Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Joel Robinson

Brisbane's next apartment price record? Pikos unveils Skye's exclusive penthouse collection

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

A proposal to redevelop one of North Sydney's ageing commercial buildings has taken another step forward, with plans for a 38-storey mixed-use tower adding momentum to the long-awaited transformation of the Alfred Street precinct.

Now on public exhibition through the NSW Government's Housing Delivery Authority-led State Significant Development pathway, the proposal for 271-273 Alfred Street would replace an underutilised commercial building with 95 apartments, ground-floor retail, commercial space and affordable housing. The proposal was submitted by&nbsp;Tara Shore Pty Ltd, acting for the John Taylor Family Trust.

While the project will deliver much-needed housing on the southern edge of the North Sydney CBD, it also represents another piece of a broader precinct that has spent years in planning limbo.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="7e1ce1b4-38df-48ab-992f-386814d86308" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20podium.png?VersionId=sC_h6w.A9VEoB98qsqowPlIoz__sBZBt" />

Despite its proximity to both North Sydney Station and the Victoria Cross Metro, redevelopment of Alfred Street has progressed slowly over the past decade as broader planning controls, zoning and building heights remained unresolved. The introduction of the Housing Delivery Authority pathway has provided a new avenue for projects to progress, allowing rezoning and development assessment to occur concurrently and unlocking sites that have long been earmarked for renewal.

Designed by Office of Cortese &amp; Gilder, the proposal seeks to do more than replace an ageing office building. The architects have positioned the project as the first stage of a wider public domain vision that would improve pedestrian connectivity and create a more cohesive mixed-use precinct as neighbouring sites are redeveloped over time.

The proposal includes a widened Alfred Street setback, new street trees, landscaping and outdoor seating, along with a landscaped through-site pedestrian link connecting Alfred Street with Little Alfred Street. The connection is intended to become the first section of a future east-west pedestrian network extending across the precinct.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="8ea39ac3-46ad-4562-b4a0-b862e91c2dda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20site.png?VersionId=K7umCd21KpetEFuVfsPlnJKhUOsmTTdV" />

The mixed-use tower would comprise retail space at ground level, commercial uses on level two and apartments from level three upwards.

In total, the development would deliver 95 apartments, including nine one-bedroom, 28 two-bedroom, 56 three-bedroom and two four-bedroom residences. Twenty-one apartments, representing 15 per cent of the residential gross floor area, would be secured as affordable housing and managed by a registered community housing provider for at least 15 years.

Nine basement levels would provide 133 resident car spaces, seven motorcycle spaces and 111 bicycle spaces.

According to the Architecture and Urban Design Report, the public domain strategy is designed to transform what is currently an inward-facing commercial edge into a more active and connected pedestrian environment, creating a stronger relationship between the commercial core and surrounding residential neighbourhoods.

Office of Cortese &amp; Gilder has also prepared a broader public domain framework spanning neighbouring properties between 263 and 283 Alfred Street, arguing that a coordinated approach to redevelopment will deliver better public spaces, improved tower separation and a more connected streetscape as the precinct evolves.

The proposal comes at a time where North Sydney is slated for future residential growth. Commercial developer FiveX has residential plans for the neighbouring site at 275 Alfred Street. They've proposed a 39-storey mixed-use tower with 184 apartments, while Freecity was recently approved for nearly 300 apartments across a 51-storey building on Walker Street.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-freecity-gets-green-light-for-mixed-use-apartment-and-hotel-tower-in-north-sydney">First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-plans-39-storey-residential-tower-in-booming-north-sydney">First look: Fivex plans 39-storey residential tower in booming North Sydney</a>

&nbsp;

Alfred Street the latest North Sydney pocket to be transformed by residential development

Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.

For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.

Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.

"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."

[smartcode_project:default project_id=7354 project_image_fid=374893]

Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.

The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;

Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.

Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.

[smartcode_project:default project_id=7354 project_image_fid=269527]

Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.

"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."

The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.

"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."

[smartcode_project:default project_id=7354 project_image_fid=374892]

Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.

Construction is underway with completion expected in mid-2027.

[smartcode_project_cta:default project_id=7354]

Boutique Gordon townhomes now come with a BMW iX3 50

Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.

The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.

The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.

<a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.

The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.

[smartcode_project:default project_id=145590 project_image_fid=359521]

The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."

&nbsp;

[smartcode_project:default project_id=145590 project_image_fid=359523]

The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.

Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

&nbsp;

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[smartcode_project_cta:default project_id=145590]

Vitale breaks Byron Bay records with EADE sales flurry 

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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An 1870s Surry Hills residential warehouse – last traded in 2005 – has been listed for November 19 auction.

It was once a stable and coachworks and of recent times has had an interesting group of owners.

It’s been listed by the Domabyl family, who paid $3.2 million in 2005.

Its joins the recent production line of bulky inner-city warehouse conversions that have been offered for sale.

Many appear stuck on the market for lengthy periods of time. Several of the warehouse conversions have asking prices either going stale or being slashed.

They have traditionally been considered hot property, but the industrial conversions appeal to entrepreneurial types who don’t seem to have the same deep pockets as in the past.

<img src="/images/stories/warehouse_0000_bourke%20st.jpg.jpg">

Bresic Whitney listing agent Shannan Whitney expects more than $4 million for the three-bedroom <a href="https://www.realestate.com.au/property-house-nsw-surry+hills-108398881" target="_blank">Little Bourke Street, Surry Hills</a> warehouse (pictured above) that has room for seven cars and includes a photography studio. His pricing is based on a recent nearby $4 million plus sale.

The Little Bourke Street warehouse listing fetched $1.105 million in 1989 when bought by the antique dealer Joan Bowers from Kings Cross identity Catherine O'Malley.

Bowers’ purchase was reportedly backed by Lord Alistair McAlpine whose then wife, Romilly, was in business with Bowers.

Bowers sold to Jennette Miller of Wahroonga for $1 million in 1993 through estate agent Margaret Blok. It next sold to the Domabyl family, who’ve put it on the market this month through Bresic Whitney.

<img src="/images/stories/warehouse_0003_oconnell.jpg.jpg">

Across town in Newtown, the 1920s<a href="https://www.realestate.com.au/property-house-nsw-newtown-107307549" target="_blank"> O'Connell Street warehouse</a> (pictured above) best known for its prior ownership by broadcaster Alan Jones remains listed for sale. The five-bedroom former Champion Textiles warehouse passed in at a May auction on a $3.7 million vendor’s bid. It’s still listed through Michael Harris at Raine and Horne Newtown.

Jones sold it in 2003 for $2.9 million to the current vendors, hotelier and former Newtown rugby league player Steve Bowden. The five-bedroom home came with space for a boxing ring used by boxer Danny Green. It’s also been a studio of the fashion designer Dion Lee.

<img src="/images/stories/warehouse_0005_sloane.jpg.jpg">

Still in Newtown there’s a <a href="https://www.realestate.com.au/property-house-nsw-newtown-108503221" target="_blank">Sloane Street warehouse listing</a> (pictured above). It was last sold in 1996 for $520,000 by ABC 7 o’clock news anchor Richard Morecroft, who converted the property. Film producer Matt Carroll is the current owner, and he’s had it on the market with an asking price of $2.35 million. It’s a  two-level, 218-square-metre space listed through Eric Lundberg from DB Property in Surry Hills. The similar adjoining property with 259 square metres of space went for $2.25 million in 2008.

<img src="/images/stories/warehouse_0006_sloane2.jpg.jpg">

A few doors up is another <a href="https://www.realestate.com.au/property-terrace-nsw-newtown-108499966" target="_blank">Sloane Street property</a> (pictured above) that has been on the market since May. The last reported sale of the unrenovated property was in 1984, when it sold for $115,000. It’s listed through Ian McPhee from Belle Property.

<img src="/images/stories/warehouse_0004_probert.jpg.jpg">

At Camperdown a <a href="https://www.realestate.com.au/property-studio-nsw-camperdown-106859765" target="_blank">Probert Street warehouse</a> (pictured above) with a commercial occupancy has been on the market since late 2007 through three real estate companies. It comes with an asking price of $2.6 million. It last changed hands in 1997 for $645,000. It’s set up as a live-in showroom but can be used as a two-bedroom abode. It’s listed through Joseph Gambino from The Edge Property Agency in Darlinghurst.

<img src="/images/stories/warehouse_0002_mclaughlin.jpg.jpg">

There is a Paddington conversion (pictured above) listed that last sold in February 2010 for $1.341 million and has been on the market since then. Before that the  <a href="https://www.realestate.com.au/property-house-nsw-paddington-107316144" target="_blank">McLaughlan Place property</a> sold for $1.25 million in 2008 when Aboriginal art dealers Hogarth Galleries sold up and moved out. Hogarth originally bought it in 1993 for $265,000. It’s listed through Darren Pearce from Bresic Whitney.

<img src="/images/stories/warehouse_007_abercrombie.jpg">

The owners of a <a href="https://www.realestate.com.au/property-house-nsw-chippendale-108473901" target="_blank">Chippendale unrenovated warehouse </a>(pictured above)  have been trying to lease their property since May this year. The Abercrombie Street property has five bedrooms and just the one bathroom. It’s currently being listed for sale through Adam Bodon from Deans Property in Broadway.

For warehouse conversions in Melbourne, <a href="https://www.propertyobserver.com.au/residential/port-melbourne-tops-list-of-five-special-residential-warehouse-offerings-in-melbourne/2011110952293" target="_blank">click here</a>.

<h2>Take a look at our latest Sydney listings:</h2>

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Seven residential warehouse offerings in Sydney

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Recently there have been protests around the world against the richest "1%".

The protesters say they are opposed to "the fundamental inequality in society – social, economic, ecological – and want to change the ways that our society is structured and run so that way, the vast majority of people – the 99% – have their interests accounted for, their voices heard, their needs represented".
As many of these protestors claim our society is run for and by "the 1%", I found it interesting that recently the Australian Financial Reviewassessed what it takes to join this exclusive club.
And by the time I finish explaining how to get in the rich 1% club, you may find you're already in it. But I'm getting ahead of myself...
Apparently it takes assets of $11.2 million to be among the richest 1% of Australia's 8.4 million households.
The top 1% has a lazy $1.07 million kicking around in cash or it's equivalent according to the Australian Financial Review. That compares with just less than $120,000 for the top 20% of households.
The average value of cars owned by the top 1% is $84,000; compared with $32,000 for the top 20%. And their financial security is covered by $1.4 million in superannuation, more than double the super held by the wealthiest 20%.
Those who make it in the top 1% of rich people tend to have extensive share portfolios, worth $450,000 and have a business valued at an average price of $3 million.
This is in line with the Merrill Lynch Cap Gemini report of <a href="https://www.capgemini.com/services-and-solutions/by-industry/financial-services/solutions/wealth/worldwealthreport/">High Net Worth Individuals</a><a href="https://www.capgemini.com/services-and-solutions/by-industry/financial-services/solutions/wealth/worldwealthreport/"></a> that found 80% of this club made their wealth through business.
But that doesn't mean that the wealthiest Australians don't like property – they do and they are among the keenest property owners in the world.
If you are in one of those 84,000 households that make up the 1%, you are likely to live in a house worth on average $1.9 million and own other property holdings worth over $3 million.
Now clearly there is a wide gap between the top 1% and the average Australian and figures from the Australian Bureau of Statistics show that Australia's richest households are expanding their wealth three times faster than the poorest groups, and many are using <a href="https://www.smartcompany.com.au/property-investor/20111102-the-rich-are-getting-richer-through-real-estate">property to leverage their wealth</a>.
<h3>Another perspective</h3>
No one's hardship should be belittled. Becoming unemployed or not being able to keep up your mortgage payments aren't just financial problems. They're social and emotional problems that strike at your sense of worth.
But things always need to be kept in perspective. Some really interesting numbers emerge when you expand your view and look at the richest 1% in the entire world.
It's no secret that Australia is among the richest nations on Earth, so how much do you need to earn to be among the top 1% of the world?
According to an article by Morgan Housel in <a href="https://www.fool.com/investing/general/2011/10/28/attention-protestors-youre-probably-part-of-the-1-.aspx">Motley Fool</a> the answer is US$34,000.
This article explains that in his book The Haves and the Have-Nots, World Bank economist Branko Milanovic shares that to be in the top half of the globe, you need to earn just $1,225 a year.
To be included in the top 20% of income earners in the world all you need is a salary of US$5,000 per year. To be the top 10% you would need to earn US $12,000 a year. And to be included in the top 0.1% requires an annual income of US $70,000.
Dig even deeper and the figures become inconceivable.
According to the UN, "Nearly half the world's population, 2.8 billion people, earn less than $2 a day." According to the World Bank, 95% of those living in the developing world earn less than $10 a day.
When you consider the context of the entire world, it means that the Australians we consider poor are among some of the world's richest people.
In short, most of those occupying Wall Street or Melbourne or Sydney would be considered extraordinarily wealthy by much of the world.
Many of those protesting the 1% are, in fact, the 1%.
<h3>Anyone can join the 1% club</h3>
But the protestors in Australia should remember that we live in the best country in the world. A country of opportunity where virtually anyone can make it into the BRW Rich 200 list. Clearly that's just not possible in many other parts of the world.
Just look at this year's Rich 200 List...
While 17% inherited some of their fortune, most were self-made successes, some coming from working-class backgrounds.
And there's no use complaining about the school you went to, because attending a private school and having an elite education is clearly not a prerequisite to joining Australia's wealthy. While some forged important networks at school, many went to public schools and others didn't even finish high school. In fact, less than half of those in the Rich 200 list have tertiary qualifications.
<h3>And don't say it's too late...</h3>
You're never too young and you're never too old. The youngest member of this year's BRW Rich 200 is aged 35 and has an estimated wealth of $1.01 billion, which is even more than the oldest member who at the age of 92 has accumulated $289 million.
<h3>Some final thoughts.</h3>
Just to make things clear... before I receive a flood of negative comments – this blog isn't to belittle the protestors' message. I see merits in some of the Occupy protestors' arguments.
And I'm definitely not against protesting – I grew up in the age of protests against the Vietnam War.
Needless to say I can understand why people would be upset when many of top 1% are perceived to have earned their income unjustifiably. Being paid by big corporations that in some cases have been run into the ground and then been bailed out by their governments doesn't sound right.
Nor does a tax system where the wealthy seem to avoid tax and the poor seem to pay a disproportionate amount.
It's hard to argue with that logic.
Remember... I'm not having a go at the protestors. I'm just offering another perspective and reminding them that even though our system has lots of faults, it has created more prosperity, even for the lowest 1%, than most of the world can comprehend.
Michael Yardney is the director of <a href="https://www.metropole.com.au/">Metropole Property Investment Strategists</a> , a best-selling author and one of Australia's leading experts in wealth creation through property. He also writes the <a href="https://www.propertyupdate.com.au/">Property Investment Update</a> blog.
 
 
 
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The Rich List shows anyone can join the 1% club

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The strongest-performing Westfield tenants over the past three months have been the mini-major outlets (Dick Smith, JB Hi Fi, Priceline, etc), which recorded a 3.1% increase in sales over the quarter.
Despite sales falling 1.4% in the third quarter they are still 1.1% up on the year with speciality store rents increasing by 3.8% over the 12 months to September.
Westfield CEO Steven Lowy told an analyst briefing that for the nine months to September, new leases in Australia were signed at rents 1% higher than expiring rent, “a solid result in this environment”.
“Earlier in the year, some high profile administration occurred, including Borders, Angus and Robertson in Colorado, where around 80 stores closed. In a matter of months, almost all of these lease-up is now complete. This clearly highlights the strength of our portfolio and the underlying demand for space,” he added.
In the speciality store category, general retailers (Rebel Sport, Cotton On, General Pants) were the strongest performers, recording sales growth of 3.1% for the quarter to be up 4.5% over the last 12 months.
Once again, shops targeting more affluent shoppers such as speciality fashion stores and jewellery stores had poor quarters with sales falling 4.7% and 3.5% respectively. Footwear stores recorded a 2.6% decline over the quarter.
Over the last 12 months to September Westfield’s fashion store tenants have recorded a 2.2% shrinkage in sales revenue.
Homeware stores recorded the poorest turnover growth among the speciality stores, with sales down 5.3% for the quarter.
Department stores (Myer, David Jones, Target), which anchor many Westfield centres, continue to be the worst performing Westfield tenants, with sales down 12.5% over the three months to September and down 7.5% over the last 12 months.
Discount department store (Big W, K-mart) sales also fell over the quarter to be down 4.1% but are down only 2.7% for the year to September.
Coles and Woolworths along with other supermarket tenants recorded moderate growth of 1% but are up a relatively healthy 2.5% over the last 12 months.
Westfield’s cinema multiplex tenants have made a strong comeback in the three months to September 30, recording the third-highest sales growth of all tenant categories.
Cinema sales are down 6.5% for the year but have made a solid comeback in the third quarter, with growth of 2.1%, nearly double the retail sales growth of the group as a whole of 1.1%.
This improvement follows the release of six-month results in August for Westfield, which showed cinemas sales had fallen <a href="https://www.propertyobserver.com.au/news/westfield-cinemas-struggling-perhaps-due-to-pricey-popcorn/2011081751194">8.7% across Westfield’s Australian business.</a>
The performance of Westfield’s cinema tenants over the three-month period is in sharp contrast to cinema operators in shopping centres owned and managed by GPT, <a href="https://www.propertyobserver.com.au/retail/poor-performance-of-cinemas-and-department-stores-hurt-gpt-s-bottom-line/2011102752099">which recorded a 9.3% drop in turnover over the same period.</a>
The release of Westfield’s fourth-quarter update in February 2012 should provide an indication of whether the recovery is a longer-term trend.
 
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Department stores - Myer, David Jones and Target - poorest-performing Westfield tenants

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For those who think that building grants or first-home buyer boosts are the answer to our undersupply of housing, you had best think again.  We are already halfway through the six-month Queensland “building blitz”, in which Queensland Labor was going to help facilitate up to 14,000 new housing starts across the state with its $10,000 Building Boost.
As at October 26, only 1,113 building boost applications have been received by the Queensland government and just 379  (yes 379) boosts have been approved – $3.8 million worth of support, costing an estimated $660,000 to advertise and promote the campaign.
Now, to be fair, the take-up is on the rise, but whether or not it is a hockey-stick style graph is debatable.   To quote Queensland Treasurer Andrew Fraser from Hansard on the 27th of last month – “I can advise the House that as of yesterday the number of applications is now 1,113.  In fact, the number approved is 379, but I want to make this point: as at 30 September, just a few weeks ago, it was 569.  In the week after that it jumped to 698.  In the week after that it jumped to 843 and in the week after that it jumped to 992.  So we do see the hockey stick approach to the graph at the moment.”
Yet, despite such reassurances, the 1,000-odd boost applications represent just a 4% increase on last year’s building approval across the state – which was just 27,500 starts – a 10-year low.  The real result – being 379 approvals – is a measly 1.3% lift in new dwelling activity.
Now maybe there are many more buyers waiting in the wings.  I hope so, but maybe, as we suggested, a 2% reduction in the asking price of a new property just doesn’t cut it.
The increase – as outlined by Fraser above – appears to be steady at around 150 new applications by per week.  So by the end of January – and assuming interest doesn’t sag during the Christmas holidays (a big ask!) – a total 3,000 applications would have been received.  Not a great result, given the 14,000 target, if you ask me.
Now we have some in the development industry calling for the boost to be extended.   Well, I will let Albert Einstein reply on my behalf.  “The definition of stupidity is doing the same thing over and over again and expecting different results.”
Assuming that the $140 million set aside by the Queensland government for this six-month blitz isn’t used up (which is extremely unlikely), and also assuming that Queensland Labor really wants to help the new housing industry, how best should they spend this “windfall”?
The answer is simple – remove stamp duty from off-the-plan transactions.  The impact – as shown in both Victoria and more recently New South Wales – should be immediate and very positive.
We have just completed work on this for the Property Council of Australia; and while we are embargoed from releasing the key findings for the time being, we can say that removing stamp duty from off-the-plan sales is likely to increase new housing starts across the state by between 10% and 15% per annum.  Yes, every year!
There is also local evidence that paying a buyer’s stamp duty works much better than the boost.  Some of the larger developers – who are supportive of the $10,000 handout – have been making sales because they have used this government largesse as cover as they offer – often quietly – to pay a buyer’s stamp duty.
Queensland needs a competitive advantage.  Our main competition is New South Wales and Victoria.  Dropping stamp duty for off-the-plan purchasers gets us back to a more level playing field.
It is a step in the right direction.
Michael Matusik is the director of independent property advisory Matusik Property Insights. Matusik has helped over 500 new residential developments come to fruition and writes the weekly  <a href="https://matusikmissive.wordpress.com/" target="_blank" title="Matusik's Missive">Matusik's Missive</a>.
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Reducing stamp duty, not boosting building, the key to solving housing crisis: Michael Matusik

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Steven Lowy is well-pleased with the performance of Westfield Group, which yesterday confirmed its full-year earnings <a target="_blank" href="https://www.businessspectator.com.au/bs.nsf/Article/Westfield-confirms-full-year-guidance-NDTQZ?OpenDocument">guidance</a>. Westfield’s Australian tenants, however, probably aren’t quite as happy with their experience over that period. 
Westfield’s Australasian centres are virtually fully leased and the average specialty store rent in those centres for the nine months to the end of September was up 3.8%. 
The tenant experience, however, wasn’t as positive. Sales generated by Westfield’s major retailers are down 2% on the same nine months last year and are deteriorating – they were down 3.8% in the September quarter. 
The ‘mini majors’ in the group’s centres fared somewhat better, with sales down one per cent against the nine months to end-September last year but up 3.2 per cent in the latest quarter. Specialty stores are up 1.1% for the year to date but down 1.4 per cent in the September quarter.
Overall, the turnover in its centres is down 0.5% on the same nine months last year and 1.7% in the latest quarter.
That’s with the broader picture of a volatile and deteriorating retail sector where the department stores – full service in particular but discount department stores as well – are being hit hardest and where specialist fashion, footwear and homewares stores are being impacted by the deep conservatism of consumers who have savings but won’t spend them.
With sales falling and occupancy costs continuing to edge up it is little wonder the retailers are squealing, although they will all be hoping and praying that the Reserve Bank’s reduction in official rates and the consequent cuts to home loan rates provides some stimulus. It is an open question as to whether households will spend or save the reductions in their borrowing costs.
The disconnect between Westfield’s experience and that of its tenants isn’t a new phenomenon. The appeal, and concentrated ownership, of the major retail centres has given the centre owners pricing power and they use it to raise rents year in and year out regardless of the external circumstances.
In the longer term that power might be undermined to some extent by the rise and rise of online shopping, which can only be made more competitive if the core of the cost base of bricks and mortar retailers (Australia retail centre rents are among the most expensive in the world) continues to be forced up.
In the near term, for every specialty retailer who quits a centre there is a queue of hopefuls wanting to enter it. Westfield’s Australasian centres are more than 99.5% leased. In the longer term, online retailing might be a viable alternative to the prospect of ever-rising rents.
This article originally appeared on <a href="https://www.businessspectator.com.au/bs.nsf/Article/Lowy-Westfield-sales-retail-rent-interest-rates-sh-pd20111108-NE3JF?OpenDocument&amp;src=sph" target="_blank">Business Spectator</a>.
 
 
 
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Tenant blues won't hurt Westfield

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The City of Melbourne council has defended its record of supporting retailers, despite ongoing fears of CBD small businesses being overlooked by consumers in favour of large suburban shopping centres. 

A new marketing group, The Melbourne District Central Network, was launched last month by Melbourne Lord Mayor Robert Doyle and Kristina Karlsson, founder of stationery line kikki.K. 
MDCN president Greg Robinson says city-based businesses are being challenged by the growth of “out of town super-sized shopping centres” in addition to the current retail climate. 
“We aim to bring the focus firmly back on the CBD... by showcasing the many things that Melbourne has to offer,” Robinson says. 
The network will act as a hub, providing businesses with mentoring and education, information and networking opportunities as well as supporting and promoting city council initiatives. 
According to a council spokesperson, the City of Melbourne is overseeing a range of large-scale projects to improve the walkability of the city, namely around Swanston Street. 
“The Swanston Street Redevelopment Project will increase the flow of pedestrian traffic to the central part of the city. This project will make it more attractive for public transport users and businesses,” the spokesperson says. 
“The City of Melbourne launched the Great Melbourne Treasure Hunt in February this year to attract shoppers to the CBD during what is a traditionally quieter time.” 
“It also ran the Look.Stop.Shop. initiative for the second time, during the State of Design festival, to celebrate the in-store retail experience.” 
The spokesperson says it is the availability of space – rather than the cost of space – that stops small businesses from operating in the city. 
“There may be businesses that collaborate on a specific project that may only require space for a specified period of time and then disband,” she says. 
“Spaces like these are cropping up in the city and the council has supported some in the past.” 
StartupSmart has outlined some of the initiatives of other city councils to boost CBD retailers: 
<h2>City of Sydney</h2>
Small Bars is designed to reactivate certain parts of the city, and provide an improved mix of venues, via a laneway capital works program, precinct planning and the creation of tenancies. 
Smart Green Business helps SMEs save money and improve their environmental performance, while CitySwitch Green Office helps office building tenants improve their energy use. 
Business crime prevention forums are designed to help business owners minimise crime in and around their workplace, including shoplifting, fraud, robbery, assault and credit card crime. 
<h2>Brisbane City Council</h2>
In the aftermath of the floods, transport became a major issue in the city, so the council has focused on improving its services. 
Brisbane’s CityCat and ferry network is now fully restored, with all terminals operating seven days a week, including a new CityCat launched at the West End terminal earlier this month. 
The entire CityCat fleet is fitted with WiFi, enabling businesspeople to stay connected and serving as an added incentive to visit the city. 
Meanwhile, Brisbane Marketing works closely with the council to manage the marketing and activation of the Queen Street Mall – and increasingly the surrounding central business district – as the state’s premier retail destination. 
<h2>City of Perth</h2>
The council works closely with city retailers on issues such as preferred Sunday shopping hours (still a contentious issue in WA), deregulation and exemptions to trade on public holidays. 
The Raising Retail Series is a new initiative that will present city businesses with marketing updates, business development tips and network opportunities on a quarterly basis.
Spacemarket is an online interface for the exchange of floor space across central Perth. It seeks to stimulate under-utilised spaces by pairing non-tenanted spaces with people who have a desire to use them. 
The council’s Laneway Strategy aims to improve the contribution of laneways to the city in order to enhance each space and celebrate each laneway’s distinctive environment. 
<h2>Adelaide City Council</h2>
A key component of the council’s Strategic Directions is a significant increase in its investment in capital works, with major upgrades planned for city streets, squares and public places. 
The council is also working with the state government on a new extension to the tram network, while improved pedestrian access is another major focus. 
The council has also launched the Main Street Building Improvement Scheme, which provides financial incentives to support commercial property owners interested in restoring old buildings.
This article originally appeared on <a target="_blank" href="https://www.propertyobserver.com.au/https://www.startupsmart.com.au/growth/city-of-melbourne-defends-retail-assistance-efforts/201110124163">StartupSmart</a>
Photo courtesy of Tourism Victoria.
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City of Melbourne defends retail assistance efforts

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A record 1 million weekly visitors attended the opening of Westfield London's latest store - Westfield Stratford City, <a target="_blank" href="https://www.propertyobserver.com.au/retail/one-million-weekly-london-shoppers-buoy-westfield/2011110852254">which helped buoy Westfield's results. </a>
Not quite as many turned up this week when Justin Bieber gripped Westfield Stratford City when he switched on the centre's Christmas lights.
<img src="/images/stories/westfield3.jpg">
He had performed the same task earlier at Westfield’s Mall at Shepherd’s Bush.
<img src="/images/stories/westfield4.jpg">
 
{yoogallery src=[images/stories/nov8stratford]}
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Westfield Stratford City: What the million saw

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Buoyed by an impressive 17% jump in annualised Westfield London retail sales – and a record 1 million weekly visits –international shopping centre owner Westfield Group has confirmed its earnings forecast for the year to December.
Noting its global portfolio was performing strongly and sales of its non-core US malls were progressing, it has reaffirmed its forecast for a distribution per security of 48.4¢ and operational segment earnings of 74.6¢ per security.
Shares in the company have dropped nearly 20% this year, compared with a fall of 10% in the benchmark S&amp;P/ASX 200 index as Westfield works its way through the challenging international retailing environment.
But Westfield notes demand for space remains solid especially in Australia, with a number of global retailers looking to tap into the market, although it recorded just 1.1% growth in specialty retail sales.
Occupancy remains above 99.5% in its Australian centres.
"Our job right now is not only to release the existing centres but to make space," Westfield co-chief executive officer Steven Lowy told a conference call for analysts and media as reported on Reuters.
With the non-core asset sale listings in the United States, Westfield said it was in negotiations with four to five parties to sell its US non-core shopping centre assets. There was 5.9% retail sales growth in its US stores.
"I do think the environment is in a position at the moment where those assets can get funded," noted Peter Lowy, another chief executive officer for Westfield.
"There is a quite a lot of money sitting around in bank balance sheets waiting to be deployed."
While some of Westfield’s peers have started share buybacks in hopes to lift their share prices, Peter Lowy says it's unlikely that Westfield would follow suit.
"Our preference as a company to invest in our products and increase the business, and increase return on equity by developing and growing the business," he adds.
“This was an exciting and active quarter for Westfield, with the immensely successful opening of our Stratford City project adjacent to the site of the London 2012 Olympics, together with concluding the £1.75 billion joint venture of the centre,” the Westfield press release noted.
“We are very proud of what we have achieved at Stratford City.
“This world-class shopping centre was delivered on time, on budget and over 95% leased at opening.
“More than 6.5 million customer visits have occurred in the eight weeks since opening, including over 1 million visits in the centre’s first week, a record for our company.” 
<a href="https://www.propertyobserver.com.au/retail/westfield-stratford-city-what-the-million-saw/2011110852259" target="_blank">The million Westfield customers encountered quite a sight.</a>
The group was also active in investing capital into high return opportunities during the quarter.
“Importantly, we announced the expansion of our business franchise into new markets including Brazil and the acquisition of a strategic development site in Milan, which we believe is the best major retail development site in continental Europe,” Steven Lowy says.
During the quarter, WDC reached an in-principle agreement on the US$1.3 billion joint venture of the retail premises at the World Trade Center in New York.
WDC also recently announced the sale of a half share interest in Cairns Central, Queensland for $261 million at a cap rate of 5.2%, representing a $35 million, or 16%, premium to book value.
It was the huge new Westfield mall in Stratford that smashed all records in its first week by attracting more than 1 million shoppers.
More than 6.5 million people have visited the Westfield Stratford City shopping centre in east London since it opened on September 13.
 
 
 
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One million weekly London shoppers buoy Westfield

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The traditional mid-spring surge in property listings didn’t happen this year in Melbourne, with October listings increasing only 3.3% from September.
Melbourne’s listings increased from 49,613 to 51,265 in October, according to a report from property research group SQM Research.
In Sydney the number of listings increased by a muted 2% (to 35,682), and listings were up just 0.4% across Australia.
Listings were down in three capital cities, with Brisbane down 3.4% to 30,249, Perth down 2.5% to 20,000 and Darwin down 2% to 1583.
Perth was the only city to report a drop in annualised listings from October 2010.
“This might actually be the peak in stock levels for this cycle,” SQM managing director Louis Christopher says.
“I note that Perth is now recording falling listings and Brisbane is now recording signs of stock numbers peaking.
“I suspect Sydney may record a peak this month as well.”
“The Melbourne results are deeply concerning, particularly in light of the fact that we know there is still much dwelling construction yet to be completed,” Christopher adds, repeating his concerns from September's figures.
Hobart was the only city with significant increases in property listings in Australia and had an increase of 20% over September figures, to 4316 listings.
“That seems to be consistent with some of the house price falls recorded in the September quarter for [Hobart],” Christopher says.
Canberra’s new listed property went up 7.3% in the month to 1,995 and Adelaide's rose 8% to 17,948 in October.
The report did show a 14.5% national increase in October listings from 2010 but this a modest increase when compared with other months this year.
Homes offered for sale climbed to 383,217 in October from 334,575 a year ago, the Sydney-based research group says.
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No October listings surge except in Hobart and Adelaide

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British fashion label Paul Smith will be opening its first stand-alone store in Australia in mid-2012 on Collins Street, Melbourne.
It will be located at the Paris end in Investa Property Group's heritage-listed building at 120 Collins Street.
Paul Smith already has shops around the world including London, Paris, Milan, New York, San Francisco, Hong Kong, Singapore, Taiwan, the Philippines, Korea, Kuwait, U.A.E.  – and more than 200 throughout Japan.
The 250-square-metre flagship Collins Street store lease was negotiated by CBRE and Savills.
The luxury fashion precinct already includes international luxury brands Cartier, Louis Vuitton, Bulgari, Gucci, Ermenegildo Zegna and Chanel.
"They join Joe Black the Tailor and Alistair Trung at the building, and we're confident that the store will have a real wow factor upon opening mid next year," says Claire Clark, general manager of 120 Collins Street.
Retail turnover in the Melbourne CBD had outperformed all other high street shopping strips in Victoria, she adds.
"Paul Smith’s business is an exciting addition to the precinct’s pre-eminent fashion credentials, and continues the tradition of prestigious fashion houses and boutiques that have set up shop here over the years,” says Michael Di Carlo from Savills.
CBRE agent Max Cookes suggests the deal is “testament to the strength of the retail market.”
Paul Smith offers 14 different collections including Paul Smith, PS by Paul Smith, Paul Smith Jeans, Paul Smith London, R.Newbold (Japan only), Paul Smith Accessories, Paul Smith Shoes, Paul Smith Fragrance and Paul Smith Watches.
The shops typically reflect the character of the designer and chairman, coming with an extensive selection of clothing, jewellery, books, art, antiques and other products.
 
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