Too often, heritage buildings become the podium for a contemporary tower. At <a href="https://www.apartments.com.au/new-apartments/623-collins-607-623-collins-street-melbourne-vic-3000">623 Collins</a>, <a>Sterling Global</a> challenged its design team to reverse that process.

The brief to <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> was deliberately simple: "Don't design around the heritage. Design from it." It became the philosophy behind a project that draws inspiration not only from two landmark heritage buildings, but from Collins Street itself, a street layered with architectural history and civic significance.

That philosophy has shaped one of <a href="https://www.apartments.com.au/developments/melbourne-vic-3000">Melbourne</a> CBD's most considered residential projects, where the 1924 State Savings Bank and neighbouring Batman's Hill Hotel have become the architectural foundation for 623 Collins rather than remnants preserved beneath a new development.

[smartcode_project:default project_id=145324 project_image_fid=372749]

Rather than approaching the site as a blank canvas, <a href="https://www.apartments.com.au/developers/sterling-global">Sterling Global</a> saw the existing buildings as the beginning of the story.

"Sites like this rarely become available," the developer said.

"623 Collins wasn't simply an opportunity to develop a prominent CBD site. It was an opportunity to restore and reimagine one of Melbourne's important heritage landmarks while contributing to the continued evolution of Collins Street. For us, the existing buildings weren't constraints. They were the beginning of the story."

Instead of mimicking the ornate heritage architecture, Plus Studio studied the proportions, rhythm and craftsmanship of the original buildings before translating those characteristics into a contemporary 42-storey tower.

[smartcode_project:default project_id=145324 project_image_fid=372748]

"The brief challenged us to create a contemporary landmark that respected Melbourne's architectural history without becoming nostalgic," Plus Studio said.

"Rather than mimicking heritage, we sought to understand its proportions, rhythm and material language before translating those qualities into a distinctly contemporary architectural expression."

The practice says the State Savings Bank and Batman's Hill Hotel became the project's primary source of inspiration, allowing the heritage buildings and contemporary architecture to exist "in conversation rather than contrast." Generous planted terraces further soften the transition between old and new, creating elevated green spaces while reinforcing the dialogue between the restored podium and the contemporary tower.

That dialogue continues throughout the interiors, where Melbourne designer Fiona Lynch developed a material palette inspired by the idea of alchemy, balancing contrasting materials that reference both the Neo-Grec detailing of the original bank and contemporary urban living. The result is a series of spaces that feel timeless rather than trend-driven.

[smartcode_project:default project_id=145324 project_image_fid=354343]

The project will deliver 316 residences across four collections, Heirloom, Signature, Reserve and the Penthouse Collection, with each responding differently to its position within the building, from the restored heritage podium through to the upper levels of the tower. The Heirloom Residences retain defining heritage elements including original heritage windows, generous proportions and high ceilings, while the tower introduces contemporary homes with expansive layouts and elevated views.

Amenities have likewise been designed to support long-term city living rather than short-stay convenience. Residents will have access to concierge services, wellness facilities including a pool, cold plunge, sauna, steam room and gym, alongside private lounges, entertaining spaces and dedicated resident clubs.

Sterling Global says that approach is resonating with buyers seeking permanence rather than novelty.

[smartcode_project:default project_id=145324 project_image_fid=354347]

According to the sales team, purchasers are looking for enduring architecture, generous floorplans, heritage character and long-term value, with many commenting that 623 Collins "doesn't feel like another apartment development" because of the way the architecture has been curated around the site's history.

Situated on the prominent corner of Collins and Spencer streets, the project occupies one of Melbourne's most recognisable gateway sites, marking the western entrance to the city's best-known street. For Sterling Global, it also reflects a broader shift in city-making.

"Rather than maximising development yield, the project embraces adaptive reuse as a design philosophy, allowing heritage to inform architecture, interiors and the overall resident experience," the developer said.

"The result is a building that feels uniquely connected to Melbourne."

[smartcode_project_cta:default project_id=145324]

Joel Robinson

How Sterling Global designed 623 Collins from Melbourne's history

Avant Townhomes is adding to Ivanhoe’s family-sized housing options with <a href="https://www.apartments.com.au/new-townhouses/three-82-ivanhoe-382-upper-heidelberg-road-ivanhoe-vic-3079">Three 82</a>, a collection of just 16 four-bedroom townhomes on Upper Heidelberg Road.

The <a href="https://www.apartments.com.au/developers/intrapac-property">Intrapac Property</a> townhome division has taken a contemporary approach to the traditional family home, pairing larger floorplans with the lower-maintenance format of a townhouse.

[smartcode_project:default project_id=152069 project_image_fid=374394]

Designed by <a href="https://www.apartments.com.au/architects/arcadia-studio">Arcadia</a>, with landscaping by Landsite, the homes feature generous open-plan living and dining areas that connect directly to outdoor spaces, with layouts also designed to maximise natural light and privacy.

Natural stone is used throughout the interiors, including in kitchens that pair stone surfaces with bespoke cabinetry, considered storage and SMEG appliances.

The four-bedroom layouts include built-in wardrobes and a main bedroom with its own ensuite, while family bathrooms service the additional bedrooms. Each home also includes a lock-up double garage and intercom entry.

[smartcode_project:default project_id=152069 project_image_fid=374399]

Energy efficiency has been incorporated into the design through solar panels, double glazing and reverse-cycle heating and cooling, with the homes targeting 7-star energy ratings.

Rather than incorporating extensive communal facilities, Three 82 has been conceived around private residential amenity, with the 16-home scale keeping the focus on individual homes and their own indoor and outdoor spaces.

The development is located at 382 Upper Heidelberg Road, around one kilometre from Ivanhoe Village's cafés and retail and a short drive from Eaglemont Station and Ivanhoe Station.

[smartcode_project:default project_id=152069 project_image_fid=374393]

Several of Ivanhoe's established schools are also nearby, including Ivanhoe Girls' Grammar and Ivanhoe Grammar School. The address also provides access to the suburb's parklands and the wider Yarra River corridor.

<a href="https://www.apartments.com.au/project-marketer/nelson-alexander">Nelson Alexander</a> has been appointed to handle sales.

Construction is underway and progressing well, with Three 82 currently tracking toward completion in Q2 2027.

[smartcode_project_cta:default project_id=152069]

Three 82 brings boutique four-bedroom townhome collection to Ivanhoe

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.

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

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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In Mildura, 17 commercial properties have been marketed by receivers of two portfolios, with eight sold, say valuers Herron Todd White.
‘’Placing so many properties on the market at once has had a flooding impact, with five of the eight showing softer levels than had previously occurred.’’
The valuer says yields for commercial property may have softened by up to 1% over recent times as a result of this oversupply.
One receiver’s sale of seven old style compact shops in a favoured retail location showed a passing yield of 8.5%, while an adjoining block of three shops showed a freehold passing yield of 11.5% – an abnormal variance - and influenced by only one tender being received for this second property, Herron Todd White says.
‘’The marketing of one of Mildura’s prime corner retail buildings, adjoining the entrance to the Langtree Mall, has been an interesting test of investor sentiment.
‘’The two storey building is fully let with a passing net income of $252,000 per annum and an asking price of $3.1 million.
‘’The listing of this prime building has been a good barometer of investor enthusiasm for prime location and secure yields, however, while attracting interest, it has not yet been contracted.’’
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Mildura commercial property market softening under flood of listings: Herron Todd White

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The creation of whole floor - or part floor - open plan New York Style warehouse offices has transformed an older style office building in East Melbourne.
The six level building at 126 Wellington Parade, just east of the Melbourne Hilton, is opposite the Melbourne Cricket Ground and close to a major hospital precinct.
It has been owned for several years by Melbourne investor Brendan Sullivan who appointed estate agents Kliger Wood and Jones Lang LaSalle to lease the building after renovation works.
<img alt="east_melbourne_aug_14_one" height="353" width="470" src="/images/stories/2013/08/east_melbourne_aug_14_one.jpg">
Melbourne Water previously had 2000 square metres on levels two, four, five and six which became vacant last year when it moved to new headquarters at 990 La Trobe Street Docklands.
Leasing agents Michael Simonds, of Jones Lang LaSalle, and Grant McKenzie, of Kliger Wood, have since leased level six to advertising agency The Fuel Agency. It has leased 485 squares at a gross annual rent of about $400 a square metre on a five-year lease with fixed annual rental increases. Four car spaces are leased at $260 a month.
Specialist medical services group Genesis Care, trading as Radiation &amp; Oncology and Heartcare Victoria, has leased level five, also of 485 square metres, as one of its service centres. The five year lease at a gross $400 a square metres comes with fixed annual increases.
A tenancy of 321 square metres at the front of level four is leased to GFK Bluemoon under a new five-year lease on similar terms. The balance of the floor of about 175 square metres at the front of level four has been leased to FSS Advisory, also under a five-year lease.
The front of level two, at 321 square metres, has been leased to Engine Property Group for five years at $400 gross a square metre with fixed annual increases, plus additional car spaces at $260 per bay per month.
Only three small areas remain vacant in the building - 90, 110 and 155 square metres.
McKenzie has also leased two 100 square metre ground floor retail spaces on Wellington Parade. One will be a branch office for residential real estate agent Woodards, and the other a café linked to East Melbourne’s Il Duca. Both will pay annual rents of around $50,000 each.
Sullivan added residential accommodation when he had a home unit of about 200 square metres fabricated off site and craned onto the roof of the building and subsequently leased.
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Wellington Parade New York style warehouse office transforming East Melbourne

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The Settlers Tavern in Gosford has been snapped up by NSW hotelier Phil Bernie for $2.41 million.
Located at 57 Central Coast Highway in Gosford, the the two level hotel features two bars, indoor and outdoor gaming areas, a TAB, commercial kitchen and bistro, as well as office and storage space.
The hotel is part of the Settlers Complex which includes a service station, Hungry Jacks, Red Rooster, proposed convenience store, and on-site parking.
The 5,021 square metre property sold at auction through Daniel Dragiceviech of CBRE, in conjunction with Manenti Quinland &amp; Associates. The vendor was the former head of the Australian Hotels Associate Bob Bourne, who previously owned and operated the hotel for 30 years. 
According to RP Data records, 3/57 Central Coast Highway last sold in 1998 for $1.32 million, 6/57 Central Coast Highway last sold in 2002 for $850,000, and 10/57 Central Coast Highway last sold in 2012 for $400,000.
In total, the property last sold for $2.57 million prior to this sale.
Dragicevich noted that the sale represented increased activity in the NSW pub market.
“The current low interest rate environment continues to make hotel investment more attractive, with this sale just one in a string of recent pub transactions across NSW,” Dragicevich said.
The purchase of Settlers Tavern adds to Bernie’s hotel portfolio, which includes the Swansea Hotel and Mayfield Hotel in Newcastle.
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NSW hotelier Phil Bernie purchases Settlers Tavern

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Many people reading this column might be relaxing at a beachside getaway, a wine region in the south-west, a great fishing spot in the Kimberly or perhaps in a heritage town in the wheat belt.
Over summer many people will be enjoying Western Australia's delightful holiday spots, particularly along the coast. Places like Dunsborough, Denmark, Dongara, Lancelin, Cervantes, Albany and beyond. Over the years many people have bought holiday homes in these places.
Today, holiday homes are being purchased as far apart as Exmouth and Esperance. It all depends on people’s budget, allowable travel time and their strategy behind the purchase.
The ideal holiday home for most people is one that is always available for short stays, but this is a costly option for people who need to take out a mortgage on a second home. They are not the inexpensive country option they once were, particularly on the coast.
However, these days an increasing number of buyers are choosing to combine the purchase of a holiday home with long-term investment plans. This is possible because many favoured holiday locations have developed viable rental markets with local tenants leasing properties for extended periods, often beyond the summer holiday.
Some of these places might include Albany, Harvey, Busselton, Margaret River, Gin Gin, York  and Cervantes, for example.
Homes initially purchased as investments in these locations can later be used for holiday purposes.
In places where demand for rental accommodation is seasonal, such as fishing towns, windsurfing spots and agricultural areas, there is a greater likelihood of vacancies for rental properties outside the peak holiday or industry period. However, the rentals are normally much higher in properties leased for short periods and this can partly offset the loss of rental income when the place is vacant.
The benefit of this strategy is that the owner can then take advantage of the seasonal rental market by using the property off season.
Another option for holiday homebuyers is to purchase a unit in a resort development. Some resort operators will guarantee a rental income for a fixed period. In many cases the purchaser is acquiring a share of a managed investment scheme, which includes a stake in the total income and expenses incurred by the resort.
Either way, the most important consideration when buying a holiday home is, as far as possible, to set aside the emotional reactions and approach the purchase with a clear understanding of the real value of the property, its ongoing costs and the likely rental income.
If you are travelling around the state this holiday season and maybe thinking of a holiday home investment, why not drop into the nearest REIWA agency office and talk to the staff about opportunities?
David Airey is president of the <a target="_blank" rel="nofollow" href="https://reiwa.com.au/home/default.aspx">Real Estate Institute of Western Australia.</a>This article was originally published on <a target="_blank" rel="nofollow" href="https://reiwa.com.au/Faq/Pages/Feature.aspx">reiwa.com</a>.
 
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Buying a holiday home can be part of your long-term investment plan: David Airey

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Chiropractor Luke Smith has taken up the last available retail space in Colonial First State's 367 Collins Street office tower in the Melbourne CBD, known as the Optus Centre.
Smith, part of the Queen Street Chiropractic practice, has leased a 119 square metre shop paying gross annual face rent of $336 per square metre ($40,000 per annum).
The space has been sub-leased from the Commonwealth Bank for three years commencing from June 15.
The lease was negotiated by Ben Tremellen, manager of retail leasing at Colliers International.
Tremellen notes that this is the last remaining retail tenancy within the lobby of the Optus Centre. 
"The building is well serviced by numerous public transport options including trams traversing Collins Street and Elizabeth Street and trains from Spencer Street and Flinders Street Railway Stations. 
"In addition to the substantial amounts of building pedestrian traffic, Collins Street itself benefits from enormous amounts of daily pedestrian traffic – approximately 10,000 people," he says.
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Chiropractor takes up last retail space at the Optus Centre on 367 Collins Street office

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After a tough five years, conditions in the Gold Coast retail property market appear to have stabilised during the first half of 2013, according to Herron Todd White.
There now appears to be a general perception that the market has bottomed.
The property valuation group says it is evident that there was further softening of the market in 2012, in line with a soft local economy and high unemployment, coupled with the adverse impact brought on by reduced tourist numbers and infrastructure upgrades.
‘’The mindset of many buyers in today’s market has shifted on the back of low interest rates and a more competitive finance environment.
‘’Most importantly, however, feedback from local marketing agents indicates that the interest from international investors is also increasing, which is further expanding the pool of potential buyers.
‘’Such parties are canvassing the market and appear to be taking preference towards sites within recognised retail precincts, such as Broadbeach, Surfers Paradise and Southport.’’
Herron Todd White says other beachside areas, such as Burleigh Heads and Coolangatta, are still looked upon favourably by local investors, however, the prospect of any ‘blue sky’ does not ‘’weigh heavily on the purchase decision’’.
Some notable retail transactions over the course of this year include:
• Market Square, Varsity Lakes – reportedly settled in recent weeks, achieving a sale price of around $6 million.
• Pinnacle Pines, Pacific Pines – This McDonald’s and 7-Eleven anchored convenience centre was placed under contract last year, but only emerged as a confirmed sale for $13 million in recent weeks.
• Bronberg Plaza, Southport - This 7-Eleven and IGA anchored convenience centre is reportedly in the final stages of negotiation and is set to be another example of the Gold Coast’s improving retail market.
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Gold Coast retail property stabilised over first half of 2013: Herron Todd White

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Recently, there was an article focusing upon how much the government could save in rent through more efficient use of the office space it occupies.
But let's perhaps look a little wider than that, because over the past decade many major companies have been adopting an activity-based workplace format.
By using this campus-style approach, staff are being provided with a laptop and a locker,  but are not allocated any specific desk.
In Melbourne, the trend has mainly been unfolding within the Docklands with companies like NAB, Telstra, ANZ, Suncorp and Fairfax having all relocated their main offices there. In fact, NAB is currently in the process of filling its second Docklands building — this time in Bourke Street.
So, why is the trend occurring?
<img src="/images/stories/2013/08/lang_aug_14_graph.jpg" width="470" height="266" alt="lang_aug_14_graph">
Source: Jones Land LaSalle, Deloitte Access Economics, The Age.
As you can see from the above graph, workspace ratios (ie: space occupied per employee) has been progressively falling over the past 20 years. But more recently, the trend has been driven by this activity-based approach to tenancy layouts.
Clearly, these larger companies will not need to occupy as much space, if they:
<ol>
<li>
No longer allow for individually-petitioned offices; and
</li>
<li>
Only provide seven desks for every 10 staff members.
</li>
</ol>
What does this mean for landlords? 
Effectively, you are now witnessing the concept of an open plan layout on steroids and obviously, that will translate into bottom-line savings in the annual rent bill.
When the GST was first introduced, there was an initial one-off surge in inflation and similarly, there will need to be a one-off adjustment in the space requirement in these recent new lettings for these larger companies.
As you can appreciate, there are significant upfront costs involved before tenants can achieve these resultant savings in rent. Therefore, according to Jones Lang LaSalle, the targeted "efficiencies" are realistically available only to tenancies of at least 3000 square metres.
As such, there are some existing CBD landlords who will need to cope with the initial impact of this workplace trend and in the process, creatively retro-fit the space being vacated — if their tenants do decide to relocate.
The bottom line is you need to keep in mind that just under half of all CBD tenancies are too small to derive any benefit from an activity-based layout.
Plus, there are a number of pundits who still doubt whether this new trend will deliver anywhere near the expected gains in staff productivity.
Chris Lang is an advisor to commercial property investors, sell-out author and regular speaker on how to invest in commercial property. You can visit his website <a href="https://property-edge.com.au/" rel="nofollow" target="_blank">Property Edge Australia</a> to help you get the most out of your commercial property investing.
This article originally appeared on <a href="https://his-best.biz/" target="_blank">Commercial Property Made Easy</a>.
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Activity-based workplace formats translates to bottom-line savings, but requires the space to implement

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A Clifton Hill owner-occupier has reaped the rewards of Clifton Hill’s growing popularity as a development opportunity, selling a sought after mixed-use site for more than $4million – well above expectations.
Colliers International’s Ted Dwyer and Hamish Burgess sold the 243-247 Queens Parade site prior to auction amid keen buyer interest.
Local developer TSW Developments, run by David Tarascio and Adam Wulff, snapped up the 1080 square metre site, with Wulff saying its appeal lies in its prime inner city location and adaptability.
“We are impressed with the mixed use element of the site, and the flexibility it provides to redevelop for a range of different uses, such as residential, commercial or retail,” Wulff says.
“Of significant appeal is the property’s fantastic amenity with train, tram, bus and retail just a stone’s throw away.”
TSW Developments has two residential projects on the go in Balwyn.
The Queens Parade property has a 190 square metre showroom, 485 square metre warehouse, and a car park.
“From day one, we had significant interest in this property,” Dwyer says. “It is in a sought-after location, with strong local amenity and public transport, and to top it off, any future development will have views across Studley Park.”
There is also potential for the site to benefit from the proposed East-West Link.
Burgess says the success of other recent developments in the area, such as Oxley Collingwood and Graphite in nearby Fitzroy North, also fuelled interest in the Clifton Hill property.
“Inner city infill sites close to transport are always sought after, and this property is no exception. Medium-to-high density residential living in this area is in high demand, and apartment sales are at record levels.
“End residential users like this area for its retail and transport amenity, and for its trendy atmosphere and aesthetic appeal.”
The inner north has been popular lately with nearby development sites 466-482 Smith Street in Collingwood, and 304-310 Lygon Street in Brunswick, selling for $5.4 million and $2.27 million.
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Clifton Hill mixed-use development opportunity sold for more than $4 million

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The department store sector has been under an intense amount of pressure during the past few years, with Myer and David Jones feeling the majority of it.
But the recent moves by David Jones provides some insight into the company’s strategy – and it may just be what the company needs to survive.
Chief executive Paul Zahra said that the company had entered into an agreement with Dick Smith Electronics – recently sold to private equity group Anchorage by Woolworths – to operate the existing electronics business under the Dick Smith banner.
Specifically, the products will be branded under “David Jones Electronics Powered by Dick Smith”.
Under the terms of the agreement, Dick Smith will acquire all of David Jones’ electronics inventory, as well as fittings. Dick Smith will be responsible for fulfilling all orders.
“Dick Smith will…pay to David Jones on a monthly basis a fixed percentage of the sales generated by the David Jones Electronics Business,” the company said.
This gets rid of a lot of problems for David Jones. It no longer has to deal with a low-margin business and it can focus on what it does best in other categories. At the same time, it provides Dick Smith with a good way to start expanding after a recent downsize.
David Gordon, partner at Lowe Lippmann, said that the move makes “complete sense”.
“To bring in a partner that has expertise in those categories is a good move,” he says. “Their position is that they’re turning around – and so they need to focus on what they’re good at.”
The David Jones-Dick Smith partnership is a great move at turning the department store’s fate around. But more than that – it’s just a great business move.
So here are five lessons smart businesses should take away from this deal – lessons they should implement in their own companies:
<img alt="numberonejuly11" height="32" width="25" src="/images/stories/2013/07/NUMBERS/numberonejuly11.jpg">
Focus on what you’re good at
David Jones is traditionally good at a few things – selling fashion and high-end consumer goods.
Televisions and electronics equipment aren’t in this category. It doesn’t employ specialists who know all there is to know about every product, and worse than that, the stores don’t even stock a lot of inventory in these categories.
When consumers head to David Jones, they want to buy dresses, suits, cosmetics and higher-priced homewares goods. Focusing on those categories is a solid move.
<img alt="numbertwojuly11" height="29" width="25" src="/images/stories/2013/07/NUMBERS/numbertwojuly11.jpg">
Get rid of low margins
Televisions and electronic equipment is a notoriously low-margin business. Earlier this year the company even said it would stop selling games, music and DVDs as a first step towards transforming its electronics category.
JB Hi-Fi may have delivered an 11% profit increase yesterday, but its chief executive Terry Smart will no doubt say televisions are a low-margin game. David Jones is already heavily invested in fashion, an industry which has suffered in recent years.
Losing a low-margin category is always a good decision.
<img alt="numberthreejuly11" height="33" width="25" src="/images/stories/2013/07/NUMBERS/numberthreejuly11.jpg">
Keep control of your brand
David Jones has a solid brand – at first glance it seems partnering with Dick Smith is a combination that doesn’t quite gel.
But note the branding chosen under the deal – “David Jones Electronics Powered by Dick Smith”. This is an operation run by Dick Smith, but David Jones keeps its name square in the centre of that title.
Protecting your brand is paramount. David Jones’ insistence upon such a name indicates it realises just as much.
<img alt="numberfourjuly11" height="32" width="25" src="/images/stories/2013/07/NUMBERS/numberfourjuly11.jpg">
Use as much data as you can
There is a key part of the David Jones-Dick Smith agreement which provides the department store with quite a bit of power:
“The Electronics business customer database will continue to be owned by David Jones and used by the Company for marketing purposes,” it says.
Data is king. By keeping control of its database, David Jones has allowed itself a significant amount of power. Clever businesses would ensure the same.
<img alt="numberfivejuly11" height="27" width="25" src="/images/stories/2013/07/NUMBERS/numberfivejuly11.jpg">
Partners can be beneficial
This isn’t the first time David Jones has partnered up. Recently the company <a href="https://www.smartcompany.com.au/retail/053871-online-retailer-shoes-of-prey-teams-up-with-david-jones-to-launch-in-store-sales-booths-2">launched a deal with online retailer Shoes of Prey</a> to set up a booth inside the department stores. There customers can use tablets to customise shoes on the website.
When a partnership is a good fit from a branding perspective, there’s no reason not to explore or experiment. Clearly allowing different companies to set up shop in David Jones is a way the department store can hedge its losses – there are almost certainly more on the way.
This article originally appeared on <a rel="nofollow" href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Five key lessons from the David Jones and Dick Smith co-branding deal

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A 1790 square metre commercial property site currently occupied by tiling company Price Tiles in Leichhardt, NSW has been put up for auction.
Located at <a href="https://www.realcommercial.com.au/property-land+development-nsw-leichhardt-500836335" target="_blank">33 Flood Street</a>, the site (pictured above) has been made available for the first time in 44 years, according to listing agent Michael Montano of Raine &amp; Horne Commercial.
On the site stands an office and storage building that measures 1445 square metres over two levels. It is defined by 7 lots on Flood Street, and located in a zoned residential area. It is also walking distance to parks, public transport, shopping centres and other amenities.
Montano told Property Observer the property used to be a timber yard before Price Tiles purchased it for $39,000 in 1969. 
“The building itself is unrenovated and a bit dilapidated. The main part of the building is where it was the original timbre yard; it has a solid brick wall with nice timbre trusses and exposed beams.
"It hasn't been updated for some time and really reflects yesteryear,” he said.
The listing states that the property could be potentially used for residential developments, childcare facilities, education establishments and aged care services.
Montano added that the property market in Sydney’s west has been “robust”, and the site has attracted interest from childcare operators as there has been a “shortage of that".
The property is available to view by appointment, and goes to auction on Saturday, September 21.
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