<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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Brisbane-based fund manager Cromwell Property Group are set to purse over $1 billion worth of strategic growth opportunities across Australia and Europe.
Cromwell have announced an underwritten $375 million institutional placement at a fixed issue price of $1.15 per new security.
They have identified a number of strategic growth opportunities across both its indirect and direct property investment segments.
The opportunities will be funded with proceeds from the equity raising, recycling of existing capital and introduction of new capital partners.
The proceeds, along with recycled capital from asset sales, will provide funding for over $1 billion of value-add development opportunities across Cromwell’s existing Australian Core+ and Active real estate portfolio.
Cromwell CEO Paul Weightman said: "Cromwell continues to identify value enhancing investment opportunities across both its Indirect and Direct Property Investments that will deliver significant medium term growth in enterprise value for Cromwell and realise significant capital returns for securityholders.
"The Equity Raising will provide certainty of funding to pursue these opportunities, strengthen the balance sheet and allow for growth in distributions.”
“Cromwell has identified over $0.5 billion of high quality Australian core office opportunities and over $0.5 billion of office and retail opportunities in Europe which are ideally suited to our ‘Invest to Manage’ strategy.
"The warehousing of these opportunities will allow us to seed new funds, co-invest alongside our global capital partners and accelerate growth of assets under management (AUM).”
“Finally, Cromwell will also look to use the proceeds from the Equity Raising along with recycled capital from asset sales and sell down of new funds to deliver over $1.0 billion of accretive value add development opportunities across the existing Australian balance sheet portfolio.”
Cromwell have reaffirmed the FY19 guidance of operating profit of no less than 8.00 cps and distributions of 7.25 cps2.
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jrobinson-rf4aSBido9

Cromwell Property Group identify $1 billion worth of growth opportunities

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A BP service station and convenience store in Penshurst has sold under the hammer for $2.6 million.
The self-serve service station on a 1106 square metre site at <a href="http://ecomms.raywhite.com/collect/click.aspx?u=jRYOrR8N39R+6hBQZ7yXMt0Z3VIjNMZGjbELeHnO+iI0F/4HNRZHAZhkJjilzWfq&amp;rh=ff004d9112bb757b10ea167f9d4d8cc7b94563d2" target="_blank">494 Forest Road</a> was leased by a BP franchise.
The building measured 221 square metres.
The property was marketed and sold by Ray White Commercial NSW Director Michael Ajaka and Ray White Hurstville Sales Manager Christopher Munk.
<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/2019/6/25/494%20Forest%20Road%20-%203.jpg" alt="">
Ajaka said the auction was attended by a 50-strong in-room crowd.
“The bidding started at $1.6M and more than 35 bids later, the sought-after asset finally sold for $2.6 million, $1 million more than the opening bid,” Ajaka said.
“Two multi-site service operators looking to add the property to their individual portfolios were raising their paddles, with a local Chinese syndicate and offshore buyer also bidding, until a local identity placed the winning bid.
“The sale represented a yield of five per cent net and highlighted how service stations are a solid investment in the current market. 
“It’s the only service station to be sold in the St George area in at least five years, with me selling the previous one.
<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/2019/6/25/494%20Forest%20Road%20-%201.jpg" alt="">
Munk said the property benefited from a high volume of nearby traffic flow.
“The property is leased to the BP operator until September 2020 with 2x4-year options taking you all the way up to 2028,” Munk said.
“The asset produces $127,202 net rent per annum, plus GST, and has fixed three per cent increases.
“There were over 67 genuine enquiries for the asset, and they're still contacting Michael and I, wanting service stations.”
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j.ballantyne1990-6AQqhLzZaK

Penshurst BP service station sells under the hammer for $2.6 million 

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Office rents in Sydney and Melbourne will continue to grow over the next three years despite rising vacancy on the back of strong net supply, according to independent valuer and advisor m3property’s latest national office market report. 
Adelaide and Brisbane will see some welcome tightening of vacancy and Perth will remain stubbornly high, the firm said. 
The Australian Office Insight: Winter 2019  report forecasts a vacancy rate of 6.3% for Sydney by December 2021 with an average annual net supply of circa 74,000 square metres, while Melbourne’s vacancy will rise to just under 5% with average annual net supply of circa 125,000 square metres. 
National Director Research, Jennifer Williams, said while challenging economic conditions threatened white collar employment levels, massive infrastructure spending and a resurgence in the mining sector would help to stabilise vacancy rates nationally.  
“Generally most markets are in the upward phase and performing well with Sydney and Melbourne heading towards a peak, Adelaide in a stable growth phase, Brisbane and Canberra in early upturn and Perth at the nadir of its cycle,’’ Williams said. 
“Over the outlook period to December 2021 there are risks associated with the adoption of new technology and the impact on white-collar employment, falling domestic consumption and dwelling construction, global trade issues, and supply cycles gaining momentum, particularly in Sydney and Melbourne. 
“On the positive side any further interest rate cuts should provide some economic stimulus along with proposed tax cuts, as should infrastructure projects and an uptick in the mining sector, particularly for the Perth and Brisbane markets.’’
Williams said government policies, particularly federally, would be critical to addressing the weakness in household consumption.  
“Household consumption, which accounts for nearly 60% of GDP, is critical to overall economic health.
“While employment is reasonably low at around 5%, it has not translated into the sort of wages growth required to drive an increase in consumption, stimulate the economy and underpin ongoing employment growth, especially at a time when consumers are also faced with falling dwelling values.’’
<a href="https://www.propertyobserver.com.au/images/2019/6/25/m3property.jpg" target="_blank">Click here</a> to enlarge: 
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National Director Office, Andrew Duguid, said while rents continued to rise in Melbourne and Sydney, tenants were getting more for their money. 
“New generation buildings, the evolving nature of landlord services, and improved infrastructure and connectivity have very much added to tenant amenity and are driving growth in most markets,’’ Duguid said. 
He said while Sydney’s prime office vacancy would soften, secondary grade buildings would likely see a greater rise in vacancy with the result that landlords would come under pressure to maintain rents. 
“New supply will continue to drive mobility of tenants to new and refurbished buildings, resulting in increased demand and growth in prime stock and retraction in demand for secondary buildings. We expect this trend to continue as the supply cycle unfolds over the next few years,’’ Duguid said.  
He said the outlook for Melbourne was very positive as the limited availability of key development sites would keep a lid on any rise in vacancy. 
“Delivery of new buildings during the current construction cycle will partly alleviate availability pressures but forecast strong tenant demand will ensure vacancy remains low and rents continue to grow.’’
The report found that, with the exception of Melbourne, which has seen 6.5% growth, prime face rents had only risen marginally over the year to March 2019 and were forecast to continue that trend in the short-term.
High vacancy levels in Brisbane, Adelaide and Perth were expected to keep rent growth low in those markets.  
On the investment front, Duguid said demand was strong across all markets, from listed and unlisted funds as well as foreign investors.
He said strong pricing in core CBD markets in Sydney and Melbourne had created opportunities in other locations including Canberra, Adelaide and the metropolitan markets while yields were set to stabilise in most CBDs with Perth and Melbourne the exceptions with a slight firming expected in those markets.
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Sydney office vacancy to top 6% by 2021: m3property

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SPONSORED POST
Sydney’s City Fringe suburbs have really hit their stride as investors and tenants look further afield, seeking the best of both worlds; the city lifestyle without the competitive rents and small office spaces, and a buzzing atmosphere just a stone’s throw from the heart of the city.
Darlinghurst is one of those suburbs that has come a long way since being the epicentre of Sydney’s underworld during the early 20th Century. 
Now the suburb is known as Sydney’s foodie haven and best small bar scene, as well as being home to a plethora of designer boutiques, art galleries and coffee houses on every corner.
Transforming over the years to meet the demand of residents, Darlinghurst has a rich history engrained in the atmosphere of the area and architecture of buildings. The expansion of the Sydney CBD landscape has shaped the Darlinghurst commercial businesses and residential dwellings into highly sought after space. 
Bordering Darlinghurst to the west is Museum Station and east is Kings Cross Station, which has undergone dramatic transformation to accommodate for changing demographic. Adjoining Darlinghurst is Surry Hills, which has had $3 billion spent on new major projects such as Sydney Light Rail, Sydney Metro and the Central Station redevelopment. Each project will provide unparalleled access to the greater metropolitan of Sydney through bus, train and light rail options. 
In light of this, Savills, as exclusive selling agent, is pleased to present a rare opportunity to acquire a two storey freestanding office warehouse building at <a href="https://www.commercialrealestate.com.au/property/278-palmer-street-darlinghurst-nsw-2010-2015391698" target="_blank">278 Palmer Street, Darlinghurst</a> (below). 
<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/2019/6/25/278%20Palmer%20Street%20Darlinghurst.jpg" alt="">
The property has a total building area of approximately 640sq m and offers endless value-add potential, development upside (STCA), strong rental demand and connectivity to a multitude of transport options and is surrounded by incoming infrastructure.
The building is well positioned to benefit from several government funded projects that will enhance the Darlinghurst and City Fringe appeal and access to Sydney’s CBD, such as the $3 billion* upgrade of Sydney Central Station including new metro platforms, shops, restaurants and a 180-room luxury hotel on the top floor. The main terminus upgrade of $2 billion is currently underway to facilitate the Sydney Metro platforms and a new retail precinct, with the scheme outlining a long term completion date in 2035 featuring the hotel and new commercial precincts. 
According to David Hickey, Senior Executive, <a href="https://www.savills.com.au/services-and-sectors/sales-and-investment/metropolitan-and-regional-sales.aspx" target="_blank">Metropolitan &amp; Regional Sales at Savills Australia</a>, Darlinghurst is in huge demand as tenants are looking for more affordable office buildings, many of which are seeking half the amount of rent that a B grade building in the CBD would cost.
“The Sydney CBD will always remain popular, however when a B grade office building is seeking rents of $1,500 a square metre, a more affordable option, less than two kilometres from the CBD is a very practical solution for many tenants.
“Even Darlinghurst’s neighbouring suburb of Surry Hills is another expensive option, with rents at circa $850 a square metre, compared to Darlinghurst’s $700 a square metre” he continued.
278 Palmer Street is 220 metres from Oxford Street bus stop and less than 800 metres from Museum train station and just 1.3km from Central Station.
Mr Hickey said “There is plenty of rental upside for this office warehouse and we forecast strong capital growth potential, as this asset has potential to occupy, invest, subdivide or develop (STCA) with current FSR of 3.5: 1 and height limit of 12 metres in favourable R1 Zoning Precinct.”
278 Palmer Street Darlinghurst is offered to the open market by way of public auction on-site at 12pm Friday 26 July 2019 through David Hickey at Savills Australia.
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/" target="_blank">savills.com.au</a>.
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The rebirth of the Sydney City Fringe office market

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The former Coachman Restaurant in Redfern, transformed in 1961 by well known restaurateur Wolife Pizem, has been listed for sale.

The property at <a href="https://www.propertyobserver.com.au/%20https:/www.realcommercial.com.au/property-retail-nsw-redfern-503233454" target="_blank">763 Bourke Street</a> has undergone a large scale renovation and refurbishment since the Russian Coachman Restaurant closed its doors in 2012.

It was back in the early 1960s when famous local restaurateur's Wolfie Pizem and Joseph Malek converted the 1820s built cottage into a restaurant, adding a kitchen and a bar.

It last traded for $500,000 in 2001 when sold by Diane Malek, the widow of the late Joseph.

The heritage-listed property, which was known as Roseheath Cottage, was built by hand by convicts for Thomas Campbell.

It was built on a consolidated 40 acre estate owned by nurseryman John Baptist. The 40 acres were subdivided in the 1880s, creating Baptist, Telopea, Boronia and Zamia Streets.

<img alt="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/6/25/736%20Bourke%20Street%202.jpg">

The cottage was one half of a semi-detached pair. In 1915 the house was purchased by Samuel Goldstein, a shirtmaker, who used part of the building as living quarters and the other half as a ballroom.

Pizem and Malek named the restaurant The Coachman and it quickly became a regular haunt for local business people, in particular the rag trade.

It would go on to host a number of national and international celebrities.

The attached warehouse, which had an above ground pool that was used as a lobster tank, was demolished in 1967 to make way for a four storey apartment building.

<img alt="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/6/25/736%20Bourke%20Street%203.jpg">

In 1995 the restaurant was renamed the Russian Coachman up until its closure seven years ago.

The property with exposed sandstone and a number of large fireplaces has around 500 sqm of indoor and outdoor space. It was listed for rent earlier this year at $195,000 per annum.

It is being marketed by CBRE agents Nicholas Heaton and Matthew Fenn as being suitable as a restaurant, creative office or childcare facility.

 

New projects near Redfern:

[smartcode_project:default project_id=24323]

[smartcode_project:default project_id=7588]

[smartcode_project:default project_id=5811]
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Former Coachman Restaurant premises in Redfern up for sale

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The McCrohan's Building, built in the late 1920s in Melbourne's Fitzroy, has hit the market.
The building at <a href="https://www.realcommercial.com.au/property-industrial+warehouse-vic-fitzroy-503234478" target="_blank">304-310 Gore Street</a> was constructed in 1929 for William Harold McCrohan. It was a motor garage and was known as McCrohan's Garage.
Built in the Greek revival style with red and clinker brick, the warehouse-style building later became a factory for Filtration and Water Sifting Pty Ltd  and then Sulphates Pty Ltd.
Well preserved, it has a gabled facade parapet, set between two pylon motifs.
It is currently leased to Blue Circus Studios, a circus show production company for theatres and private events. They also train in the warehouse.
<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/2019/6/25/304-310%20Gore%20Street%20Fitzroy2.jpg" alt="">
They pay $64,580 per annum for the property with lofty ceilings and exposed steel trusses.
Gray Johnson agent Matt Hoath has the listing.
 
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Fitzroy's historic McCrohan's Building listed

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A hotel in Camperdown is set to hit the market amid the NSW Government upgrade and revitalization of the corridor between Sydney and Parramatta.
The contemporary freehold property at 108 Parramatta Road consists of 37 self-contained hotel rooms across its three levels.
Last traded for $2,025,000 in 2005, the property, owned by a private investor family, is on a 5 + 5 + 5 year lease to longstanding tenant Quality Suites Camperdown. Rooms fetch between $179 and $209 a night.
It has a building area of 1,400 sqm on its 485 sqm site, with three street frontages along Parramatta Road, Lyons Road and Purkis Street.
The property is for sale through Andy Hu and Michael Simpson of Savills Australia and Anthony Pirrottina and Demi Carigliano of Knight Frank. 
<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/2019/6/25/Camperdown%20Hotel%202.jpg" alt="">
The listing comes amid the Urban Transformation Strategy which aims to improve the corridor between Parramatta and the Sydney CBD over the next 30 years.
The strategy will invest in homes, jobs, transport, open spaces and public amenity. 
Camperdown, in Sydney’s Inner West, has been identified as one of the eight ‘Precincts’ earmarked for renewal due to its unique access to jobs, transport, infrastructure and services, such as the Royal Prince Alfred Hospital and the University of Sydney. 
The Precinct which will be known as the ‘Camperdown Triangle’ will offer taller buildings catering to both residential and business markets – a combination of health, education, technology, attracting new business to this crossroad and reinvigorating the wider area.
Savills agent Andy Hu said properties such as [the Camperdown hotel] are rarely offered to the market in the tightly-held Sydney CBD Fringe. 
“We expect a lot of interest from local investors as well as a large number of offshore investors looking to capitalise on the changing landscape of the area” he said. 
“Hotels are definitely seen as a safe haven investment, especially in Sydney, with growing tourist numbers year on year” Hu added.
According to recent data from Savills Australia, Australian domestic visitor nights were up 2.5% to 22.8 million and international visitors were up 4.1% to 3.9 million for the year ending January 2019.
Of the top 10 international visitor markets, Australia made up 38.7% of the total share of visitors, with China following at 11.7%.
 
 
 
  
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Quality Suites Hotel in Camperdown listed by Savills for over $17 million

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A vacant office and retail premises in a boutique development in the Melbourne suburb of Ormond is heading to auction.
The property at <a id="LPlnk366891" href="http://ecomms.raywhite.com/collect/click.aspx?u=jRYOrR8N39QzG/Nyy8oj1AaNQHGcPbO9MN1QvQjCxKKs/RzZHCHuN+yuKWB0r84Q0zfqJMDaJsj89+mdtAueYKdRWNEKduUPi6wj8+moPWPAcH3QgWCxcKY3GDWPxcY/&amp;rh=ff004ce3d655368c39855333a640996abddf538e" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">437 North Road</a> comes with 146 square metre total building area over two levels.
It has 52 square metres of ground floor area and a 94 square metre first floor area.
It is being marketed and sold by Ray White Commercial Oakleigh Sales/Leasing and Operations Manager Ryan Amler, along with Commercial Sales/Leasing Executive Theo Karkanis.
Amler said the asset gave potential buyers great flexibility to either occupy as one or separately, with each having its own entrance," Karkanis said. 
“This is a fantastic opportunity for an astute purchaser to take advantage of a property that you can occupy or invest in. It would be the perfect addition to a SMSF.
“The property is on busy North Road in Ormond, which in itself offers great exposure to a high level of passing traffic.
“It also benefits from being within metres of the recently upgraded Ormond train station, and offers an abundance of public transport, which will be invaluable.
<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/2019/6/11/008_Open2view_ID576313.jpg" alt="">
“There are kitchen and toilet facilities on each level, comes with an alarm system and CCTV cameras, has six individually controlled heating/cooling zones, and NBN is also available.
“There’s also the added bonus of potential sub-divide, subject to council approval.”
The auction will take place on site on Wednesday, July 3 at 11am.
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Ormond retail and office property to go under the hammer

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Quest Apartment Hotels has launched new premium serviced apartment offering in Burwood East.
It’s the group’s third Victorian property this year and was developed in partnership with OAM Pty Ltd, a subsidiary of Oriental Group of Companies and K2LD Architects.
The 91-room property features modern and self-contained studio, one, two and three- bedroom apartments.
The hotel features high-speed Wi-Fi, smart televisions with in-room entertainment and 24-hour on-site management.
It is located within a five minute drive from The Glen, Forest Hill and Burwood One shopping centres.
<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/2019/6/4/Quest%20Burwood%20East_202.jpg" alt="">
Quest Apartment Hotels General Manager, James Shields said a major part of Quest’s growth strategy is developing properties in regional and suburban hubs.
“Areas such as the City of Whitehorse are attracting more corporate activity from Melbourne’s CBD to the eastern suburbs,” Shields said.
“Quest Burwood East is designed to service local residents, business travellers and sporting groups arriving to this growing part of Melbourne with ninety-one self-contained apartments.
“We’re pleased with the attention to detail of our developers who delivered the property ahead of schedule and in accordance to our high standards in safety and design.”
<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/2019/6/4/Quest%20Burwood%20East_229.jpg" alt="">
Whitehorse Mayor, Councillor Bill Bennett said he was pleased to see this historic site redeveloped.
“[Whitehorse City] Council works in partnership to support a strong, active local economic environment that attracts investment and provides economic opportunities for businesses and employment for people,” Bennett said.
Quest Burwood East is one of eight new properties scheduled to open across Australia, New Zealand and the United Kingdom over the next 12 months, including Joondalup (WA), Orange (NSW), North Sydney (NSW), Robina (QLD), Quest Tauranga Central (NZ), Quest on Tuam (NZ), Quest Mount Eden (NZ) and Liverpool (UK).
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Quest continues suburban push with new hotel launch in Burwood East 

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Co-working office spaces increased by nearly 300% in the last five years, with Melbourne holding the largest share.
Co-working office space is one of the fastest growing segments of the commercial leasing market, the latest report by Herron Todd White (HTW) noted.
Research shows the number of co-working spaces in Australia grew by 297% between 2013 and 2017, occupying 193,190 square metres across six cities.
Melbourne holds the largest concentration of co-working spaces with 49% followed by Sydney with 38%.
"We expect this segment of the market to continue growing strongly," the HTW report noted.
Melbourne CBD’s overall office vacancy rate has reduced to 4.6% over the six months to January 2018, according to the Property Council of Australia’s Office Market Report.
Melbourne CBD is now level with Sydney CBD, together showing the lowest vacancy rates amongst all of Australia’s CBDs.
According to the latest report from HTW, the reduction in vacancy is primarily due to the high net absorption rate of prime Melbourne CBD office stock.
The North-Eastern and Docklands precincts have the lowest vacancy rates at 1.5% and 1.2% respectively, while vacancy rates are highest in the Western and Spencer precincts, reflecting vacancy rates of 6.6% and 8.2% respectively.
There is limited new prime office supply in the CBD due for completion over the next two years before the large increase of supply forecast for 2020.
Therefore, it is anticipated that vacancy rates will continue to fall over 2018 and 2019 before rising again in 2020.
The report suggests the market will see potentially sharp rental growth over the next two years as well as a decline in incentives, before levelling out again from 2020.
Strong demand is continuing for good quality office properties and properties with value-add or redevelopment potential within the Melbourne CBD, Metro and St Kilda Road office markets.
This is primarily due to the lack of suitable stock on the market and weight of capital seeking limited investment opportunities in this segment of the market.
The two recent sales in the CBD this year, 470 Bourke Street and 454 Collins Street, both achieved strong results.
470 Bourke Street, the headquarters of The Law Institute of Victoria, sold subject to a short-term leaseback for more than $35 million.
The nine-storey office building with excess land to the rear was purchased by an offshore investor with a capital value rate of circa $10,500 per square metre which reflects the balance land of 368 square metres.
454 Collins Street, an 11-storey C grade building situated at the corner of Collins and Williams Streets, was sold to a Macau investor for $40.1 million on a sharp fully leased yield of 4.21%.
The property was sold subject to a single-tenant leaseback to Robert Christie’s national co-working business on a 10-year term.
The valuation firm suggests that market yields are firming for well located investment grade assets exhibiting sound fundamentals, such as strong lease profiles and limited capital expenditure requirements.
The report suggests that investor demand is particularly strong for assets in the vicinity of $5 million to $50 million within the CBD and inner suburban locations.
The new statutory revaluations will be conducted as at January 2018 and valuations will be released as part of the FY2018/19 council rates notices and 2019 Land Tax assessments.
The valuers estimate that council site values will continue to increase across the CBD owing to strong capital growth over the past two years since the last Council revaluation in January 2016.
The potential rise in site values implies higher council rates and land tax costs which may impact upon the cash flow of landlords, especially where properties are subject to gross leases.
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