<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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An interstate investor purchased a Noosa Heads retail institution “Signature on Hastings”, for $5.6 million following an off-market campaign.
Situated at 18A Hastings Street, (pictured in title) the asset was one of only five single use freeholds left on the famous strip.
It comes as a 180 sqm NLA retail investment on a 97 sqm allotment.
The vendor had held the property for over 30 years.
The property produces an annual income of $306,000 p.a. net* + GST.
It was sold by Ray White Commercial Noosa and Sunshine Coast North directors Paul Forrest and Paul Butler.
Mr Forrest said, “Hastings Street is highly sought-after by wealthy investors and remains very tightly held, with freehold properties particularly desired."
“The buyer already owns several assets on the strip, so they were one of a few parties we approached."
“We’re delighted that following the success of our off-market campaign and long history of successful sales, we’ve been appointed as exclusive agents for the sale of 'Peter Alexander' at 28 Hastings Street (pictured below)," he added.
<img src="https://www.urban.com.au/images/2019/4/19/hastings%202.JPG" alt="">
Mr Butler said Signature on Hastings was a Noosa institution and was a unique concept store that was well-known by locals and tourists alike.
“The shop opened its doors on Noosa’s now-famous Hastings Street shopping strip in 1990 and it’s genuinely adored by everyone,” he said.
“The creation of interior designer Gail Hinkley, it started as a small women’s clothing and gift store, and has now grown into a well-established name in the homeware industry."
“Hastings Street is Queensland’s premier tourist destination and retail street. It vastly out-strips the Gold Coast, Port Douglas and Mooloolaba Esplanade," Mr Butler concluded.
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j.ballantyne1990-6AQqhLzZaK

One of only five Hastings Street retail freehold's sold for $5.6 million

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The Perth market is an example of how misleading – and indeed worthless – are the price figures published by research firms and mindlessly recycled by media.
According to most of the generalised data (one figure to describe an entire large city), Perth prices are down – but an in-depth analysis shows there are growth markets sprouting across the Perth metro area.
Domain, the ABS, SQM Research and realestate.com.au report that Perth houses prices, in annual terms, are down by between 2.2% and 3.6%. CoreLogic, always the odd one out with more negative numbers, says Perth is down 7.6%.
But our suburb-by-suburb analysis shows that those generalised figures tell us nothing that’s useful. Against a background where most of the market data depicts recovery, 40% of Perth suburbs have median prices higher than a year ago.
Overall, the Perth market is the strongest it’s been since it lapsed into downturn five years ago (in general alignment with events in the resources sector). Vacancies are down (from 4.1% a year ago to 2.9% now, according to SQM), rents are rising again (according to most sources, including rent.com.au, SQM and the REIWA) and sales activity is up (there are more suburbs with rising buyer demand than at any time in the past five years). 
Recovery is under way – and this is starting to deliver price growth in some markets.
Our suburb-by-suburb analysis of 216 Perth markets shows that 85 have median prices higher than a year ago (58 have risen by less than 5% and 27 have risen 5% or more) and 131 suburbs have medians still lower than a year ago (72 are down by less than 5% and 59 have dropped 5% or more).
That means 40% of Perth suburbs have rising prices and 60% still have prices down.
Many of the locations with price growth are upmarket areas. Growth suburbs with median house prices above $1 million include Claremont (up 18%), Ardross (up 5%), East Fremantle (7%), Floreat (5%)_, Mosman Park (8%), South Perth (5%), Subiaco (7%) and West Leederville (10%). But the standout market is Mount Pleasant, where the median has risen 26% to $1.27 million in the past year.
Beyond the millionaire suburbs, growth markets include Brabham (up 21% to $395,000), Kensington (up 19% to $895,000) and West Perth (up 16% to $750,000).
There are also a number of suburbs which have recorded double-digit declines in their median prices. They are spread across the metropolitan area and the various price ranges, but a standout struggle market is the Kwinana LGA in the south, a noted affordable area for young buyers. Sales activity is down, against the general rising trend in Perth, in several Kwinana suburbs - and median prices are down in Bertram (7%), Leda (11%), Medina (6%), Orelia (17%) and Parmelia (10%). Most of these suburbs now have medians in the low-to-mid $200,000s, making it the cheapest precinct in the Perth market.
Overall, however, the data on prices across Perth is the most positive it has been in five years.
The outlook is even more optimistic when we examine sales activity. The number of suburbs with upwardly-mobile markets (53) is a record for Perth since we began our quarterly sales surveys four years ago.
The trend continues to be led by standout LGAs like Joondalup, Melville, Stirling and Wanneroo, with the Canning LGA emerging recently as a new growth contender.
Terry Ryder is the founder of hotspotting.com.au
<a href="https://mailto:ryder@hotspotting.com.au" target="_blank">ryder@hotspotting.com.au</a>
twitter.com/hotspotting
 
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terryryder-YECXbqmri2

Where the Perth property market is on the rise: Terry Ryder

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A local private investor has sold a South Melbourne childcare centre for $10.25 million. 
The deal represents a sales rate of $85,415 per child, the only offering of this kind to have sold within 1.5 kilometres of the Melbourne CBD in the past five years. 
CBRE’s childcare specialists Sandro Peluso, Josh Twelftree and Jimmy Tat were the sales agents appointed to market the investment property at 97 Tope Street, which transacted on a tight yield of 4.2%.  
Featuring 360-degree views of the city skyline, the 1,700 square metre facility is currently leased to Guardian Early Learning and provides a passing income of $434,700 per annum. 
Peluso said 97 Tope Street was one of the most exciting childcare offerings to hit the market in recent years. 
“The site’s corner landholding and city fringe location, only 850 metres from Crown Casino and 1.5 kilometres from the CBD, offer a solid long-term investment and future development prospects,” Peluso said.  
“The property is currently zoned Commercial 2 and a scheduled review of its zoning will be taking place in 2028. Its blue-chip location and flexible lease inclusions made this opportunity suitable for a range of investor profiles.”  
Twelftree commented that Guardian is one of the country’s most sought after childcare covenants and a substantial amount of capital has been spent on the property’s fit out.” 
“As volumes of new childcare industry supply decrease, demand for premium offerings remain strong due to landlords’ confidence in tenant ability to achieve and maintain high levels of occupancy into the future.” 
Peluso noted the sector’s improved outlook has also been driven by a reduction in supply, due to tighter planning and borrowing criteria; increased government funding; and population growth in the 0-4 years age bracket.” 
<a href="https://www.propertyobserver.com.au/images/2019/4/11/CBRE%20.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/4/11/CBRE%20.jpg" alt="">
Source: CBRE 
 
 
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Inner-Melbourne childcare centre sale tops $10 million

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The Uniting Church Synod of Victoria and Tasmania has put its 130 Little Collins Street office building on the market in Melbourne’s prized east end.
The building boasts a net lettable area of 3,797 square metres, comprising eight levels of office, ground floor retail, and 15 car spaces.
It is on a 651 square metre corner site with 53 metres of frontage to Little Collins Street (16 metres) and Coromandel Place (37 metres). 
The Uniting Church has occupied the building since its construction.
It has decided to offer the property to market in anticipation of its move to the redeveloped Wesley Place site at 130 Lonsdale Street in 2020. 
CBRE, in conjunction with Colliers International, are offering it to the market with a permit for an Elenberg Fraser designed 26-level hotel development. 
Recent sales history have seen CBD office property with yields averaging under 4% including a low of 2.3% achieved with the December sale of 288 Queen Street. 
<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/2019/4/16/UNITING.jpg" alt="">
Source: CBRE 
The permit is for an 11,957 square metre (GFA), lifestyle hotel with multi-level food and beverage amenities, conferencing facilities and rooftop bar.
The asset would be sold with a view to create vacant possession in 18 months’ time.
Offers for the property close June 13.
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Uniting Church lists Little Collins building with approval for 26-storey hotel 

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GUEST OBSERVATION
Among the many recommendations of the banking Royal Commission was a <a href="https://financialservices.royalcommission.gov.au/Pages/reports.aspx#final" target="_blank">Board of Oversight</a> for the two regulators in charge of financial institutions; the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority: ASIC and APRA.
Since then APRA’s own internal review conducted by deputy chairman John Lonsdale and NSW Supreme Court Judge Robert Austin, Australian Competition and Consumer Commission commissioner Sarah Court and UNSW professor Dimity Kingsford-Smith has found APRA to be soft on enforcement and <a href="https://www.apra.gov.au/sites/default/files/apra_enforcement_strategy_review_-_final_report_web.pdf" target="_blank">timid by comparison to its international peers</a>.
Nonetheless, and to demonstrate that APRA still doesn’t get what it doesn’t get, its chairman used Tuesday’s <a href="https://www.apra.gov.au/enforcement" target="_blank">release of the review</a> to announce a new mantra. From now on, APRA is to be: “<a href="https://www.financialstandard.com.au/news/apra-to-up-the-ante-135451581" target="_blank">constructively tough</a>”.
‘Constructively tough’?
It sounds like “tough but flexible”, a contradiction in terms if ever there was one. Despite its Royal Commission hammering, APRA still seems not to have internalised the message: fraud and theft are not up for negotiated settlement.
This is why a board of oversight is so necessary.
I have frequently argued in favour of such a reform: a <a href="https://theconversation.com/australias-financial-regulators-need-policing-91396;%20https://theconversation.com/to-clean-up-the-financial-system-we-need-to-watch-the-watchers-38359" target="_blank">regulator to regulate the regulators</a>. Along with colleagues Karen Fairweather and John Tarrant, I was invited to make a submission to the Royal Commission detailing egregious examples of regulator inefficacy, and capture by, and subornation to, the industries they are meant to regulate. Included was a body of theoretical and empirical international scholarship suggesting that financial sector regulators are more susceptible to capture than regulators of other industries.
We argued that the gravity of the potential harm from crises, superimposed with the frailties – both observable and theoretical – of regulators, required enhanced safety in the form of an overseer to police the corporate police.
So it was encouraging to see our submission reflected in the commission’s recommendation for a board of oversight:
<hr>
<a href="https://images.theconversation.com/files/269730/original/file-20190417-139084-e0dozd.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip" target="_blank"><img src="https://images.theconversation.com/files/269730/original/file-20190417-139084-e0dozd.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
<a class="source" href="https://financialservices.royalcommission.gov.au/Pages/reports.aspx#final" target="_blank">Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, February 2019</a>
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Of concern, however, is that the commissioner elected to leave the details of how the board would work to parliament. It is here that the process faces its greatest risk: the risk of clumsy albeit well-intentioned implementation, all the way to purposefully bad implementation, fully intended to undermine the fundamental goals of the whole endeavour, and facilitated by equally captured and suborned politicians.
Politicians have a history of backing down
It has happened before. The 1991 report of the The House of Representatives Standing Committee on Finance and Public Administration entitled “<a href="https://www.aph.gov.au/Parliamentary_Business/Committees/House_of_representatives_Committees?url=reports/1991/1991_pp290report.htm" target="_blank">Pocket Full of Change</a>” recommended a banking code of practice, which was ditched at the last minute to be replaced by a different code written by the Australian Bankers’ Association. The result was a code that protected banks against their customers, while allowing them to virtue signal.
So far Treasurer Frydenberg has refused to commit to one of the single most necessary powers that such a board can possess: the power of public opprobrium. As far back as the late 1860s Charles Francis Adams Jr wrote of the need to subject captured and corrupted railroad commissions to the disinfecting power of sunlight; what Thomas McCraw, writing in the mid-1980s referred to as a <a href="https://military.wikia.org/wiki/Charles_Francis_Adams,_Jr." target="_blank">Sunshine Commission</a>.
The anti-viral power of public exposure has been amply demonstrated by the banking royal commission already. Heads have rolled: the chair, chief executive and group counsel at AMP. The chair and chief executive of the National Australian Bank (albeit after significant procrastination). Some entities have self-selected out of their business model. Others have self-selected out of the market entirely. Retail Super funds have haemorrhaged well in excess of one million members, and over <a href="https://www.afr.com/personal-finance/superannuation-and-smsfs/industry-super-funds-win-11b-from-retail-funds-after-hayne-scandals-20190226-h1bqiq" target="_blank">$11 billion in funds</a>.
But none of this fallout, none of it, is due to post-royal commission enforcement measures. It is all thanks to public opprobrium: sunshine.
Few things are as powerful as the power to shame
So it is of concern that the treasurer hasn’t yet made an unequivocal commitment to make public the board of oversight’s reports into the performance of our regulators, performance which to date has been weak enough, feckless enough, and incompetent enough to more than justify the royal commission.
Speaking to the ABC on February 4 in what might be some sort of Orwellian newspeak, Frydenberg would only say: "this new oversight board will be reporting to government and governments don’t operate in secret."
Sometimes they do, and especially when dealing with banks. APRA reports are routinely withheld form the public, making use of the secrecy provisions of the Banking Act.
Frydenberg should instead be mindful of the extensive protection his government has provided to the banking and retail super industry over the past five years, shielding them from the threat of inquiry by a royal commission up until the point when it was impossible to resist. It will serve no purpose to replace one protection racket with another. And that applies to both banks and super, something Labor’s Chris Bowen should keep in mind should he become treasurer.
Put simply, as we emerge from this dark, decade-long night of the most appalling dishonesty and wickedness in our financial sector, more than anything else, now we must ensure the sun shines.
Andrew Schmulow, Senior Lecturer, Faculty of Law, University of Wollongong
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/constructively-tough-neither-side-has-committed-to-fully-adopting-perhaps-the-most-important-recommendation-of-the-banking-royal-commission-111428" target="_blank">original article</a>.
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Why has neither party backing the banking royal commission's most important recommendation

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The development application for Charter Hall’s $1.5 billion 555 Collins redevelopment has been lodged with the Victorian Department of Planning.
Charter Hall purchased the site on the corner of Collins and King Street in October 2018.
With the adjoining site at 55 King Street, which is also owned by Charter Hall’s rime Office Fund, it encompasses a combined 4,620 square meters.
The design was created in partnership with Australian multi-disciplinary firm Cox Architecture and global design and architecture firm Gensler.
The first phase will include 35 levels of Premium Grade, technology enabled office space across approximately 45,000 square metres.
<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/2019/4/19/charter%20hall.jpg" alt="">
Simon Stockfeld, Charter Hall’s Regional Development Director said the building will be one of the city’s most sustainable office buildings.
“Our approach to workplace design is entrenched in extensive research into what tenants truly want and need, now and in the future,” Stockfeld said.
“Through this people-centric approach, we are committed to creating workplace experiences which are designed to foster community, an instinctive way of working and ultimately result in a better workday for our tenant customers.
“The vision for the site is to create a workplace experience like no other, where people will feel connected, inspired and engaged with their working day, and we are excited by this innovative methodology and how this development will shape the future of workplace.”
CPOF Fund Manager, Matthew Brown said: “CPOF is actively growing its existing $5.4 billion portfolio of high quality assets.
“A redeveloped 555 Collins will further enhance CPOF’s portfolio quality and total return metrics and deliver our Fund investors a coveted new Premium Grade office building in the tightly held western core of Melbourne’s CBD, a location favoured by major corporate, legal and government occupiers.”
Charter Hall has appointed JLL and Colliers as conjunctional leasing agents for the project.
Completion is targeted for mid-2022.
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Charter Hall unveil plans for $1.5 billion 555 Collins redevelopment 

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The new Bakehouse Quarter commercial precinct North Strathfield, Western Sydney, has been acquired by Yuhu Group Australia.
The Bakehouse Quarter provides a vibrant village environment in the heart of Sydney’s Inner West with cobble stoned streets, leafy parks, a selection of retail outlets and an array of restaurants, gyms, childcare, bars and cafes.
The purchase from Kirela Development Unit Trust, associated with the listed fund manager BlackWall. was settled on April 18, 2019.
The 60,000 square metre commercial and retail precinct is located in the surrounds of the refurbished Arnott’s biscuit factory.
The precinct will be anchored by Aldi supermarket, Arnott’s, Kingpin, Fitness First and WOTSO WorkSpace, with 70 tenancies in total.
Yuhu Group chairman Jimmy Huang said that the acquisition of the Bakehouse Quarter landmark site is in line with the company’s long-term strategy of identifying and investing in prime assets with well-established income streams.
“The hundred-year-old site together with its iconic architecture and relaxing ambience creates this incredible blend of rich history and culture that just tastes distinctively Bakehouse Quarter,” said Huang.
“Millions of us grew up with Arnott’s biscuits, and the emotional attachment associated with the precinct will carry on in the fabric of the area. With further support from the well-established modern-day transportation infrastructure and precinct facilities, the unique Bakehouse Quarter will go on to sew new memories for local families and beyond.
“We at Yuhu Group Australia are proud of the experience offerings that we are able to provide with our expertise in asset management, and even more so for the local jobs that we are continuously creating and supporting.”
Yuhu Group Australia is a private property investment company that was founded in Sydney in 2012.
Among its portfolio are One Circular Quay in Sydney and The Jewel towers in Surfers Paradise.
The Kirela trust was established in 1996 to acquire the site that until December 1996 served as a production facility for Arnott’s Biscuits Limited.
In 2017 Blackwall told its unit holders it would be  sold in late 2018 for $380 million under a call option arrangement. 
Blackwall is directed by Richard Hill, Joseph (Seph) Glew, Robin Tedder, with Stuart Brown, as its chief executive officer.
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jchancellor-FAypfDUnLy

Bakehouse Quarter in North Strathfield bought by Yuhu Group

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Diversified property group Pellicano has announced its strongest quarterly results on record.
The results are on the back of securing $29 million in pre-commitment deals at Innovation Park, Dandenong South - a joint venture business park between Pellicano &amp; ISPT.
The park incorporates 20,000 square metres of custom-built facilities for a mix of industries including construction supplies, imports and distribution, medical products and transport.
Businesses who have taken up deals include Defries, Hopper Transport, Exclusive Tyres and ICCONS.
The new deals will take Pellicano’s Industrial portfolio to 550,000 square metres under ownership, with a vacancy rate of 2.9%.
The industrial assets are forecast to outperform the broader commercial property market over the next several year, a recent Moody's report suggests.
Global real estate agency JLL recently suggested that as much as $21 billion of investor capital is looking for a home in Australia's industrial market.
Pellicano Managing Director, Renato Pellicano, said the results are a sign of the strength of the industrial market.
Pellicano, said this level of pre-lease volume over a single quarter was unprecedented.
“This is the strongest demand for industrial stock Pellicano has seen in the last decade,” said Pellicano.
“As land values continue to rise and available stock levels diminish, demand is outstripping supply. Accordingly, we expect to see industrial rents rise 10-15% over the next three years.
“Our goal has always been to maintain healthy occupier-owner relationships across our portfolio and as a family-owned business, these relationships have been a key factor in our success.”
Philip Rose, Managing Director of new client, ICCONS said the philosophy impacted his decision to make a pre-lease commitment at Innovation Park.
“We appreciated the open and collaborative communication between senior stakeholders at Pellicano, which led to an efficient and timely outcome,” said Rose.
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Pellicano post strongest quarter ever on back of industrial market strength 

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EXPERT OBSERVER
Employment rose for the eighth straight month, up by 25,700 in March after a revised 10,700 increase in jobs in February (previously reported as a 4,600 increase in jobs). Full-time jobs rose by 48,300, but part-time jobs fell by 22,600. Economists had tipped an increase in total jobs of around 15,000.
Hours worked rose by 0.7 per cent in the month to be up 3.0 per cent over the year.
The unemployment rate rose from 4.9 per cent to 5.0 per cent in seasonally adjusted terms. In trend terms the jobless rate remained steady at a 10-year low of 5.0 per cent.
Participation rate: The participation rate rose from 65.6 per cent to 65.7 per cent. In trend terms the 65.6 per cent participation rate remained at record highs.
Unemployment across states in March: NSW 4.3 per cent (February 4.3 per cent); Victoria 4.6 per cent (4.7 per cent); Queensland 6.1 per cent (5.4 per cent); South Australia 5.9 per cent (5.7 per cent); Western Australia 6.0 per cent (5.9 per cent); Tasmania 6.7 per cent (6.5 per cent). In trend terms, Northern Territory 4.4 per cent (4.5 per cent); ACT 3.6 per cent (3.5 per cent).
A raft of companies is affected by the employment data but especially those dependent on consumer spending. Amongst stocks affected are Fairfax, West Australian Newspapers, Seek Limited, McMillan Shakespeare and Skilled Group.
What does it all mean?
Given the recent softening reported by a raft of business surveys, many analysts had been braced  for a weaker job result in March. But they needn’t have feared. Yet another month where more people were looking for jobs with more people finding work. The jobless rate ticked up from 4.9 per cent to 5 per cent. But that is part of the normal monthly volatility. In trend terms the jobless rate remains locked at a decade low of 5 per cent. Get used to seeing a jobless rate around 5 per cent – there isn’t sufficient positive or negative economic momentum to drive the jobless rate away from 5 per cent.
It is worth noting that the proportion of people in jobs or looking for work (participation rate) is at all-time highs in trend terms with the jobless rate at decade lows.
There was good news for Queensland with the trend jobless rate at 5½-year lows. And the West Australian trend jobless rate is at 15-month lows.
The Reserve Bank expects further tightening of the job market to lead to higher wages and higher prices. That expectation remains on track with SEEK today reporting that national wage growth had ticked up to 2.6 per cent.
Yet another bad month for the ‘gloomsters’. More people are finding work and more are people feeling secure in their positions. In turn, this will lead to stronger spending growth, boosting the outlook for consumer and housing-dependent businesses.
The Reserve Bank can rest easy for another month. Rate cuts are not on the near-term horizon, neither are rate hikes. The Reserve Bank believes the best contribution it could provide is to leave the cash rate steady at record lows. And we heartily agree.
The Aussie dollar rose from US71.70 cents to US71.93 cents before settling back near US71.75 cents. Currency markets are comfortable with the economic state of play.
CRAIG JAMES is the Chief Economist of CommSec
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