<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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EXPERT OBSERVATION
Our central forecast is for the Australian economy to expand by 2½ per cent this year and 2¾ per cent over 2020.
The growth forecast for this year has been revised down since we met six months ago, but the forecast for next year is unchanged.
The downward revision this year mainly reflects weak consumption growth.
It has become increasingly clear that the extended period of unusually slow growth in household incomes has been weighing on household spending, as has the adjustment in the housing market.
Given this experience, the outlook for consumption continues to be the main domestic source of forecast uncertainty.
Even so, looking ahead, there are signs the economy may have reached a gentle turning point.
Consistent with this, we are expecting the quarterly GDP growth outcomes to strengthen gradually after a run of disappointing numbers.
This outlook is supported by a number of developments including: lower interest rates, the recent tax cuts, a depreciation of the Australian dollar, a brighter outlook for investment in the resources sector, some stabilisation of the housing market and ongoing high levels of investment in infrastructure.
It is reasonable to expect that, together, these factors will see growth in the Australian economy return to around its trend rate next year.
The major uncertainty continues to be the trade and technology disputes between the United States and China. These disputes pose a significant risk to the global economy. Not only are they disrupting trade flows, but they are also generating considerable uncertainty for many businesses around the world.
Worryingly, this uncertainty is leading to investment plans being postponed or reconsidered. It is also now generating volatility in financial markets and has increased the prospects of monetary easing in many countries. This means that we have a lot riding on these disputes being resolved.
Turning now to the Australian labour market, the unemployment rate, at 5.2 per cent, is a little higher than when we met six months ago. This is despite employment growth having been stronger than we had expected. What has happened is that increased demand for labour has been met with more labour supply, especially by women and older Australians.
Reflecting this, a higher share of the Australian adult population is participating in the labour market than ever before. This is good news. But one side-effect of this flexibility of labour supply is that it is harder to generate a tight labour market and so, in turn, it is harder to generate a material lift in aggregate wages growth.
Looking forward, while some slowing in employment growth is expected, the central scenario is for the unemployment rate to move lower to reach 5 per cent again in 2021. If things evolve in line with this central scenario, it is probable that we will still have spare capacity in the labour market for a while yet, especially taking into account underemployment.
This means that the upward pressure on wages growth over the next couple of years is likely to be only quite modest, and less than we were earlier expecting.
Caps on wages growth in public sectors right across the country are another factor contributing to the subdued wage outcomes. At the aggregate level, my view is that a further pick-up in wages growth is both affordable and desirable.
Turning now to inflation, the June quarter outcome was broadly in line with expectations, after a run of lower-than-expected numbers in earlier quarters. Over the year to June, inflation was 1.6 per cent, in both headline and underlying terms, extending the period over which inflation has been below the 2–3 per cent medium-term target range.
The Reserve Bank Board remains committed to having inflation return to this range, but it is taking longer than earlier expected.
There are a few factors that I would highlight as contributing to the low inflation outcome over the past year.
\These are: the slow growth in wages; the ongoing spare capacity in the economy; various government initiatives to address cost-of-living pressures on households; and the adjustment in the housing market, which has contributed to unusually low increases in rents and declines in the price of building a new home in some cities.
Working in the other direction, the drought and the depreciation of the exchange rate have been pushing some prices up.
Looking ahead, inflation is still expected to pick up, but the date at which it is expected to be back at 2 per cent has been pushed out again. Over 2020, inflation is forecast to be a little under 2 per cent and over 2021 it is expected to be a little above 2 per cent.
These comments were made during the <a href="https://www.rba.gov.au/speeches/2019/sp-gov-2019-08-09" target="_blank">opening statement</a> to the House of Representatives Standing Committee on Economics.
PHILIP LOWE is the current Governor of the RBA
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j.ballantyne1990-6AQqhLzZaK

Australian economy may have reached a gentle turning point: Philip Lowe

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A 7-Eleven service station and convenience store in the south-eastern Perth suburb of Gosnells has sold for $5.1 million.
The property at 303 Corfield Street is passed by around 19,000 vehicles each day.
Knight Frank Director of Capital. Markets – WA, Tony Delich, said the 7-Eleven operator had recently signed a new, 15-year lease with fixed 3% annual rent increases, on a current net rental of $322,000 per annum. 
The sale price reflected a yield of 6.3%.
“This property is on the major, four lane district distributor road from Tonkin Highway, near the Albany Highway intersection, and there is a rapidly increasing residential catchment in the area,” Delich said. 
The property has a total land area of 1,945 square metres.
It directly opposite the IGA-anchored Corfield shopping centre and the Corfield Tavern, as well as adjoining a 3.27 hectare site currently poised for a 36-lot residential subdivision.
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Gosnells, Perth 7-Eleven service station sold for $5.1 million 

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The latest wave of food and drink offerings has opened in Darling Square, with the majority of the lifestyle precinct now complete.
The patch that was home to the Sydney Entertainment Centre and its car park has welcomed 29 new retailers to the fold in the past week.
The heart of the lifestyle hub is Japanese architect Kengo Kuma’s new bird’s nest-meets-beehive building, the Exchange.
On the street level is Maker’s Dozen – an industrial-style marketplace with 12 casual outlets and seating for about 350.
The line-up includes Pasta Wafu, Saga Lyte, Tapavino, Hopper Kadé, Fishbowl, Fish and Co, Bau Truong, Mr. Bao, Bubble Nini’s, Bucket Boys bar and bottle shop.
Across thesquare to Electric Treat Street (aka Little Hay Street), you can find milkshakes and shaved ice desserts inspired by old-school Japanese miruku bars at Devon’s latest concept, DOPA Donburi and Milk Bar, as well as Filipino cocktail and dessert combos at Rey Jr, the sibling to Rey’s Placein Darlinghurst.
Outposts of Gelato Messina and Melbourne’s Shortstop Coffee and Donuts are also present. 
Nicolle Walk, a short stroll away, is home to the sequel to Marrickville’s mod-Vietnamese hit Hello Auntie and Hakata-Maru’s tonkotsu ramen flagship.
There are still a handful of spots, including Golden Century spinoff XOPP, set to switch on the lights in the coming months.
 
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29 more venues open for business in Darling Square

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EG, an Australian real estate fund manager, has purchased 230 Captain Cook Drive, Kurnell in NSW for $36 million.
The transaction was brokered off-market by Trent Gallagher of Colliers International.
Located approximately 30 mins drive from Sydney Airport and Port Botany, the two-level commercial building and industrial warehouse built over three stages between 2010 and 2013 consists of 15,955 square metres of gross lettable area.
The asset has been acquired on a two-year leaseback to Dicker Data, a leading distributor of IT hardware, software cloud and loT solutions.
The net passing income of $2.1 million per annum delivers an initial yield of 5.8%.
The acquisition is the first property secured for the Australian Core Enhanced Fund (ACE), just one month after the $800 million fund was launched.
ACE is an open-ended, diversified fund targeting office, retail and industrial assets.
The Head of Australian Core Enhanced Fund, Daniel Farley said the Dicker Data facility offers a newly constructed, high-quality industrial facility located within a gentrifying precinct with strong tenant demand.  
"We are strong believers in the underlying drivers behind the broader industrial market and this asset is perfectly positioned to benefit given the short leaseback period," Farley said.
"EG is looking forward to many more successful acquisitions for our investors in the ACE fund."
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EG makes industrial Kurnell acquisition for Core Enhanced Fund

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Andrew Wilkinson, chief executive officer at ALE Property Group has decided after 16 years to depart the group.
Wilkinson intends to remain in the role until the 2018 rent determinations are completed and a new CEO is appointed.
During his tenure Wilkinson has overseen a growth in ALE’s market capitalisation from $91 million to more than $1.0 billion delivering a total return of around 20% per annum.
ALE is the owner of Australia's largest portfolio of freehold pub properties, with 86 across the country. 
The ALE chairman, Robert Mactier, said the board will work with Wilkinson to confirm the optimal timing of his departure.
"ALE will commence a CEO search process in the coming weeks,” he said.
Wilkinson’s announcement follows the recently completed non-executive director renewal process and the lodgement of the 2018 rent review submissions.
ALE Property Group today released its FY19 financial results.
Highlights
· Distributable profit of $28.3 million
· Statutory net profit after tax of $26.6 million
· Full year distribution increased 0.5% to 20.90 cents per security
· Full year distribution will be 81.32% tax deferred
· Current passing gross rent increased 4.28% to $61.04 million following the completion of the 2018 rent review for 36 of the 79 properties involved
· Weighted average adopted yield increased from 4.98% to 5.09%
· Directors’ valuations of 86 properties increased by 2.4% to $1,163.2 million
· ALE continues to benefit from the majority of properties being subject to long term triple net lease arrangements with up to 40 years of options
· Spread between falling Australian Government long term bond rates and the yields applying to ALE’s properties has materially expanded
· Capital position remains strong with gearing at historic low of 41.5%
· Debt maturities are diversified over the next 4.4 years
· Rent review outcomes are expected to deliver a positive result
· 2003 investment of $1.00 in ALE has an accumulated value of $17.44 at 30 June 2019 or an annual total return of 20.1% p.a.
Results for Year Ending 30 June 2019
The difference between the distribution and distributable profit for the period was paid out of capital and funded from existing cash reserves. Distributable profit excludes the non-cash accounting items including changes to investment property and derivative values.
Distributable Profit 
A number of factors contributed to a distributable profit of $28.3 million for the year to 30 June 2019:
· Property income increased by 3.7% to $60.2 million due to rent increases of 10% for 36 of the properties from November 2018, and CPI or fixed rent increases for seven properties, that are not subject to the 2018 rent review process; 
· Borrowing expenses remained largely unchanged;
· Management expenses were higher due to $3.1m of additional costs of preparing rent review submissions for determination; and 
· Land tax expenses increased based on increased land value assessments and the higher rates now applicable in Queensland.
The distribution of 20.90 cents per security will be 81.32% tax deferred.
Accounting Profit Result
ALE’s reported net profit after tax (NPAT) of $26.6 million for the year to 30 June 2019 includes non-cash changes to the value of the properties and interest rate derivatives. The NPAT also includes other non-cash items including amortisation of pre-paid financing costs and CIB accumulating indexation. A full reconciliation of accounting profit to distributable profit has been provided in the Directors’ Report.1
Statutory Property Valuations
The statutory valuations of ALE’s properties increased by 2.4% to $1,163.2 million at 30 June 2019 based on independent valuations of a representative sample of 34 of ALE’s properties conducted by CBRE and Savills. Consistent with the increase in rents and stable market yields for pub properties, ALE’s weighted average adopted yield increased from 4.98% to 5.09%. The portfolio’s passing gross rent (or annualised gross rent as at 30 June 2019), increased 4.28% during the year to $61.04 million.
For further details please refer to the ASX Announcement made by ALE on 15 July 2019.
Capital Management
ALE’s debt capital structure was characterised by the following positive features at June 2019:
· Investment grade credit rating of Baa2 (stable)
· Next debt maturity in August 2020
· Debt maturities diversified over the next 4.4 years
· 100% of forecast net debt hedged over the next 6.4 years
· All up cash interest rate of 4.26% fixed until August 2020
· Gearing at historical low of 41.5% (41.6% at June 2018)
· Interest cover ratio at 2.5 times (2.6 times at June 2018)
ALE’s debt facilities include a number of market standard covenants. ALE currently enjoys significant headroom to all of them. The total value of ALE’s properties would need to fall in value by 32% (around $370 million) before meeting the nearest gearing covenant.
ALE has two types of fixed rate debt instruments, Capital Indexed Bonds (CIB) and Australian Medium Term Notes (AMTN) with diversified maturities.
2018 Rent Review 
During the 2019 financial year, ALE’s first major rent review commenced on 79 of the ALE’s 86 investment properties. Of the remaining seven properties, four properties have later review dates, including two that have received CPI increases in the current period, and three properties have non-standard leases. 
On 3 August 2018, ALE issued rent notices to its tenant, ALH, advising that the rent on each of the 79 properties subject to the current rent review should increase by 10%. ALE and ALH had already agreed that two properties’ rents would increase by 10%. ALH accepted the rent notices on 32 of the properties and rejected the remaining 45 notices. ALH has subsequently accepted two additional properties. 43 properties remain subject to independent determination.
The 36 accepted rent notices and regular CPI and fixed rent increases on six other properties increased ALE’s total passing gross rent as at 30 June 2019 to $61.04 million, an increase of 4.28% on the prior year. QLD land tax is the only deduction included in ALE’s total net passing rent.
The passing gross rent for the remaining 43 properties may increase or decrease by up to 10%.
The following table provides additional information around the types of leases and timing of the rent reviews:
ALH and Endeavour Group
On 3 July 2019, Woolworths Group, ALH’s majority shareholder, announced that it has entered into an agreement to merge its Endeavour Drinks division with ALH. Woolworths’ shareholders approvals for the merger are expected in late CY19 and the merged entity is to be named Endeavour Group. This will create Australia’s largest drinks and hospitality business with sales of approximately $10 billion and EBITDA of $1 billion.
Following the merger and as a second step, during CY20 it aims to separate Endeavour Group from Woolworths by demerger or value accretive alternative. In event of a demerger, the Group’s capital structure will target an investment grade rating.
ALE will continue to monitor any developments in relation to the control and ownership of ALH.
ALE’s Performance
As indicated by the chart below, ALE has underperformed both S&amp;P/ASX 300 AREIT index and the S&amp;P/ASX All Ordinaries Index over the past one and three years. However over the past five, 10 and 16 years to 30 June 2019, ALE has delivered total returns that have outperformed both those indexes.
A $1.00 investment in ALE at the time of the ASX listing nearly 16 years ago, with reinvested distributions, would have grown to $17.44 as at 30 June 2019.
This is equivalent to 20.1% p.a. total return since the ASX listing.
FY20 Outlook 
Non-recurring FY19 rent review submission costs of $3.1m reflect the commitment of time, resources and external experts to the process. 
ALE’s current view is that the total passing rent is materially less than the uncapped rents. That said, the extent of the difference between passing and uncapped rent is not evenly spread across the portfolio. 
Rents may increase or decrease by up to 10% for remaining 43 determinations. The range of gross passing rent for the portfolio of 86 properties is as follows:
· Worst case $58.5m (no change)
· Best case $63.7m (+8.9%)
Note: Changes are in comparison to the gross passing rent before any Nov 2018 rent increases are applied. Best case is less than + 10% as seven of the 86 properties are not included in CY18 rent reviews 
ALE remains confident of a positive result but notes it may not receive a full 10% rent increase for all properties. The remaining 43 rent determinations are to be handed down at the same time and are currently anticipated late CY19. The rent determination results will be back dated to 4 November 2018. 
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ALE Property Group CEO resigns

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The property group GPT has sold Norton Plaza, a neighbourhood shopping centre in Sydney's Leichhardt.
It sold to a private local investor for $153.2 million.
Norton Plaza comprises 11,800 square metres with a Coles supermarket and 50 retailers.
It also includes a large-format Harris Farm Market.
Nine Entertainment speculated the deal was struck on a core cap rate of 5.5% with the asset selling above its book value.
The Australian Financial Review had advised the move to offload Norton Plaza was part of the wholesale fund’s broader effort of focusing its portfolio on super-regional malls as a bulwark against headwinds in the retail sector.
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GPT sells Norton Plaza for $153 million

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Malaga Markets, a Perth institution since 1994 with its fruit and veg stalls and international food hall, has hit the market.
It has a price guide of $11.99 million.   The property at 7 Bonner Drive in Malaga comes with 2,900sqm of building area and a 2,256sqm net leasable area.
On Beach Road and just off of Alexander Road, it also provides external car parking of around 375 bays.    The property is being marketed and sold by Ray White Commercial (WA) Property Advisor Brett Wilkins.   Mr Wilkins said Malaga Markets has over 1.5 million visitors annually. 
“Malaga Markets is a purpose-built variety market with 65 tenancies, a strong trading history since 1994, and is on a prime site. “The central core of the markets is the food court and fresh food tenancies backed by the bar and daily entertainment," Mr Wilkins said.
<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/malaga%20markets%202.jpg" alt=""> The houses tenants have occupied their tenancies for 15 years or more with an average of 7.1 years.   “Malaga is an inner northern suburb of Perth centered on showrooms and commercial strips.
“The total site area is 18,208sqm with wide frontages to Bonner Drive and Beach Road, together with cross easement access from adjoining sites.”  
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Perth’s Malaga Markets hits the market

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Kaufland, the German supermarket chain, is applying to open a 'Hypermarket', one of its first Australian stores, in Toowoomba.
The Toowoomba Chronicle reported that the company submitted a DA to the Toowoomba Regional Council last Friday.
The proposed site for the Hypermarket, which is just a supermarket by another name, is 353-359 Anzac Avenue.
It will be located on the corner of Anzac Avenue and Carrel Drive at Harristown next to Bunnings Warehouse.
Kaufland is a subsidiary of the Schwarz Group, the world's fourth largest retailer and plans to open its first Australian store in 2021, with around a 12 locations planned around the country.
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It has previously secured store locations in South Australia and Victoria.
In Melbourne local businesses protested the development applications filed by the company.
The application is described as a “shopping centre hotel and food and drink outlet”.
It already has more than 1,200 locations in Europe.
Kaufland is known as a key rival for Aldi overseas, driving speculation its launch in Australia will be bad news for the German chain, which controls just over 10% of the local grocery market.
Initial estimates of Kaufland’s likely impact on Australia’s $103 billion supermarket industry suggest the retailer could amass $480 million in local revenue, according to Morgan Stanley analysts<a href="https://www.smartcompany.com.au/industries/retail/make-fortune-dick-smith-warns-kaufland-giant-injects-another-60-million-expansion/" target="_blank" rel="noopener"> </a>
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German supermarket chain Kaufland set to break into Toowoomba

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SPONSORED POST
We all know that the Sydney lockout laws were introduced by the Government of NSW in 2014 with the objective to reduce alcohol-fuelled violence.  
The legislation requires 1.30am lockouts and 3am last drinks at bars, pubs and clubs in the Sydney CBD entertainment precinct. 
But did you know that since this time, pedestrian traffic has dropped by 40% in Kings Cross, falling from a Saturday peak of 5,590 per hour between 1am- 2am in 2010, to a Saturday peak of 3,888 between 12am - 1am in 2015. 
According to data from Liquor &amp; Gaming NSW, 418 licensed premises in Kings cross and CBD have closed since 2014, 242 new licenses – net loss of 176 venues and a 19% revenue loss for clubs. 
With reduced foot traffic, mass venue closures, high vacancy rates and challenging head winds, the retail sector is currently experiencing an upheaval as owners are now forced to look for alternative options to generate income. 
The saving grace is yet to come for owners, tenants and consumers with the CBD and city fringe area having five key changes proposed to the late-night trading planning controls:
<ol class="ol1">
<li class="li7">A 24-hour city centre – extend the late night management area along George Street across the city centre and increase maximum trading hours from 5am to up to 24 hours.</li>
<li class="li7">Increase hours for low impact venues in local centres – align the controls with NSW Government rules and allow lower impact venues, including small bars, to trade until 2am.</li>
<li class="li7">New areas for new communities – identify late-night trading areas in suitable urban renewal precincts. These include Barangaroo, Walsh Bay, Green Square town centre, Danks Street, East Village shopping centre and an arts focused industrial heritage warehouse area in Alexandria. </li>
<li class="li7">Extend existing areas – recognise venues in Chippendale, Redfern, Surry Hills and Lankelly Place in Potts Point, which have emerged since the planning controls were reviewed in 2007. </li>
<li class="li7">
Encourage performance, culture and unlicensed businesses – a. Allow unlicensed shops and business, such as bookshops, clothing stores, drycleaners and hairdressers to trade up to 24 hours in city living or late night management areas and up to 2am in local centres. b. Describe dedicated performance venues, such as theatres, concert halls and cinemas with up to 250 patrons, as lower risk premises and allow these venues an additional trading hour at closing time. c. Allow venues that host performances one additional trading hour at closing time on the night of the performance. </li>
</ol>
We all know something has to change to help these areas continue to evolve, so hopefully these proposed changes happen sooner rather than later… 
Savills is a leading global real estate service provider offering the full spectrum of services from strategic advice to managing assets and projects and transacting deals. 
David Hickey is a Senior Executive in the Metropolitan &amp; Regional Sales team. To learn more about Savills, visit <a href="http://www.savills.com.au/">savills.com.au</a>.
 
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jrobinson-rf4aSBido9

Sydney’s lockout laws need a key change: Savills

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Ayre Real Estate has announced that Torch Property Management has joined the brand under a strategic collaboration, with the Torch business rebranding to Ayre Real Estate.
The combined business will feature two office locations; the existing Ayre Real Estate office located at the Sheraton on the Park, 161 Elizabeth Street, Sydney, and Torch’s shopfront at 9 Argyle Place, Millers Point.
Ayre Real Estate founder Adrian Wilson says the combined power of our 68 plus years of prestige property experience, coupled with the benefit of two offices in key locations and our advanced marketing strategies, was a significant competitive advantage.
The partnership will service a portfolio of over $400,000,000 in assets with over 200 luxury rentals under management.
Launching a portfolio of prestige apartment sales, the first on the market is a penthouse apartment; 731/8 Point Street Pyrmont, for auction on 21st August with a price guide of $5.3 million.
It has a one bedroom apartment in Observatory Tower 2406/168 Kent Street Sydney, listed for sale at $1,575,000.
Craig Donohue, a CBD Agent previously at McGrath joins the leadership team as a Director, alongside Kate Sommervelle, Director and Licensee of Millers Point office, and Adrian Wilson, Founder and Director of Ayre Real Estate.
In addition, Georgia Peters, one of Sydney’s most experienced property managers, also joins the team as Senior Property Manager.
The team at Torch seek premium prices for luxury rentals regularly leasing properties between $2000–$5000 per week, up to $25,000 per week.
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