<p><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;</p>

<p>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.</p>

<p>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.</p>

<p>"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.</p>

<p>[smartcode_project:default project_id=509 project_image_fid=365684]</p>

<p>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.</p>

<p>Unlike traditional CBD developments that prioritised investor stock, 640 Bourke Street has been repositioned to respond to changing buyer expectations.</p>

<p>"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;</p>

<p>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;</p>

<p>“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;</p>

<p>[smartcode_project:default project_id=509 project_image_fid=365687]</p>

<p>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;</p>

<p>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.</p>

<p>"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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=509 project_image_fid=365689]</p>

<p>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.</p>

<p>"We believe it's the best site left in the city of Melbourne," Craig Williams, Executive Director at Far East Consortium, said.&nbsp;</p>

<p>640 Bourke Street is Far East Consortium’s 14th building in Melbourne’s western CBD.</p>

<p>"A very elegant designed building. It's going to be a Melbourne statement for many, many years to come."</p>

<p>One-bedroom apartments are priced from around $640,000, with 640 Bourke Street targeting completion in 2029.</p>

<p><em>Renders shown are Artist's Impressions correct as of May 2026.</em></p>

<p>[smartcode_project_cta:default project_id=509]</p>


Joel Robinson

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

<p><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.</p>

<p>The sale equates to around $37,500 per sqm.</p>

<p>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.</p>

<p>Selling agent Freddie Tehle of PRD Burleigh Heads said the result reflects tightening supply of high-quality, large-format apartments in Burleigh.</p>

<p>“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.</p>

<p>“Buyers are increasingly seeking apartments that genuinely replace a standalone home, and this penthouse delivers that with its size, privacy, and direct ocean frontage.”</p>

<p>[smartcode_project:default project_id=146358 project_image_fid=323057]</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>“Real estate, particularly at the premium end, remains one of the most resilient and proven long-term investment avenues,” Mould said.</p>

<p>“Our ambition is that anyone who buys a MAYD-built product can genuinely feel the care, craftsmanship and commitment we bring to every detail.”</p>

<p>[smartcode_project:default project_id=146358 project_image_fid=323055]</p>

<p>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.</p>

<p>Interior designer Sici Design said the approach was to reflect the project’s coastal setting through both materiality and spatial planning.</p>

<p>“ONE Burleigh is our vision of luxury living, designed to bring the essence of Burleigh Heads' vibrant coastal beauty into an unparalleled residential experience.”</p>

<p>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.</p>

<p>[smartcode_project:default project_id=146358 project_image_fid=323052]</p>

<p>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.</p>

<p>Mould said the design intent was to balance that outlook with a sense of retreat.</p>

<p>“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.”</p>

<p>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.</p>

<p>[smartcode_project_cta:default project_id=146358]</p>


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

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=110588 project_image_fid=5346]</p>

<p>It was a strategic move for BIG Projects to bring in a Sydney eye to the development.</p>

<p>“Our role is to give our design partners the space and freedom to explore,” says Matt Barrett, Director of BIG Projects.</p>

<p>“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.”</p>

<p>There are only 39 apartments in The Frederick, including a striking beach house, just 100 metres from the booming Nobby Beach precinct.&nbsp;</p>

<p>[smartcode_project:default project_id=110588 project_image_fid=5347]</p>

<p>Yasmine Ghoniem, Director of YSG Studio, says their vision&nbsp;for The Frederick "reinvents coastal living."</p>

<p>“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.</p>

<p>"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.”</p>

<p data-end="236" data-start="64">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.</p>

<p>[smartcode_project:default project_id=110588 project_image_fid=5360]</p>

<p data-end="523" data-start="308">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.</p>

<p data-end="670" data-start="525">“The rooftop was conceived as a collection of spaces where residents can unwind and connect, an extension of the Nobby’s lifestyle,” Barrett says.</p>

<p data-end="760" data-start="672">Architecture for the project was led by Plus Studio, with landscape design by LDG Landscape Architecture.</p>

<p data-end="951" data-start="762">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.</p>

<p data-end="951" data-start="762">"They’ve reviewed a number of projects, however this one has stood out for its unique detailing and compelling design,"&nbsp;Clydsdale says.</p>

<p data-end="951" data-start="762">Site demolition is slated for this month, with construction commencing soon after. BIG Projects is targeting a late 2027 completion.</p>

<p>[smartcode_project_cta:default project_id=110588]</p>


Sydney’s YSG Studio makes Gold Coast multi-residential debut with BIG Projects at The Frederick

<p>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;</p>

<p>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;</p>

<p>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;</p>

<p>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;</p>

<p>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;</p>

<p><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" /></p>

<p>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;</p>

<p>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;</p>

<p>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;</p>

<p>ALTA Property was launched by Nigel Givoni in 2023, bringing over 25 years of experience in multi level residential delivery.&nbsp;</p>

<p>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;</p>

<p><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" /></p>

<p>For ALTA Property Founder Nigel Givoni, this performance speaks to the confidence he has in the Melbourne market.&nbsp;</p>

<p>“Queens Road represents a rare opportunity to continue to shape our presence in the Melbourne market.,"&nbsp;Givoni says.</p>

<p>"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.</p>

<p>“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."</p>

<p>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.</p>

<p>"We are really looking forward to the market’s response,” he said.&nbsp;</p>


ALTA Property to deliver $200 million Queens Road apartment tower

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=150128 project_image_fid=366285]</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=150128 project_image_fid=366277]</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project_cta:default project_id=150128]</p>


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

<p>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.</p>

<p>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;</p>

<p>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.</p>

<p>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.</p>

<p>Even in the low seasons of May and June, occupancy levels reach around 40 per cent.</p>

<p><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" /></p>

<p>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</p>

<p>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.</p>

<p><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" /></p>

<p>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.<span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><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" /></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span><span><span><span><span><span>​</span></span></span></span></span></span></p>

<p>The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;</p>

<p>Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.</p>

<p>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;</p>

<p>Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.</p>


Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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<p>EXPERT OBSERVER</p>
<p>The Perth market is – at last - showing solid signs of recovery from five years of dogged downturn. Hotspotting's Autumn survey of sales activity has found 51 suburbs with rising demand, up from 34 six months ago.</p>
<p>In the five years we have been conducting our quarterly surveys, there has been only one other quarter with more rising markets.</p>
<p>This occurred early in 2019, when Perth appeared on the road to revival before it was snuffed out by the impending Federal Election, the Banking Royal Commission and overwhelming media negativity.</p>
<p>Now the recovery in the WA capital is back on track, with the city's middle market leading strongly and some of the first-home-buyer markets starting to show vitality. A significant reduction in vacancies and consequent uplift in rents is underpinning the resurgence.</p>
<p>Three precincts stand-out as the market leaders – the municipalities of Stirling, Joondalup and Wanneroo, which jointly have half of Perth's 51 rising markets. These areas have been among the most resistant to the prolonged downturn and it's not surprising to see them at the forefront of the upturn.</p>
<p>We have previously commented that the Stirling LGA has been a "sterling performer" amid Perth's down market. And now it is the leading precinct in the recovery: our Autumn survey had identified nine suburbs with rising sales activity and numerous others with steady demand. The suburb of Dianella (median price $555,000) has lifted quarterly sales from 99 to 101 to 108 to 110 to 121 to 126 over the past 18 months.</p>
<p>In the north of the city, regular leader Joondalup and neighbouring Wanneroo both have eight suburbs with rising momentum. Joondalup is consistently among the most resilient of the Perth markets, boosted by excellent infrastructure and a cluster of good suburbs with attractive pricing. Quarterly sales in Hillarys have been 47-50-50-54-55-58-63.</p>
<p>Wanneroo is one of WA's leading population growth areas and a provider of new suburbs and housing estates which attract younger buyers. The evolving suburb of Alkimos has recorded quarterly sales of 32-35-38-46 over the past year.</p>
<p>Closer to the inner city, Cockburn continues to stand out as a solid performer. It has six rising suburbs and seven others with consistent buyer demand.</p>
<p>One precinct that is usually prominent but currently less so is the Melville LGA. It currently has just three rising suburbs and there has been a noticeable falloff in some of the more upmarket suburbs in this precinct. Median prices have dropped in million-dollar suburbs like Applecross (down 11%), Bicton (down 16%) and Ardross (down 14%).</p>
<p>We're starting to see some revival towards the bottom end of the market. Wanneroo is one of the market leaders and the Rockingham LGA in the south, which has not featured in any major way in our reports over the past couple of years, is now showing signs of rising.</p>
<p>Other affordable precincts, however, are yet to spark to life. LGAs like Canning, Gosnells and Armadale have lots of plateau markets – where sales activity is steady but well below the peak levels – and as yet no suburbs with rising sales activity. And prices remain down.</p>
<p>Overall, the Perth is showing strong indications of recovery in terms of sales activity, vacancies and rental growth – but it has yet to translate into widespread uplift in prices.</p>
<p>Only 22% of suburbs have recorded annual growth in median house prices and just 30% of suburbs have had annual increases in median apartment prices.</p>
<p>The areas where the best growth has occurred are largely middle market areas, with the Stirling LGA particularly prominent.</p>
<p>Stirling suburbs with annual median price growth well above average for Perth include Carine (up 6%), Woodlands (7%) and Inglewood units (9%), but the market leader is Wembley Downs (up 16%).</p>
<p>Prices are still dropping in downmarket areas like the LGAs of Canning, Gosnells, Kwinana and Armadale. Examples include the suburbs of Armadale (-11%), Bentley (-11%), Cannington (-11%), Ferndale (-10%), Gosnells (-10%), Kelmscott (-15%), Leda (-10%) and Medina (-15%).</p>
<p><strong>TERRY RYDER</strong><em> is the founder of hotspotting.com.au</em><br><em> ryder@hotspotting.com.au</em><br><em>twitter.com/hotspotting</em></p>
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terryryder-YECXbqmri2

Perth property market finally showing signs of recovery in 2020: Hotspotting's Terry Ryder

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<p>A two-storey retail asset on Swanston Street in Melbourne's CBD has set a new record building rate for a commercial property in Victoria, after selling for $9.2 million at auction.</p>
<p>It is the first building to come onto the market in the retail strip in five years.</p>
<p>273 Swanston Street sold on a yield of 2.13%, with more than 200 people attending the auction.</p>
<p>The sale of the 130 sqm building, leased to dumpling bar New Taipei, represented a new record rate of $70,769/sqm for the Melbourne CBD.</p>
<p>CBRE's Melbourne City Sales team of Alex Brierley, Julian White, Nathan Mufale and Chao Zhang managed the sale on behalf of the private family who owned the building for the past 70 years.</p>
<p>Eight local and international bidders fought to secure the asset, with a Malaysian investor outbidding several Melbourne families and rival parties from Hong Kong and Malaysia.</p>
<p>The building is next door to a McDonald's on the corner of Lonsdale Street and Swanston Street.</p>
<p>"As the first Melbourne CBD freehold auction in 2020, this was the first real test of the market and what we have witnessed is a continuation of the confidence buyers demonstrated in late-2019," Mr White said.</p>
<p>"Coupled with other recent Melbourne CBD sales, it also demonstrates the significant power of the auction as a method of sale for properties that are suited to public competition."</p>
<p>The result follows the sales of the Tsindos Greek Restaurant at 197 Lonsdale Street to a Taiwanese investor for $8.1m on a similarly tight yield of 1.29%, and the OPSM building at 384 Bourke Street for $22.5m on a 2.60% yield in December 2019.</p>
<p>"We are noticing many Asian buyers are recognising the rarity of these freehold assets within the CBD grid," Mr Zhang added.</p>
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j.ballantyne1990-6AQqhLzZaK

Swanson Street, Melbourne retail site breaks Victorian commercial property record

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<p>EXPERT OBSERVER</p>
<p>To date, the USA has close to 100 deaths due to coronavirus, Italy has more than 1,100, Iran has more than 600, Korea has more than 70 deaths. Australia now has 3.</p>
<p>Meanwhile, China is reported to have contained the coronavirus, achieving what many public health experts thought was impossible: containing the spread of a widely circulating respiratory virus.</p>
<p>Having spent my time in China for a month early this year and seeing it with my own eyes, I think China has rolled out the most ambitious and extreme disease containment effort in history.</p>
<p>Perhaps the most dramatic effort was the lockdown of Wuhan city and nearly the entire Hubei province, effectively putting at least 50 million people under a mandatory quarantine since 23rd Jan. This prevented further exportation of infected individuals to the rest of the country/world. In other regions of China, people voluntarily quarantined themselves and were monitored by appointed leaders in the neighbourhood.</p>
<p>In February, Chinese authorities also built two dedicated hospitals in Wuhan in 10 days. Health care workers from all over China were sent to Wuhan, where more than 1,800 medical teams traced tens of thousands of contacts of confirmed cases.</p>
<p>Sports events were cancelled, cinemas were shut, schools and universities extended breaks, businesses closed down, people stayed at home and when they had to go outdoors (to do shopping etc) everyone had to wear a mask.</p>
<p>In contrast, despite the stimulus package, Scott Morrison has been encouraging people to keep attending mass gatherings as coronavirus continues to spread in Australia... until Peter Dutton gets it.</p>
<p>China has moved on. Close to 70,000 people were treated and recovered. Many of the hospital beds are now empty. China is eyeing "new infrastructure" projects to offset the economic impact of the coronavirus, and boost sustainable growth, e.g. accelerate the construction of new infrastructure such as 5G networks and data centres.</p>
<p>Instead of simply turning to the old playbook of investment stimulus, it is widely believed that China should promote a new round of infrastructure construction through reform and innovation.</p>
<p>Investors have already jumped on the bandwagon. In China's A-share market, stocks related to 5G networks, industrial internet, inter-city transit systems, vehicle charging stations and data centers -- all considered as new infrastructure -- saw continued fund inflows, with exchange-traded funds linked to these shares registering gains in the past weeks.</p>
<p>While policy incentives have guided market funds into the sector, the Chinese government is also expected to encourage new infrastructure via special bonds, public-private partnerships and credit support. About 714.8 billion CNY ($152.7 billion AUD) of special-purpose bonds were issued in January, 10 times the amount of general bonds issued.</p>
<p><strong>So how is this going to impact the Australian economy?</strong></p>
<p>Well, China is Australia's biggest trading partner mainly due to China's strong demand for iron ore, coal and liquefied natural gas. Many major Australian mining companies rely heavily on China. Australia's GDP growth could be reduced by 50% in a worst case scenario of China reducing its demand for Australia's exports.</p>
<p>Simply put, if China's economy crashes then Australia will be hit hard.</p>
<p>With China's new round of infrastructure construction, Australia will be one of the major beneficiaries, economy-wise. This could mean a contribution of $200 billion worth of imports and exports to the Australian economy, just like 2017-18.</p>
<p>Industry sectors such as education and tourism might still continue to suffer because of flight restrictions. However, flights might not be needed for cross-border property purchases. There might be a drop-off in open for inspection and auction attendance, but Chinese buyers do not have to come to Australia to purchase properties.</p>
<p>In my Chinese social media WeChat, I can see at least 20 people (buyers, that is) showing off their property purchases in Australia, while they are physically in China. They included private sales, off-the-plan or nominee sales, and "remote auction" - asking their friends/family to attend auctions on their behalf.</p>
<p>This trend will probably continue in the months to come. At GiFang, we will be sending further messages to our 200,000+ Chinese subscribers that if they require 'buyer assistance', we can act as an intermediary between them (no matter where they are) and the Australian agents, on properties listed on GiFang.com.</p>
<p><strong>Michael Yang</strong><em> 杨霄羽 is the CEO of <a href="http://www.gifang.com" target="_blank">GiFang</a>.</em></p>
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Post coronavirus how will China's economy impact Australia: GiFang's Michael Yang

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<p class="legacy"><span>Social housing is part of the lives of a surprising number of Australians. On any one night in Australia, just over </span>4% of households rent social housing<span>. Yet it has housed many more people than this for brief, and sometimes repeated, periods. We estimate up to 10% of Australians have called social housing home at some time in the past 20 years.</span></p>
<p>Throughout the postwar era, Australians have used social housing in various ways. Social housing can be:</p>
<ul>
<li>
<p>a place to raise a working family</p>
</li>
<li>
<p>a “springboard” to owning a home</p>
</li>
<li>
<p>a brief “safety net” to escape domestic violence</p>
</li>
<li>
<p>a stable home following homelessness.</p>
</li>
</ul>
<p>Today the Australian Housing and Urban Research Institute (<a href="https://www.ahuri.edu.au/about-us/who-we-are-and-what-we-do" target="_blank">AHURI</a>) releases a <a href="https://www.propertyobserver.com.au/https://www.ahuri.edu.au/research/final-reports/326" target="_blank">major commissioned study</a> tracking the pathways of people into and out of social housing from 2000 to 2015. Our analysis, using national data, provides many interesting insights into how Australians use social housing.</p>
<p>Try to picture a “typical” social housing tenant. You might imagine a single mother, or an elderly lady who has lived and raised family there. Or do you see a single man who has fallen out of the workforce? Regardless of whom we picture, most of us will probably see social housing as an end-point in their housing journey – a stable home.</p>
<p>The truth is Australians use social housing in several very different ways. A home for life is just one of those ways.</p>
<h2>Who uses social housing?</h2>
<p>When we look over time (in this case 15 years) at everyone who has lived in social housing, we find only about a third of people lived continuously in the tenure. Almost another third entered social housing in that time and remained there. But a surprisingly large proportion entered and left the sector either once or multiple times.</p>
<p>So social housing represents different things – a long-term home, a springboard, a safety net – to different people.</p>
<p>The likely role of social housing depends a lot on what else is going on in people’s lives. When we compared characteristics of all people who were “social renters” at some time in the 15 years, we found:</p>
<ul>
<li>
<p>the group who lived continuously in social housing were generally older (average age 60) and more likely to be female than people on other housing pathways, with age pension and disability benefits the most common types of government assistance received</p>
</li>
<li>
<p>those who left social housing (and never returned) were the second-oldest group (average age 50), also predominantly female, with unemployment and disability support the most commonly received government assistance</p>
</li>
<li>
<p>the group who entered (and then remained in) social housing was distinct in its high proportion of refugees and other people born overseas, with unemployment and disability support again the most common government assistance</p>
</li>
<li>
<p>more than a quarter of all pathways could be described as more transitory, involving multiple entrances or exits. This group as a whole was younger, more likely to be Australian-born and more likely to be Indigenous than the other groups. It was also distinct in the dominance of unemployment benefits among the forms of government assistance received.</p>
</li>
</ul>
<h2>Social housing has broad benefits</h2>
<p>The people who enter social housing, and their patterns of behaviour, are nowhere near as predictable as many of us thought. There are many pathways. Only about one-third are long-term tenancies.</p>
<p>Despite the shrinkage of this sector, and a relative lack of investment in it, social housing does much more than simply house the elderly, sick and most disadvantaged people in our society.</p>
<p><a href="https://images.theconversation.com/files/319788/original/file-20200311-116275-1c67o3y.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" target="_blank">Click here </a>to enlarge:</p>
<p><a href="https://images.theconversation.com/files/319788/original/file-20200311-116275-1c67o3y.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/319788/original/file-20200311-116275-1c67o3y.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a></p>
<p><span class="caption">Social housing (public and community housing) as a proportion of all households in Australia.</span> <span class="attribution"><a class="source" href="https://www.ahuri.edu.au/policy/ahuri-briefs/census-shows-falling-proportion-of-households-in-social-housing" target="_blank">AHURI, using ABS Census data, 1981-2016</a>, <a class="license" href="http://creativecommons.org/licenses/by-nc-sa/4.0/" target="_blank">CC BY-NC-SA</a></span></p>
<p>More than one in four people who enter social housing use it as a launchpad to more stable employment and market housing. Clearly, then, the sector plays a valuable role in stabilising lives and raising prosperity. These important functions should be safeguarded in the future as pressures on the sector continue to grow.</p>
<p>Overall, one of the things this new work gives us is a long view – hopefully a different view – of the social housing sector and its role over time in Australian lives. It reminds us the impact of social housing is felt well beyond the 4% of the population who may live in it at any one time.</p>
<p>Our social housing infrastructure has certainly been part of the housing experience of many Australians or their parents. We therefore underestimate the effectiveness of social housing as a springboard into home ownership, or a temporary safety net, when we only think of the 4% it currently houses.<img src="https://counter.theconversation.com/content/133436/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;"></p>
<p><span><a href="https://theconversation.com/profiles/emma-baker-172081" target="_blank">Emma Baker</a>, Professor of Housing Research, School of Architecture and Built Environment, <em><a href="https://theconversation.com/institutions/university-of-adelaide-1119" target="_blank">University of Adelaide</a></em>; <a href="https://theconversation.com/profiles/chris-leishman-391783" target="_blank">Chris Leishman</a>, Professor of Housing Economics, <em><a href="https://theconversation.com/institutions/university-of-adelaide-1119" target="_blank">University of Adelaide</a></em>, and <a href="https://theconversation.com/profiles/rebecca-bentley-173502" target="_blank">Rebecca Bentley</a>, Professor of Social Epidemiology, Centre for Health Equity, Melbourne School of Population and Global Health, <em><a href="https://theconversation.com/institutions/university-of-melbourne-722" target="_blank">University of Melbourne</a></em></span></p>
<p>This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-many-faces-of-social-housing-home-to-1-in-10-australians-133436" target="_blank">original article</a>.</p>
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The many faces of social housing – home to 1 in 10 Australians

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<p>EXPERT OBSERVERS</p>
<p>The Government’s Fiscal Stimulus Package is a bold initiative to bolster the Australian economy’s defences against the damage likely to be wrought by COVID–19.</p>
<p>It is imaginative and works through boosting investment while providing real incentives to protect jobs.</p>
<p>Earlier in the week Westpac forecast that without any Stimulus Package the economy would experience a technical recession of two consecutive quarters of negative growth (in March and June). Although, with growth expected to recover strongly in the second half of 2020 the unemployment rate was unlikely to exceed 6%</p>
<p>Our analysis of the Package suggests that the initiatives are only likely to offset the contraction in the June quarter that we had estimated earlier in the week rather than lift growth into positive territory.</p>
<p>However, the current domestic and global environment has deteriorated more rapidly than we had expected. The downside risks to our central case forecast that we envisaged earlier in the week are now materialising.</p>
<p>For us, despite the Government’s bold efforts the June quarter is still likely to show negative growth and Australia will experience a technical recession.</p>
<div>
<p><em>Bill Evans is chief economist for Westpac.</em></p>
<p><em>Andrew Hanlan is a senior economist at Westpac.</em></p>
<p><em>This article was <a href="https://westpaciq.westpac.com.au/Article/42540/14186/" target="_blank">first published on WestpacIQ</a>.</em></p>
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Technical recession is still likely despite stimulus package: Westpac

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<div>EXPERT OBSERVER</div>
<div> </div>
<div>The coronavirus was confirmed as a global pandemic by the World Health Organisation (WHO).</div>
<div> </div>
<div>The WHO noted that known cases have increased 13-fold in the past two weeks.</div>
<div> </div>
<div>All shops in Italy except for foodstores and pharmacies have been shuttered, as the mortality rate in the country has soared to an alarmingly high level.</div>
<div> </div>
<div>My Italian holiday is looking less likely by the week, which is annoying as I've been learning the language this year (what's the Italian for 'FFS' again?).</div>
<div> </div>
<div>Angela Merkel announced that up to 58 million Germans, or 70 per cent on the population, could contract the illness.<br><br><strong>Policy response</strong>
</div>
<div> </div>
<div>These are serious people and serious organisations, not renowned for making wild statements, so it seems inevitable that containment measures will be taken around the world, leading to a slowdown in global growth and earnings for at least the next 3-6 months.</div>
<div> </div>
<div>The Australian government has announced a stimulus package worth A$17 billion, which is at least a start, albeit it still doesn't sound like nearly enough.</div>
<div> </div>
<div>Why politicians are still making comments about a 'measured Budget response' I'll never know (actually I do know, and it's dumb). </div>
<div> </div>
<div>It wouldn't be at all surprising if we see a second round of stimulus ahead in the coming months, on top of a finally interest rate cut, and then potentially QE in the form of yield curve control.</div>
<div> </div>
<div>There's little point in going over old ground, but even at this stage the Reserve Bank sounds very reluctant to take action, at a time when the feeling around the financial markets traps is that what's really needed is a 'whatever it takes' mentality and message.</div>
<div> </div>
<div>Mind you, we haven't had that for the past few years, so it's unlikely to start now. </div>
<div> </div>
<div><strong>Grizzly bear</strong></div>
<div> </div>
<div>I'm not normally in the business of writing daily markets commentary.</div>
<div> </div>
<div>It's largely a fool's errand, arguably not all that useful, and potentially quite annoying.</div>
<div> </div>
<div>But since everyone else is doing it....US stocks whipsawed again and dropped 5 per cent last night to enter a bear market.<br><br>It's been the fastest bear market of all time, with the 20 per cent drop taking just 19 days from the peak. </div>
<div> </div>
<div>Even after a 20 per cent correction, stocks are priced at remarkably expensive levels given that the US economy is teetering on a bust, with so many debt bombs lurking quietly beneath. </div>
<div> </div>
<div><img src="https://1.bp.blogspot.com/-Gd2Vl5ChIfE/Xmlb_NhDpaI/AAAAAAAA0oE/-L5IQJFBlB4V0nVPubpBVlQU6S08ObcJgCNcBGAsYHQ/s640/CAPE.jpg" width="640" height="478" data-original-height="803" data-original-width="1075"></div>
<div> </div>
<div><em>Source: Shiller</em></div>
<div> </div>
<div>No doubt investors have become accustomed to the Fed riding to the rescue, but that may not be such a wise ideas this time. </div>
<div> </div>
<div>Apart from picking up a few holdings in the UK oil supermajors, I'm mostly remaining in cash.</div>
<div> </div>
<div>Stock prices for BP on the FTSE are back at 1996 levels, even as the Bank of England delivered an emergency 50 basis points rate cut and a raft of stimulus measures to support business and markets (RBA take note), and as the value of its overseas earnings look set to increase. </div>
<div> </div>
<div>But generally speaking, I'm happy to sit on the sidelines through this tumultuous period, especially given that the market could halve again, even from this point. </div>
<div> </div>
<div>Aussies futures are pointing to another plunge at the open, and even since February 20 the moves are beginning to damage retirement accounts materially.</div>
<div> </div>
<div>But again, even the likely 25 per cent drop we'll see during today's trade only takes the market back to where it was in mid-2015. </div>
<div> </div>
<div>By no stretch of the imagination is the market 'cheap', especially given the dire outlook for earnings.</div>
<div> </div>
<div>The counterpoint is that at some point the coronavirus will likely pass, and given the massive global policy easing markets could eventually snap back (which is why a sensible asset allocation policy and written investment plan is so important).</div>
<div> </div>
<div>
<strong>PETE WARGENT</strong><em> 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>.</em>
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Coronavirus confirmed a global pandemic: Pete Wargent

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<p style="text-align: left;" align="center">The Bathla Group has expanded its operations with the lease of a second premises in Sydney’s west.</p>
<p>The western Sydney’s construction companies has taken a three-year lease on 3 Augusta Street, Blacktown, for a gross rent of $300,000, plus GST.</p>
<p>The agreement on the 4,500 sqm site includes an additional three-year option, to accompany the existing base it owns in the nearby Girraween.</p>
<p>A 2,000 sqm, freestanding building with access via three rollers doors is complemented by an expansive yard and easy access to the Great Western Highway, M7 and M4.</p>
<p>CBRE’s Matthew Alessi and Brendan Wein managed the campaign with James Reeves from Knight Frank.</p>
<p>“Bathla Group desperately needed additional space, having outgrown their existing facility,” Mr Alessi said.</p>
<p>“This site suited them due to the large hardstand area, proximity to their current Girraween base and the quick availability of the property.” </p>
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Bathla Group leases new Blacktown site

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<p>EXPERT OBSERVER</p>
<p><span style="font-size: 12.16px;">The worsening coronavirus outbreak and associated rout in financial markets have had a major impact on sentiment this month. The Index has hit a five year low. In fact it is the second lowest level of the Index since the Global Financial Crisis when the Index bottomed out at 79, (with an average read of 86.8 over the period).</span></p>
<p>Therefore, while clearly very concerned, consumers are, for now, taking a more balanced approach to the situation than we saw during the GFC. </p>
<p>Other evidence of this can be found by comparing the ‘family finances’ and ‘time to buy a major household item’ components of the Index which registered 63.7 and 88.2 respectively at the low point of the GFC compared to the current reads of 82.7 and 111.4 respectively.</p>
<p>The survey detail shows consumers are rightly concerned about the near term outlook for the economy but are less perturbed about their finances or the longer term outlook for the economy. That is consistent with the notion that virus-related disruptions will be large but temporary.</p>
<p>At the time of last month’s survey, there were just over thirty thousand confirmed cases of COVID-19 with over 99% in China. A month later there are well over one hundred thousand cases globally with a quarter of these recorded outside of China, with infections rising rapidly in many countries.</p>
<p>Financial markets have also reacted sharply. After showing little change in February, the ASX dropped 11.5% between the February and March surveys (and by a further 4.5% since the latest survey closed). These falls have been despite a 25bp rate cut from the RBA and an emergency 50bp rate cut from the US FOMC. </p>
<p>Responses to additional questions on news recall show by far the highest recall was for news on the economy – 45% of consumers recalling news on this topic with over 85% saying that news as unfavourable. News on ‘international conditions’ also had a relatively high recall rate (25%) and was also assessed by around 85% of respondents as unfavourable. </p>
<p>About 20% of consumers recalled news on ‘interest rates’. The RBA cut rates by 0.25% at its March meeting. However, we again saw consumers assess this news more negatively than usual. As we have noted previously, the favourable/unfavourable mix on ‘interest rate’ news following rate cuts over the five years to 2016 was around 50/50 but has been closer to 30/70 for cuts in 2019 and 2020. That lukewarm response is despite the major banks passing on the rate cut in full to mortgage interest rates.</p>
<p>Across the five component sub-indexes, the biggest fall was around expectations for the economy, particularly over the near term. The ‘economy, next 12 months’ sub-index recorded a spectacular 12.8% drop taking it to 77.9, a five year low but still comfortably above the GFC low of 62.9. In contrast, the ‘economy, next 5 years’ sub-index only fell 1.3%, to 90.4. Clearly consumers expect very challenging conditions near term but are less concerned about medium term prospects.</p>
<p>Assessments of family finances were relatively stable. The ‘finances vs a year ago’ sub-index rose 1.8% although at 82.7 it remains 6.6% below the historical average. Despite the recent carnage in equity markets respondents were balanced about the 12 month outlook for their finances with ‘finances, next 12 months’ sub-index down by only 1.7%.<br>Notably, despite the RBA’s 25bp rate cut and that move by major banks to reduce mortgage rates by the full 25bps, sentiment amongst consumers with a mortgage declined 2.8% in the month.</p>
<p>At the same time, sentiment amongst older age groups fell more sharply, particularly those aged over 65 (–13.8%). This likely reflects several factors including the impact of lower deposit rates on incomes, the hit to superannuation from the sharemarket sell off and perhaps also a higher degree of concern about health risks from the coronavirus, which has a markedly higher fatality rate amongst those in older age groups.</p>
<p><strong>BILL EVANS</strong><em> is Westpac's chief economist</em></p>
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Consumer Sentiment falls to a five year low: Bill Evans

The coronavirus's economic toll in numbers: Guy Debelle

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<p>Sorrento’s Continental Hotel is back on the market, with with receivers having taken over the landmark property after repeated issues with its $100 million redevelopment.</p>
<p>Justice Almond of the Supreme Court of Victoria has ruled to end the Mornington Peninsula building's previous contract of sale, releasing the deposit paid by the previous purchaser to Manda Capital Holdings Pty Ltd, the first mortgage.</p>
<p><span>The 145-year-old, heritage, four-storey limestone building is the heart of the Sorrento community and has for years languished in disrepair. </span></p>
<p>The hotel had been plagued with issues since <a href="/news/julian-gerner-to-develop-sorrentos-continental-hotel">Continental Development director Julian Gerner bought </a>it in<a href="/expert-insights/investing/sorrentos-continental-hotel-for-sale"> 2015</a>. Mr Gerner underwent a myriad of contractual issues and a failed partnership with defunct developer Steller Group. </p>
<p>However, as of Wednesday, the contractual issues dogging the redevelopment of the Continental Hotel have been <a href="https://www.realestate.com.au/news/continental-hotel-sorrento-back-on-the-market/?pid=article-page%7Csource:news:article-page-bottom" target="_blank">resolved,</a> freeing up the historic landmark for a much needed revamp.</p>
<p><span>Petr Vrsecky, partner at PKF Melbourne and a receiver appointed by Manda, said the Continental Hotel is “on the market again and a “clean proposition”.</span></p>
<p><span>“We are pleased and relieved the matter has been brought to a head, and that we can now move forward with the sale of such an illustrious property,” he said.</span></p>
<p><span>“The previous contract of sale is at an end, and we welcome all expressions of interest through Colliers Real Estate.”</span></p>
<p><span>A historic landmark established in 1875 under the directorship of comedian, politician, philanthropist and businessman George Coppin (1819-1906), the Continental Hotel is an architecturally significant building that has been constructed in a Victorian Italianate style using locally quarried limestone.</span></p>
<p><span>Developed in response to the overwhelming demand for accommodation for city tourists seeking a holiday at the then growing seaside resort of Sorrento, the hotel is a great opportunity for anyone seeking to continue the tradition of an iconic venue serving one of the most prestigious and cosmopolitan communities in Victoria, all within walking distance to pristine beaches.</span></p>
<p><span>While it has since undergone various changes, it remains an undisputed gem of the seaside Sorrento community, situated on a prominent site at the entry to the town, and a fantastic opportunity for the right owner.</span></p>
</div>
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