<a href="https://www.apartments.com.au/new-apartments/smith-by-valli-collingwood-224-228-smith-street-collingwood-vic-3066">Smith Collingwood</a> is a new boutique apartment development bringing a refined, design-led approach to one of Melbourne’s most established inner-city neighbourhoods.

Designed by <a href="https://www.apartments.com.au/architects/pandolfini-architects">Pandolfini Architects</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/lisa-buxton-interiors">Lisa Buxton</a>, Smith by Valli sits on iconic Smith Street and comprises just 22 residences tailored toward owner-occupiers seeking a more considered style of apartment living.

[smartcode_project:default project_id=140747 project_image_fid=367540]

The design of Smith focuses on a north-facing orientation across all residences, a relatively uncommon feature in dense inner-Melbourne settings. Each apartment has been planned to maximise natural light and outlook, alongside a material palette defined by warm tones, custom joinery, and a full suite of Gaggenau appliances.

The development comprises a mix of one, two, and three-bedroom apartments, with pricing currently ranging from just under $1 million to around $4.85 million for the premium penthouse-level residences, reflecting growing demand for luxury owner-occupier product in Melbourne’s inner urban market.

Residents will also have access to a private rooftop garden designed as an elevated retreat above the city, &nbsp;featuring curated landscaping, veggie boxes, intimate seating areas and spaces for relaxed gatherings. Sustainability has also been integrated into the project through a 7-star energy rating and two secure bicycle facilities for every residence.

[smartcode_project:default project_id=140747 project_image_fid=367529]

Smith by Valli sits in the heart of one of Melbourne’s most established retail and hospitality strips, within walking distance of venues such as Falco Bakery, Carnation Canteen and Alimentari, alongside parks and everyday services. With a Walk Score of 99, the location reinforces the project’s positioning toward buyers prioritising walkability and access over car dependency.

With only a limited number of residences, Smith reflects growing demand for smaller, highly curated apartment developments that prioritise design quality, liveability, and connection to neighbourhood character.

[smartcode_project_cta:default project_id=140747]

Joel Robinson

Smith by Valli delivers a refined collection of luxury residences to Melbourne’s inner north

<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]

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

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

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

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Today’s young Australians are in danger of being the first generation in memory to have lower living standards than their parents’ generation, according to a new Grattan Institute report.
<a href="http://icm-tracking.meltwater.com/link.php?DynEngagement=true&amp;H=btYXC68syxmDVppbhVzFoYHdeMNV9070xvOlf%2FNdDQ0wXj6aidRhm9u1v12hvxsvMHi3xwjNyRTqPX5039IoIlePBRTDdCUVr4c%2BV2ddEMbpayGmBnecxcjkOK96dz0p5eVjoqg1ewQ%3D&amp;G=0&amp;R=https%3A%2F%2Fgrattan.edu.au%2Freport%2Fgeneration-gap%2F&amp;I=20190818110734.000003c27524%40mail6-114-ussnn1&amp;X=MHwxMDQ2NzU4OjVkNTY0ODg2ODE2NmRhY2YxZmU5YWJkOTs%3D&amp;S=-QNWs4wuPgpMNSAu2tim0u5I9TAYVDZO3-wSS5YjC2M" target="_blank" data-auth="NotApplicable">Generation gap: ensuring a fair go for younger Australians </a>shows that older Australians today spend more and have higher incomes and greater wealth than older Australians three decades ago.
But living standards have improved far less for younger Australians.
The wealth of households headed by someone under 35 has barely moved since 2004.
Poorer young Australians have less wealth than their predecessors and are far less likely to own a home. In contrast, older households’ wealth has grown by more than 50% over the same period because of the housing boom and growth in superannuation assets.
It’s a myth that young people’s spending habits and lifestyles are to blame for their stagnating wealth.
"This is not a problem caused by avocado brunches or too many lattes," says the report’s lead author, Grattan’s Budget Policy Program Director Danielle Wood. 
<a href="https://www.propertyobserver.com.au/images/2019/8/19/grattan%201.jpg" target="_blank">Click here</a> to enlarge: 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/19/grattan%201.jpg" alt="">
In fact, younger people are spending less on non-essential items such as alcohol, clothing, and personal care, and more on necessities such as housing, than three decades ago. 
Economic pressures on the young have been exacerbated by recent wage stagnation and rising under-employment. Older households are better cushioned from low wage growth because they are more likely to have other sources of income.
"If low wage growth and fewer working hours is the new normal in Australia, then we could have a generation emerge from young adulthood with lower incomes than the one before it at the same age," Wood says.
"This has already happened in the US and the UK."
<a href="https://www.propertyobserver.com.au/images/2019/8/19/grattan%202.jpg" target="_blank">Click here </a>to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/19/grattan%202.jpg" alt="">
Young Australians will also bear the brunt of growing pressures on government budgets. 
Because the population is ageing, governments will have to spend more on health, aged care, and pensions. But there will be fewer working-age people for every retired person to pay for it. The number of 15-64 year-old Australians for every person aged 65 or older fell from 7.4 in the mid-1970s to 4.4 in 2014-15 and is projected to fall further to 3.2 in 2054-55.
Governments have supercharged these demographic pressures by introducing generous tax concessions for older people.
The share of households over 65 paying tax has halved over the past two decades. And older households pay substantially less tax on the same income as younger households.
<a href="https://www.propertyobserver.com.au/images/2019/8/19/grattan%203.jpg" target="_blank">Click here</a> to enlarge: 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/19/grattan%203.jpg" alt="">
"Working-age Australians are underwriting the living standards of older Australians to a much greater extent than the Baby Boomers did for their forebears, straining the “generational bargain” to breaking point," Wood says.
Inheritances are not a magic bullet for young people: they tend to come later in life and are much more likely to go to people who are already wealthy. 
Policy changes are required, Wood said. Policies to boost economic growth – such as tax reform, better education and smarter infrastructure spending – are wins for all, but especially for the young. Changes to planning rules to encourage higher-density living in established city suburbs would make housing more affordable. And a fair go for younger people means winding back age-based tax breaks for ‘comfortably off’ older Australians," she advised.
"Just as policy changes have contributed to pressures on young people, they can help redress them," Wood says.
"The time for action is now: none of us wants the legacy of a generation left behind."
<a href="https://www.propertyobserver.com.au/images/2019/8/19/grattan%204.jpg" target="_blank">Click here</a> to enlarge: 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/19/grattan%204.jpg" alt="">
<a href="https://www.propertyobserver.com.au/images/2019/8/19/grattan%205.jpg" target="_blank">Click here </a>to enlarge: 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/19/grattan%205.jpg" alt="">
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j.ballantyne1990-6AQqhLzZaK

How to ensure a fair go for young Australians: Grattan Institute

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Aspen Group has released its financial results for the year ended 30 June 2019, revealing an underlying profit of $4.96 million for FY19.
The results show a statutory loss of $7.92 million for FY19. After adjusting for asset devaluations, transaction costs and other non-underlying items, Aspen Group achieved an underlying profit of $4.96 million, an increase of 4% on FY18, and an underlying profit per security of 5.15 cents, up 8% on 2018. Net Asset Value per security was $1.13, while distributions per security are up 19% to 5.00 cents. Underlying EBITDA was $5.89 million, an increase of 16% on FY18.
Acquisition of Highway 1 Tourist Park in Adelaide, as well as the addition of new manufactured housing inventory at Four Lanterns Estate, are the key reasons behind an increase in the value of Aspen Group’s portfolio by 20% in FY19 to $128.04 million.
Also owing mainly to acquisitions, total property net operating income was $11.23 million, an increase of 21% over FY18. Operating margin was 47% in FY19, slightly lower than the 49% achieved in FY18, partly due to the acquisition of the relatively low margin Darwin FreeSpirit Resort in FY18.
“We’ve seen a general weakening of conditions in the markets in which Aspen operates over the past year. There is good growth in tourism demand, however total accommodation supply has increased materially, leading to a decline in both occupancy and room rates.” Aspen Group Joint CEO David Dixon commented.
“We believe Australia has solid long-term demand dynamics but has overcapacity in the short term. This creates opportunities for Aspen.” Dixon continued.
“Australia’s residential market is worth over $6.5 trillion and there is significant unsatisfied demand for suitable accommodation at below median prices and rents. The Aspen Group management team are buoyed by the potential of this market, planned developments and a focus on new residential options within its businesses. The two Lindfield Apartment blocks are a good example of the opportunities that exist in the residential market.” added Aspen Group Joint CEO John Carter.
“There are ample opportunities to increase returns from Aspen’s properties through more intensive management and by deploying capital across cost saving initiatives, refurbishment and development.” Dixon concluded.
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Aspen Group releases profitable FY19 financial results

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The only shopping centre in the town of Katherine, in the Northern Territory, has transacted to a private Melbourne investor for $28.9 million.
Achieving a core cap rate of 7.43%, Katherine Central Shopping Centre was sold by Ben Parkinson and Rick Silberman of Savills.
Katherine Central is anchored by a Woolworths supermarket and Target Country, with a tenancy mix that includes BWS, Rockmans, Smokemart, Amcal, and Brumby’s.
The off-market deal was negotiated on behalf of Charter Hall.
“The Centre enjoys an excellent market share within an expansive 500 kilometre main trade area in the Northern Territory,” Mr. Parkinson said. “Aside from the Woolworths in Katherine, the closest full line supermarket is in Darwin, 316 kilometres away.”
The 7,159 sqm Katherine Centre also immediately adjoins a retail and commercial development known as the Southgate Centre and the Katherine Hotel.
Major industries other than tourism include the RAAF Tindal Air Base along with mining and grazing. The RAAF Tindal Base is approximately 15 kilometres southeast of Katherine and is home to several flight squadrons. This local market and long term employment base underpins the success of Katherine Central.
“The total retail spending market generated by the overall trade area population is estimated to be around $212 million,” said Rick Silberman, Director of Retail Investments at Savills.
“This amount is expected to increase on average by 4.2% per year, reaching around $346 million for the overall trade area, including $268 million in the Primary Sector and immediately surrounding Katherine,” he concluded.
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Savills sell Katherine, NT's only shopping centre for $28.9 million

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Melbourne property developer and investment company, Up Property, has revealed plans for a new five level office building.
Its latest Geelong project at 181 Moorabool Street, is situated in the heart of the city's CBD.
Previously known as the Belcher Arcade, the plans reveal leasing opportunities ranging from 74 sqm to 2,884 sqm, with three street-facing retail tenancies below four levels of commercial office spaces.
The building was designed by Genton with a 4.5-star NABERS specification.
Registrations of interest are now open for the development through local Geelong real estate agency - Gartland Property.
Since purchasing its first property in Geelong back in 2004, Up Property has been heavily invested in this area.
It recently completed the regeneration of a number of other office and retail buildings.
These include 126-128 Little Malop Street, the new home of the Geelong Advertiser and Barwon Health, the historic pub turned popular gathering ground, The Inn Hotel, the recent refurbishment and transformation of retail showrooms at 107-123 High Street and the former 6.2-hectare CSIRO site in Belmont.
Office and retail space at 181 Moorabool Street development are available for lease now, with construction proposed to commence late 2019.
The development is located just one hour and 15 minutes to Melbourne by car and 52 minutes by train.
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Up Property reveals plans for five level office building in Geelong CBD

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The bakery Parkwood Hotbread is set to open a new shopfront at the Hope Island Shopping Centre on the Gold Coast.
The business, which has been operating locally for over a decade, has committed to a 60 sqm tenancy in the 10 Santa Barbara Road complex.
Hope Island Hotbread have signed a 5-year contract with the shopping centre, occupying a space formally owned by another bakery.
Tanaka Jabangwe, from real estate agency Knight Frank who negotiated the lease, said, "The operators had been looking for the right opportunity to open a second store...after reviewing multiple sites the opportunity at Hope Island Shopping Centre became available at the perfect time."
Hope Island Hot Bread is scheduled to be operational by August 5, 2019.
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Gold Coast bakery expands into Hope Island Shopping Centre

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A portfolio of three, established child care centres across Perth and regional WA are set for auction at the end of August  
The three centres in Inglewood, Hilbert and Vasse offer solid income streams with long term leases in place to well established operators. 
All three are less than 12 months old and are located in either well established or growing catchment areas.
Knight Frank agent Tony Delich, said the portfolio would appeal to a broad cross-section of funds and private investors.
“Smaller self-managed super funds in particular are looking for yield and security as opposed to leaving funds in bank deposits.” 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/7/childcare%202.jpg" alt="">
Mr Delich said this portfolio had significant appeal due to its geographic spread with inner-city Inglewood, semi-rural, south-east suburban fringe suburb Hilbert and south-west growth area Vasse.
He said the Inglewood centre had an corner location on Beaufort Street and also included a retail tenancy.
“It is a brand new, three level building with a net income in excess of $350,000pa,” Mr Delich said.
“The Vasse centre is run by a well established child care operator and returns an income of $214,800, while the Hilbert centre is opposite a future primary school site in a huge growth locality in the City of Armadale and returns an income of $217,500.” 
Mr Delich said the properties would be auctioned separately on August 28.
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Western Australian child care portfolio scheduled for auction 

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Chemistworks, Myhealth medical centre, and Anytime Fitness have been announced as the three new tenants at Western Sydney's Ed.Square town centre.
The tenancies are apparently part of the planned community’s sustained initiative to attract health services.
It has also confirmed that a massage and acupuncture specialist, sporting goods retailer, pathologist, and childcare operator will be among the first batch of tenants, while a radiologist is currently being sought out for the project.
The Frasers Property group collaborating with HDR, GroupGSA and HASSELL are behind the development, which when completed, is expected to incorporate 1,884 homes in a mix of apartments, terraces and ‘mews’-style townhouses.
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/Subscriber%20strip%20ad.jpg" alt=""></a>
Stage 1 of Ed.Square Town Centre will comprise approximately 25,000 sqm of retail space, with a Coles supermarket, Liquorland store, and Event Cinemas complex set to be rolled out.
On completion of Stage 2, which will roughly add an additional 15,000 sqm, the development will comprise up to 40,000 sqm of retail space with over 120 shops.
It is expected to open in the second half of 2020.
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New tenants announced for Western Sydney's Ed.Square 

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The landmark Surry Hills building, home to the White Horse Hotel, has been listed for sale.
The property at <a href="https://www.realcommercial.com.au/property-hotel+leisure-nsw-surry+hills-503293630" target="_blank">381 Crown Street</a> was constructed in the 1930s, around the time a tram ran along the now bustling bar and restaurant street.
In 2004 the building underwent a refurbishment which saw a sculpture crafted by Scottish sculptor Andy Scott of a galvanised steel silver stallion lifted on to the roof.
The sculpture was made in Scotland, cut into pieces, shipped to Australia and then reconstructed on the roof, which once caved in in the 1990s after a strong hailstorm.
A new bar and brasserie was installed.
Precision Group then paid $7.5 million for the building in 2005.
Precision Group updated the whole building in 2014, calling on designer Matt Woods who commissioned local artists such as Ben Morris to decorate the walls in the downstairs section with murals around the theme "café racer-inspired" bar.
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The three storey building has a rental income of $505,039 per annum under a seven year investment grade lease.
Savills agent Tony Bargwanna is running an expressions of interest campaign closing September 25.
The property comprises a main bar and kitchen at ground level, bar with open deck and bar and lounge/function room on the first floor and offices and storeroom on the second floor.
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Savills list the White Horse Hotel premises in Surry Hills

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Co-work space specialist WOTSO has leased a large-scale office space in Zetland.
It has committed to 2,600sqm at 1-5 Link Road in the recently developed Paragon development. 
The five-year lease – attached to another five-year option, is the largest office lease in the South Sydney suburb for several years.
The lease is WOTSO’s first foray into the South Sydney market, adding to their existing co-work facilities at North Strathfield, Pyrmont, Penrith, Bondi Junction and Neutral Bay. 
LJ Hooker Commercial South Sydney Director William Tong managed the lease on behalf of developer, HiFu Capital. 
“WOTSO’s lease represents the largest office commitment in Zetland for more than two years,” he said.  
Whilst details of the lease are confidential, Mr Tong said A-grade office space throughout the wider South Sydney market was commanding between $500-$550psm.  
“The shortage of quality office stock has driven up rents by about 30% in the last three years,” said Mr Tong. 
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Co-work space company WOTSO break Zetland lease drought

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The commercial redevelopment portion of The Glen Shopping Centre $500 million redevelopment has finished, with a residential element to follow. 
<a href="http://ecomms.raywhite.com/collect/click.aspx?u=jRYOrR8N39T19uw5QbPN8HXD8J9XXluS2UdZOrecqyY=&amp;rh=ff004fe9b76b0bd1129cf18cb74e9077907c55ca" target="_blank">The Glen Shopping Centre</a> in Glen Waverley, Victoria was opened in 1967 with around 30 shops and a department store and had around 600 car spaces.
“In 1991, the centre expanded to 120 retailers, with a 100 per cent increase in car spaces to 1,200,” said Ray White Commercial Glen Waverley Managing Director Ryan Trickey.
In 1996, the biggest expansion took place, with an extension to 170 stores and retail player David Jones joined their list of retailers.
In 2015, there was a circa $500 million commitment to the centre to increase the specialty stores to over 240.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/20/The%20Glen%20-%20After%20Internal%20Shot.jpg" alt="">
It includes a new generation David Jones, with an increase to around 78,000sqm, about 30,000sqm more commercial space than previous.   “We've just finished the commercial redevelopment portion of the build with a mix of premium food and fashion all taking part," Mr Trickey said.
Mr Trickey said Glen Waverley was flanked by several large shopping precincts, Chadstone, East Land, Westfield Knox and Box Hill.   “Without the upgrade, the local area could’ve fallen victim to these other large draw cards with retailers moving to other areas."   “The redevelopment offers more dwelling in the activity center (a state government and council objective) and more retail and entertainment to service this influx of residents.”
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