<a href="https://www.apartments.com.au/developers/mayd-group">MAYD Group</a> has set a new residential price record in Queensland with the $30 million sale of the penthouse at its <a href="https://www.apartments.com.au/new-apartments/one-burleigh-88-the-esplanade-burleigh-heads-qld-4220">ONE Burleigh</a> development in Burleigh Heads.

The sale equates to around $37,500 per sqm.

The two-level, 800 sqm penthouse, featuring five bedrooms, five bathrooms, five car spaces, and a private infinity pool overlooking the Pacific Ocean, was acquired by a Gold Coast-based entrepreneur, highlighting continued demand for ultra-premium beachfront product.

Selling agent Freddie Tehle of PRD Burleigh Heads said the result reflects tightening supply of high-quality, large-format apartments in Burleigh.

“There’s very limited opportunity to secure this level of scale and absolute beachfront position in <a href="https://www.apartments.com.au/developments/burleigh-heads-qld-4220">Burleigh Heads</a>,” Tehle said.

“Buyers are increasingly seeking apartments that genuinely replace a standalone home, and this penthouse delivers that with its size, privacy, and direct ocean frontage.”

[smartcode_project:default project_id=146358 project_image_fid=323057]

The sale comes as construction progresses on ONE Burleigh, a boutique development of 17 full-floor residences at 88 The Esplanade, scheduled for completion in early 2027.

Developed by MAYD Group and designed by <a href="https://www.apartments.com.au/architects/mas-architecture-studio">MAS Architecture</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/sici-design">Sici Design</a>, the project has been positioned as a collection of house-sized beachfront apartments, each occupying an entire floor with around 381 sqm of internal and external living space.

When construction commenced, MAYD director Todd Mould pointed to the long-term resilience of premium coastal real estate as a key driver behind the project.

“Real estate, particularly at the premium end, remains one of the most resilient and proven long-term investment avenues,” Mould said.

“Our ambition is that anyone who buys a MAYD-built product can genuinely feel the care, craftsmanship and commitment we bring to every detail.”

[smartcode_project:default project_id=146358 project_image_fid=323055]

Each residence has been configured with four bedrooms, multiple living zones, a private office, and expansive ocean-facing terraces. Interiors draw on a restrained material palette, including travertine stone, timber joinery, and integrated premium appliances.

Interior designer Sici Design said the approach was to reflect the project’s coastal setting through both materiality and spatial planning.

“ONE Burleigh is our vision of luxury living, designed to bring the essence of Burleigh Heads' vibrant coastal beauty into an unparalleled residential experience.”

Residents will have access to a suite of wellness-focused amenities, including pools, sauna facilities, and dedicated relaxation spaces, reflecting a broader shift toward lifestyle-driven apartment design on the Gold Coast.

[smartcode_project:default project_id=146358 project_image_fid=323052]

The project occupies a southern Esplanade site with uninterrupted beachfront frontage, an increasingly rare offering in Burleigh Heads, free from the Norfolk Pines that line much of the coastline and often limit direct ocean outlook.

Mould said the design intent was to balance that outlook with a sense of retreat.

“Living at ONE Burleigh is about how your day naturally unfolds, morning light across the ocean, coffee on the balcony, and being in Burleigh but elevated above the noise.”

The result further reinforces Burleigh Heads’ emergence as one of the Gold Coast’s most tightly held and supply-constrained beachfront markets, where boutique, owner-occupier-focused developments are increasingly setting new price benchmarks.

[smartcode_project_cta:default project_id=146358]

Joel Robinson

MAYD Group sets Queensland record with $30 million penthouse sale at ONE Burleigh in Burleigh Heads

Apartment developers in the Gold Coast are finding new, creative ways to differentiate themselves from competing projects, as new supply starts to flow through up and down the Coast.

Developer Big Projects brought in the renowned Sydney-based design studio YSG to craft the interiors for The Frederick, Big Projects' new Mermaid Beach project and YSG's first move into the multi-residential development space.

[smartcode_project:default project_id=110588 project_image_fid=5346]

It was a strategic move for Big Projects to bring in a Sydney eye to the development.

“Our role is to give our design partners the space and freedom to explore,” says Matt Barrett, Director of Big Projects.

“We wanted YSG Studio to capture the essence of Nobby’s, to design a building that embraces life, light and connection, while creating a genuine sense of place.”

There are only 39 apartments in The Frederick, including a striking beach house, just 100 metres from the booming Nobby Beach precinct.&nbsp;

[smartcode_project:default project_id=110588 project_image_fid=5347]

Yasmine Ghoniem, Director of YSG Studio, says their vision&nbsp;for The Frederick "reinvents coastal living."

“Nobby’s has such an iconic energy, it’s one of those rare pockets of the Gold Coast where the community, the beach, and the streets all feel connected,” Ghoniem says.

"Responding to the neighbouring coastline, soothing curves add a relaxing regional overlay, while unique detailing really sets it apart. It’s a place that feels lived in from the moment you step inside.”

A standout feature of The Frederick is its rooftop terrace, an uncommon inclusion for a boutique, low-rise building, where amenity is typically concentrated at ground level.

[smartcode_project:default project_id=110588 project_image_fid=5360]

Positioned to capture panoramic views from the hinterland to the ocean, the rooftop has been designed as a series of intimate zones. It includes a pool, sauna, sun decks, workspaces and dedicated entertaining areas.

“The rooftop was conceived as a collection of spaces where residents can unwind and connect, an extension of the Nobby’s lifestyle,” Barrett says.

Architecture for the project was led by Plus Architecture, with landscape design by LDG.

SRQ Projects Director Nick Clydsdale, who is handling sales at The Frederick, says the majority of enquiry is coming from South East QLD and Victorian buyers who have been actively searching between Broadbeach and Mermaid Beach for some time.

"They’ve reviewed a number of projects, however this one has stood out for its design flair/ appeal,"&nbsp;Clydsdale says.

Site demolition is slated for this month, with construction commencing soon after. Big Projects is targeting a late 2027 completion.

[smartcode_project_cta:default project_id=110588]

Big Projects taps Sydney’s YSG for first multi-residential project at The Frederick Mermaid Beach

Melbourne-based property developer ALTA Property has this week achieved planning approval for the adaptive re-use of a former commercial tower into a $200 million, 169-apartment project at 10 Queens Road, one of the last developable sites along the Albert Park Lake-fronting boulevard.&nbsp;

Set within one of Melbourne’s most sought-after precincts and designed by <a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser and Partners</a>, the illustrious building will offer unparalleled views across Albert Park Lake, Port Phillip Bay and Melbourne CBD.&nbsp;

The mix of 1, 2 and 3-bedroom residences will be complemented by a ground-floor amenity featuring private dining, a lounge bar, gym and wellness spaces, co-working, outdoor communal gardens, and retail.&nbsp;

The 17-storey building is a masterclass in adaptive re-use, with the existing commercial building’s façade, shell and internal structure to be retained, before high-end residences are built from the ground up in a newly built Albert Park facing addition to the building.&nbsp;

Sitting atop the building will be two 320+sqm penthouses with private rooftop terraces, which are expected to be priced between $9 - $11 million.&nbsp;

<img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="aa11211b-5581-43f9-940c-fc84d30a0e61" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/C_04.png?VersionId=Yhf5p_1EgGDu_zOIMFgvA8Ug8j3sTFQs" />

Architecturally, the building will feature a curved, geometric façade that celebrates and elevates the existing structure, with warm, muted tones which were selected to extend the materiality of the existing building rather than contrast it.&nbsp;

Interiors will bring together three metre high ceilings with waffle concrete in some spaces, natural timber, granite and Australian materials, culminating in crafted, generous and considered spaces that are defined by authenticity.&nbsp;

The adaptive re-use means that the Queens Road project will be a sustainability led, high-quality finished product, with a 62% saving in carbon emissions by re-using the existing structure rather than knocking it down and rebuilding.&nbsp;

ALTA Property was launched by Nigel Givoni in 2023, bringing over 25 years of experience in multi level residential delivery.&nbsp;

Melbourne’s property market growth is currently led by apartments. According to RPM VIC Apartments &amp; Townhomes Market Report (April 2026), units are outpacing houses, especially in the middle ring suburbs where median prices hit $757,500 – a four-year high that represents 2.9 percent growth quarter-on-quarter.&nbsp;

<img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="647e13d7-b4bc-433a-9bc9-fe3c3dd4f2ec" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/V_06.png?VersionId=ou4NUCWUgA3NAy.6CQJlEdKX50j3dOk6" />

For ALTA Property Founder Nigel Givoni, this performance speaks to the confidence he has in the Melbourne market.&nbsp;

“Queens Road represents a rare opportunity to continue to shape our presence in the Melbourne market.,"&nbsp;Givoni says.

"With a considered project team and a premier site along one of the city’s most sought-after boulevards, we look forward to contributing to the fabric of this established address.

“Other Australian markets are getting a lot of attention, but I believe the depth of value in Melbourne is being overlooked. The fundamentals are strong, population growth is steady and, based on our preliminary conversations with a leading builder, construction costs are beginning to normalise, creating further opportunity."

Givoni says the project is a&nbsp;highly considered example of adaptive re-use, delivering quality, high-end residences, premium hotel-inspired amenities and an architecturally striking façade, all achieved without the need to remove the existing structure.

"We are really looking forward to the market’s response,” he said.&nbsp;

ALTA Property to deliver $200 million Queens Road apartment tower

Construction is set to begin at <a href="https://www.apartments.com.au/new-townhouses/orchard-mews-glen-iris-18-scott-grove-glen-iris-vic-3146">Orchard Mews</a> in Glen Iris, with&nbsp;PC Whitehall &amp; Sons&nbsp;now appointed as the townhome development moves into its next phase.

The development by&nbsp;<a href="https://www.apartments.com.au/developers/montcoeur">MontCoeur</a>,&nbsp;located at 18 Scott Grove, is now around 30 per cent sold, with completion targeted for late-2027.

Orchard Mews comprises a curated collection of three- and four-bedroom customisable townhomes, positioned within one of <a href="https://www.apartments.com.au/developments/glen-iris-vic-3146">Glen Iris</a>’ more tightly held residential streets. The low-density project has been designed by <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a>, with landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/jack-merlo">Jack Merlo</a>, bringing together a team known for high-end residential projects across Melbourne.

[smartcode_project:default project_id=150128 project_image_fid=366285]

The development is defined by its focus on flexible living and long-term usability. Each residence includes multiple living zones and a customisable multipurpose room, allowing buyers to tailor spaces to suit changing needs, whether as a home office, additional bedroom, wellness area or entertainment space.

Architecturally, the townhomes emphasise natural light and spatial volume, with dual-aspect layouts and double-height living areas incorporated into the design. Interiors feature natural stone benchtops, premium appliances, and a neutral material palette intended to support everyday functionality rather than statement-driven finishes.

All residences are all-electric and include private lifts and secure double garages, reflecting a broader shift toward sustainability and future-focused housing in Melbourne’s established suburbs.

[smartcode_project:default project_id=150128 project_image_fid=366277]

Outdoor connections are also central to the offering, with a mix of private courtyards and terraces extending internal living spaces and integrating with the landscaped surrounds.

The Scott Grove address places Orchard Mews within close proximity to some of Melbourne’s key lifestyle and education amenities, including Scotch College, Sacré Cœur, Cabrini Hospital and the retail hub of Chadstone. Public transport access is also nearby, with trams and Gardiner Station providing connectivity to the CBD and surrounding suburbs.

[smartcode_project_cta:default project_id=150128]

Construction to commence at luxury Glen Iris townhome project, Orchard Mews

A rare new apartment development has been proposed on the fringe of St Ives Village.

Developer Newquest Property has lodged plans for a low-rise apartment project designed by well-regarded architecture firm Warren &amp; Mahoney, which is best known for its work in the multi-residential sector in Melbourne.

The building, proposed for a 1,916 sqm site on <a href="https://www.apartments.com.au/new-apartments/st-ives-residences-3-5-memorial-avenue-nsw-2075">Memorial Avenue</a> opposite St Ives Village Green, has been designed to blend into the surrounding natural environment.

<img alt="St Ives" data-entity-type="file" data-entity-uuid="5c1c7437-2fba-4345-a6d7-05321714ad3e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-04%20at%201.28.46%E2%80%AFPM.png?VersionId=KrYyMaJvNqR7vbx0xbB3Ef8sJ6FuHpmn" />

“Drawing inspiration from the pale trunks and flowering canopies of the scribbly gums and blue gums prevalent in the area, a considered material palette was developed,” the architectural design report states.

“This palette references the established materiality of the suburb while elevating it through refined finishes to achieve a more luxurious architectural expression.”

Of the 33 apartments proposed, 21 will be three-bedroom residences. The remaining mix includes nine two-bedroom apartments, one one-bedroom apartment and two four-bedroom residences. The development will be supported by 62 car parking spaces and 33 secure bicycle spaces.

The proposal would replace two single-storey brick buildings currently on the site.

<img alt="St Ives" data-entity-type="file" data-entity-uuid="21422eaf-09a9-4439-9278-b9bd9daf22a1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-04%20at%201.38.10%E2%80%AFPM.png?VersionId=v.fXSgcUcEscvOZzqcjG5nk3gVqk_Amt" />

St Ives remains a relatively untapped market for new apartment development. North Shore developer WINIM has a number of projects in the area, while INCA is nearing completion of Ellis Residences.

More recently, Traders In Purple has lodged plans for one of the denser projects proposed in the suburb, a 75-apartment development on a 5,900 sqm site on Cowan Road.

NewQuest, a construction, design and development firm, has delivered over 24 projects across commercial, residential, industrial, and lad markets.&nbsp;

&nbsp;

&nbsp;

First look: NewQuest Property proposes new St Ives apartment development

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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<img src="/images/stories/architect.gif">
- The Real Estate Agents Authority of New Zealand, which  has slammed local agents for <a href="https://www.nzherald.co.nz/residential-property/news/article.cfm?c_id=76&amp;objectid=10756666" target="_blank">claiming houses are "architect-designed" when they are not</a>. 
 
 
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jchancellor-FAypfDUnLy

Quote of the week

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<img src="/images/stories/16120.jpg">
The space the Queensland state government’s Department of Public Works will take up in a new nine-story office tower being developed as part of the $1 billon Ipswich City Heart development. Located on the corner of Brisbane and Bell streets in the Ipswich CBD, the A-Grade office tower will become the largest commercial building in the city, comprising a net lettable area of 18,000 square metres. The deal with the Department of Public Works includes nine levels of commercial space and a 520-square-metre customer service centre on the upper ground floor. Leighton Properties and Ipswich City Properties intend to commence early works on the commercial tower at the end of 2011, with completion scheduled in late 2013.
 
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<img src="/images/stories/200dollars.jpg"> 
The gross annual rent per square metre that Wavelength Pty Ltd will pay to lease a 310-square-metre office at 3/28 Smith Street, Chatswood on the Sydney North Shore from Westerlop Pty Ltd. The lease term is three years, with a three-year option and was arranged by John Swanson, from Sutton Anderson.
 
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<img src="/images/stories/283.jpg"> 
The total area that GK Trading has leased at 11/2-4 Hale Street, Botany in Sydney from P &amp; E Szoreni. The lease term is two years with the agreement negotiated by Marino Rodriguez from Taylor Nicholas, South Sydney.
 
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<img src="/images/stories/78dollars.jpg"> 
The net rent per square metre that Parben Pty Ltd will pay to lease a 1,538-square-metre warehouse at 97 Percival Road in Smithfield in Western Sydney from Boden Property. The lease is for four years, plus a four-year option. The agreement was negotiated by Elijah Shakir from Jones Lang LaSalle Narrabeen.
 
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<img src="/images/stories/7100sqm.jpg"> 
The amount of space ANZ will lease at One One One Eagle Street in the Brisbane CBD. The bank will lease five floors of the River Rise section to accommodate about 600 staff.
 
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<img src="/images/stories/485dollars.jpg"> 
The annual rent per square metre that mining services firm Sedgman has agreed to pay to lease 6,600 square metres of office space in two buildings in Gardiner Place, Milton in Brisbane for a term of five years. Tom Barr from Jones Lang LaSalle negotiated the deal, one of the largest outside the CBD this year.
Know of a commercial leasing deal? <a target="_blank" title="Email us" href="mailto:%20news@propertyobserver.com.au">Let us know</a> to be included in next week's listing.
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lschlesinger-FZcF9M3vE6

Commercial leasing: Watch this space

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<img src="/images/stories/2point375.jpg">
The sales price achieved for a freehold property located in the Puckle Street retail strip in Moonee Ponds, Melbourne. The sales campaign was handled by Fitzroys director Chris Kombi on behalf of Leighton Lynch Pty Ltd, with the result representing a yield of 4.86% on the net passing rental. Located at 38 Puckle Street, the property comprises a two-storey retail building and features street frontage of 7.62 metres on a 272-square-metre site. The property is leased to Zilla Holdings Pty Ltd, trading as the Paddington Coat Factory, and is returning a rental of $120,000 per annum plus outgoings and GST, excluding land tax. The current lease ends  September 15, 2012, with two further three-year options available to the tenant.
 
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<img src="/images/stories/4point87.jpg"> 
The yield reflected by the sales price of $550,000 achieved for a prominent corner property in McKinnon’s retail strip centre at auction. James Lockwood from Fitzroys handled the sales campaign. The two-storey property is located at 129 McKinnon Road, McKinnon in Melbourne and features a 5.82-metre frontage to McKinnon Road and incorporates a building area of about 125 square metres. The property is leased to café Mr Burch on a three-year deal beginning August 2010, with three further three-year options and is currently returning $26,780 per annum plus GST.
 
<hr>
<img src="/images/stories/7point9.jpg"> 
The amount Woolworths supermarket on the corner of Shannon Avenue and Aberdeen Street in in Geelong has sold for to a local private investor at a Melbourne auction. The sales price reflected a yield of 6.83%. The property was marketed by Shaun Venables and Graeme Watson from Burgess Rawson. The supermarket is on a 7,545-square-metre site with three street frontages and includes 140 car spaces.
 
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<img src="/images/stories/316m.jpg">
The amount Singaporean property group Ascendas is expected to pay for three Stamford Hotels in Melbourne, Adelaide and Sydney as part of a proposed sale and leaseback agreement. The hotel group has signed a non-binding memorandum of understanding. The three hotels have a book value of $148.7 million, meaning the proposed sales price is $167.3 million above this value. The three hotels are the Stamford Plaza Melbourne, the Stamford Grand Adelaide and the Stamford Plaza Sydney Airport Hotel.
 
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<img src="/images/stories/8point08.jpg"> 
 
The yield achieved following the sale of the Future Kids Childcare Centre at 975 Frankston-Cranbourne Road in Cranbourne, Melbourne for $1.725 million at auction in Melbourne. The property, built on a 1,370 square metre site, was sold to a Berwick based private investor. The sales campaign was led by Shaun Venables and Adam Thomas from Burgess Rawson. Future Kids pays annual rent of around $140,000 to lease the property.
Know of a commercial sales deal?<a href="mailto:news@propertyobserver.com.au" target="_blank"> Let us know </a>to be included in next week's listing.
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Commercial hammer prices

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<img src="/images/stories/1point1.jpg">
Offers, excluding GST, expected for a standalone 216-square-metre office building at 28A Blazey Street, Richmond close to the Melbourne CBD. The building is being marketed by DTZ selling agents Patrick O’Callaghan and Danny Clark. It has three off-street secure car spaces with additional storage on the ground floor, a 5.7-metre street frontage and a separate entry to the first-level offices from the left side of the building with access from the footpath. Bonus features include a shower and a caretaker’s residence on the top floor, together with a spectacular balcony area. The property will appeal to creative, consulting or professional owner occupier businesses. According to Clark, one of the strong features of the building is its location: “Blazey Street runs east off Burnley Street and parallel with Bridge Road, offering transport connections by all modes in every direction.”  The deadline for the private sale is December 7.
 
<hr>
<img src="/images/stories/2200sqm.jpg"> 
The size of an office and warehouse property snapped up by online computer software and hardware retailer PC Case Gear for $2.2 million at Mulgrave in Melbourne’s south east. The sale was negotiated by Savills Australia’s Daniel Kelly. Located at 18-20 Glenvale Crescent, the building includes a 2,000-square-metre warehouse and 200 square metres of office space. The 1970s building was part of the original and tightly held AV Jennings Slough subdivision, which had been one of the first industrial developments in the area. Kelly says PC Case Gear had recognised there were few options in this location but wished to remain close to its staff and provide for expansion of the business. The vendor was a Melbourne-based private investor.
 
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<img src="/images/stories/10ha.jpg">
The size of the cherry orchard situated on the Murray Valley Highway at Wyuna listed for sale $480,000. <a href="https://www.propertyobserver.com.au/rural/two-sweet-victorian-orchard-offerings-as-cherry-season-begins/2011110152159" target="_blank">The property is dubbed The Big Cherry</a>. John Lilford, the Hinchliffe + Greed Real Estate Kyabram listing agent, says the majority of the orchard is of different cherry varieties, along with apricots and apples. The property boasts a large air conditioned display area for the sale of fruit and jams produced from the orchard and two large cool rooms used for storing fruit for the market.


 
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<img src="/images/stories/750k.jpg"> 
The amount being sought for the humble <a href="https://www.propertyobserver.com.au/victoria/stable-investment-on-the-market-in-ascot-vale/2011103152147?source=flicker5">Ascot Vale stables,</a> the 526-square-metre holding just a short gallop from Flemington Racecourse. It due to be auctioned on November 12 auction through Nada Pali at McLeod Real Estate The Professionals. It’s been listed by the Lawson family, who have owned the property for more than 60 years. Trainer Alec Lawson’s stable included Gay Filou, the Toorak Handicap winner at Caulfield in 1962. 
 
 
 
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<a title="Click to enlarge" rel="shadowbox" href="/images/stories/rpsaleslarge.gif"><img src="/images/stories/rpsales.gif"></a>
Click to enlarge
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Top 10 sales of the week: RP Data

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<img src="/images/stories/2point1m.jpg">
The amount a Westpac branch at 1-3 Rohini Street in Turramurra sold for at auction on the Sydney North shore. The 390-square-metre property was marketed by Charles Gonzalez from Burgess Rawson. It was sold to a SMSF investor on a net yield of 6.88%. It comes with a five-year lease starting from June 2010.
 
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<img src="/images/stories/9point98.jpg">
The yield achieved on the sale of an IGA in Dungog in the Upper Hunter Valley in NSW that sold to a Victorian private investor for $3.255 million. The property is located at 219-235 Dowling Street and was marketed by Charles Gonzalez from Burgess Rawson and Guy Littler from Knight Frank. It comes with a 15-year lease.
 
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<img src="/images/stories/200m.jpg">
The amount two offshore funds have additionally invested in <a href="/news">Charter Hall Office REIT</a> after Macquarie Group sold its share and pulled out of a consortium bid it led to acquire the REIT. Macquarie sold its stake to Canada’s Public Sector Pension Investments Board (PSP Investments) and Singapore’s GIC fund. Both funds will inject an additional $100 million to acquire Macquarie’s share of the fund and take their total investments in the office trust to $400 million each.
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<img src="/images/stories/6per.jpg">
The yield on Westfield’s half share in the <a href="https://www.propertyobserver.com.au/retail/lend-lease-buys-westfield-s-stake-in-cairns-central-shopping-centre/2011102452053" target="_blank">Cairns Central shopping centre</a> sold to Lend Lease’s Australian Prime Property Fund for $261 million. The 52,725-square-metre, two-level centre was put up for sale by Westfield and Lend Lease earlier this year with a price tag in excess of $450 million. The sales campaign was run by Simon Rooney of Jones Lang LaSalle with Perpetual Trustees appointed to manage the process following a four-year dispute between Westfield and Lend Lease over management of the centre.
 
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<img src="/images/stories/50mill.jpg"> 
The price tag placed on the Century Centre in the Parramatta CBD, which has been listed for sale for the first time on behalf of private developer Capital Corporation. <a href="https://www.propertyobserver.com.au/office/parramatta-office-tower-on-the-market-for-about-%2450-million/2011102052018">The 12-storey A-grade office building is located in the business hub of Parramatta CBD between George and Macquarie streets</a> on a heritage-listed site steeped in history. It sits above the convict-built sandstone barrel-drains that run under Church, George, Smith, Charles and Macquarie streets. CBRE’s Greg Cohen and Michael Brislane in tandem with Frank Sassine and John McCann of Colliers International will jointly market the building.
 
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<img src="/images/stories/2m.jpg"> 
The amount a private developer paid for a 446-square-metre site at 333-335 Ferrars Street, South Melbourne with plans to transform it into residential apartments.  This mixed-use site is currently a used car dealership. The sale was negotiated by Nick Bade from Lemon Baxter. The tenant has a lease agreement until January 18, 2013 and is currently paying $31,800 per annum. There is no option to renew the lease.
 
Know of a commercial sales deal? <a href="mailto:news@propertyobserver.com.au" target="_self">Let us know</a> to be included in next week's listing.
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<img src="/images/stories/goldquote.jpg">
- Journalist Rory Gillen, in <a target="_blank" title="Irish Times" href="https://www.propertyobserver.com.au/https://www.irishtimes.com/newspaper/finance/2011/0902/1224303346122">The Irish Times</a>
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<img src="/images/stories/83k.jpg">
The estimated gross annual rental that electrical contractors John Moss Electrical Pty Ltd will pay to lease a vacant 700-square-metre warehouse in Mortdale in Sydney’s southwest. The company has leased a freestanding warehouse at 33 Barry Avenue in a three-year deal negotiated by Ryan Jennings of Ray White Industrial M5.
 
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<img src="/images/stories/490.jpg"> 
The amount ASX-listed mining company PanAust Limited will pay per square metre to rent approximately 1,000 square metres at 15-19 James Street in Fortitude Valley, Brisbane, a redevelopment of the Centro on James complex owned by John James and Patrick George. The new lease takes all of the first floor in a five-year deal. The company will also lease 10 car bays at $275 per bay per month. The building is currently under construction, and PanAust expects to move into the new space in fourth quarter of 2011.The lease agreement was negotiated by Jones Lang LaSalle’s Tom Barr and Don Mackenzie.
 
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<img src="/images/stories/110num.jpg"> 
The net annual rent per square metre that CRG will pay to lease a 1,570-square-metre warehouse at A2/175 Power Street in Glendenning in the outer west of Sydney from ARV. A lease term of three years was negotiated by Elijah Shakir from Jones Lang LaSalle.
 
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<img src="/images/stories/300.jpg"> 
The net annual rent per square metre that Crunch V Group Pty Ltd will pay to rent a 1,780-square-metre shop at 48-52 Scott Street, Liverpool from Gazcon Pty Ltd.  A lease term of 10 years was negotiated by Fab D'Alfonso from Colliers International.
 
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<img src="/images/stories/350sqm.jpg">
The size of a high-tech unit that mortgage technology company Nextgen Pty Ltd has leased at 57/6-8 Herbert Street in St Leonards from Keneva Super Fund. The lease term is three years with the deal negotiated by Kellie Tattersall from Taylor Nicholas North Shore.
 
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<img src="/images/stories/2770.jpg"> 
The size of the office/warehouse unit that data storage company Verbatim will lease at Lend Lease managed Australian Prime Property Fund Industrial’s Noble Park complex. The complex is situated at 450-466 Princes Highway, Noble Park, Melbourne in close proximity to the Eastlink freeway. The lease agreement was negotiated by CBRE senior manager David Aiello at net rental rate believed to be just under $80 per square metre. Verbatim, a subsidiary of Mitsubishi Chemical Corporation, is presently based at Glen Iris.
Know of a commercial leasing deal? <a href="mailto:news@propertyobserver.com.au" target="_blank">Let us know</a> to have it included in next week's listing.
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<img src="/images/stories/3mil.jpg">
The amount Bunnings has paid for a 24,500-square-metre industrial lot in Northern Alice Springs on the Sturt Highway. The home improvement group will open its first store in Alice Springs on the site. The deal was negotiated by First National Commercial Frampton’s director David Forrest. The site had been up for sale for more than a year.
 
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<img src="/images/stories/29point2.jpg">  
The amount an <a target="_blank" href="https://www.propertyobserver.com.au/developments/asian-investors-snapping-up-melbourne-development-sites-savills/2011100451800">Asian developer has paid for 3,200-square-metre site with potential for more than 500 apartments at 224-250 La Trobe Street</a> in the Melbourne CBD. The deal was negotiated by Clinton Baxter and Nick Peden from Savills Australia.
 
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<img src="/images/stories/500k.jpg">  
The amount road building contractor Delcon Civil Pty Ltd is believed to have paid for a new industrial building at Carrum Downs in Melbourne’s outer southeast. Located at 37 Yazaki Way (unit 1), the property comprises a 377-square-metre office and warehouse unit. The deal was negotiated by Savills Australia divisional director Joseph Catanese. The vendor was Melbourne-based developer Elite Property Group.
 
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<img src="/images/stories/6per.jpg">  
The yield achieved following the sale of a 350-square-metre heritage-listed three-storey building at 19 McKillop Street, Melbourne for $2.6 million. The sale was negotiated by Tom Backay of Fitzroys. Built in 1854, the building provided a rare example of a converted bluestone warehouse in Melbourne’s CBD. The property was leased to Guhng, a Korean charcoal BBQ restaurant, in mid-2010 on a five-year lease, with a further five-year term at $150,000 per annum net plus GST and with annual increases of 5%.
 
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<img src="/images/stories/25point5.jpg"> 
The amount developer <a target="_blank" href="https://www.propertyobserver.com.au/developments/asian-investors-snapping-up-melbourne-development-sites-savills/2011100451800">Chip Eng Seng of Singapore paid for an 8,000-square-metre office building on a 900-square-metre site at 150 Queen Street</a>, which is earmarked for residential conversion. The building was sold by Sydney-based fund manager Charter Hall, which acquired it for $32 million in September 2007. The property was marketed by Clinton Baxter and Dominic Long from Savills along with Nick Rathgebe and Leigh Melbourne from Colliers.
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<img src="/images/stories/62point4.jpg">
The size of the Novotel Forest Resort near Daylesford, which has been listed for sale. The property incorporated an eco-friendly resort, golf course and gated residential community featuring 37.2 hectares of freehold land and 25.2 hectares of leasehold land. Jeremy Gruzewski and David Grima from Colliers International have been appointed to market the resort, which opened in 2008 and was built at a cost of $200 million. The resort comprises 144 rooms over four levels, including a wellness centre and day spa, modern convention centre, retail facilities, bistro and restaurants.  Also up for sale is the 18-hole, 72-par golf course and an 80% shareholding in Forest Resort Utilities Pty Ltd, a wastewater treatment plant. The land was acquired by developer Jim Walsh and his family for less than $1 million in 2001, after it was in financial trouble. Approval to develop the land took four and a half years of Walsh’s Forest Resort business and the local Dja Dja Wurrung tribe for the use of 25 hectares of adjoining Crown land. The golf course was designed by famed golf course architect Tony Cashmore and is the site of heritage water courses and gold diggings, which date back to the mid-1800s gold rush. 
The Walsh family almost lost the hotel after being caught up in the collapse of Gold Coast lender MFS in 2009, which had provided a $48.3 million loan to fund construction of the resort. In April this year Walsh lodged a $168 million lawsuit in the Victorian Supreme Court against MFS and its custodian prior to its collapse, Perpetual Trustees.
 
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The amount Gold Coast developer Sunland paid for <a href="https://www.propertyobserver.com.au/leisure/sunland-cements-gold-coast-holdings-with-neighbouring-%2413-million-mariners-cove-purchase/2011102652080">Mariners Cove and Marina at Main Beach</a>. Industry sources were expecting $20 million for Mariners Cove, which has been in the hands of receivers since late 2009.The site comprises 1.15 hectares of land lease and 2.8 hectares of seabed lease, with 102 marina berths. Mariners Cove is located in a prime position on the Broadwater of the Gold Coast and is adjacent to the Marina Mirage Retail precinct and Palazzo Versace Hotel.The site sold through public tender through receivers McGrath Nicol. Settlement is due on December 24, 2011.
 
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<img src="/images/stories/172point2.jpg"> 
The amount Stockland will receive following the sale of its half stake in 52 Martin Place, Sydney to joint owner QIC Global Real Estate. The sale price is above the 30 June, 2011 book value of $167.7 million. The landmark A-grade office tower has 33 floors including the Channel 7 news studio and a retail arcade linked to the Martin Place railway station. The property is a leasehold title, with 33% of the area leased back to the NSW state government until 2110.The transaction is part of Stockland’s ongoing asset sale program, the proceeds of which are being used to fund investment in the share buy-back currently underway as well as growth in Stockland’s core businesses.
 
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<img src="/images/stories/2800ha.jpg">
The size of the rural property <a href="https://www.propertyobserver.com.au/rural/sean-howard-sells-upper-murray-holding-for-about-%246-million/2011103152139">Mount Falcon Station in the Upper Murray region</a> of southern NSW sold by entrepreneur Sean Howard for about $6 million. Howard had owned it since 1998. It includes a five-bedroom 1934 homestead set in a mature garden and recently carried up to 1,350 breeding cattle. It has had three owners over most of the past century including the Falkiner family, who sold in 1964. It changed hands again in 1998 when offloaded by the Olympic runner John Landy and his brothers, Richard and Tony. John Landy was the governor of Victoria from 2001 to 2006. The property is close to the junction of the Murray and Tooma rivers near Corryong. Howard, one of the founders of OzEmail, spends his time in the retirement and aged care sector.
Know of a commercial sales deal? <a href="mailto:news@propertyobserver.com.au" target="_self">Let us know</a> to be included in next week's listing.
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