area.
More prestige beachside areas of Bondi, Bronte, Clovelly and Dover Heights will set you back generally $2.75 million plus. Suburbs in the lower eastern suburbs such as Chifley, Malabar and Little Bay will set you back approximately $1.6 million plus for a duplex site with company title used to get approvals through council as opposed to the more conventional strata title or Torrens title.
“We have seen these areas undertake more renovation projects of existing dwellings with the potential for capital gains. Renovated properties are receiving good premiums at present and experienced renovators are receiving good profits from renovating and selling,” the report advised.
Some examples of renovation and shift are 4 Broughton Street, Paddington which previously sold in September 2015 for $1.95 million.
The property was a fully renovated three bedroom,  three bathroom Victorian terrace with one car space and was recently re-sold in August 2016 for $2.9 million.
2 Walter Street, Leichhardt previously sold in July 2015 for $990,000 in poor condition. The property was fully renovated and extended and was re-sold in July 2016 for $1.75 million.
Properties are also being purchased to hold for redevelopment potential in the longer term. Areas such as the Sydenham to Bankstown Urban Renewal Corridor (inner west) and areas close to the South East Light Rail (eastern suburbs) have been popular for their future potential.
The southern regions of Sydney have seen more opportunities for smaller developers with the most common types of small projects tackled being generally duplex pairs, dual occupancy (granny flats) and small scale townhouse or villa developments.
Popular development suburbs include Carringbah, Cronulla and Miranda. The strong demand for new product has seen an influx of owner builders and developers in recent years.
Entry level duplex sites generally start from $1.3 million with duplex construction costs ranging from $750,000 to $1 million depending on size and quality and finished product generally ranging from $1.3 million to $1.9 million.
Some small townhouse developments have also been popular in these locations with a recent example being 69 Caringbah Road, Caringbah.
This property was purchased in July 2015 for $1.805 million and gained development approval for three townhouses. These are currently on the market with asking prices in the vicinity of $1.5 million.
Granny flats have also become increasingly popular with a 2-bedroom granny flat being built for circa $120,000 to provide extra rental income.
These areas have also seen opportunities for renovation and shift. For example a property at 3/7 Whitewood Place, Caringbah South comprises a 3-bedroom, 2-bathroom single level villa which was previously sold in March 2016 for $855,000. Following renovation the property sold on 26 August 2016 for $1.3 million.
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'Mum and dad' developers getting locked out of Sydney small project property market: HTW

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Multiplex has completed the $550 million Upper West Side development at 33 Rose Lane in Melbourne's CBD, with the development of $160 million Tower Three (Stage 4).
Designed by architects Cottee Parker, Tower Three (Stage 4) spans 52-levels and includes 641 apartments, as well as a large retail arcade, communal pool and gymnasium.
Completion of the podium landscape area to Tower Three is expected by mid-November.
The landscape zones have rock climbing facilities and trees.
Residents moved into a section of the building whilst minor construction continued on the upper levels.
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Final stage delivered by Multiplex for upper west side

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/graya">Graya</a> has secured a prime Newstead site from fellow developer Fraser, subsequently lodging plans for The Silo, a major mixed-use residential project in Newstead designed around a new public laneway linking the James Street precinct with the wider Gasworks and Newstead neighbourhood.

Proposed for the corner of Chester and Morse streets, the <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau^Proberts</a>-designed project places its strongest emphasis at ground level, where retail, landscaping and a new cobblestone pedestrian connection would open the site to the surrounding neighbourhood. The design team describes The Silo as “more than a residential building”, positioning the development as an extension of Newstead’s public realm rather than a standalone apartment tower.

“A new cobblestone laneway and landscaped connection between James Street and Gasworks unlock a missing pedestrian link, improving walkability and stitching together two of Brisbane’s significant urban destinations,” Bureau Proberts said in its Urban Design Report.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="0ea1b06a-75f5-40a5-b2c5-33c97bc86052" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/silo%20bldg.png?VersionId=KmjsAtNePu57_B31EM_DJ5T6KPJHtcmo" />

The Silo is planned as a mixed-use development incorporating apartments alongside a bar and centre activities including food and drink outlets, indoor sport and recreation, office and retail uses.

Architecturally, Bureau Proberts has conceived the building as a collection of vertically expressed, stepping forms rather than a single uniform tower. The composition rises from an articulated podium before being broken by a triple-height landscaped recreation level, with the upper section becoming more compact before terminating in a landscaped rooftop garden.

The project's name and architectural language draw directly from Newstead's industrial history. Patterned off-form concrete is proposed as the principal façade material, complemented by slender metal rod balustrades and extensive planting. The cylindrical and vertically ribbed elements give the building its silo-like expression, while curved balconies and planted edges introduce a softer subtropical layer.

“The Silo reinterprets its robust forms, scale and materiality through a contemporary subtropical architectural expression, creating a building that acknowledges its industrial legacy, while responding to the way the precinct is occupied today,” Bureau^Proberts said.

The recreation level is one of the defining breaks in the tower. Plans include a lap pool, mature subtropical planting and shared resident facilities within an elevated communal garden. Landscaping continues through the podium and onto the rooftop, where a further garden forms what the architects describe as a “subtropical crown” to the building.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="f8451036-35a4-49a9-8d88-2ef4438eba3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Silo%20Lane.png?VersionId=h8N31_rYmCEqoNrpt4kbYVQhJGZn60LH" />

At street level, the development has been designed to establish a more permeable block. Retail and hospitality tenancies address the public realm, while landscaped pedestrian spaces lead into the new laneway connection. Renders in the design report show the proposed “Silo Lane” as a substantial opening through the podium, framed by cylindrical concrete forms with cascading planting above.

The Silo continues Graya's move into larger apartment developments after building its reputation across high-end residential projects in Brisbane and the Gold Coast.

Joel Robinson

Graya buys Frasers Newstead site, plans The Silo between James Street and Gasworks precincts

<a href="https://www.apartments.com.au/developers/wickton">Wickton</a>’s completed Linacre Rise development in Hampton is giving Bayside downsizers the opportunity to move into a spacious apartment near the beach, with the developer covering stamp duty for a limited time.

The 27-residence development has been designed for buyers who want to simplify their living arrangements without giving up the space, warmth and quality associated with a long-term family home. Most apartments have already been secured by Bayside locals, leaving a select collection of two and three-bedroom residences and penthouses available.

Two-bedroom apartments are priced from $1.275 million, three-bedroom residences from $2.25 million and penthouses from $3.375 million, with the completed homes available to inspect and move into now.

[smartcode_project:default project_id=95289 project_image_fid=366760]

<a href="https://www.apartments.com.au/buildings/linacre-rise-hampton-8-10-linacre-road-hampton-vic-3188">Linacre Rise</a> occupies an elevated position on one of <a href="https://www.apartments.com.au/developments/hampton-vic-3188">Hampton</a>’s quiet, tree-lined streets, around 250 metres from the bay and 500 metres from Hampton’s village centre. Its setting gives residents access to the beach, local cafés, shops and Hampton Train Station while retaining the feel of an established residential neighbourhood.

Architecture and interiors by <a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a> draw on the warmth and permanence of traditional brickwork, with the building integrated into terraced landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick</a>. Ground-floor apartments are elevated above the street and include private garden courtyards, while several upper-level residences have generous balconies and outlooks toward the bay.

Inside, the residences favour natural materials and generous proportions. Herringbone-pattern European oak flooring, natural stone benchtops, premium joinery and Swiss V-ZUG appliances are among the key inclusions, while integrated storage has been incorporated across kitchens, bathrooms, studies and living areas.

The kitchens have been planned as practical spaces for both everyday use and entertaining, with substantial island benches, detailed cabinetry and adjoining dining and living zones. Full-height wardrobes, plush bedroom carpeting and carefully considered lighting reinforce the residential character Wickton sought to retain for buyers moving from larger homes.

[smartcode_project:default project_id=95289 project_image_fid=366769]

A Linacre Rise purchaser said the completed apartment had delivered the space, outlook and construction quality they had been seeking.

“The unit is very light, has views to die for over the bay, all construction materials and fittings are premium quality, we have secure parking for three cars, EV charging at very competitive rates, the neighbours are friendly and there is just a lovely ambiance about the place,” the purchaser said.

Environmental features include solar panels, shared electric vehicle charging stations, rainwater harvesting for toilet flushing and landscape irrigation, double-glazed windows and water-efficient fixtures and appliances.

[smartcode_project:default project_id=95289 project_image_fid=366762]

The development was built by Balmain &amp; Co, with Wickton managing the broader development process through its in-house team.

For downsizers, the project’s completed status removes much of the uncertainty associated with buying off the plan. Purchasers can inspect the finished apartments, understand their outlook and proportions, and move in without waiting for construction to conclude.

The remaining selection includes north-oriented balconies, corner configurations and penthouses with elevated bay views. The developer-paid stamp duty initiative is available for a limited time, with potential savings of up to $200,000 depending on the residence purchased.

[smartcode_project_cta:default project_id=95289]

Limited-time stamp duty offer at completed Linacre Rise apartments in Hampton

Luxury apartment buyers have long prioritised design, space and finishes, but increasingly they're placing equal importance on something less tangible: how easily they can live without relying on a car.

At <a>Richmond Square</a>, <a href="https://www.apartments.com.au/developers/fortis">Fortis</a> believes that convenience begins beyond the apartment itself, with the mixed-use precinct earning a near-perfect Walk Score of 99.

The development has been planned around the idea that some of the most valuable amenities aren't contained within a building, they're the restaurants, cafés, parks, transport connections and daily conveniences that can all be reached on foot.

Located just behind Swan Street and Church Street, <a href="https://www.apartments.com.au/new-apartments/richmond-square-1-wiltshire-street-richmond-vic-3121">Richmond Square</a> places residents within one of Melbo​u​rne's most established lifestyle precincts while offering a quieter residential setting removed from the busiest thoroughfares. East Richmond Station is moments away, trams run along both Swan and Church Streets, and the MCG, Melb​​ourne Park, Yarra River trails and the CBD are all within walking distance. At the same time, the precinct itself will introduce a curated mix of dining, retail, hospitality and wellness offerings, creating a destination that extends well beyond its residential buildings.

[smartcode_project:default project_id=13181 project_image_fid=348530]

For Fortis, that combination of location and scale was what made the site unique.

"<a href="https://www.apartments.com.au/developments/richmond-vic-3121">Richmond</a> is one of Melb​o​urne's most established and distinctive inner-city neighbourhoods, with a rare combination of dining, culture, recreation, public transport and proximity to the CBD," the developer said.

"The opportunity at Wiltshire Street was particularly compelling because the site sits slightly removed from the activity of Swan and Church Streets while remaining only moments from everything that makes the area desirable."

Rather than developing a standalone apartment building, Fortis consolidated 15 individual properties to create one of the larger development parcels assembled on Mel​b​ourne's city fringe in recent years. That allowed the team to deliver a genuine mixed-use precinct comprising 107 residences across Wiltshire House and Carmine House, premium office space, hospitality venues, retail, wellness offerings and a future 57-room hotel.

"The scale of the site allowed Fortis to think beyond a standalone apartment building," the developer said.

"Richmond Square could be planned as a complete lifestyle precinct, bringing homes, workplaces, dining, retail, hospitality and wellness together around a series of activated public spaces. The aim was to create a destination that feels connected to Richmond rather than separate from it."

[smartcode_project:default project_id=13181 project_image_fid=348533]

The emphasis on walkability has also resonated with buyers.

Interest has been strongest from established owner-occupiers, particularly downsizers from Richmond and Melb​ourne's inner east who want to remain close to familiar restaurants, workplaces, family and social networks while moving into a more secure, lower-maintenance home. The project is also attracting Mornington Peninsula and interstate buyers seeking a Melb​ourne residence they can lock up and leave between visits.

Many are looking for generous living spaces, room to entertain, quality finishes and confidence in the project team, but location remains one of the biggest deciding factors.

"For many buyers, Richmond Square provides a way to simplify the practical side of home ownership without reducing the quality of their lifestyle," the sales team said.

"Location is also a major driver of interest. Buyers can remain connected to the CBD, major sporting events, the arts centres, local restaurants, cafes and bars and their family while living in a private and secure residence that is easy to lock up and leave for weekends or longer periods away."

[smartcode_project:default project_id=13181 project_image_fid=348549]

The residences themselves have been designed with that buyer in mind. Award-winning architecture practice SJB and interior designers Hecker Guthrie have created spacious two and three-bedroom apartments and penthouses that prioritise generous living areas, natural light, bespoke joinery and private terraces. Above, a rooftop sanctuary by Acre includes landscaped lawns, bookable dining rooms, barbecue facilities, wellness spaces and panoramic views across the CBD, the MCG and Port Phillip Bay.

Fortis believes Richmond Square reflects a broader evolution in apartment living, where the surrounding neighbourhood becomes just as important as the residence itself.

"Richmond Square introduces a different proposition: generously proportioned residences within a genuinely mixed-use, hospitality-led destination," the developer said.

"The project's location and Walk Score of 99 further support a lifestyle where residents can complete many everyday journeys without relying on a car."

Fortis has assembled an experienced team that includes <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, <a href="https://www.apartments.com.au/interior-designers/hecker-guthrie">Hecker Guthrie</a>, <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a> and builder <a href="https://www.apartments.com.au/builders/hacer-group">Hacer Group</a>, reflecting the developer's commitment to creating projects with enduring design quality and meaningful connections to the communities in which they sit.&nbsp;

Richmond Square is an expression of that philosophy, bringing together homes, workplaces, hospitality and wellness within one of Me​lb​ourne's most walkable neighbourhoods.&nbsp;

Construction is now almost complete, providing purchasers with growing confidence ahead of its expected September 2026 completion.

[smartcode_project_cta:default project_id=13181]

Walk Score of 99 places Richmond Square at the heart of Melbourne's most connected lifestyle

<h3 data-end="19" data-section-id="1dvgwoe" data-start="0">Summary</h3>

<ul data-end="634" data-start="21">
	<li data-end="170" data-section-id="1o77v31" data-start="21">Walker Corporation has lodged plans for a second major residential development in the Maroochydore City Centre, a 29-storey tower known as Celeste.</li>
	<li data-end="327" data-section-id="1lb0y6t" data-start="171">The Plus Studio-designed proposal at Lot 30 Sunshine Coast Parade would deliver 208 apartments, including four four-bedroom sub-penthouses and penthouses.</li>
	<li data-end="487" data-section-id="za720" data-start="328">The application comes as Walker doubles down on Maroochydore following the strong sales campaign at SOL by Walker, where the first tower is nearing sell-out.</li>
	<li data-end="634" data-section-id="5sovec" data-start="488">Walker is a key partner in the transformation of the Maroochydore City Centre, which is expected to ultimately deliver at least 4,000 new homes.</li>
</ul>

Walker Corporation is doubling down on Maroochydore following the successful sales campaign at its first residential project in the emerging CBD.

The national developer has filed plans for <a href="https://www.apartments.com.au/new-apartments/celeste-30-sunshine-coast-parade-maroochydore-qld-4558">Celeste</a>, a new 29-storey apartment tower at Lot 30 Sunshine Coast Parade, just metres from its under-construction SOL by Walker development.

The plans, prepared by Plus Studio, would see 208 apartments delivered across a 100-metre tower on the 2,376 sqm site, which fronts Sunshine Coast Parade, First Avenue and Future Way within the Maroochydore Priority Development Area.

<img alt="Walker" data-entity-type="file" data-entity-uuid="17038209-6fea-4ed2-855d-fd4df65b3d02" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.16%E2%80%AFAM.png?VersionId=iZD.oVXcQn.aLpUytDAW.CWjxP4puWMy" />

The proposed apartment mix comprises 36 one-bedroom apartments, 48 two-bedroom apartments, 72 two-bedroom apartments with an additional multipurpose space, and 48 three-bedroom apartments.

The upper levels would be capped by two four-bedroom sub-penthouses and two four-bedroom penthouses, taking the total apartment count to 208. The preliminary yield study also provides 262 car spaces, 114 resident bicycle spaces and storage for each apartment.

It represents Walker's next major residential move in the new Maroochydore CBD after the success of SOL by Walker, its $220 million two-tower project nearby.

SOL launched to market in early 2025 and has since seen strong demand, particularly from local owner-occupiers. By February this year, Walker said the first SOL tower was nearing sell-out, with a strong waitlist also emerging for its recently released penthouse collection.

Construction is already underway on SOL, with the first tower expected to be completed in late 2027 and the second to follow in early 2028.

[smartcode_project:default project_id=147777 project_image_fid=319846]

<h2 data-end="2518" data-section-id="1b2dyo5" data-start="2459">Celeste to rise 100 metres over Maroochydore City Centre</h2>

Celeste would take a different form to the twin 19-storey buildings at SOL.

Plus Studio has designed a single 100-metre tower above an activated podium, with the architecture responding to the site's prominent position and three street frontages.

The podium would incorporate commercial tenancies and public art, with sweeping façade elements wrapping the street edges. The scalloped concrete podium has been inspired by the patterns created in sand at low tide, while extensive landscaping would continue vertically through the tower.

The ground level plans show three commercial tenancies addressing Sunshine Coast Parade alongside the residential lobby and landscaped public realm. The podium would then accommodate several levels of car parking before the residential tower rises above.

<img alt="Celeste" data-entity-type="file" data-entity-uuid="121f77b1-71c5-46d7-9b36-0a7d474211ca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.47%E2%80%AFAM.png?VersionId=MGrg9Hb7HgzLN0Lelq_xrXNAruVl77ia" />

Plus Studio said the tower had been designed to maximise views from each apartment, taking in the Maroochy River, Sunshine Coast hinterland, Cotton Tree and Maroochydore Beach and ocean.

Those views have also shaped one of the project's key features, with Walker proposing to put the primary resident amenity on Level 29 rather than lower within the building.

The rooftop would feature a 284.9 sqm pool area with an infinity edge, along with a cold pool, spa, sauna, 93.2 sqm gym, sunset lounge, BBQ and dining areas, pool deck and private dining space. Cabanas and day beds are also shown across the recreation level.

The two penthouses would extend across the upper levels and each feature private terraces and plunge pools.

<h2 data-end="4202" data-section-id="v5f4ix" data-start="4160">Walker's growing Maroochydore footprint</h2>

Celeste further reinforces Walker's commitment to the transformation of Maroochydore City Centre.

Walker is one of the key partners delivering the new CBD alongside Sunshine Coast Council and SunCentral Maroochydore, with the broader 62-hectare Priority Development Area occupying the former Horton Park Golf Course and surrounding land.

The precinct is ultimately expected to accommodate at least 4,000 new homes as Maroochydore evolves into the Sunshine Coast's principal commercial and residential centre.

When SOL secured approval in February 2025, Walker Managing Director and CEO David Gallant described it as the "first of many residential projects" the company planned for the Maroochydore City Centre.

Celeste now provides the clearest indication yet of what comes next.

The site sits immediately within the new CBD, with the design report identifying Sunshine Plaza and surrounding parkland within walking distance and Maroochydore Beach around a five-minute drive away.

For Walker, the timing of the application comes as its first residential bet on the new CBD appears to have been vindicated.

SOL has progressed from planning approval to construction while its first release has approached sell-out, giving Walker confidence to push ahead with another 208 apartments and take its residential pipeline in the Maroochydore City Centre to around 450 dwellings across the two projects.

Celeste remains subject to planning approval, with the architectural material describing the scheme as a preliminary yield study that may change through the assessment process.

Walker doubles down on Maroochydore with 29-storey Celeste apartment tower

For most Australians, buying an apartment is one of the biggest financial decisions they'll ever make

The location, floorplan and price are often the first considerations, but in recent years another question has become increasingly important: who is actually delivering the project?

A series of high-profile builder collapses, construction delays and defect concerns have fundamentally changed how many Victorians approach buying off the plan. The collapse of Porter Davis in 2023, which reportedly left around 1,700 homes unfinished, became one of the most visible examples of the risks that can emerge when a construction company fails. <a href="https://www.equifax.com.au/sites/default/files/lpassets/pdf/Final-Business-Market-Pulse-June-Sector-Deep-Dive-Report-2.pdf">Similar challenges across the broader construction sector</a> have left buyers asking more questions before signing a contract.

As Victoria continues encouraging higher-density housing to address supply shortages, transparency is becoming just as important as location or price.

One tool increasingly entering the conversation is the <a href="https://icirt.com/">Independent Construction Industry Rating Tool (iCIRT)</a>, an independent assessment framework designed to help buyers better understand the developer or builder behind a project. Originally developed by Equifax in consultation with government and industry as part of NSW's Construct NSW reforms, the system has since expanded nationally.

<h2 data-end="1519" data-section-id="7nmx3" data-start="1492">What is an iCIRT rating?</h2>

Most Australians are familiar with independent ratings in everyday life.

We compare ANCAP safety ratings before buying a car. We look at Health Star Ratings in supermarkets. Banks rely on credit assessments when lending money.

Until recently, however, there has been very little independent information available to help apartment buyers assess the business responsible for delivering a residential project.

That gap is what iCIRT was designed to address.

Builders, developers and other construction professionals with an iCIRT rating have demonstrated high-trust characteristics through an independent, evidence-based assessment across six criteria: Character, Capability, Conduct, Capacity, Capital and Counterparties. This involves a rigorous review of financial health, past project track record, and ethical conduct. Crucially, an iCIRT rating could help provide property buyers with confidence that they are working with a professional who has demonstrated the capability, capacity, and willingness to return and rectify issues.

Importantly, iCIRT is not a recommendation to purchase a particular property, nor is it a traditional credit rating. It is an independent assessment framework designed to provide objective information about a construction business using a <a href="https://icirt.com/sites/default/files/2025-08/iCIRT-Methodology-Issue1-May-2021.pdf">published methodology</a>.

The system has been widely adopted in New South Wales, where more than one-third of medium and large residential builders and developers now hold an iCIRT rating, representing over two-thirds of the state's residential building market by value as of 2025/26.

<h2 data-end="3126" data-section-id="h6ohtj" data-start="3084">Why buyers are doing more due diligence</h2>

For many buyers, particularly those purchasing off the plan, the biggest risk isn't whether they'll like the kitchen finishes.

It's whether the project will be delivered on time, to the expected quality, and by a company capable of completing the development.

<a href="https://icirt.com/sites/default/files/2026-07/iCIRT%202025%20Consumer%20Survey%20Report%20v05.pdf">Consumer research commissioned by iCIRT</a> found more than half of respondents believed current protections do not adequately safeguard buyers from builder insolvencies or defective projects. Other research found 88 per cent of prospective buyers would seek independent ratings or due diligence before purchasing, while 90 per cent said trust in construction professionals is essential.

That doesn't mean buyers should rely on a single rating alone.

Independent legal advice, understanding the contract, and seeking financial advice all remain important parts of the due diligence process.

However, an independent assessment can provide another source of information alongside those traditional checks.

<h2 data-end="4138" data-section-id="pquzxc" data-start="4094">Trust is becoming a competitive advantage</h2>

The conversation isn't only changing for buyers.

Developers are also recognising that trust has become an increasingly important part of the sales process.

Five years ago, purchasers typically asked about floorplans, finishes and settlement dates.

Today, sales teams are increasingly being asked about the developer's experience, financial stability, previous projects and construction partners.

For companies with strong governance and established delivery records, an independent iCIRT rating provides another way to demonstrate those credentials before buyers even visit a display suite.

According to Equifax, the assessment can also help businesses drive sales and <a href="https://icirt.com/resources-for-business/icirt-rating-helps-scion-secure-high-value-projects">secure high-value projects</a>, as well as identify operational improvements and <a href="https://icirt.com/resources-for-business/mirvac-reinforces-brand-trust-and-quality-independent-icirt-rating">attract top talent</a>.

<h2 data-end="4962" data-section-id="1j54ng5" data-start="4912">Beyond buyers: lenders are paying attention too</h2>

The influence of independent construction ratings is also extending beyond consumers.

According to Stamford Capital's Real Estate Debt Capital Markets Survey, an increasing number of lenders now incorporate iCIRT ratings into their due diligence processes when assessing residential development finance applications.

The survey found lender adoption has continued to rise, with many respondents saying independent assessments provide additional insight into governance, counterparties and delivery capability beyond traditional financial analysis. Some lenders also reported declining funding applications where businesses had poor or no ratings.

As construction costs remain elevated and access to development finance becomes more selective, demonstrating credibility is becoming increasingly valuable.

<h2 data-end="5801" data-section-id="1qazuxs" data-start="5772">What it means for Victoria</h2>

Victoria's apartment market is entering a new phase.

The state is seeking to accelerate higher-density housing while simultaneously introducing reforms aimed at improving confidence in residential construction.

For buyers, that means there are more tools available than ever before to research the businesses behind a project.

For developers, it signals that transparency is becoming another point of differentiation in an increasingly competitive market.

Buyers are asking more questions than ever before and increasingly expecting independent information, not just marketing material, before making one of the biggest financial commitments of their lives.

Find out how to get iCIRT rated <a href="https://www.icirt.com/sites/default/files/2025-08/iCIRT-Infographic-Assessment-Process-Final.pdf">here</a>.

<hr data-end="6469" data-start="6466" />
The information contained in this article is general in nature and does not constitute personal, financial, legal or tax advice. It does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it and, where appropriate, seek independent professional advice.

This article contains links to third-party websites. These links are provided for convenience only. Equifax Australia does not control and is not responsible for the content, accuracy or privacy practices of external sites.

Copyright © 2026 Equifax Australia Information Services and Solutions Pty Ltd. All rights reserved.

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