<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.

[smartcode_project_cta:default project_id=110588]

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.

[smartcode_project_cta:default project_id=150128]

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

<html><body>
New figures released from the ABS show new home lending plunged in the month of April by $935.5 million.
In the same month, Australians wiped a record $1.55 billion off debt accruing interest on their credit cards – the highest drop on record.
HOUSING 
The ABS lending indicator statistics released today show that new lending dropped by 4.80 per cent, month-on-month, with the total value of new lending down by $935.5 million compared to March 2020, according to the seasonally adjusted data. Of this, a $720.9 million drop was from new owner-occupier loans. 
Refinancing, however, picked up pace – the number of external refinances increased by 11.20 per cent in the month of April, and 26.96 per cent, year-on-year, according to the seasonally adjusted figures.
<table border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td rowspan="2" nowrap>
Value of new loans
</td>
<td>
% change 
</td>
<td>
% change 
</td>
</tr>
<tr>
<td>
Mar 2020 – Apr 2020
</td>
<td>
Apr 2019 – Apr 2020
</td>
</tr>
<tr>
<td nowrap>
Total housing
</td>
<td nowrap>
-4.80%
</td>
<td valign="bottom" nowrap>
11.24%
</td>
</tr>
<tr>
<td nowrap>
Owner occupiers
</td>
<td nowrap>
-5.00%
</td>
<td nowrap>
14.75%
</td>
</tr>
<tr>
<td nowrap>
Investors
</td>
<td nowrap>
-4.23%
</td>
<td nowrap>
2.38%
</td>
</tr>
</tbody></table>
Notes: Seasonally adjusted figures. Figures exclude refinancing.
Source: ABS lending indicator statistics for April 2020, released 10 June 2020.
<table border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td rowspan="2">
Number of owner-occupier loans
</td>
<td>
% change 
</td>
<td>
% change 
</td>
</tr>
<tr>
<td>
Mar 2020 – Apr 2020
</td>
<td>
Apr 2019 – Apr 2020
</td>
</tr>
<tr>
<td nowrap>
First home buyers
</td>
<td nowrap>
-3.75%
</td>
<td nowrap>
15.56%
</td>
</tr>
<tr>
<td nowrap>
Refinancers
</td>
<td nowrap>
11.20%
</td>
<td nowrap>
26.96%
</td>
</tr>
</tbody></table>
Notes: Based on the number of new loans to owner occupiers using seasonally adjusted figures.
Source: ABS lending indicator statistics for April 2020, released 10 June 2020.
CREDIT CARDS
Statistics released yesterday from the RBA show that outstanding debt accruing interest dropped by $1.55 billion or 5.76 per cent. The highest monthly drop on record. 
<div>
<div><button title="Show original size" type="button" data-is-focusable="true"></button></div>
<table border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="bottom" nowrap>
TOTAL
</td>
<td>
Apr-20
</td>
<td>
Mar 2020 vs Apr 2020
</td>
<td>
Apr 19 vs Apr 2020
</td>
</tr>
<tr>
<td valign="bottom" nowrap>
Number of accounts
</td>
<td valign="bottom" nowrap>
13.50 million
</td>
<td valign="bottom" nowrap>
-136,817
-1.00%
</td>
<td valign="bottom" nowrap>
-1.09 million
-7.48%
</td>
</tr>
<tr>
<td valign="bottom" nowrap>
Total balances accruing interest
</td>
<td valign="bottom" nowrap>
$25.43 billion
</td>
<td valign="bottom" nowrap>
-$1.55 billion
-5.76%
</td>
<td valign="bottom" nowrap>
-$4.10 billion
-13.87%
</td>
</tr>
<tr>
<td valign="bottom" nowrap>
Total value of purchases
</td>
<td valign="bottom" nowrap>
$14.72 billion
</td>
<td valign="bottom" nowrap>
-$6.43 billion
-30.42%
</td>
<td valign="bottom" nowrap>
-$7.22 billion
-32.92%
</td>
</tr>
<tr>
<td valign="bottom" nowrap>
Total value of cash advance
</td>
<td valign="bottom" nowrap>
$307.44 million
</td>
<td valign="bottom" nowrap>
-$199.54 million
-39.36%
</td>
<td valign="bottom" nowrap>
-$287.76 million
-48.35%
</td>
</tr>
</tbody></table>
</div>
Notes: excludes commercial cards, using original data from the RBA. Data released 9 June 2020. 
RateCity.com.au research director, Sally Tindall, said a lot of Australians spent their lockdown refinancing their mortgages and getting on top of their debt.
“Australians spent the month of April getting their finances in order, scaling back spending and knocking down their debt, with the biggest monthly drop in debt accruing interest on record,” she said.  
“The early access to superannuation program is likely to be a factor in this record busting drop, giving some Australians an opportunity to wipe clean their credit cards that was, in their mind, too good to refuse.
“Refinance activity has also taken off during lockdown. We expect this to continue to gain pace with many homeowners looking to sure up their finances. 
“In relation to mortgages, today’s drop is likely to be the beginning of a long road ahead for the home lending market.  
“In April alone, nearly one billion dollars of new lending was ripped out of the property market, as the country went into lockdown; the biggest monthly drop in new lending since October 2015, in dollar terms,” she said.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Aussies hunker down on debt in lockdown

<html><body>
Springvale Business Park represents a new level of industrial warehouses for business and personal use for Melbourne, delivered by Ledlin Developments. 
Springvale Business Park has been popular amongst owner-occupiers as stage one (pictured above) sold out prior to settlement and stage two (pictured below) completely sold out well ahead of schedule. 
“<a href="https://ecomms.raywhite.com/collect/click.aspx?u=L2tPTGRCWlhwQlJ2WTF5cGVJMHB2S0VCSkZSdk9ldHZwYkM2aUxNUVZ4ZEs1TVlQd3JKVlhibzJaSTNNczhFTTQvZTZ6SEoxRGxqR1RyZ2M2dEhORDlwRm91Q1ZGYWNrQnNpYnQ2LzViSVk2YnF3UHNtcjFPb0pQSFRYSnpuRzVoMkdDSGwrTmNJUE5wR25KeUhiM2tlVFV4Qjg4TThzUkpvVUo3SkNLOWVrcERFb04xdWVqY09xa0VvVUp4VUpS&amp;rh=ff0063484712d8216bcbb805214d9a353f47436b" target="_blank">Stage two</a> has completely sold out prior to construction commencing – that gives you an idea of how popular they have been,” said Ray White agent Theo Karkanis.   “<a href="https://ecomms.raywhite.com/collect/click.aspx?u=L2tPTGRCWlhwQlJ2WTF5cGVJMHB2S0VCSkZSdk9ldHZwYkM2aUxNUVZ4ZEs1TVlQd3JKVlhibzJaSTNNczhFTTQvZTZ6SEoxRGxqR1RyZ2M2dEhORDlwRm91Q1ZGYWNrQnNpYnQ2LzViSVpWTDFKUFdCTmZsNk9RaGpKWmk4Ui96RTduRWxhUEx2RWlFWHRON0RBSEVRUXBIcnFpbEhPNkpCTmlNTFpYUVo4dVAybkNsSWxKQ0lJM1lweGp4S1lR&amp;rh=ff0063484712d8216bcbb805214d9a353f47436b" target="_blank">Stage one</a> offered investors and owner-occupiers the chance to surround themselves with complementing businesses like IKEA, Bunnings, the Springvale Homemaker Centre and M-City."   Stage two is known as Spring Boulevard.
“In a market starved of opportunities for small business premises, stage two units range from 88sqm to 198sqm.   “What's particularly interesting is the fact that 85 percent of all units purchased so far have been snapped up by owner-occupiers.    “We have some stage one options currently for lease, and have sold through stage two well ahead of schedule, so we’re very excited to see the development come to life in the coming days as settlements take place for stage one and businesses start to move in. “Stage three is also in the process of being drawn up," he said.
<img src="https://www.urban.com.au/images/2020/6/19/3_Springvale_3.JPG" alt="">
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Springvale Business Park stage two sold out prior to construction commencing

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A local development group has snapped up a Sunnybank Hills residential development site for $2,200,000 at <a href="https://ecomms.raywhite.com/collect/click.aspx?u=eG9WUEdZSU5rM2hhTUVhQlZhcWtSOTF5M0VPNUNML3pWRllxVUJoNmxWZ1Bjcmd6elhxblhMblhNSDcrSXlrYnlCK3FyVUJQNUpYNWpBSzQ5WFlKS0VLQ1E1YVY5aENseTNmRUFQOW9yU3JPbk5KQlRZQ3JScnQ0Q2xNdWJCRGVYK0g5ZDlLVW1naDR1VGMxLzlBa20rdnB1S3Azby85WUlLZWxVdk5SU3UxU0JPZ1ZzZjF5aG9HMHozTVNzSnE4VDhZc3VRSStBZVE9&amp;rh=ff0061e12424f7bdc41b090d4448bfbaedafd5e5" target="_blank">51 and 59 Bardolph Place</a>.   The property offered an approximately 5,688 sqm land parcel and was sold after a successful tender campaign on behalf of a deceased estate.    The asset was marketed and sold by James Hanley, Mark Creevey and Tony Williams of Ray White Special Projects Queensland.   Mr Hanley said the campaign drew a large amount of interest from a wide range of different groups, that included small-to-medium sized developers, local builders and syndicates. “We attracted really strong interest from the market with 74 enquiries received throughout the campaign and a total of nine formal offers at the close of tender,” he said.   “The site was purchased by a local development group who entered into a cash unconditional contract post the completion of the tender campaign. “They will propose to undertake a 10-lot community title residential subdivision scheme, with lots ranging in size between 406 sqm and 454 sqm.”
<img src="https://www.urban.com.au/images/2020/6/3/11_Sunnybank_1.JPG" alt="">
Mr Creevey said the land parcel was over two existing lots and provided one of the few remaining development opportunities within the local area.   “The site benefited from being within the affluent suburb of Sunnybank Hills, one of the most highly sought-after localities in Brisbane,” he said.   “The site was zoned Low Density Residential, which restricted development outcomes on the site to predominantly detached housing.”   Mr Williams said although the site would have traditionally been suitable for a townhouse development, recent amendments to the Brisbane City Plan limited the development of multiple dwellings for sites zoned Low Density Residential.    “The site is very well positioned within a 400m vwalk east of the Coles and Aldi anchored Sunnybank Hills Shoppingtown, providing future residents with ‘walkable access’ to various retail and healthcare amenity,” he said. 
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Sunnybank Hills residential development site sells for $2.2 million

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Telstra has secured a 300sqm retail space for a new Telstra Business Centre in North Sydney.  
The telecommunications provider will open its store at <a href="https://www.realestate.com.au/property/53-berry-st-north-sydney-nsw-2060" target="_blank">Shop 1, 53 Berry Street</a> for an initial gross rent of $1,435 per square metre +GST.
CBRE’s Amy Pfeiffer and Leif Olson negotiated the five-year lease, with an additional five-year option. 
The ground floor, corner retail space has a 28-metre floor-to-ceiling glass frontage that faces both Miller and Berry Street.
“The main drawcard for the tenant was the incredible amount of exposure the site has to not only foot traffic and vehicles, but also the upcoming Victoria Cross Metro Station,” Ms Pfeiffer said.
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Telstra opening second shop in North Sydney: CBRE

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Plans for a major industrial precinct on the doorstep of the new Western Sydney Airport have been approved by the NSW Government, paving the way for a significant boost to jobs and investment in the region. 
Approval of the $2.6 billion Mamre Road Precinct, one of 12 key precincts in the Western Sydney Aerotropolis, will unlock 850 hectares of new industrial land and see the creation of new public spaces and conservation areas.  
Premier Gladys Berejiklian said the green light for the Precinct is a significant step forward in securing Western Sydney’s future as a global hub for logistics and advanced manufacturing. 
“We’re getting on with the job of building a new city around the airport well before the first plane takes off,” Ms Berejikilian said.
“This land release will provide opportunities for international and domestic businesses to invest in Western Sydney, enabling major warehousing, logistics, manufacturing and circular economy operations to be established.
“It will also bring a huge jobs boost to the region, creating opportunities for more than 5,200 jobs during the construction phase alone.”
Planning and Public Spaces Minister Rob Stokes said the Mamre Road Precinct will also include 50 hectares of open space, including new cycling and walking paths that will open up previously inaccessible land to the public. A further 70 hectares of conservation land, including the Cumberland Plain Woodland, will also be protected within the Precinct. 
“Not only does this rezoning secure much-needed productive industrial land, it also safeguards critical environmental areas and provides some fantastic new public spaces for the future residents of the Western Parkland City,” Mr Stokes said. 
Minister for Jobs, Investment, Tourism and Western Sydney Stuart Ayres said the rezoning is another milestone in the transformation of the Western Parkland City into a thriving hub, with new jobs, homes, infrastructure and open spaces.  
“We already have interested businesses from the transport and logistics, pharmaceutical and data storage industries ready to move into the precinct and capitalise on its future connections to local, regional and overseas markets,” Mr Ayres said.
The first industrial estates for the Mamre Road Precinct are expected to be occupied from mid-2021. 
The Mamre Road Precinct was one of 24 projects included in Tranche 2 of the NSW Government’s Planning System Acceleration Program that is fast-tracking planning assessments to keep people in jobs and the economy moving during the COVID-19 crisis. To date, the program has created opportunities for more than 16,400 direct  jobs and almost $11 billion worth of economic investment across NSW.
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$2.6 million Mamre Road Precinct to boost jobs in Western Sydney

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Charter Hall has acquired a 43,000 square metre facility in Western Sydney for $115,000,000.
It was bought from Melbourne based private investment firm Kador Group.
Located in Erskine Park, 40-66 Lockwood Road is leased to workplace solutions supplier Winc Australia for 12 years from August 2020 on a net rent of $5.175 million per annum, with 3.25 per cent annual increases.  
With a gross lettable area of 43,085 square metres on an 8.273 hectare site, the property is zoned IN1 General Industrial and offers 40,000 square metres of warehouse accommodation and 3,000 square metres of office space, split across two floors.
The property also benefits from two truck access driveways and all-weather super awnings located along both the eastern and western elevations.
The transaction was handled by Savills Industrial and Logistics Investments team of Michael Fenton, Michael Wall, and Alison Spiteri.
The property is approximately 47kms west of the Sydney CBD. Surrounding occupiers include TNT Express, Strandbags, Bevchain, Coles, Bluescope, DHL and Linfox.
 
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Charter Hall acquires Western Sydney facility for $115,000,000

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A&amp;A Studios has signed a three-year lease for an 816 square metre industrial facility in Lidcombe, in Sydney’s west. 
The firm, which specialises in interior acoustics, moves into Unit 2, 10 Hill Road for a net rent of $180 per square metre. 
The building features a combines office space, with a warehouse and parking allocation.
It offers street frontage on Hill Road and is moments from the M4 Motorway and Great Western Highway. 
CBRE’s Janet Joljian and Raj Chaudhary managed the campaign for the vendor, OPG Pty Ltd. 
“A&amp;A Studios was drawn to the asset’s great street exposure, blend of corporate and warehouse space and the ability to receive early access for fit out,” Ms Joljian said.
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Lidcombe site leased to acoustic specialists A&A Studios

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Commercial suites in award-winning developer Stirling Capital’s brand new development, <a href="https://www.realestate.com.au/property/26-charles-st-south-perth-wa-6151" target="_blank">26 on Charles in South Perth</a>, have hit the market for sale or lease.
The boutique, eight-storey property consists of three floors of office space and a ground-level suite below luxury apartments in the rapidly-transforming Perth suburb.
The new suites are available in sizes spanning 113 sqm to 517 sqm, all with secure parking space and access to modern end of trip facilities.
Ten have balconies, allowing for panoramic views of the Swan River, Richardson Park, and the Perth city skyline, while floor-to-ceiling windows offer an abundance of natural light in an energy-efficient design.
On Charles Street, the development is a stone’s throw from the Perth Zoo, Richardson Park, Royal Perth Golf Club and access to the Kwinana Freeway. 
CBRE’s Ben Younger and Jake Wallman have been appointed to manage the campaign in conjunction with Brian Neo and Jack Bradshaw of LJ Hooker Commercial Perth.
Both agencies expect strong demand in Perth’s CBD fringe suburbs post COVID-19.
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South Perth’s latest boutique offices listed

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A national business has snapped up an industrial warehouse in Maddington, in the City of Gosnells for $3 million (plus GST).   The Davison Street property comprises a total of 7,640 square metres, with 2,761 square metres of building area.
The block is offered easy access to Tonkin, Roe and Albany Highways.
The property was listed by Ray White Commercial (WA) Sales and Leasing Agent Josh Sumner.    Mr Sumner said Maddington was traditionally a transport hub but it was hard to find an asset available of this stature.   “The property also appealed because it was a secure green title lot that’s set in the heart of the Maddington industrial precinct.
Other features included warehouse, office and amenities, canopy, five-ton gantry crane, 12 loading docks and security cameras. The asset also came with 15 roller doors, dual cross overs, container laydown area, ample power, three-phase power and transmitter aerials for communication.
It previously sold in 1988 for $475,000.
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National business purchases Maddington warehouse for $3 million

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EXPERT OBSERVER
Sydney has been the market most visibly impacted by the Covid-19 period. The number of growth suburbs has dropped sharply and danger markets have doubled.
While other major cities have been notably resilient in the face of the virus crisis, Sydney’s statistics on sales trend and vacancies have deteriorated significantly – although prices in many markets sectors remain resilient.
In our previous (Autumn 2020) quarterly survey, we reported “the strongest Sydney market we have recorded in the five years we have been conducting our quarterly sales surveys”.
But our latest (Winter 2020) survey shows the number of suburbs with rising buyer demand has dropped from 67 to 24, while the number of suburbs we classify as danger markets has increased from 12 to 24.
This coincides with a marked increase in vacancy rates in many parts of the Greater Sydney Area. Sydney overall has the highest vacancy rate among the capital cities and the inner-city postcodes have recorded a major blowout, caused primarily by investors who had previously used short-term letting methods like Airbnb.
Sydney is also most impacted by the shutdown of international travel and overseas migration.
The Covid-19 impact has been a particular blow to Sydney markets because in late 2019 and early 2020 there was a notable revival after a prolonged slump throughout 2018 and most of 2019. Our Autumn 2020 survey showed Sydney surging back to a position of strength, with sales activity and prices rising, only to be sabotaged by the virus crisis.
The most visible manifestation of the Covid-19 downturn comes from the number of suburbs we classify as danger markets. These are locations where a decline in sales activity has coincided with a major blowout in vacancy rates, factors which have greatly impacted locations dominated by apartments - and 16 of the 24 danger markets are in the Sydney City and Parramatta municipalities.
The eight danger markets in the Sydney City LGA include Pyrmont, Ultimo, Waterloo, Haymarket, Forest Lodge, Chippendale and the Sydney CBD - while Glebe, Woolloomooloo and Erskineville are classified as declining markets.
The Parramatta LGA also has eight danger markets: Carlingford, Epping, Harris Park, Lidcombe, North Parramatta, Parramatta, Rosehill and Wentworth Point.
On the positive side of the ledger, there are precincts which are showing a high level of resilience – notably two municipalities in the south of Sydney, Georges River and Sutherland.
The LGA of Sutherland is the market leader in this coronavirus period, with three growth suburbs (Menai, Engadine and Miranda), five consistency markets and none classified as declining or danger. This precinct offers a great lifestyle based on water and national park access, plus lower prices than the suburbs of the inner west and north shore.
In terms of growth markets, quarterly sales in Engadine have been 42-58-73-76, while Menai sales have been 30-41-45-42-50.
The nearby Georges River LGA has two growth suburbs (Allawah and Peakhurst), three consistency suburbs and none classified as declining or danger.
Penrith is another standout, because of the high number of consistency suburbs and the absence of declining or danger markets. In the suburb of Penrith, quarterly sales have been 60-73-85-92-103-112, a pattern that has defied the broader trends.
In the more upmarket sectors, the Northern Beaches has two growth suburbs, (Balgowlah and Dee Why), six consistency markets and none ranked as declining or danger. Frenchs Forest and Freshwater rank nationally for their high level of consistency over several years, regardless of the broader market trends.
The Waverley LGA also has been quite steady, with sales in North Bondi quarter by quarter being 30-39-40-51-45-46-56.
Other upmarket precincts showing steadiness in the face of negative forces include the Woollahra and Ku-ring-gai municipalities.
Notwithstanding the destructive impacts of the virus crisis, Sydney has recently shown a notable level of resilience in terms of prices.
While only 25% of house markets and 27% of apartment markets have recorded annual growth in their median prices, 84% of house markets and 75% of apartment locations have delivered growth in the most recent quarter.
This reflects the recovery in prices that was under way as we entered the Covid-19 period and the strong price resistance shown by many Sydney markets during the shutdown phase.
Terry Ryder is the founder of hotspotting.com.au ryder@hotspotting.com.au twitter.com/hotspotting
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