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]

Joel Robinson

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

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

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

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

<html><body>
The property management arm of ASX-listed Ariadne has been fined by the Brisbane Magistrates Court for <a href="https://www.smartcompany.com.au/superannuation/056124-former-company-director-charged-with-fraud-for-dishonestly-inducing-smsf-investors" target="_blank">defrauding landlords</a>, after finding the property and investment group guilty of 231 counts of dishonestly converting trust money for its own use.
The court found StayMint, which trades as Mint Hotels, wrongfully converted $141,466 of money – that should have gone to landlords – into its own trust account.
The landlords owned apartments in a Broadbeach complex, Carmel by the Sea.
David Stevens, chairman of the Carmel by the Sea body corporate committee, said problems began when Mint tendered for management rights and tried to take over the rentals by offering a "lease back" where the landlords got a fixed amount from the property manager to let their unit at prices "far in excess" of anything offered before.
"The guests would arrive and they would put them into other owners' units which were not on their list of lease backs," Stevens says.
Mint then leased the units regardless of whether they were being rented, ensuring the apartment owners who signed up had a constant income stream.
But the landlords then discovered people had stayed in their apartment, but the stay was not recorded in the monthly statement to the owner, and the rent not paid.
<a rel="nofollow" href="https://www.brw.com.au/p/business/gold_coast_based_ariadne_subsidiary_YIkg0rfpDJIBiuGZVBfK8K" target="_blank">According to BRW</a>, the irregular financial records were discovered after the Office of Fair Trading commenced an investigation and raided Mint's office, seizing a hard drive and trust account records.
The court found Mint booked tenants into rooms in Carmel by the Sea and then, after the guest had checked out, changed the records to indicate the guest had stayed in a leaseback unit.
Ariadne chief executive Murray Boyte said Ariadne executives did not have any knowledge the scam was taking place.
"This was a flagrant breach of our policies by an employee. They were acting outside of our authority," he says.
Boyte says the Office of Fair Trading investigation confirmed Ariadne's directors were unaware of the employee's actions, which went undetected by the regular and mandatory independent audits of the trust account records.
"The directors were shocked to learn of the employee's conduct," Boyte says.
"As soon as they were made aware of the allegations, they ordered a thorough internal investigation into the matter to determine the extent of the employee's unlawful activities."
Boyte says Ariadne has cooperated fully with the Office of Fair Trading and worked to ensure owners were compensated for the misallocation of funds.
Ariadne's co-operation with the OFT and its unblemished record were taken into account by the court in imposing a fine of $50,000 after Ariadne repaid $75,000 of the misappropriated money owed to 34 affected unit owners.
But David Stevens, chairman of the Carmel by the Sea body corporate committee, says the fine is disappointing as the maximum penalty available was in excess of $3 million.
"[Ariadne] has pleaded guilty to the charges as a company but nobody has been charged as an individual," he says.
"But as the magistrate said, Ariadne will pay a very heavy price in public opinion."
Stevens says the result is a victory for the landlords but the penalty could have and should have been more.
"Ariadne is a big company with deep pockets and they have given us six years of hell," he says.
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
</body></html>

cwaters-YrtBR88nBe

Property manager StayMint fined for defrauding landlords

<html><body>
Australian CBD office sales turnover rose by 24% over the past financial year compared with the previous 12 month period with demand being driven by unlisted wholesale funds, syndicates and AREITs.
“Emerging as a clear trend in 2013 was the return of the domestic buyer,’’ says Knight Frank’s national research director Matt Whitby.
Knight Frank found a significant increase in activity by unlisted funds and syndicates, rising from 23% of sales in 2012 to 44% of CBD deals in 2013 - a total value of around $3.08 billion in 2013.
Also, the listed AREITs’ share of the buyers' market jumped from 17% to 30% and, for the first time in many years, was clearly the biggest net purchasers of CBD office stock.
<img height="391" width="373" src="/images/stories/2013/larry_uploads/cbd_office_sales.jpg" alt="cbd_office_sales">
Source: Knight Frank
The Knight Frank research reveals that offshore groups have often been outbid over the past year, with domestic groups such as Mirvac, Investa, Charter Hall, DEXUS, GPT and the Motor Accident Commission of SA acquiring the lion’s share of the trophy office assets, although in most cases partnering with offshore investors.
Due to this stronger domestic demand for product, acquisitions by offshore groups have fallen from 37% to 18% over the past year.
“Due to the recent sharp fall in the Australian dollar and global share market corrections, this buyer group - although remaining active and seeking increased exposure - may remain in somewhat of a holding pattern until there are concrete signs of a stabilisation,” Whitby says.
He said following the $2.63 billion trough in 2009, there has been a consistent upward trend in CBD office sales volumes since then, reaching around $6.96 billion over the past financial year.
The Knight Frank research found a big increase in the number of CBD office sales greater than $100 million over the past few years, with the worst being in 2010-11 when only seven deals were clinched, compared to 20 over the past year.
This larger transaction activity has also been evident in non CBD/suburban markets, with four major office sales greater than $100 million over the past year - the highest in five years.
Whitby says the rise in transactions over $100 million reflected the recent trend towards local superannuation, AREITs and unlisted wholesale funds, as well as offshore groups, acquiring core, prime assets whether through joint ventures, capital partnering or directly.
‘’The return of the domestic listed groups to acquisition mode, assisted by their lower cost of capital, has allowed income accretive acquisitions. Notwithstanding the recent correction in share prices, AREITs are again raising equity to fund many of their recent purchases,” he says.
Despite the number of non-CBD/suburban office transactions sales increasing modestly, the total turnover by value is down 7% on last financial year.
“This is not surprising as purchasers have been seeking core, passive, mainly CBD assets over the past year, however, it should be noted that there was an increase in the number of large suburban office deals over the past 18 months.’’ Whitby says.
These include the Hines Global purchase of 825 Ann Street, 144 Montague Street and 100 Brookes Street in the Brisbane Fringe, and 465 Victoria Avenue in Chatswood. Groups such as Cromwell, REST, DEXUS and MGPA have also acquired large suburban assets.
“Unlisted and syndicates continue to be the biggest buyers of non CBD/suburban stock, acquiring $696.03 million and a third (33%) of all non CBD sales over the past year, while the always prominent private investors increased their exposure over the past year, climbing to 26% ($554.76 million) of sales compared with 17% last year,” Whitby says.
Knight Frank managing director of commercial sales, Paul Henley, says the increase in private investors has been driven predominately by markets such as St Kilda Road and Richmond in Melbourne, and North Sydney.
There has also been an increase in offshore buyers in non-CBD markets - from 16% to 25% - due to offshore institutional purchasers, such as Hines Global and MGPA, alongside Asian developers.
“Investment in the Melbourne non CBD/suburban market almost doubled over the past year, from $329.27 million to $635.21 million, increasing from a share of 15% to 30% of the Australian non-core total, primarily due to St Kilda Road and Richmond activity.
However, Sydney’s non-core office sector remains the standout by volumes, making up almost half (46%) of all transactions by value at almost $1 billion over the 2013 financial year,” Henley says.
 
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Domestic buyers return to Australian CBD office market: Knight Frank

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Sydney remains Australia’s most expensive city for office occupancy, but a significant value shift towards the Perth market has decreased the gap between the two cities, according to a survey by CBRE Global Research and Consulting.
The semi-annual prime office occupancy costs survey ranks 127 cities throughout the world according to the cost of office occupancy, including rent plus local taxes and service charges.
Hong Kong was ranked the most expensive at US$235.23 per square foot, per annum, followed by London and Beijing.
As for Australian cities, Sydney ranked 13th in the world at US$119.23 per square foot, per annum (just behind 10th placed Manhattan), followed by Perth, in 21st place, at US$97.09, Brisbane in 29th at US$79.10, and Melbourne in 49th at US$61.89.
The cheapest Australian capital cities for office occupancy were Adelaide, in 71st place and Canberra, in 93rd place.
<img height="296" width="470" src="/images/stories/2013/larry_uploads/most_expensive_office_markets.jpg" alt="most_expensive_office_markets"> 
Source: CBRE
Sydney also topped the list for the most expensive market for office space in the Pacific Region.
Perth was ranked 16th in the list of cities that experienced the highest growth in the cost of office occupancy.
CBRE’s head of research for Australia, Stephen McNabb says this shows a “value shift” to the Perth market.
“The increase in terms of trade driven by high commodity prices has boosted income in the WA market relative to other Australian states.
“This has supported capacity to pay higher rents in Perth,” he says.
The survey shows the office occupancy rates for prime office spots in 127 cities worldwide, as of March 31, 2013.
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Sydney remains Australia's most expensive office market, but Perth catching up: CBRE

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Centuria is preparing for a possible July float of its listed property trust after taking over as responsible entity of the North Sydney Property Trust, which comprises the Northpoint Tower office and retail complex in North Sydney.
Northpoint stands at 100 Miller Street at the corner of the Pacific Highway and Miller Street, comprising two retail levels, 32 office floors and a 432 space car park over six basement levels.
It last sold for $114 million in 1987.
The trusteeship was acquired by Centuria's property funds management entity Centuria Property Funds Limited, which controls property assets totalling some $1.1 billion and is led by chief executive Jason Huljich.
It replaced the North Sydney Property Trust (NSPT Pty Ltd), a now de-registered managed investment scheme which has been trustee since developer Terry Agnew took control of the tower in 2008, reported the Australian Financial Review.
Centuria says it is anticipated that the $300 million trust will be the entity which will comprise Centuria’s first listed real estate investment trust to be run by former Mirvac chief executive Nick Collishaw.
"Centuria will now seek to register the trust as a managed investment scheme in preparation for a public listing at some point in the future," Collishaw tells Property Observer.
It is expected that Centuria will seek grow the proposed A-REIT with other acquisitions once it floats.
Centuria chief executive John McBain said that it is pleasing to see solid progress towards our three level property funds management strategy, being direct, listed and wholesale offerings.
McBain told Property Observer in April that Centuria was <a target="_blank" href="/news">working very hard sounding out institutional investors</a> and has offers out in the market for a “few hundred million dollars of real estate” which will form the core of the new listed trust.
Centuria also announced this week a “reasonable expectation” that the group profit for the year to June 30 will “exceed the group profit for the previous financial year by a material amount”.
A minimum statutory net profit after tax of $6.9 million is forecast for 2013 compared with $1.97 million in the 2012 financial year.
Centuria also revealed that Centuria Property Funds Limited has successfully closed the capital raising for the Centuria 10 Spring Street Fund and settled the $91.6 million acquisition prior to June 30.
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Centuria prepares for A-REIT float with trusteeship of North Sydney trophy asset amid expectations of strong 2013 results

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A Victorian era 1889-built brick office building in Melbourne’s iconic Hardware Lane has undergone some tenancy changes recently following an upgrade.

Located at<a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-500251949" target="_blank"> 67-73 Hardware Lane</a> (pictured below), the recently refurbished building boasts boutique-styled offices with timber floors, as well as French doors leading to Hardware Lane.
<img src="/images/stories/2013/07/hardwarejuly3one.jpg" width="470" height="300" alt="hardwarejuly3one">
Creative communications agency Lavender Communications, who currently occupies the second level, will be moving within the same building to level three from July 1. 
Their new premises offers a larger 182 square metre space, which will be able to accommodate a growing business. 
They have signed a two-year lease at a gross rate of $505 per square metre. The lease was negotiated through Rory White of Gray Johnson Melbourne. 
In addition, a modest rent-free incentive of two months is attached to the transfer of offices, said White. 
Level two has also been leased by Gray Johnson Melbourne, to IT business Magnetised Markets. The company will be moving from 121 Flinders Lane to the new space. Their lease stipulates a gross rate of $475 per square metre.
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Tenancy changes for iconic Hardware Lane building

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I recently came across a method of property purchasing common to the people in Brazil who are interested in buying residential property in their home country.
The concept was initally foreign to me so I felt compelled to write about it, because I've never come across anything like it in my property life.
It is the concept or rather, practice of Consórcios (literally translated, means ‘Consortiums’). This is where would-be property buyers who perhaps either struggled to get a mortgage on their own from a lender, or did not see the value in paying wasted ‘interest’ dollars, or should I say ‘Reais’ (pronounced ‘hay-ice’) to a lender, group together with other like-minded folks, in the interest of a common goal; home ownership.
Instead of approaching lenders for loans, the group do not use loans. Instead, they use a lawyer and an administrative company who, for a fee, underwrite a sound contract between all participants of the consortium. The price of a single property is then agreed between all parties and is kept the same. The value of all properties is added together and split into monthly instalments.
From month #1 onwards; each participant must pay their fee. After a very short time, there are enough fees paid for one property. So who gets the first one?
A lottery is drawn at random and whoever is luckiest gets their property purchased outright – mortgage-free. Participants (including the now lucky new home owner participant) continue paying their monthly allotments for the remainder of the contract. Each month another name gets drawn and a property is bought for that ‘winner’.
I will divulge the flaws and risks in such a plan later on, but astute readers can probably quite easily identify a few challenges with this concept already.
<a imageanchor="1" href="https://4.bp.blogspot.com/-HKcy_PKWD8M/Uc6Hy1OPa-I/AAAAAAAAAfk/R77e36vuC9Q/s531/Brazil+consorcio+group+buying+Australia+property+investment+alternative+buying+approaches.JPG"></a>
There is more granular detail on Consorcio schemes <a target="_blank" href="https://thebrazilbusiness.com/article/consorcio-in-brazil">here</a>.
So let me work with some real numbers as an example, before this gets confusing. Let’s say 10 would-be property buyers group together and form a Consortium. Let’s say they each agreed they wanted a property costing $400,000 each. So that is $4 million of overall property value.
The Consortium Administrator divvies up $4 million dollars across say a 10-year period, into monthly instalments that each participant must pay, month in, month out; regardless of who ‘wins’ their property bought at every annual draw (remember it is annual because in this example, there are 10 participants buying 10 properties over 10 years; to keep it simple; so – one per year).
 
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For the purposes of this example let’s ignore the inclusion of any legal/admin fees for now and just focus on the concept. So, $4 million/10 years/12 months/10 participants = $3,333.33 cost-per-month-per-participant. Not too bad when you consider that this is you fixed monthly repayment for ten years, and then after ten years you own the property outright, huh?
However, this is where the risks and element of chance/gambling comes in to it. Each year, a participant is pulled out of the hat and awarded a property. Because $400K is collected every 12 months, a property can be purchased outright (cash), each 12 months.
So, the best case scenario you could find yourself in, in such an arrangement, would be to be pulled out after 12 months, or maybe in year #2 or #3. This means that you get to move into your new home the fastest, and you ‘own’ it instantly (but of course are committed to 9, 8, or 7 more years of payments like everyone else). It also means that you can ‘go shopping’ for a $400K property when the property you want is actually worth $400K at the time.
Clearly then, the ‘losers’ in this scheme are those who are drawn in years #8, #9, and #10.
Not only have you had to fork out payments on everyone else’s properties for 8-10 years depending on the final year you are drawn; but you are stuck with just $400K to spend at the end, just like everything else. Problem is, $400K, ten years down the track, does not buy what it used to! Suddenly the property type that you fancied 8-10 years ago that was $400K, is now hundreds of thousands of dollars more expensive, right?
However, even in this unfortunate circumstance, I would argue that a participants’ position is not entirely weakened. Remember that for almost ten years you have avoided paying interest; only paying capital. If you took out a $400K interest-only loan at a flat interest rate of say 5% per year (which is very conservative and based only on the record-low interest rate environment in July 2013); you would pay around $200,000 in interest anyways.
So, even as a year #10 ‘loser’, and providing you can save up the amount you would have paid in interest, over ten years; you still end up in a very similar position really; you’ll have $600K in your pocket to go shopping then and there; and own a property outright in year ten.
At the end of the day though; as a year #10 loser, you really do lose out. You would have to live every day with not one but three property outgoing costs; you’d be paying rent (you’ll need somewhere to live whilst you wait!), whilst paying consortium commitments every month (remember, I neglected to include the legal and administration fees payable in addition every month; though this is a minute fraction of the cost you’d be paying in interest to a lender), whilst also saving a little extra to safeguard you should you be a year #10 loser, so you can still afford a relevant property by then.
But I guess that is the gamble of such a scheme. Another gray area of the scheme which I could not get specific clarity on; was insurances. What if participants stopped paying after a few years and skipped town? I would imagine the administration fees include insurance schedules, but these premiums would surely come at significant cost.
In the real world, you can enter much safer Consorcios in Brazil, whereby there are not ten members, but thousands (remember, Brazil is a population of almost 200 million people); and the duration of a consorcio may be more flexible than ten years (either shorter or longer). The best part of this is that you can choose different types, from these Consorcio administrations, depending on your risk profile and needs upcoming.
What surprises me most about this concept is how much Banco Central Do Brasil (Central Bank of Brazil); embraces this practice. Consortiums sound like, to me, a massive ‘middle finger’ to the big banks; and offer a way for like-minded property buyers to have a secure means to effectively chip in and pay for each other’s properties whilst avoiding interest repayments for as long as possible.
 
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Plus, the management/administration/legal/insurance costs would need to be paid by all participants, along the way. In many ways, it is the banks genuinely doing people a favour. It is like saying ‘sorry, we won’t approve you for a mortgage with us, but we do offer administration services for consortium arrangements, should you want to participate in one of those, we can help organise it’.
The bank is happy because it takes on additional revenue, but with much less risk associated. Consorcios are actually more commonly used in Brazil for smaller ticket items such as car purchases, than homes, and this makes sound logical sense. Lower risk and exposure for all participants.
<a imageanchor="1" href="https://4.bp.blogspot.com/-23speK2M01c/Uc6Hy5_5uMI/AAAAAAAAAfo/RufZJzp43Ko/s481/Group+Buying+Property+investment+in+Brazil+techniques+for+Australian+investors+Property+Blog.JPG"></a>
Thinking in an Australian context; there are ways you could make this concept work, and it all comes down to scale.
For example, if you entered a smaller scheme such as my example, then the administrator would ensure that seeing as a property needs purchasing only once every year; for the other eleven months of the year; everyone’s contributions would be working hard in a high-interest savings account. This interest would help pay for the legal and administration costs each year; saving the participants money.
You could take this one step further and perhaps park some of the interest earnings from the first say five years, to offset those participants who have to wait for the last five years, to help offset some of the challenges they face when their name is drawn. This would give the ‘losing end’ of the lottery a ‘fair go’ – something very Australian in itself!
Beyond consortiums though, the concept of ‘group buying’ has been around for a long time in various countries, but just never as refined, legally binding, and prescriptive, as Brazil’s system. Thinking again to Australia; this time to the post-WWII Greek-Australian immigrants, arriving to the country for the first time with very little resources behind them.
The Greek community established itself quickly in Australia and brought with them a renewed sense of family closeness and trust that perhaps culturally, the Europeans exercised better than locals. Greek family and family-friend communities would group together across large extended families (so, sometimes up to dozens of cousins, aunts, uncles, nieces, nephews and so on); to ‘chip-in’ to buy each married-off sibling/cousin within the family; a property at the time of marriage, in cash. Then, once the first couple’s property was purchased outright; all family members (including the new property-owning youngster couple) would chip in for the next cousins’ wedding-property.
The problem is; this concept never took off in any formal capacity in Australia, because, well, there was no infrastructure or 3rd party governing body able to reside over these arrangements, making them high-risk and entirely based on human trust.
If we were to add in the element of legal certainty and responsibility, along with insurance and security in; when introducing such a concept in Australia, these costs would add greatly to the participant cost (It is very expensive to do business in Australia in a legally binding, and insurance-covered fashion!). Plus; if a participant skipped town and stopped paying their share; the entire house-of-cards structure would topple if the insurer challenged the consortium or group-buying association’s circumstances.
Still, one must wonder; even with these legal and insurance costs included, it would still be cheaper than paying all that bank interest on each property, over the years, no?
So from my limited understanding of this scheme, I would still argue that, when you consider the first home buyer market in Australia; the relevance and introduction of a practice such as Consorcios would still be conversation worth having.
The truth is that although the motivator Brazilians entering into a consortium versus Australians is very different, it is just as relevant here as it is there. In Brazil, the major barrier to people getting mortgages to buy property is demanding credit rating assessment approval, which sees would-be house buyers not progress through to finance approval.
Usually applicants are hard-working, reliable people; however on paper, the lenders may not agree that their stability is so, well, stable. In Australia it is a different problem. Lenders have more confidence that applicants have stable incomes; it is just that the marketplace here is so expensive; first-home buyers are hard-placed to agree.
For investors it is a different story. Because you may not own a property for many years; you cannot rent it out, meaning it cannot earn income. This does not make for a good investment.
Cameron McEvoy is a NSW-based property investor and maintains a blog, <a target="_blank" rel="nofollow" href="https://propertyspectator.blogspot.com.au/">Property Correspondent.</a>
 
 
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An unusual Brazilian property buying scheme that is relevant to Australia: Cameron McEvoy

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Recently I was speaking with an investor who was facing a major dilemma. He had bought an apartment in Abbotsford off-the-plan and now that the property was due to settle he was having problems getting finance approved.  
This was causing him significant stress, as the penalties for not settling are significant. They include losing his deposit and the risk of being sued by the vendor to cover any out of pocket expenses.  
As we discussed his situation it soon became clear how murky his position had become.  
The sales person told him the property had originally been purchased 12 months earlier for $450,000 and was now being on sold prior to completion. Although due to the fact the property had never been settled there was no way to confirm this was correct.  On the surface it appeared to this individual the asking price of $406,000 was a bargain to good to refuse and he signed a contract to purchase the property.  
Prior to signing the contract he had put in place a loan preapproval so he was confident getting a loan would not be an issue and as a result did not buy subject to finance. The next hurdle to clear was to get unconditionally approved. To do this his bank ordered a valuation and this is where his problems started.  
The valuation came back a long way below the contract price at $340,000 and he was being forced him into a position where he would be unable to settle. The real estate mantra of Caveat Emptor, Buyer Beware, meant severe penalties were looming.      
Not all was lost however and like going to a doctor for a second opinion he approached a different bank. Sure enough the valuation came back at the purchase price and his loan was approved.        
So how can one bank value a property so much less than another? The answer lies in the individual bank's tolerance for risk and the kind of property they view as being a safe security.  
The Abbotsford apartment had one bedroom and was only 37m2. Although one-bedroom apartments can make great investments if they are under 50m2 alarm bells start ringing at many banks. A small apartment size is a signal the property maybe a serviced apartment or student accommodation which most banks approach with trepidation.  
In addition banks have postcode restrictions in place that determine their lending policies and these vary from bank to bank. Established apartment markets such as South Yarra and Port Melbourne are more likely to get the nod. However an apartment under 50m2 in an emerging market like Abbotsford is more likely face harsher lending policies.  
Although the valuation is independent the valuer will have an understanding of the banks policy and take this into account. Remember if a valuation comes in too high and the bank loses money on the loan then the valuer maybe legally liable.  
Mark Armstrong is a director of <a href="https://www.ipropertyplan.com.au/">iProperty Plan</a>, which provides independent analysis and tailored advice to investors and home buyers.
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The murky waters of bank valuations: Mark Armstrong

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Melbourne CBD office market is moving firmly in favour of tenants, with independent analyst BIS Shrapnel recently reporting an expectation that commercial vacancy in the Melbourne CBD will hit 10% by year end, challenging commercial rental levels and driving greater incentives from landlords. 
With the ball now firmly in the tenant’s court, why then are Melbourne tenants 50% less likely to seek independent advice in negotiating a lease in their own favour?   There has never been a better time for Melbourne’s tenant community to negotiate or renegotiate a commercial lease, but so many unsuspecting tenants are leaving a lot of money on the table by not fighting harder for greater value in their lease negotiations.  
Business owners who might be very commercially savvy, don’t work in the commercial property market day to day, so they are not familiar with the smart ways to work with a landlord to reduce costs and leverage their lease covenants to benefit their organisations”. Melbourne tenants seeking new sites and workplaces are reaching out to us, asking how they can capitalise on the rising vacancy trend they see coming and we are starting to see a significant desire for guidance through the site selection and negotiation process.  
In Victoria, nearly 70% of tenants negotiate their lease without professional help according to PCG.  This is probably expected in a rising market, but as markets fall, tenants become more commercially savvy, and chase greater bang for their buck, so we are watching this trend slowly start to shift. Melbourne’s low representation rates are a disparity with the rest of the country.   In Sydney, more than 95% of tenants are represented by independent tenant advisers, and Brisbane where 75% are represented.  
And evidence shows it is worth their while.  In our experience, engaging a tenant representative to negotiate on your behalf can save between 20 to 30% of the total property commitment cost.  And that money can go right back into the pocket of the tenant… rather than deeper into the Landlord’s pocket.  What everyone forgets is that the commercial or industrial leasing agent is an agent working purely in support of the Landlord. His or her commercial agenda is diametrically opposed to that of the tenant. His or her interest in the tenant extends only to getting the lease done at the maximum price with the lowest incentive possible.    
In other states, a tenant representative is engaged by more than 90% of tenants, which makes more sense given the long term nature of a commercial property lease.  I don’t understand why a tenant wouldn’t seek independent property representation in this day and age… The agent simply isn’t on your team, and there is no industry body that looks after the tenant in Australia.
Even Corenet Global, the industry body for commercial real estate says their charter is about 'Real Estate Professionals' not 'Tenants'.  
But I ask you, who looks after the tenant?  It’s about time somebody did… I guess that’s our job.
Simon Gunnis is the CEO of real estate advisory specialist <a href="https://www.pcg.com.au/" target="_blank">PCG</a>.
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Commercial tenants in Melbourne leave too much money on the table: Simon Gunnis

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There were 20 CBD office sales above $100 million each recorded over the final quarter of the 2013 financial year, according to Knight Frank.
It was the fourth successive June quarter that sales of offices over $100 million have risen.
The biggest sale over the course of 2013 was Charter Hall forming a partnership with a local super fund and a Canadian pension fund to acquire Bankwest Place and the associated Raine Square shopping centre in the Perth CBD for $458 million.
<img alt="knight_frank" height="282" width="297" src="/images/stories/2013/larry_uploads/knight_frank.jpg">
Source: Knight Frank
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Major CBD office sales continue to surge: Chart of the week

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What would a city look like if you got to rebuild it from scratch? And how would you incorporate more than 100,000 ideas from the people who matter the most – the stoic individuals who continue to call Christchurch home?
During a holiday visit to my hometown of Christchurch in late April, I sat down with the man charged with rebuilding New Zealand’s second largest city and discovered a city on the cusp of rebirth.
More than two years before, however, I remember standing in the lunch-room of the REIQ’s Brisbane office on 22 February 2011 and watching as the Christchurch Cathedral crumbled on live television right before my very eyes.
Just six weeks after the Queensland floods and Cyclone Yasi, another natural disaster – this time earthquake – had befallen my life and I watched through tears and an almost overwhelming sense of fear for my family and friends as the place I used to call home was almost wiped from the map.
More than two years – and thousands of after-shocks – later, Christchurch continues to be mostly unrecognisable. One in two roads in the entire Canterbury province reportedly needs repairing so patience is a virtue that is an absolute necessity for anyone driving around the region. In fact, orange witches-hats and mesh fences are ubiquitous.
The central city has, for the most part, been reopened but it is an eerie experience to drive through what was once a thriving CBD populated by thousands of people. More than 1,000 buildings are being demolished in the central city and for someone like me, who remembers clearly the way it used to be, that means I often found myself rather discombobulated with no sense of where I was at all. Indeed, sometimes it felt like I was driving on the moon.
But it is not the moon, it is New Zealand’s second largest city and it must rise from the ashes for the sake of the country’s economy, and for the sake of hundreds of thousands of courageous souls who are waiting and watching for their home to be reborn.
Warwick Isaacs is the man whose shoulders this heavy burden now rests but to him it’s not a burden it’s a privilege. He heads up the Christchurch Central Development Unit (CCDU), a government-created unit, charged with rebuilding the city between the four avenues which have long defined the inner-city precinct of Christchurch.
For a man with such a task ahead of him, he is a relaxed, easy-going individual, who was also happy to sit down with an ex-Kiwi from across the ditch to explain the unique opportunity now available to civic leaders, developers and residents alike.
“The devastation by the earthquake has been quite extreme in the central city,” he says as we sit in the CCDU offices located in one of the few commercial buildings to survive the 2011 earthquake.
“If you look at the central city it’s almost like someone has pointed an arrow and said: ‘That’s where we want to hit’ because that’s the impact.
“Between these four avenues there is in excess of 1,000 buildings being demolished and the very heart as you would have seen, the landscape is almost back to Ground Zero.
“What the recovery plan is about is, there were over 100,000 submissions from people in Canterbury and businesses and people from afar as well, that went to the council process – it was called Share an Idea.
“New thinking has come to Christchurch. There are opportunities the earthquakes have given us – it’s been a tragic thing – but there are opportunities to reinvigorate and revitalise, and set the tone for Christchurch as a future city rather than a city that’s still evolving from its past heritage.”
Nicola McDougall is the <a href="https://reiqblog.com/" target="_blank" rel="nofollow">REIQ</a>’s executive manager of corporate affairs.
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