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The Sydney industrial property market performed strongly in 2018 and will be an even more exciting market to watch in 2019, according to a recent Herron Todd White commercial report. 
There was a notable increase in demand in Sydney’s industrial market during 2018, driven by a number of factors including a strengthening economy coupled with low interest rates. 
Demand was influenced by residential infill re-zonings in traditional industrial precincts close to the Sydney CBD, airport and ports, prompting a flight from inner city areas to more outlying precincts and a chase for yields and capital growth. 
Examples of this include the Alexandria and Mascot areas and the Lower North Shore where land is being rezoned and traditional industrial users need to look further afield for good quality premises.
An Alexandria high functional freestanding commericial facility has been listed for lease with a price of $290 to $525 per sqm.
Located at<a href="https://www.realcommercial.com.au/property-industrial+warehouse-nsw-alexandria-503125458" target="_blank"> 29-31 O'Riordan Street</a> (pictured above), the property features flexible configurations up to 5,000sqm, ample car parking and extensive frontage. 
"Despite the declining residential market and the slowing of the residential development sector, we anticipate that some of these factors will continue to drive demand for industrial space, particularly in the first half of 2019. Many tenants and owner-occupiers alike are experiencing difficulty finding well located, good quality industrial space, a trend we expect to continue this year.
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"In particular, we expect that demand levels will remain reasonably strong in well-located industrial precincts with good connectivity to major transport routes and ease of access to regional business centres including Liverpool, Campbelltown, Parramatta, Blacktown and Penrith. Such precincts include Wetherill Park, Silverwater and Seven Hills.
"In 2019, we expect yield compression to stabilise and display a more subdued rate than was evident in 2018. Industrial properties are currently sold subject to relatively low yield rates, currently generally sitting between four and seven per cent. We consider that these low yields will continue for much of 2019," states the valuation firm. 
The report notes average prime grade industrial rents in Sydney remained somewhat subdued in 2017 and to an extent in 2018, when increases only seemed to appear in the later part of the year. 
"However, with the increased demand for industrial facilities and a lack of stock, we anticipate rents to grow in 2019, particularly in well located precincts that offer ease of access, transport or proximity to the CBD and ports," says the valuation firm. 
A continued lack of land supply will see premiums paid for vacant land and under-improved sites.
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"We continue to follow with anticipation the progress of the Western Sydney Airport. To date, staging works, some roads and clearing has been done. Further work is currently underway. 
"We watch this area keenly as we consider it will have a real impact on the local industrial market, especially as we get closer to the completion of the site and even now, as more and more businesses look to firm up their strategic positions for the future.
"We consider that 2019 will still see some opportunities in the market. The lower end of the market, particularly well located strata units, still present some good opportunities for both rental return and capital growth in the long term. At the other end, investors with a bigger budget will benefit from the increasing rental returns," says the valuation firm.
A high exposure corner site near Western Sydney Airport has been listed for lease with a price of $2,000 per week.
The corner site at<a href="https://www.realcommercial.com.au/property-industrial+warehouse-nsw-badgerys+creek-503082414" target="_blank"> 10 Martin Road, Badgerys Creek</a> (pictued below) includes 3 bedroom house and 130sqm shed/garage.
It's close to all the Western Sydney aerotropolis infrastructure construction. 
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The industrial market in Sydney started off on a strong note in the first quarter of 2019, particularly in the sub $10 million price bracket. The most notable larger sale (missing 2019 by one day) occurred on 31 December 2018 in South Granville. The sale represented an increase in value from around $16 million in 2014 to $24 million in 2018.
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Sydney industrial property market continues strong performance: HTW

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Anthony Carbone of CVA has leased a high exposure industrial premises located at Thomastown.
The 615 sqm premises at 157 High Street boasts a frontage of over 25m to the main street.
It was leased by Everest Institute of Education Pty Ltd who provide vocational education courses in automotive and hospitality. 
The property was leased for $110,000 per annum on a three (3) year lease plus options, equating to a building rate of $178 per sqm.
The single level property comprises showroom/office of 80sqm, warehouse of 535sqm, four RSDs, hardstand area and on-site parking for 21 vehicles.
Located close to High Street's busy retail strip, the property is 200m from Thomastown Train Station and is within 2km’s of the Metropolitan Ring Road, Dalton Road and Mahoneys Road.
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Everest Institute of Education take Thomastown industrial premises lease

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Multi-residential masters Beulah International are in the midst of a construction boom with four projects, worth approximately half a billion dollars, now underway across Melbourne.
Defying market odds, the Melbourne property developer has broken ground on Paragon (CBD), Habitus (South Melbourne), Fawkner House (South Yarra) and The Grounds of Kew (Kew) in less than a year, creating a total of approximately 700 jobs within the construction industry.
Led by Jiaheng Chan and Adelene Teh, the company also delivered a 100 percent settlement rate for its now complete Hallmark Ivanhoe development in January.
Already working on Habitus, Beulah International recently signed multi-residential specialists Ironside as the builder for The Grounds of Kew, while the formal appointment of builders for Fawkner House is imminent.
As the company continues its expansion, Jiaheng said it’s ability to deliver projects was down to the team’s scrupulous hands-on approach from concept to construction and completion, combined with a strong focus on premium and detailed design that was the biggest contributor.
“Our main driver is to continue delivering exceptional developments with our residents in mind. From human-centric design through to the highest building quality, our team is dedicated to achieving an unparalleled calibre of developments,” said Jiaheng.
Aware of the current market lull and reduced funding for developers, Jiaheng said purchasers and financial institutions have remained confident in Beulah International.
“No matter the market, our track record shows we have delivered on projects, whether that be securing debt from financiers, breaking ground or achieving a 100 percent settlement rate on time.
“In addition, we only seek to work with the best project teams across architecture, interior design, landscape architecture, engineering and construction to ensure the finished project reflects what we marketed,” said Jiaheng.
As construction forges ahead, Habitus is due for completion in the second quarter of 2020, while both Paragon and The Grounds of Kew are expected to be completed by the fourth quarter of 2020. Meanwhile, Fawkner House is expected to be complete in late 2020/early 2021.
In 2018, the developer embarked on a groundbreaking global architecture competition for its $2.5 billion Southbank project, crowning UNStudio and local firm Cox Architecture the winners.
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Beulah International has four construction projects underway

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Macquarie Park is set to get its first CBD-quality office building with the launch of John Holland’s Macquarie Square development.
The development precinct will launch a new standard for Macquarie Park, creating 117,071 sqm of office space across five buildings, with a new 7,000 sqm public park at its heart. 
Designed to blend work, lifestyle and recreational activities, the development will also feature retail, premium dining, bars, event spaces, a gym and activated public spaces.
John Holland CEO Joe Barr said the launch of Macquarie Square marked a milestone in the company’s history as an integrated property and infrastructure leader.
“We are the owner, developer and builder of this iconic new precinct, and we are excited to show off this modern marketplace for Sydney,” Mr Barr.
“Thanks to the delivery of another John Holland project, Sydney Metro Northwest, Macquarie Park is more accessible than ever before.”
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Executive General Manager Development &amp; Investments Tom Roche said Macquarie Square presented a huge opportunity for Sydney’s second-largest CBD.
“Macquarie Square is a two-minute walk to Sydney Metro, and will integrate public space, co-working areas, a curated CBD style retail offering, active transport and premium end-of-trip facilities,” Mr Roche said.
“Arriving to market hot on the heels of the record sale of 275 George St, Macquarie Square is an exciting addition to John Holland’s integrated market offering.”
Stage one of the development includes 25,000sqm NLA pre-commitment from the NSW Government.
 The initial building, the Glasshouse, will be complete in March 2020.
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John Holland’s Macquarie Square development launched

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Institutional investors are chasing logistic and warehouse opportunities in Brisbane with the sector recording an estimate of $230 million in sales in Q1 this year (for properties above $5 million). Portfolio sales that were an equity buyout made up an estimated $106 million of this total.  
Rise of e-commerce, logistics and warehousing activity are influencing investors to increase their exposure in the industrial markets across Australia. 
“Investment into the industrial sector has started off strongly this year, with indicative figures showing an increase of 135 per cent on Q1 last year, when sales totalled $98 million, and $27 million was attributed to portfolio sales,” said Simon Beirne, Queensland Chief Executive at Colliers International.  
“Institutional investors are dominating, making up about 74 per cent of the sales, with most of the activity occurring in the greater Brisbane south and south west regions.  
“Strong investor demand and limited available assets have led to further increase in prices and tightening yields across the board, with average prime grade yields sharpening for eight consecutive years and average secondary grade yields tightening for a sixth consecutive year,” said Mr Beirne. 
The highest settled industrial sale in Queensland so far this year was a portfolio of two significant industrial assets in Acacia Ridge which were sold to a Sydney based private investor for $42.08m. 
The subject properties are 134-160 Ingram Road and 220-240 Bradman Street and span a total of 10.3ha of general industry land.
They are occupied by Austube Mills Pty Ltd and Onesteel Reinforcing Pty Ltd on long term leases. Both companies were acquired by GFG Alliance, an international group of businesses, founded and owned by the British Gupta Family. 
The offering was sold via an Expression of Interest campaign marketed by Simon Beirne and Matthew Frazer-Ryan from Colliers International and Tony Iuliano and Gary Hyland from JLL, on behalf of KordaMentha. 
As per the latest research from the Industrial Research and Forecast Report, prime grade yields have tightened in the range of 25bp to 50bp for the past 12 months, to an average of 6.07 per cent as at March 2019.
Lower yields have driven an annual average increase in capital values of 9 per cent to $1,799 per sqm as at March 2019. 
In the secondary market, average yields have compressed 47bp for the YoY to March 2019, to 7.65 per cent. Consequently, annual average capital values for secondary assets have increased by 2.7 per cent, to $1,073 per sqm.
The extent of the capital value increase for secondary assets was limited by a modest fall in rents recorded in the North and South West precincts.
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Institutional investors dominate Brisbane’s industrial market

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Global Industrial will relocate its Sydney manufacturing/distribution facility to Prestons, an industrial hub in the city’s south-west. 
Located at 40 Lyn Parade, the property comprises a quality freestanding industrial warehouse spanning 3,112sqm with large canopy.
The property features modern office space and amenities with internal clearances of up to 10.5 metres. 
CBRE’s Adam Tresidder, Fabio Screpis, John Tsoutsa and Elijah Shakir negotiated the five-year lease deal for an initial rental of $128 per square metre (net). 
Mr Tresidder said the property’s quality offering and location were key to the deal. 
“With great linkages to the M7 and M5 motorways, this property represented an outstanding opportunity to secure a footprint in a key industrial market,” Mr Tresidder explained.
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Global Industrial sets up shop in Sydney’s Prestons

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Fiji’s newest five-star luxury resort, situated on the beachfront of Wailoaloa Beach near Nadi, is being offered to the market for the first time. 
Colliers International in conjunction with the local agents My Fiji Home has been appointed to sell the Pullman Nadi Bay Resort and Spa Fiji by way of an international expressions of interest campaign. 
The marquee resort boasts 236 guest rooms, five restaurants and bars, multiple conference facilities, three swimming pools and a world-class health spa. 
Pullman Nadi Bay opened in May 2019, in time for the busy Fijian winter period, and is managed by global hotel operator Accor Hospitality – the largest operator in Asia Pacific.  
Nestled on 5.7ha of prime beachfront land, on the foreshore of Wailoaloa Beach, it is the closest five-star hotel to the recently upgraded Nadi International Airport.  
Dean Humphries, Colliers’ National Director of Hotels for New Zealand and the South Pacific, acknowledges it is rare for a brand-new resort be offered to the market so soon after opening. 
“The owners of the resort, who are a large and established Fiji-based family, have spent the last four years developing the hotel. However, they have decided to sell this marquee asset now to capitalise on Fiji’s strong tourism sector and a global investment market hungry for high-quality, high-yielding hospitality assets.” 
“Fiji has seen stable governance now for 15 years, with the last democratic elections taking place in November 2018. Economic growth over the period has been strong with a significant amount of infrastructure completed including a FJ$100m plus upgrade of the Nadi International Airport.” 
“We have seen an increasing amount of global capital flow through to the tourism sector in recent years given its attractive returns and strong growth profile.”  
Richard Kirke, International Sales Director of Colliers International’s Capitals Markets team, is confident a large number of international investors will be attracted to investing in Fiji due to the strong growth profile and attractive underlying returns this country offers.  
“In the recent past we have seen a range of institutions, sovereign wealth and private equity funds investing heavily into tourism hotspots such as Maldives, Thailand, Vietnam, Tahiti and the eastern seaboard of Australia.” 
“Fiji as a prime tourism destination ticks all the boxes and is a country we believe will interest many of these parties.” 
Gus Moors, Head of Hotels for Colliers International Australia, says Fiji also has a highly attractive exchange rate at just 0.46 against the USD and 0.66 AUD.  
“Fiji has always been the star performer in the South Pacific basin, accounting for 41% of all international visitors in the region.”  
“Inbound arrivals for the year ending 2018 reached 870,000, representing an annual growth rate of 5.6% since 2014. The key markets segments are Australians (43 per cent), New Zealanders (22 per cent) and the United States (10 per cent). It is forecast Fiji will reach 1 million international tourists by 2023. The Fijian Government has estimated the tourism industry to be a FJ$2 billion industry by the end of 2020.” 
The hotel is being sold through Colliers International and local agents My Island Home Fiji by way of international expressions of interest closing at 4pm (NZST) on Wednesday 31 July.
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Five-star Pullman Nadi Bay resort in Fiji listed for sale

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EG, one of Australia’s leading commercial real estate fund managers, draws the Core Plus Fund (CPF1) to a close with the successful sale of North West Plaza, Everton Park QLD.
EG’s CPF1 was initiated in 2014 with a total gross acquisition asset value of $231 million across 7 assets over a 3-year acquisition horizon. 
The Fund consisted of Sydney, Melbourne and Brisbane office, industrial and retail real estate assets which had the potential for uplift via strategic capital works and active asset management initiatives.
“We are incredibly happy with the performance of CPF1. The Fund has vindicated the investment strategy of identifying and acquiring assets which disproportionally benefit from repositioning while also ensuring strong underlying cash-flows on limited downside risk” Divisional Director, Daniel Farley said.
Assets within this portfolio also included office properties 92 Pitt Street Sydney, 277 William Street Melbourne and 223 Liverpool St, Darlinghurst.
 The Fund will deliver net returns to investors of well over 20% EIRR.
The final disposal for the Fund was Brisbane neighbourhood shopping centre, North West Plaza, (pictured above) which has transacted at $42.5 million in June 2019. 
The successor fund, EG’s Australian Core Enhanced Fund (EG ACE) has completed its first close of $500 million and is open for further investment for the next 12 months.
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EG successfully close Core Plus Fund No.1 after Everton Park sale

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Centuria Property Funds Limited (Centuria) has sold 19 Corporate Drive in Cannon Hill, an A-grade office building in Brisbane’s inner city, for $36.95 million following a campaign that generated strong buyer interest.
Sydney-based syndicator Aviator Capital was the successful buyer. It was Aviator’s third acquisition within the Brisbane market.
Completed in 2008, the two-level commercial building comprises 6,028 sqm of A-grade office accommodation strategically positioned six kilometres from the Brisbane CBD in the tightly-held Southgate Corporate Park.
“The property was originally purchased in December 2012 for $23.30 million and the Fund’s investment rationale since commencement was to provide investors with stable, high yielding and diversified income returns from a quality commercial office property situated in one of Brisbane’s most prominent growth corridors," Head of Real Estate and Funds Management, Jason Huljich said.
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“The gross sale price achieved was approximately $5.1 million or 17% in excess of the December 2018 valuation, which is an outstanding result for the Fund.
“In addition, the Fund has yielded an average income return to investors of approximately 10.3% p.a. over the six and a half years.
“This is an excellent result for all investors in the fund,” Huljich said.
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The sale was negotiated by Matt Barker, Justin Bond and Christian Sandstrom of Knight Frank, along with Anthony Ott and Peter Chapple of Savills.
 
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Centuria sells 19 Corporate Drive, Brisbane for $37 million

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Land values across all Brisbane industrial precincts have trended upwards for the past three years, with the average land value increasing 5.3% to $310 per sqm, for the YoY to March 2019. 
As per the latest Colliers International Industrial Research and Forecast Report, Australia Tradecoast (ATC) experienced the strongest growth in land values for the YoY to March 2019, increasing by 9.9% to an average price of $390 per sqm, from $355 per sqm in March 2018. 
“We anticipate that the limited new development supply will continue putting upward pressure on rents in ATC over the next few years,” said Matthew Frazer-Ryan, National Director, Industrial at Colliers International. 
“As at March 2019, average prime grade net face rents are $118 per sqm, the highest out of any other precinct. 
“Average incentives fell by 1.5% to 12.5% for the YoY to March 2019, which usually is a sign of future rental growth for prime grade assets.” 
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Karina Salas, Research Manager at Colliers International said they anticipate Brisbane’s industrial land values will continue to rise over the medium term. 
“This is due to the current and forecast value proposition of the investment achieving solid yield spreads compared to Sydney and Melbourne, of up to 170bp in some instances, and the significant infrastructure investment program under construction in South East Queensland. 
“According to the Brisbane City Council Industrial Strategy 2019, industrial land in the outer Brisbane regions remain under pressure from encroaching residential and other non-industrial uses and has been reduced by 10 per cent in the last five years (2 million sqm of industrial gross floor area). 
“The rezoning of industrial areas is becoming an issue worldwide as population growth continues putting pressure on land availability to meet housing demand and encroaching into industrial-use land. 
“Demand in the Brisbane industrial market continues to transition from traditional manufacturing industrial use to transport and logistics, retail warehousing and mixed industry business precincts. Ecommerce and online retail activity is changing the way the industrial market operates in Australia and Brisbane is not isolated to this trend,” said Mrs Salas.
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Brisbane industrial land values heading north

Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

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The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

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Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

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Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

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Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

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Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

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The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

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A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

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The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

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North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

[smartcode_project:default project_id=143337 project_image_fid=374768]

McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

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Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

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More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Staff reporter

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