<a href="https://www.urban.com.au/developers/far-east-consortium">Far East Consortium</a>’s 640 Bourke Street stands as a testament to&nbsp;<a href="https://www.urban.com.au/developments/melbourne-vic-3000">Melbourne</a>’s ability to bridge its storied past with a bold vision for the future.&nbsp;

Rising above the heritage-listed Eliza Tinsley building, the development reflects a broader shift toward adaptive reuse in the city, where historical assets are retained and reinterpreted as part of new residential development.

Designed by <a href="https://www.urban.com.au/architects/rothelowman">Rothelowman</a>, <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> incorporates the Eliza Tinsley building as its foundation, housing a grand gallery and lobby space that serve as both a functional and symbolic centrepiece. The heritage façade informs the tower’s design, creating a connection between Melbourne’s past and its contemporary skyline.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=365684]

Above this historic base, the 68-storey tower will deliver just over 600 residences, a notable reduction from earlier schemes, reflecting a deliberate move toward larger-format apartments and a stronger owner-occupier focus.

Unlike traditional CBD developments that prioritised investor stock, 640 Bourke Street has been repositioned to respond to changing buyer expectations.

"The discussion was all around making 640 Bourke Street the best residence to live in, to be much more focused on the people in the building rather than people looking at the building," Marsland explained.&nbsp;

This shift is evident in the development’s interiors, which emphasise practical luxury with spacious layouts, high ceilings, and floor-to-ceiling windows framing sweeping views of Melbourne and Port Phillip Bay.&nbsp;

“What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Lauren Sheldon, Far East Consortium’s Director of Sales and Marketing, said.&nbsp;

[smartcode_project:default project_id=509 project_image_fid=365687]

Rothelowman Associate Jun Chang added, "We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."&nbsp;

Amenities spanning more than 3,000 sqm across multiple levels further reinforce this focus on resident experience. These include a pool, gym, co-working areas, and a range of hospitality-inspired spaces such as a whisky lounge, library, and private dining rooms, many drawing reference from traditional bathhouses and Melbourne’s laneway culture.

"We wanted to make both the pool and the gym area to be absolutely destinational, and when you traverse across to these spaces, there is a gentle familiarity to the beautiful notions of the hammams and the Roman baths, a gentle nod to history," Chang noted.

At street level, the project contributes to the ongoing transformation of the western CBD, with upgrades to Langs Lane and the introduction of retail, hospitality, and gallery spaces designed to activate the precinct and strengthen its connection to the surrounding city fabric.

[smartcode_project:default project_id=509 project_image_fid=365689]

The location places residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market, and the Docklands waterfront, positioning the development within a rapidly evolving inner-city neighbourhood.

"We believe it's the best site left in the city of Melbourne," Craig Williams, Executive Director at Far East Consortium, said.&nbsp;

640 Bourke Street is Far East Consortium’s 14th building in Melbourne’s western CBD.

"A very elegant designed building. It's going to be a Melbourne statement for many, many years to come."

One-bedroom apartments are priced from around $640,000, with 640 Bourke Street targeting completion in 2029.

Renders shown are Artist's Impressions correct as of May 2026.

[smartcode_project_cta:default project_id=509]

Joel Robinson

Heritage-led design anchors Far East Consortium’s 640 Bourke St, Melbourne

<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]

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 Studio to craft the interiors for The Frederick, BIG Projects' new Mermaid Beach project and YSG Studio'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 Studio, with landscape design by LDG Landscape Architecture.

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 unique detailing and compelling design,"&nbsp;Clydsdale says.

Site demolition is slated for this month, with construction commencing soon after. BIG Projects is targeting a late 2027 completion.

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Sydney’s YSG Studio makes Gold Coast multi-residential debut with BIG Projects at The Frederick

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

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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Garfield Towers, a Surfers Paradise building comprising 30 strata titled units, has been listed for sale.
The block of apartments at <a href="https://www.realestate.com.au/property-unitblock-qld-surfers+paradise-134354014" target="_blank">43 Garfield Terrace</a>, right on the beachfront, dates back to the mid 1960s.
Garfield was the first high rise ever to be built on the beach.
The lots will be offered by the individual owners, many of whom own several apartments.
The owners know a re-development is the best outcome for a building once known as the most luxurious accommodation available on the Gold Coast.
There is interest from some of the owners in acquiring one of the new apartments.
All 30 apartments have two bedrooms.
The tightly held block last saw a sale in 2019, when a ninth level apartment sold for $510,000.
It was the first sale since a $325,000 sale over a seventh level unit in 2015.
Oxbridge Agent's Thomas Dennis is marketing the Gold Coast property on 1,620 sqm that sits next door to the Northcliffe Surf Life Saving Club.
 
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Entire beachfront Surfers Paradise unit block listed

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<div class="page" title="Page 1">Manenti Quinlan &amp; Associates, in conjunction with John Hannigan Real Estate Services have announced the sale of the Rous Hotel, Lismore on behalf of the Bulmer family who have owned the hotel for over 20 years.</div>
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While the sale was looming earlier this year, the complications of the COVID-19 lock down required careful navigation.
The hotel occupies a prominent 1,745 sqm corner site and offers a Main Bar area, Bistro/Café Rous, Gaming Lounge with 12 devices, Enclosed Beer Garden and Large Carpark. On the first level, the Hotel offers “Reels Bar” Cocktail and Lounge Bar and a 2-bedroom fully self-contained Manager’s Residence.
After closing the Drive-Through Bottle Shop in April 2018, hotel trade was strategically repositioned to take advantage of growing function trade, with the old bottle shop space converted into “The Greenery” function area.
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Lismore City is located in the Northern Rivers Region of New South Wales, about 730 km north of the Sydney CBD, 47 km south-west of Byron Bay and 35 km west of Ballina.
Leonard Bongiovanni of Manenti Quinlan and Associates stated, “While we continue to field numerous enquiries for hotels in strong regional areas, the sale of the Rous Hotel demonstrates the continued appetite for these premium assets. Under the new ownership, the hotel is poised to be a local icon for many years to come”.
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Bulmer family's Rous Hotel in Lismore sold

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<div>EXPERT OBSERVER</div>
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<div>Apartment construction slowed to the lowest level in half a decade in Q2 2020. </div>
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<div>The slowdown was largely driven by Melbourne and its lockdown, while the other major states have seen things stabilise in this sector. </div>
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<div>Mining construction is now on the rise again in Western Australia, while major engineering projects in New South Wales also provided a timely boost.</div>
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<div>Thanks to engineering, the preliminary figures for construction hardly declined in Q2, down by just -0.7 per cent and holding up at more than $50 billion.</div>
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<div>The quarterly peak was $66 billion in 2017.</div>
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<div>Brighter times ahead for Western Australia on the back of the strength in iron ore and gold. </div>
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<div>As always, there's more detailed analysis from data supremo James Foster <a href="http://jamesfostermacro.blogspot.com/2020/08/australian-construction-activity-in-07" target="_blank">here</a>. </div>
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PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>. 
 
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Apartment construction continues to slide

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EXPERT OBSERVER
Markets will little or nothing available for rent have become one of the most compelling stories in Australian real estate.
Vacancy rates under 1.5% are now common all over Australia and property managers with a new rental listing are finding dozens of candidates showing up to compete for the property.
Every day I’m having conversations with real estate professionals of various types – buyers agents, valuers, selling agents, property managers and developers, as well as everyday consumers – and I’m hearing the same stories from locations in every state and territory. There’s little or nothing available for rent and it’s putting serious upward pressure on rents.
Scott Mitchell runs Mitchells Realty in Queensland’s Hervey Bay. It’s a pretty good place to have a real estate agency at the moment because Hervey Bay is a good fit with one of the nation’s biggest trends – the Exodus to Affordable Lifestyle.
You can buy houses for around $300,000-350,000 and walk to the beach, where you’re looking across at stunning Fraser Island. Or, if you’re an investor, you can get rental returns on houses in the 5.5% to 6% range.
Right now the region’s vacancy rate is about 1%. Mitchell says a local property manager recently offered a place to rent and over 40 people showed up to compete for the tenancy. “They were queued up at the front of the house and I’ve never seen that in Hervey Bay before,” Mitchell says.
I’m hearing stories like that from professionals and investors around Australia. And this anecdotal evidence is supported by the data on vacancies and rents.
In the growth city of Gympie, just up the road from the Sunshine Coast, the vacancy rate is 0.6%.
In Bendigo in Victoria, most postcodes have vacancy rates below 0.5% (and most suburbs have had median house price growth between 8% and 15% in the past 12 months). It’s a similar story in Ballarat.
In Albury-Wodonga at the NSW-Victoria border, all of the local postcodes have vacancies under 1%, including two which are just 0.2% and one where vacancies are listed as zero.
Orange west of Sydney has a vacancy rate of 0.4%.
In Adelaide, the overall vacancy rate is below 1% and that’s common right across the South Australian capital. It’s similar across metropolitan Perth and in Hobart, Darwin and Canberra.
Hobart’s vacancy rate has been below 1% for years and is currently 0.7%.
Where are the investors? Mostly they’re sitting at home reading about how high the vacancies are in the Sydney and Melbourne CBDs and how rents are plummeting (to use a word beloved by journalists) in the two biggest cities. And being spooked by that and other media misinformation.
Your average punter isn’t well-informed and is essentially a herd animal. He or she thinks reading big city newspapers is research, when in reality it’s the antithesis of research – it’s the gathering of myths and misinformation and the absorption of negative vibes from journalists for whom the glass is always half empty or completely empty.
There are exceptions, of course, and investors with their radar attuned to opportunity are out there busily competing with first-home buyers and other owner-occupier consumers in places like Adelaide, Perth, Canberra, Brisbane and dozens of strong regional markets across the nation.
Terry Ryder is the founder of hotspotting.com.au ryder@hotspotting.com.au twitter.com/hotspotting
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Vacancy rates under 1.5% now common all over Australia: Hotspotting's Terry Ryder

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CPlusC Architectural Workshop Pty Ltd has snapped up a vacant, freehold mixed-use building in Sydney’s East from a private investor for under $2.5 million, reflecting a significant building rate for vacant City Fringe assets. 
Located at <a href="https://www.realcommercial.com.au/sold/property-466-cleveland-street-surry-hills-nsw-2010-503554690" target="_blank">466 Cleveland Street, Surry Hills</a>, the two storey property offers a net lettable area of 182sqm (including 36sqm outdoor terrace) on a 147sqm site and is fitted with a commercial kitchen, grease trap, cool room and exhaust. 
There is a current DA in place for a dental practice and the building will benefit from the new Light Rail being constructed along Devonshire Street, connecting the East to Central Station and the CBD. The proposed stop will be a 100m walk to the corner or Bourke Street and Devonshire Street. This will be in conjunction with the current extensive bus network just moments away. 
The property sold through Ollie Ridley, Nick Lower and Selin Ince of Savills Australia who said there was a lot of interest from local investors, developers and owner occupiers looking for a trophy asset in an enviable location.
According to Ollie Ridley, Executive, Metropolitan &amp; Regional Sales at Savills Australia, “The repositioning potential and DA approval was especially appealing to those within the dentistry/healthcare world, along with other affiliated fields looking for high exposure locations within prime Inner-City locations”.
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Surry Hills dental practice space sells to architects

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A freestanding commercial investment with development upside has sold for $8,500,000 under the hammer at <a href="https://ecomms.raywhite.com/collect/click.aspx?u=S0FkYXRBL0pXU1R3ak9mT011UE1ZUkJvb2ZNQnUxdERqcHp0UUpKT1cvUVFxbmdxZFhzTGJQSEpGTHVVWW95QnJVNmoyc0RySkhYc1cxd053aG1UOWZhcXFwcUpzaFBKam9MK0grZlBvd2ljZi9COW5LaGZ1K3RVSWw2TmQxdndNWDYyUTU0cGgrREh5cURWRU1JTVlMdmlXdmhNeG90QjNzd01mc09iNjJSY0VYVm5KaGVhZVhiVWgwenBaTXNY&amp;rh=ff0065c7450d709ea5552ae9a04bacc4ff82fe1a" target="_blank">2-4 Palmer Street</a> in Parramatta.   The property, that came with a 685sqm building area and 600sqm land area, was sold at auction on a 2.9 per cent yield.   The asset was marketed and sold by Ray White agents Samuel Hadgelias and Jeff Moxham, in conjunction with Anthony Khoury and Jon Race of Khoury Partners. “Freehold commercial opportunities with upside are a rare commodity in the Parramatta CBD and that’s why this asset attracted seven registered bidders,” Mr Moxham said.
“The sale being in excess of the reserve price is further evidence the commercial market remains strong despite the negative speculation regarding Australian property markets in the wake of rising cases of COVID-19,” Mr Hadgelias said.    “The low yield is consistent with other freehold buildings that have traded nearby and evidences the continued strong demand for 'value add' assets with future development potential,” Mr Khoury said.
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Parramatta commercial investment sells for $8.5 million at auction

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Liverpool’s innovation credentials have been recognised on the world stage as it joins a select group of 20 global innovation precincts through the Global Institute on Innovation Districts.  
“The Liverpool Innovation Precinct was established in partnership between Council and local health, education and research institutions to harness the city’s strengths,” Liverpool Mayor Wendy Waller said.  
“By accepting an invitation to join this global network, Liverpool is now among fantastic company. Member cities include Toronto and Pittsburgh, known for their cutting-edge technology and creative industries.” 
The news comes off the back of the NSW Government’s announcement that up to 450 of CSIRO’s Sydney-based staff will relocate to a state-of-the-art facility at the Western Sydney Aerotropolis by 2026, in-line with the opening of Western Sydney International (Nancy-Bird Walton) Airport.  
“What we’re seeing through continued collaboration and investment from other levels of government and the tertiary education and private sectors is global recognition of Liverpool and the nearby Aerotropolis as cities of the future,” Mayor Waller said.  
“Global companies including Northrop Grumman, Hitachi and Amazon, top-ranking Australian universities and now the national science research agency want to call the Liverpool area home. 
“There’s a bright future ahead for Sydney’s third CBD, with all this investment in commercial operations, transport, freight and education infrastructure bringing new job opportunities for our growing city.” 
Alongside the $740 million upgrade of Liverpool Hospital, many Council-led initiatives demonstrate the power of innovation and collaboration to improve services and the city’s liveability.  
“Council’s latest example of innovation and collaboration is our support of the Maxar Spatial Challenge alongside other partners such as Amazon Web Services and the Australian Space Agency,” Mayor Waller said.  
“The national challenge, which launches this month, encourages participants to make use of satellite data to address key challenges such as mapping population density or an area’s tree canopy which could help reduce the urban heat island effect.  
“Other innovative Council initiatives include a project to track the movements of people in the Liverpool CBD to better inform planning decisions and our Fifteenth Avenue Smart Transit (FAST) Corridor vision for a rapid transit corridor which could be future-proofed for new technologies such as driverless electric buses and trackless trams.”
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Liverpool recognised globally as city of innovation  

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Retail properties with existing kitchen infrastructure are moving quickly as food and beverage operators take advantage of increased takeaway and home delivery demand.
Due to changes in the hospitality sector, smaller retail spaces across Melbourne are being snapped up by operators with a particular attraction to those already fitted out, according to Fitzroys.
Since the state of emergency was declared, Fitzroy has secured 67 leases, 19 of which were to hospitality tenants.
Associate director James Lockwood said a number of these have taken place throughout Melbourne’s famous shopping strips.
A number of leases have been struck on extended terms, as the added attraction of retail strip properties is that they often attract rents from around $50,000 to $75,000.
CBD properties see leased at circa $100,000 per annum.
A number of deals have been secured in the last few weeks including deals on Rathdowne Street, Carlton and Commercial Road, South Yarra. 
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Smaller hospitality retail spaces across Melbourne are being snapped up by operators

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EG Australian Core Enhanced (ACE) Fund, has paid $38.2 million for an Ingleburn industrial investment.
It was sold by Bob Ell’s Leda Holdings, who paid $24.75m for 5 Williamson Road in 2017.
Based on the multi-let asset’s net passing $2,073,454 income,  the deal reflected a 5.4 per cent yield.
The 4.1 hectare site includes 18,514 sqm of lettable area.
The weighted average lease expiry is 3.8 years to packaging companies Austcor and SPS.
The purchase is the third for the open ended EG ACE fund which was launched last June.
It is anticipated to invest more than $800 million.
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Billionaire Bob Ell makes 50 plus percent on Ingleburn warehouse sale

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EXPERT OBSERVER
<div>WA resurgent</div>
<div> </div>
<div>Apartment construction slowed to the lowest level in half a decade in Q2 2020. </div>
 
<div class="separator"><a href="https://1.bp.blogspot.com/-wP3hUYQF3EY/X0YcU3no3RI/AAAAAAAA30g/ytsTuEHVBakHQpCMl4Y5KEp4XqHm6IwQACNcBGAsYHQ/s1454/3%2B-%2BCopy.jpg"><img src="https://1.bp.blogspot.com/-wP3hUYQF3EY/X0YcU3no3RI/AAAAAAAA30g/ytsTuEHVBakHQpCMl4Y5KEp4XqHm6IwQACNcBGAsYHQ/s640/3%2B-%2BCopy.jpg" width="640" data-original-height="826" data-original-width="1454"></a></div>
<div> </div>
<div>The slowdown was largely driven by Melbourne and its lockdown, while the other major states have seen things stabilise in this sector. </div>
 
<div class="separator"><a href="https://1.bp.blogspot.com/-WxLE6cVvp9c/X0YcU246TNI/AAAAAAAA30c/qOE9wmmN-pYr8zw9n-AtLfDNPenV9JfJQCNcBGAsYHQ/s1406/Resi1%2B-%2BCopy.jpg"><img src="https://1.bp.blogspot.com/-WxLE6cVvp9c/X0YcU246TNI/AAAAAAAA30c/qOE9wmmN-pYr8zw9n-AtLfDNPenV9JfJQCNcBGAsYHQ/s640/Resi1%2B-%2BCopy.jpg" width="640" data-original-height="814" data-original-width="1406"></a></div>
<div> </div>
<div>Mining construction is now on the rise again in Western Australia, while major engineering projects in New South Wales also provided a timely boost.</div>
<div> </div>
<div class="separator"><a href="https://1.bp.blogspot.com/-_yeVcbsaSbo/X0Ycbwkx8fI/AAAAAAAA30k/hhG2QqEZL1kqbpMXbx7iBWqjYBy8X7f4wCNcBGAsYHQ/s1398/2.jpg"><img src="https://1.bp.blogspot.com/-_yeVcbsaSbo/X0Ycbwkx8fI/AAAAAAAA30k/hhG2QqEZL1kqbpMXbx7iBWqjYBy8X7f4wCNcBGAsYHQ/s640/2.jpg" width="640" data-original-height="828" data-original-width="1398"></a></div>
<div> </div>
<div>Thanks to engineering, the preliminary figures for construction hardly declined in Q2, down by just -0.7 per cent and holding up at more than $50 billion.</div>
<div> </div>
<div>The quarterly peak was $66 billion in 2017.</div>
<div> </div>
<div>Brighter times ahead for Western Australia on the back of the strength in iron ore and gold. </div>
PETE WARGENT is the co-founder of AllenWargent property buyers and a best-selling author and blogger 
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