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A Chermside property has been sold for $3.5million in an off-market deal to Centennial Industrial &amp; Logistics. 
The partially leased property had a new 10-year lease.
There was also an additional vacant building and a parcel of land for development at 594 Rode Road.
Totaling 10,860sqm, the site features two warehouses of 703sqm and 1,060 sqm at the rear of the site and a 270 sqm showroom.  
JLL Industrial agents Gibson Leembruggen and Fraser Power secured the sale. 
JLL has also been engaged to offer the building for lease and the refurbishment is underway for this tenancy.
“Centennial Industrial &amp; Logistics has invested considerable time in the area with this acquisition enabling them to consolidate a sizeable 4.3 ha holding across three adjoining properties,” said Mr Leembruggen.
“By controlling the neighbouring site they are able to unlock additional value by amalgamating the rear surplus land with 590 Rode Road. 
"Their intention is to develop a high-end industrial estate and land subdivision targeting small-to-medium size users with an end-value of approximately $30 million,” he said.
 “Given the proximity to the hospital, Westfield Chermside and exposure to Rode Road, the site may also offer the potential for higher end retail uses and potentially aged care options.” 
His colleague Fraser Power noted the lease to Allkind Joinery &amp; Glass is returning $160,000 per annum net. 
“The current occupier has called the site home for over 30 years,” he said.  
Centennial Industrial and Logistics is a sector specific, national property funds management group with offices in Sydney and Brisbane.
It has $180 million of investment and development assets under management.
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j.ballantyne1990-6AQqhLzZaK

$3.5 million for Chermside warehouse property

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A retail space in a tightly held section of Armadale’s High Street has been secured by high-end national skincare brand Rationale.
Fitzroys Manager Jordan Ceppi negotiated the five-year lease at 1015 High Street at $85,000 per annum net.
Rationale has taken the 100sqm ground floor shopfront space.
Ceppi said the secure lease demonstrates the high regard retailers have for High Street and its future prospects.
“High Street, Armadale remains one of Melbourne’s strongest retail strips, supported by an enviable range of major and international retailers and designers, and a growing suite of popular hospitality operators.”
The shopping strip’s strong catchment and inner-city location has attracted high-end independent, national and international retailers.
The retailers include ACNE Studios, Carla Zampatti, Zimmermann, Scanlan Theodore, Mecca Cosmetica and Aesop, as well as the bespoke store of H&amp;M’s upmarket sister label Cos.
The high-performing strip boasts an enviable tenancy mix and services a broad catchment "that is one of Melbourne’s most affluent,” he said.
Fitzroys recently leased Level 1, 1062 High Street to Bernadette Pimenta Couture to a popular Melbourne designer.
According to Fitzroys’ Walk the Strip report, Armadale saw retail vacancies fall by 7.9 percent over 12 months to 4.1 percent during 2018.
It is one of the best performing Melbourne’s shopping strips.
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Skincare brand Rationale leases on Armadale's High Street 

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A vacant two-level commercial building has been leased by Melbourne accounting firm BR Wellington Pty Ltd.
Situated at 177 Burnley Street, the leasing deal negotiated by Gray Johnson agent Rory White will see BR Wellington occupy the property from July. 
The property consists of a 1970s office building of 1,230 sqm with six secure off street car parking spaces included at the building, positioned on the corner with Palmer Street. 
White says BR Wellington has secured a new 10 year lease at a commencing annual rental of $320,000 net plus GST. 
“The leasing is equal to a rate of $260 per square metre with fixed annual increases of four percent,” Mr White added. 
The neighbourhood was benefitting from new building developments, refurbishments and strong tenancy demand.
Mr White says that the perceived panache of the area was driving activity.
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Accounting firm BR Wellington leases Richmond commercial office 

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Camping specialist, Thetford Australia Pty Ltd, has signed a five-year lease on its new Melbourne headquarters.
It is in the industrial hub of Somerton. 
Thetford Australia has inked a five-year lease on the 130-132 Freight Drive property.
It comprises an industrial office/warehouse spanning 2,995 sqm.
Located nearby Hume Highway and Cooper Street, the freestanding building includes dual roller door access and ample hardstand/parking. 
CBRE’s Daniel De Sanctis and Daniel Eramo, together with Alex Gazis of National Estate, negotiated the deal.
The rental is $210,000 per annum (net).  
“Given the extremely low vacancy rate for buildings sized between 2,500sqm – 4,000sqm, we were able to lease this property prior to the landlord experiencing any vacancy, ” Mr De Sanctis said.
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Thetford camping and caravan company leases Somerton warehouse 

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A newly refurbished warehouse in the Gold Coast suburb of Nerang has sold pre-auction for $300,000.
The <a id="LPlnk782630" href="http://ecomms.raywhite.com/collect/click.aspx?u=jRYOrR8N39R+6hBQZ7yXMt0Z3VIjNMZGYr1PkEqKl6Ax+ys3ix4tNjtOaxdsC8ZBolhV+WJOtZo=&amp;rh=ff004bbdd2c5508a98e8d94d014a8aaa51810060" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">3/21 Lawrence Drive</a> building has a 148 sqm building area along with a 35 sqm approved office mezzanine.
It was one of five units in the complex.   The property was sold by Ray White Commercial Gold Coast agents Jared Johnson and Lachlan Marshall.   Mr Johnson said the seller, who owns and runs his own local fridge panel installation company, was an owner occupier looking to downsize.   “The buyer is an owner occupier looking to upsize from his current space rented in Burleigh."
 He owns and runs Pratley Guitars, a local guitar designer and manufacturer, he said.   “We had an influx of interest from small businesses looking to purchase a property rather than renting.   “The asset was available as vacant possession.”
It was strategically positioned on one of Nerang’s busiest streets, with easy access to the M1 Pacific Motorway, from both the northbound and southbound entry points.   It provides an industrial height roller.  
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Nerang warehouse sells for $300,000

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The Australian Prudential Regulation Authority (APRA) has begun consulting on possible revisions to its guidance on the serviceability assessments for residential mortgage loan applications.
In a letter to ADIs issued today, APRA has proposed removing its guidance that ADIs should assess whether borrowers can afford their repayment obligations using a minimum interest rate of at least 7 per cent.
Instead, ADIs would be permitted to review and set their own minimum interest rate floor for use in serviceability assessments. APRA has also proposed that ADIs’ serviceability assessments incorporate an interest rate buffer of 2.5 per cent.
Currently, APRA expects ADIs to assess loan serviceability using the higher of either (i) an interest rate floor of at least 7 per cent, or (ii) a 2 per cent buffer over the loan’s interest rate. APRA’s guidance also indicates that a prudent ADI should use rates comfortably above these minima; most ADIs use 7.25 per cent and 2.25 per cent respectively. APRA first introduced the serviceability guidance in December 2014 as part of its efforts to reinforce sound residential lending standards.
APRA viewed the interest rate floor and buffer as serving an important purpose in limiting excessive borrowing in an environment of low interest rates and high household debt.
The guidance was subsequently incorporated into Prudential Practice Guide APG 223 Residential Mortgage Lending, which APRA is now proposing to amend. APRA chair Wayne Byres said the operating environment for ADIs had evolved since 2014, prompting APRA to review the ongoing appropriateness of the current guidance. “APRA introduced this guidance as part of a suite of measures designed to reinforce sound residential lending standards at a time of heightened risk.
"Although many of those risk factors remain – high house prices, low interest rates, high household debt, and subdued income growth – two more recent developments have led us to review the appropriateness of the interest rate floor,” Mr Byres said. “With interest rates at record lows, and likely to remain at historically low levels for some time, the gap between the 7 per cent floor and actual rates paid has become quite wide in some cases – possibly unnecessarily so. “In addition, the introduction of differential pricing in recent years – with a substantial gap emerging between interest rates for owner-occupiers with principal-and-interest loans on the one hand, and investors with interest-only loans on the other – has meant that the merits of a single floor rate across all products have been substantially reduced. “The changes, while likely to increase the maximum borrowing capacity for a given borrower, are not intended to signify any lessening in the importance that APRA places on the maintenance of sound lending standards. Rather, it is simply recognition that the current interest rate environment does not warrant a uniform mandated interest rate floor of 7 per cent across all products.  "The proposed changes will provide ADIs with greater flexibility to set their own serviceability floors, while still maintaining a measure of prudence through the application of an appropriate buffer to reflect the inherent uncertainty in credit assessments.”
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APRA to loosen mortgage lending rules

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Three bidders competed post auction for a Dandenong apartment block sold for $3.62 million.
The 16 in-one-line two-bedroom apartments were at 29 Stud Road.
The property sat on a 2,013 square metre land offering, with RGZ2 zoning with medium density development to 13.5 metres.
It was marketed and sold by Ray White Commercial Glen Waverley agents Ryan Trickey and Ben Ainsworth.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/5/14/Stud%20Road%2029%20-%20outlined%20photos%20x43.jpg" alt="" style="font-size: 12.16px;"> 
Trickey said there was mixed interest as the property, on the market for the first time in 45 years, appealed to several buyer groups.
“Investors looked at yield, developers looked at highest and best use, and groups (like the buyer) looked at value add. This ranged from the high $2 million to low-to-mid $3 million,” he said.
“There was a genuine buzz around the auction, and it took 24 bids before the property was in a position to be sold, and it went to a commercial ‘re-conditioner’ who'll renovate the units and add value to the site.
“The property provides a strong reliable income and offered financial security and at fully-leased rental, the property produces $218,140 per annum with only one vacancy on-site right now.
“Being so close to amenities like Dandenong Plaza, Dandenong Market and the train station means there’ll always be a strong tenant demand for young families and professionals alike.”
Ainsworth said Dandenong was a proven re-development precinct with existing permitted construction underway in the local area.
“Being just 30 kilometres south-east of the Melbourne CBD, the property is within walking distance to all central Dandenong infrastructure,” he said.
“It offers excellent access to the Eastern Freeway, Monash Freeway and benefits from Dandenong train line and buses."
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Post-auction offers secure 16 in-one-line apartments for $3.62 million

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GUEST OBSERVATION
When we think about public spaces, we often imagine large open areas such as squares and parks. The humble footpath is overlooked, although it is an equally if not more important public space for urban social life. Every day, most people will at some point use a footpath. Their ubiquity makes them a fundamental part of cities.
Due to their narrow form and seemingly undesigned nature, it is easy to neglect footpaths. Urban design research tends to favour the bigger picture of streets and streetscapes, or focus on architectural elements such as building forms and frontages. And planning policies tend to treat footpaths as road and transport assets, rather than as public space.
However, footpaths in urban areas support complex social systems and a wide variety of uses. They are a vital public space and deserve more attention in the planning and design of our cities.
<img src="https://images.theconversation.com/files/271273/original/file-20190428-194612-4a3g50.JPG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Daily life on Footscray’s Paisley Street. Yvonne Meng, Author provided
The case for footpaths
In rapidly densifying suburbs such as Footscray in Melbourne’s inner west, footpaths can become a valuable asset to accommodate daily life. Of the 23 hectares that make up Footscray’s commercial core, only 1% is public open space⁠. This is well below the <a href="https://www.maribyrnong.vic.gov.au/Building-planning/Current-and-future-planning/Strategies-and-policies/Open-Space-Strategy" target="_blank">9.9% average</a> in the wider City of Maribyrnong area.
Despite the lack of public open space in Footscray, activity on the streets is lively due to a <a href="https://quickstats.censusdata.abs.gov.au/census_services/getproduct/census/2016/quickstat/SSC20929" target="_blank">diverse social and cultural mix</a> and changing tempo of street activity.
Gentrification, population growth and multi-storey apartment developments are rapidly changing the physical and demographic landscape. Over the next 20 years <a href="https://forecast.id.com.au/maribyrnong" target="_blank">Footscray’s population is forecast to grow by 153.19%⁠</a>. This means more people will need access to limited public space.
There are efforts to create more open space in Footscray. For example, in 2016 the City of Maribyrnong <a href="https://www.maribyrnong.vic.gov.au/News/Little-Saigon-Plaza-Carpark-open-in-Footscray-BID-Grants-awarded" target="_blank">redeveloped an open-lot car park at Byron Street</a> as a multilevel car park with an adjacent plaza. However, solutions of this sort have limitations because publicly owned and underdeveloped land is not readily available.
If we rethink definitions of public space to include footpaths, we can start to establish these as spaces for social interaction rather than merely paths for getting from A to B.
More than walking
Modern footpaths are relatively recent urban space. In Western cities, records of footpaths date back to the third century BC, but only in the <a href="https://www.propertyobserver.com.au/https://trove.nla.gov.au/work/22716510?q=Spiro+Kostof%2C++The+City+Assembled%E2%80%AF%3A+&amp;c=book&amp;sort=holdings+desc&amp;_=1556848373536&amp;versionId=181963025" target="_blank">mid-18th century did they become prevalent in Europe</a>. Before this there was <a href="https://mitpress.mit.edu/books/sidewalks" target="_blank">no real physical separation between pedestrians and the carriageway</a>.
<a href="https://images.theconversation.com/files/271277/original/file-20190428-194616-b9yuyc.JPG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/271277/original/file-20190428-194616-b9yuyc.JPG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
Paisley Street shops in Footscray, where part of the footpath becomes an internalised space. Yvonne Meng, Author provided
In Melbourne, footpaths were scarce at the time the <a href="https://participate.melbourne.vic.gov.au/hoddlegridheritage" target="_blank">Hoddle Grid</a> was laid in 1837. Not until the 1880s were the city’s footpaths <a href="https://www.propertyobserver.com.au/https://trove.nla.gov.au/work/229576802?q&amp;versionId=252404600" target="_blank">properly paved</a>.
In their most pragmatic form, footpaths provide a safe zone for people to walk, away from moving traffic. However, they can also be an extension of the abutting buildings. Retail goods spill out in front of shops and on kerbs, creating internalised regions. Cafes set up chairs and tables for patrons to sit outside, extending trade into the public realm.
In addition, people use footpaths to congregate or socialise. There are buskers, beggars, authorities, people waiting for transport, or simply those taking a moment to stop.
As a result, footpaths are an ever-changing hybrid of social, commercial and recreational use. Although there can be friction between different activities, the value of urban footpaths is that they are many things to many people.
<a href="https://images.theconversation.com/files/271278/original/file-20190428-194620-yxltrk.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/271278/original/file-20190428-194620-yxltrk.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
By offering a seat for passers-by, a window bench improves the footpath’s amenity as public space. Yvonne Meng, Author provided
Yet, despite being such a heavily used space, footpaths in Melbourne are often categorised in planning strategies and policies as road and transport assets. This approach is problematic as it treats them as infrastructure to be managed rather than spaces for human use.
Some cities such as New York do consider footpaths as people-oriented places. The city planning department provides <a href="https://www1.nyc.gov/site/planning/plans/active-design-sidewalk/active-design-sidewalk.page" target="_blank">design guidelines</a> to help architects and designers. Footpaths are conceptualised as a “room” with four surfaces: the horizontal pavement, the wall of the building facing the street, the roadside, and the canopy.
This type of thinking acknowledges that footpaths are immersive spaces and the experience of walking them is integral to the success of a street.
Learning from footpath users
<img src="https://images.theconversation.com/files/271274/original/file-20190428-194620-1coqr4j.JPG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt="">
 Appropriating a doorway space with fake grass and plastic stools. Yvonne Meng, Author provided
People devise many creative and adaptive ways of using them, and architects and planners can learn from these uses. For example, nooks and indents in buildings abutting footpaths enable people to socialise outside in opportunistic ways. However, when unplanned and unmanaged, footpaths can become a jumble of electrical boxes, signposts, café tables, and other disconnected objects.
Footpaths are also the site of temporary events such as markets, which help activate the streets. With local council support, these events not only unlock the potential role of footpaths in community-building, but also help strengthen existing cultural identities.
The weekly <a href="https://www.starweekly.com.au/news/footpath-traders-return-footscray/" target="_blank">Mini Green Market</a> on the corner of Hopkins and Leeds streets was born out of a longstanding tradition of informal street vending in Footscray. Despite some conflict and uncertainty in 2018, vendors can use a wide portion of the footpath to sell their wares in a regular organised event.
<img src="https://images.theconversation.com/files/271276/original/file-20190428-194612-2zm49t.JPG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
 The Footscray Mini Green Market occupies the footpath on the corner of Hopkins and Leeds streets. Yvonne Meng, Author provided
The conundrum facing footpaths is that, despite being a site for many diverse activities, they are not often considered an important public space in their own right. What makes a space “public” is its capability to enable a wide range of uses and allow for interaction between people. Footpaths do exactly that.
To make the most of our footpaths, Melbourne and other Australian cities need a change in mindset in how we view these public spaces. If footpaths were more carefully considered in city design and planning, they could contribute even more to the quality of the urban realm.<img src="https://counter.theconversation.com/content/115151/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
Yvonne Meng, PhD Candidate, Department of Architecture, Monash University
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/dont-forget-the-footpath-its-vital-public-space-115151" target="_blank">original article</a>.
Main photo: In an urban setting like central Footscray, where only 1% of the area is public space, the value of the humble footpath needs to be recognised. Yvonne Meng, Author provided <a href="https://theconversation.com/profiles/yvonne-meng-499093">Yvonne Meng</a>, <a href="http://theconversation.com/institutions/monash-university-1065">Monash University</a>
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Don’t forget the footpath – it’s vital public space: Yvonne Meng

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Demand for rural properties remains reasonably strong in Central Tablelands at present, according to the latest Herron Todd White (HTW) rural report.
The report suggests there is a broad enough cache of buyer types, with their different needs and intentions for acquiring property, to support this demand.
"In our conversations with landholders and potential buyers of properties that are for sale, we learned of a number of varying philosophies about purchasing property in times of drought," says the valuation firm.
The number of properties being offered to the market has eased throughout 2018 and 2019, due in part to the extended dry seasonal conditions. As a result, sales volumes have eased.
"This trend of tightened supply is a continuation of what was seen throughout the past three months and throughout 2018," says the report.
"This tighter supply and limited stock available, in the face of reasonably strong demand, may uphold value levels somewhat."
Belona, a 237 hectare rural property in Manildra is on the market with a price guide of $470,000 (pictured above).
Located at <a href="https://www.realestate.com.au/property-other-nsw-manildra-700026170" target="_blank">671 Bocobra Road</a>, it is mixed of open grazing country and bush.
Other features include five dams and creek with holes, grey loam soils, and timber including yellowbox, ironbark and pine.
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Demand for Central Tablelands rural properties remains strong: HTW rural

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The Real Estate Institute of Australia (REIA) has welcomed the announcement of support for first home buyers through a First Home Loan Deposit Scheme.
REIA President Adrian Kelly said the scheme initially announced by the Government and supported by the Opposition will start on 1 January next year and assist first home buyers with their deposit.
“Under the proposal, first home owners will be able to buy their first home with a deposit of 5% compared to 20% which has become the industry norm post the Hayne Royal Commission,” Kelly said.
“Not only will the scheme see first home buyers achieve their home ownership much earlier it will save them a considerable amount of around $10,000 by not having to pay lenders mortgage insurance.
“The scheme addresses two hurdles facing first home buyers – the deposit gap and transaction costs which include mortgage insurance – in a practical way.
“The last time the Federal Government introduced a special measure for first home buyers was the First Home Buyers Boost during the GFC.
“This measure saw first home buyers, as a percentage of total loans financed, increase from 20.2% in October 2008 to 31.4% in May 2009.
“With first home buyers currently representing just 17.9% of total housing loan approvals at the beginning of this year, the measure will be a timely boost not just for first home buyers but for the building sector and the economy in general.
“It is direct assistance like this rather than changes to negative gearing and capital gains tax which provide better outcomes for all.”
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First home buyer scheme a timely boost for mortgage industry: REIA

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Joel Robinson

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

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Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

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Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

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La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

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<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

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La Vera closes in on completion as Macquarie Park continues residential transformation

Brisbane developer Red &amp; Co's decision to include dual key apartments in its debut Gold Coast apartment development, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO Varsity Lakes</a>, is proving to be one of the project's biggest drawcards, with buyers quickly snapping up the flexible residences.

More than half of the project's 36 dual key apartments have already sold, helping drive COMO beyond the 50 per cent sold mark within the first month of launch.

The strong response highlights growing demand for apartment designs that can adapt to changing lifestyles, with buyers increasingly looking for homes that accommodate multi-generational living, provide rental income opportunities or simply offer greater flexibility over time.

Located on the shores of Lake Orr, COMO will deliver 156 apartments across 16 levels, with the dual-key residences forming a limited release within the broader development.

Each combines a primary two-bedroom apartment with a fully self-contained studio on a single title, connected by a shared foyer and lockable internal door. The design allows owners to house ageing parents, adult children or guests while maintaining privacy, or lease the secondary residence to generate additional income.

Just 17 of the original 36 dual key apartments remain available.

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The innovative configuration combines two fully self-contained residences on a single title, typically comprising a primary two-bedroom apartment alongside a separate studio residence, connected via a shared foyer and lockable internal door.&nbsp;

The model is proving particularly attractive to owner occupiers navigating changing family dynamics and the realities of the current housing crisis.&nbsp;

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<a href="https://www.apartments.com.au/project-marketer/npa">NPA</a>&nbsp;CEO Andrew Erwin said dual key living was resonating strongly with modern buyers because it delivered both financial flexibility and practical lifestyle benefits.&nbsp;

“The housing crisis and rising cost of living are fundamentally changing how Australians think about home ownership,” Erwin said.&nbsp;

“Dual key apartments provide a genuine solution for families who want to stay connected while maintaining independence. Parents can help adult children save for a future home, ageing parents can remain nearby without moving into aged care, and owners still retain privacy and flexibility.

“Importantly, buyers are also recognising the financial advantages. It creates the opportunity to generate additional income from part of the home without the holding costs associated with owning a separate investment property.”&nbsp;

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Unlike traditional dual occupancy arrangements, the residences operate under a single title, meaning owners only incur one set of body corporate fees, council rates and holding costs.&nbsp;

The secondary residence can also evolve over time - functioning as guest accommodation, a home office, creative studio or private retreat before later becoming an income-producing asset.

<a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a>&nbsp;Director and Co-Founder David Laverty said the strong early sales reflected growing buyer urgency and changing priorities within the market.&nbsp;

“Securing more than half of COMO’s residences within such a short timeframe is an outstanding result and a clear endorsement of both the design and location,” Laverty said.&nbsp;

“Buyers are responding to the combination of location, connectivity and amenity, but ultimately it’s value relative to other East Coast markets that is driving enquiry.”&nbsp;

“We’re also seeing strong interest from owner occupiers looking for homes that can adapt with them over time. Flexibility has become one of the most important considerations for buyers in today’s market.”&nbsp;

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Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, COMO features a mix of one-, two- and three-bedroom residences with 2.7-metre ceilings and larger-format floorplans aimed at owner occupiers, downsizers and lifestyle-focused buyers.&nbsp;

The development will feature an extensive rooftop recreation and wellness offering including a 25-metre lap pool, sundeck, barbecue and dining areas, gym, sauna, plunge baths, landscaped gardens, wellness spaces and rooftop pickleball and paddleball courts.

The remaining dual key apartments range from 137 sqm to 167 sqm and include generous three-bedroom layouts with separate self-contained studio accommodation and dual parking.&nbsp;

Erwin said the dual key concept represented a broader shift in how Australians would live in the future.

“People want homes that can evolve with their lives,” he said.&nbsp;

“A dual key apartment can suit a family today, support an ageing parent tomorrow, and potentially generate income later on. That adaptability is becoming incredibly valuable in the current environment.”

Prices currently range from $2,115,750 to $2,583,000.&nbsp;

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Inter-generational living drives demand for COMO’s dual key apartments as housing pressures reshape buyer priorities 

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/ceerose">Ceerose</a> has doubled down on its Leichhardt ambitions, lodging its second State Significant Development Application (SSDA) in the suburb in the last six months.

Their newest proposal seeks to transform a former industrial precinct into a new residential community centred around the adaptive reuse of one of the site's heritage warehouse buildings.

The new project, on a 6,930 sqm block at&nbsp;<a href="https://www.apartments.com.au/new-apartments/40-76-william-street-leichhardt-nsw-2040">40–76 William Street</a>, will bring more than 200 apartments to a suburb that has seen little to no new supply in recent years. It follows Ceerose's late 2025 SSDA for a mixed-use apartment project on nearby Parramatta Road, signalling the developer's growing investment in Sydney's Inner West.

Ceerose Founder Edward Doueihi told Apartments.com.au the developer’s long-standing presence in Leichhardt and the Inner West had given it a strong understanding of how the area has evolved and where its future opportunities lie.

“Ceerose has had a long-standing presence in Leichhardt and the Inner West, giving us a unique understanding of the area’s evolution and future potential,” Doueihi said.

“Having delivered projects throughout the region, we have witnessed the suburb’s transformation first-hand and understand the opportunities for its continued growth.”

Doueihi said that understanding also informed the planning process, with a comprehensive Stakeholder Engagement Outcomes Report prepared before the application was lodged.

The report identified the key issues and concerns raised by neighbouring residents and other stakeholders, allowing those matters to be considered and incorporated into the design where appropriate.

He said the delivery of additional housing would also play an important role in supporting the revitalisation of Norton Street and the Italian Forum.

“By increasing the local residential population, the development is expected to strengthen demand for local businesses, encourage further investment, and help restore the vibrancy that made the precinct a thriving destination in the early 2000s.”

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="7258c54c-8167-479e-8361-2d5fca9915b4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010B%20-%20CGI%20-%20View%202.jpg?VersionId=S9DQfxu_jpcB5LrAEYFUbyMzg5odW6i5" />

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the redevelopment would involve the demolition of four existing industrial buildings while retaining and adaptively reusing the site's most significant warehouse. The retained structure would anchor a new residential precinct comprising five interconnected buildings arranged around a large central landscaped courtyard, with heights stepping from five storeys along the surrounding residential streets to 11 storeys at the William Street corner.

According to the Architecture Design Report by Woods Bagot, the proposal "seeks to create a residential village centred around a generous green heart while celebrating the site's industrial heritage through the adaptive reuse of the existing warehouse building."

The development would comprise 203 apartments, with 188 proposed as build-to-sell residences, alongside 15 affordable housing apartments.

Rather than treating the retained warehouse as a standalone heritage object, Woods Bagot has sought to weave the site's industrial history throughout the masterplan. The proposal retains the north and west facades of the landmark corner warehouse, while new buildings reinterpret the site's brick-and-steel industrial language through their material palette and architectural expression.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="9e8c64c2-881b-49e1-8c90-6b6acaaa45b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010C%20-%20CGI%20-%20View%203.jpg?VersionId=Qm8_8H_Xrg_sc4Mdjc59vlAcKF_5wRTb" />

The design is organised around what Woods Bagot describes as a "green heart", a landscaped communal open space that reinstates the leafy character removed when the site became an industrial storage facility. A new pedestrian laneway running through the site would improve permeability between William, North and Francis streets, linking residents through landscaped public spaces while activating the ground plane.

Residents would have access to communal gardens and shared recreation areas distributed throughout the development. Sustainability has also been prioritised, with the project targeting an average 7.9-star NatHERS rating. Proposed initiatives include rooftop solar generation, rainwater harvesting, passive solar design, naturally ventilated lobbies, extensive cross-ventilation and the reuse of existing building fabric to reduce embodied carbon.

The adaptive reuse strategy became a defining feature of the application after heritage investigations found only one of the site's industrial buildings could feasibly be retained. The Heritage Impact Statement concludes that preserving the key warehouse façades while referencing the site's industrial character throughout the new development provides an appropriate balance between renewal and conservation.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="efffafdb-594f-4e2b-a067-921fd51c05e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010D%20-%20CGI%20-%20View%204.jpg?VersionId=DPmE4.k16YRt0i27hEZVtJAffarpvUfx" />

"Retention and adaptation of the site buildings has been explored but found not to be feasible except for the tallest building, whose street facades will be retained," the heritage report states.

"The proposed building will interpret the brick and steel character of the subject site, including reuse of some components and construction of a large 'sawtooth' structure in the proposed open space."

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="3bfef2b5-83f5-40cd-9cab-767092f34266" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010E%20-%20CGI%20-%20View%205.jpg?VersionId=7asb3i_ql4ybbuJOUb5UHBEIy0Q9t.DF" />

The William Street site is located around 300 metres from Leichhardt North Light Rail station and a short walk to Norton Street's retail, dining and hospitality precinct. The surrounding area has increasingly become a focus for urban renewal given its proximity to public transport and the Parramatta Road corridor.

Doueihi founded Ceerose in 1998 and has grown the business to become one of Sydney's more active apartment developers in recent years, with completed projects including The Alex Collective in Alexandria, Abbie's Lane in Annandale, and the award-winning Munro House in Elizabeth Bay. They are currently delivering Belgravia, 17 luxury apartments in Potts Point.

Staff reporter

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