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

Joel Robinson

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

<a href="https://www.urban.com.au/developers/far-east-consortium">Far East Consortium</a>’s 640 Bourke Street stands as a testament to&nbsp;<a href="https://www.urban.com.au/developments/melbourne-vic-3000">Melbourne</a>’s ability to bridge its storied past with a bold vision for the future.&nbsp;

Rising above the heritage-listed Eliza Tinsley building, the development reflects a broader shift toward adaptive reuse in the city, where historical assets are retained and reinterpreted as part of new residential development.

Designed by <a href="https://www.urban.com.au/architects/rothelowman">Rothelowman</a>, <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> incorporates the Eliza Tinsley building as its foundation, housing a grand gallery and lobby space that serve as both a functional and symbolic centrepiece. The heritage façade informs the tower’s design, creating a connection between Melbourne’s past and its contemporary skyline.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=365684]

Above this historic base, the 68-storey tower will deliver just over 600 residences, a notable reduction from earlier schemes, reflecting a deliberate move toward larger-format apartments and a stronger owner-occupier focus.

Unlike traditional CBD developments that prioritised investor stock, 640 Bourke Street has been repositioned to respond to changing buyer expectations.

"The discussion was all around making 640 Bourke Street the best residence to live in, to be much more focused on the people in the building rather than people looking at the building," Marsland explained.&nbsp;

This shift is evident in the development’s interiors, which emphasise practical luxury with spacious layouts, high ceilings, and floor-to-ceiling windows framing sweeping views of Melbourne and Port Phillip Bay.&nbsp;

“What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Lauren Sheldon, Far East Consortium’s Director of Sales and Marketing, said.&nbsp;

[smartcode_project:default project_id=509 project_image_fid=365687]

Rothelowman Associate Jun Chang added, "We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."&nbsp;

Amenities spanning more than 3,000 sqm across multiple levels further reinforce this focus on resident experience. These include a pool, gym, co-working areas, and a range of hospitality-inspired spaces such as a whisky lounge, library, and private dining rooms, many drawing reference from traditional bathhouses and Melbourne’s laneway culture.

"We wanted to make both the pool and the gym area to be absolutely destinational, and when you traverse across to these spaces, there is a gentle familiarity to the beautiful notions of the hammams and the Roman baths, a gentle nod to history," Chang noted.

At street level, the project contributes to the ongoing transformation of the western CBD, with upgrades to Langs Lane and the introduction of retail, hospitality, and gallery spaces designed to activate the precinct and strengthen its connection to the surrounding city fabric.

[smartcode_project:default project_id=509 project_image_fid=365689]

The location places residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market, and the Docklands waterfront, positioning the development within a rapidly evolving inner-city neighbourhood.

"We believe it's the best site left in the city of Melbourne," Craig Williams, Executive Director at Far East Consortium, said.&nbsp;

640 Bourke Street is Far East Consortium’s 14th building in Melbourne’s western CBD.

"A very elegant designed building. It's going to be a Melbourne statement for many, many years to come."

One-bedroom apartments are priced from around $640,000, with 640 Bourke Street targeting completion in 2029.

Renders shown are Artist's Impressions correct as of May 2026.

[smartcode_project_cta:default project_id=509]

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

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD Group</a> has set a new residential price record in Queensland with the $30 million sale of the penthouse at its <a href="https://www.apartments.com.au/new-apartments/one-burleigh-88-the-esplanade-burleigh-heads-qld-4220">ONE Burleigh</a> development in Burleigh Heads.

The sale equates to around $37,500 per sqm.

The two-level, 800 sqm penthouse, featuring five bedrooms, five bathrooms, five car spaces, and a private infinity pool overlooking the Pacific Ocean, was acquired by a Gold Coast-based entrepreneur, highlighting continued demand for ultra-premium beachfront product.

Selling agent Freddie Tehle of PRD Burleigh Heads said the result reflects tightening supply of high-quality, large-format apartments in Burleigh.

“There’s very limited opportunity to secure this level of scale and absolute beachfront position in <a href="https://www.apartments.com.au/developments/burleigh-heads-qld-4220">Burleigh Heads</a>,” Tehle said.

“Buyers are increasingly seeking apartments that genuinely replace a standalone home, and this penthouse delivers that with its size, privacy, and direct ocean frontage.”

[smartcode_project:default project_id=146358 project_image_fid=323057]

The sale comes as construction progresses on ONE Burleigh, a boutique development of 17 full-floor residences at 88 The Esplanade, scheduled for completion in early 2027.

Developed by MAYD Group and designed by <a href="https://www.apartments.com.au/architects/mas-architecture-studio">MAS Architecture</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/sici-design">Sici Design</a>, the project has been positioned as a collection of house-sized beachfront apartments, each occupying an entire floor with around 381 sqm of internal and external living space.

When construction commenced, MAYD director Todd Mould pointed to the long-term resilience of premium coastal real estate as a key driver behind the project.

“Real estate, particularly at the premium end, remains one of the most resilient and proven long-term investment avenues,” Mould said.

“Our ambition is that anyone who buys a MAYD-built product can genuinely feel the care, craftsmanship and commitment we bring to every detail.”

[smartcode_project:default project_id=146358 project_image_fid=323055]

Each residence has been configured with four bedrooms, multiple living zones, a private office, and expansive ocean-facing terraces. Interiors draw on a restrained material palette, including travertine stone, timber joinery, and integrated premium appliances.

Interior designer Sici Design said the approach was to reflect the project’s coastal setting through both materiality and spatial planning.

“ONE Burleigh is our vision of luxury living, designed to bring the essence of Burleigh Heads' vibrant coastal beauty into an unparalleled residential experience.”

Residents will have access to a suite of wellness-focused amenities, including pools, sauna facilities, and dedicated relaxation spaces, reflecting a broader shift toward lifestyle-driven apartment design on the Gold Coast.

[smartcode_project:default project_id=146358 project_image_fid=323052]

The project occupies a southern Esplanade site with uninterrupted beachfront frontage, an increasingly rare offering in Burleigh Heads, free from the Norfolk Pines that line much of the coastline and often limit direct ocean outlook.

Mould said the design intent was to balance that outlook with a sense of retreat.

“Living at ONE Burleigh is about how your day naturally unfolds, morning light across the ocean, coffee on the balcony, and being in Burleigh but elevated above the noise.”

The result further reinforces Burleigh Heads’ emergence as one of the Gold Coast’s most tightly held and supply-constrained beachfront markets, where boutique, owner-occupier-focused developments are increasingly setting new price benchmarks.

[smartcode_project_cta:default project_id=146358]

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

Apartment developers in the Gold Coast are finding new, creative ways to differentiate themselves from competing projects, as new supply starts to flow through up and down the Coast.

Developer BIG Projects brought in the renowned Sydney-based design studio YSG Studio to craft the interiors for The Frederick, BIG Projects' new Mermaid Beach project and YSG Studio's first move into the multi-residential development space.

[smartcode_project:default project_id=110588 project_image_fid=5346]

It was a strategic move for BIG Projects to bring in a Sydney eye to the development.

“Our role is to give our design partners the space and freedom to explore,” says Matt Barrett, Director of BIG Projects.

“We wanted YSG Studio to capture the essence of Nobby’s, to design a building that embraces life, light and connection, while creating a genuine sense of place.”

There are only 39 apartments in The Frederick, including a striking beach house, just 100 metres from the booming Nobby Beach precinct.&nbsp;

[smartcode_project:default project_id=110588 project_image_fid=5347]

Yasmine Ghoniem, Director of YSG Studio, says their vision&nbsp;for The Frederick "reinvents coastal living."

“Nobby’s has such an iconic energy, it’s one of those rare pockets of the Gold Coast where the community, the beach, and the streets all feel connected,” Ghoniem says.

"Responding to the neighbouring coastline, soothing curves add a relaxing regional overlay, while unique detailing really sets it apart. It’s a place that feels lived in from the moment you step inside.”

A standout feature of The Frederick is its rooftop terrace, an uncommon inclusion for a boutique, low-rise building, where amenity is typically concentrated at ground level.

[smartcode_project:default project_id=110588 project_image_fid=5360]

Positioned to capture panoramic views from the hinterland to the ocean, the rooftop has been designed as a series of intimate zones. It includes a pool, sauna, sun decks, workspaces and dedicated entertaining areas.

“The rooftop was conceived as a collection of spaces where residents can unwind and connect, an extension of the Nobby’s lifestyle,” Barrett says.

Architecture for the project was led by Plus Studio, with landscape design by LDG Landscape Architecture.

SRQ Projects Director Nick Clydsdale, who is handling sales at The Frederick, says the majority of enquiry is coming from South East QLD and Victorian buyers who have been actively searching between Broadbeach and Mermaid Beach for some time.

"They’ve reviewed a number of projects, however this one has stood out for its unique detailing and compelling design,"&nbsp;Clydsdale says.

Site demolition is slated for this month, with construction commencing soon after. BIG Projects is targeting a late 2027 completion.

[smartcode_project_cta:default project_id=110588]

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

Melbourne-based property developer ALTA Property has this week achieved planning approval for the adaptive re-use of a former commercial tower into a $200 million, 169-apartment project at 10 Queens Road, one of the last developable sites along the Albert Park Lake-fronting boulevard.&nbsp;

Set within one of Melbourne’s most sought-after precincts and designed by <a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser and Partners</a>, the illustrious building will offer unparalleled views across Albert Park Lake, Port Phillip Bay and Melbourne CBD.&nbsp;

The mix of 1, 2 and 3-bedroom residences will be complemented by a ground-floor amenity featuring private dining, a lounge bar, gym and wellness spaces, co-working, outdoor communal gardens, and retail.&nbsp;

The 17-storey building is a masterclass in adaptive re-use, with the existing commercial building’s façade, shell and internal structure to be retained, before high-end residences are built from the ground up in a newly built Albert Park facing addition to the building.&nbsp;

Sitting atop the building will be two 320+sqm penthouses with private rooftop terraces, which are expected to be priced between $9 - $11 million.&nbsp;

<img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="aa11211b-5581-43f9-940c-fc84d30a0e61" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/C_04.png?VersionId=Yhf5p_1EgGDu_zOIMFgvA8Ug8j3sTFQs" />

Architecturally, the building will feature a curved, geometric façade that celebrates and elevates the existing structure, with warm, muted tones which were selected to extend the materiality of the existing building rather than contrast it.&nbsp;

Interiors will bring together three metre high ceilings with waffle concrete in some spaces, natural timber, granite and Australian materials, culminating in crafted, generous and considered spaces that are defined by authenticity.&nbsp;

The adaptive re-use means that the Queens Road project will be a sustainability led, high-quality finished product, with a 62% saving in carbon emissions by re-using the existing structure rather than knocking it down and rebuilding.&nbsp;

ALTA Property was launched by Nigel Givoni in 2023, bringing over 25 years of experience in multi level residential delivery.&nbsp;

Melbourne’s property market growth is currently led by apartments. According to RPM VIC Apartments &amp; Townhomes Market Report (April 2026), units are outpacing houses, especially in the middle ring suburbs where median prices hit $757,500 – a four-year high that represents 2.9 percent growth quarter-on-quarter.&nbsp;

<img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="647e13d7-b4bc-433a-9bc9-fe3c3dd4f2ec" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/V_06.png?VersionId=ou4NUCWUgA3NAy.6CQJlEdKX50j3dOk6" />

For ALTA Property Founder Nigel Givoni, this performance speaks to the confidence he has in the Melbourne market.&nbsp;

“Queens Road represents a rare opportunity to continue to shape our presence in the Melbourne market.,"&nbsp;Givoni says.

"With a considered project team and a premier site along one of the city’s most sought-after boulevards, we look forward to contributing to the fabric of this established address.

“Other Australian markets are getting a lot of attention, but I believe the depth of value in Melbourne is being overlooked. The fundamentals are strong, population growth is steady and, based on our preliminary conversations with a leading builder, construction costs are beginning to normalise, creating further opportunity."

Givoni says the project is a&nbsp;highly considered example of adaptive re-use, delivering quality, high-end residences, premium hotel-inspired amenities and an architecturally striking façade, all achieved without the need to remove the existing structure.

"We are really looking forward to the market’s response,” he said.&nbsp;

ALTA Property to deliver $200 million Queens Road apartment tower

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

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

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EXPERT OBSERVER
After weeks of <a href="https://www.insideretail.com.au/news/macquarie-report-says-up-to-60-big-w-stores-may-need-to-close-201903" target="_blank">speculation</a>, Woolworths has confirmed it will close 30 of its Big W stores in Australia, as well as two distribution centres. This represents <a href="https://www.woolworthsgroup.com.au/page/media/Press_Releases/woolworths-group-market-update/" target="_blank">about 16%</a> of its 183-strong network.
The obvious culprit, and the one identified by many analysts, is online shopping.
As one <a href="https://www.news.com.au/finance/business/retail/woolworths-announces-closure-of-30-big-w-stores-after-slow-profit-improvement/news-story/f8ff7222fded595ec627dd7d9a45e7e8%5D" target="_blank">industry analyst explained</a>: “The physical department store footprint is likely to continue to shrink as online sales penetration increases further.”
Online shopping is certainly a factor, but it is not the primary reason for Big W’s troubles.
Though online shopping in the department and variety stores category is growing fast (by 29.6% in 2018 according to the NAB <a href="https://business.nab.com.au/wp-content/uploads/2019/03/NAB-Online-Retail-Sales-Index-January-19.pdf" target="_blank">Online Retail Sales Index</a>, the total amount of money spent online by Australian shoppers – A$28.8 billion – is still only about about 9% of what is spent in traditional bricks-and-mortar stores.
<hr>
<a href="https://images.theconversation.com/files/267227/original/file-20190402-177163-y5vxk8.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/267227/original/file-20190402-177163-y5vxk8.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Online retail sales growth by industry in the 12 months to December 2018, <a class="source" href="https://business.nab.com.au/nab-online-retail-sales-index-quarterly-update-december-2018-33296/" target="_blank">NAB Online Retail Sales Index</a>
More important to Big W’s woes is the growth of the so-called category killers, which are disrupting the entire discount department store business model. It a threat to which Big W has failed to respond with the same agility of rival <a href="https://www.cmo.com.au/article/658773/kmart-turnaround-king-takes-chairman-post-gyg/" target="_blank">Kmart</a>.
<h2>Departed departments</h2>
If you’re old enough you may remember getting your wall paint mixed in the Big W hardware department, or buying car accessories from its automotive department. There was also a large “sight and sound” department filled with televisions, sound systems, videos and CDs. Discount department stores truly lived up to the idea of a variety store.
<iframe src="https://www.youtube.com/embed/fT8i7hpLGDs?wmode=transparent&amp;start=0" frameborder="0" width="440" height="260"></iframe>
‘You know the price is low, everyday’: A television advertisement for Big W in 1994.
But the profitability of all these market segments for department stores has been eroded by the growth of “<a href="https://www.insideretail.com.au/news/category-killers-breaking-hearts-everywhere-201709" target="_blank">category killers</a>” – retailers specialising in the same product categories.
Examples include Office Works for office supplies, Rebel for sports equipment, JB Hi-Fi for audiovisual, Super Cheap Auto for car parts, and Bunnings for hardware. All have taken market share from the discounters. These stores compete on price and have superior range, and shoppers trust the expertise of staff working in a specialist shop.
<h2>Speed of change</h2>
The popularity of category killers explains in large part the stagnant sales and talk of store closures throughout the department store segment.
Harris Scarfe and Best and Less <a href="https://www.insideretail.com.au/news/greenlit-brands-holds-off-disaster-201810">are reportedly</a> struggling. The Reject Shop’s net profit for the first half fell from an expected A$17 million to less than <a href="https://www.afr.com/business/retail/reject-shop-shares-plunge-40pc-after-profit-downgrade-20181017-h16qqu" target="_blank">A$11 million</a>. <a href="https://www.afr.com/business/retail/david-jones-interim-profits-plunge-39pc-20190221-h1bisz" target="_blank">David Jones’</a> half-year profit fell 39% to A$36 million. <a href="https://www.powerretail.com.au/multichannel/myer-1h2019-results/" target="_blank">Myer</a> reported a 2.8% drop in total sales for the same time frame.
Wesfarmers expects earnings from its department store brands Kmart and Target to fall about 8% this financial year. Eight Target stores closed during the first half of the financial year, with another six closures expected by the <a href="https://www.wesfarmers.com.au/docs/default-source/asx-announcements/2019-half-year-report-(incorporating-appendix-4d).pdf?sfvrsn=0" target="_blank">end of June</a>.
<h2>Cutting losses</h2>
Kmart is considered Australia’s discount department store “darling”. A decade ago it was on life support. Under the direction of chief executive Guy Russo <a href="https://www.afr.com/business/retail/wesfarmers-sticking-with-its-strategy-despite-setbacks-for-target-and-coal-20160624-gpr87n" target="_blank">it doubled it profits by 2015</a>.
A key to the turnaround was recognition it needed to quickly reduce or exit categories it could not compete in, such as hardware, automotive, fishing, consumer electronics and sporting goods. It has <a href="https://www.news.com.au/lifestyle/home/interiors/meet-the-woman-behind-discount-retailers-cheap-homewares/news-story/c3b87320cea433d89b2d894f34438c4a" target="_blank">turned to</a> homeware, soft furnishings, manchester and kitchenware.
There appears no such swiftness in Big W’s moves.
Big W’s chief executive from January to November 2016, Sally MacDonald, reportedly wanted to closes stores and make other major changes but <a href="https://www.afr.com/business/retail/woolworths-to-shut-30-big-w-stores-20190401-p519jr" target="_blank">was thwarted by the board of Woolworths Group</a>, owner of Big W.
Such differences in strategic vision explain why MacDonald left the role within the year.
This process of “right-sizing” therefore seems long overdue. To what extent it makes Woolworths a sustainable business, however, will depend on future response to changing circumstances.
What is certain is that discount department stores aren’t what they used to be; and if they want to be around in future, they probably can’t be what they are now.<img src="https://counter.theconversation.com/content/114630/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/gary-mortimer-1322" target="_blank">Gary Mortimer</a>, Associate Professor in Marketing and Consumer Behaviour, <a href="http://theconversation.com/institutions/queensland-university-of-technology-847" target="_blank">Queensland University of Technology</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-trouble-with-big-w-dont-blame-online-for-killing-discount-department-stores-114630" target="_blank">original article</a>.
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jrobinson-rf4aSBido9

The trouble with Big W: don't blame online for killing discount department stores

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The South Yarra office market is set to double in size in the next four years in the most significant expansion this increasingly sought after commercial precinct has seen in recent history. 
According to Colliers International research, there is 80,000 square metres of upcoming space in the South Yarra commercial market over three projects, with a pipeline until 2023. 
The largest injection of new office space will be an additional 50,000 square metres over four buildings at the new-look Jam Factory, being developed by Newmark Capital.
An estimated 4,000 square metres will be added at Chapel Plaza (402 Chapel Street) and another 25,000 square metres at Goldfields Group’s 627 Chapel Street which will comprise 25,000 square metres of office space.  
“No substantial office building over 4,000 square metres had been delivered in South Yarra in the last six years – all development in the last five years has been in the Forrest Hill precinct, so as new office space comes online, it joins a thriving, mostly residential, development market in this area,” Rob Joyes, Colliers International National Director of Office Leasing, said. 
“In recent years, large occupiers of 4,000 square metres-plus have had to focus on other city fringe areas such as Richmond and Cremorne due to a lack of options in South Yarra.  
“Led by the rejuvenation of the Jam Factory, these new projects will open the door for large occupiers to position themselves in this tightly held precinct.” 
According to Colliers International, South Yarra’s net lettable area was 97,000 square metres at March 2019. 
“An 80,000 square metres investment in new office space will result in the doubling of this boutique commercial precinct and turn it into one of the next city fringe office hot spots,” Colliers International Research Manager Sarah Walker said. 
“An analysis of historic office demand in the CBD shows that for every new head of population, 0.9 square metres of office space is demanded. Up until about 2015, office supply in the Melbourne CBD broadly kept pace with population growth.
“Since that time, however, the increase in population has outpaced CBD supply growth. This has contributed to the exceptionally low vacancy we are recording in both the CBD and City Fringe markets. 
“Based on ABS forecasts, as well as Colliers’ own analysis of future office supply, this supply/demand imbalance is forecast to become even greater and the undersupply in the CBD will need to be met by alternative markets. 
“Tenant location preferences are continually moving towards greater emphasis on accessibility to public transport and amenity for staff. City fringe markets, particularly those serviced by a train station, are best positioned to capture this demand.  
“Vacancy in the city fringe is currently at just under 4.5%, and has been sub-4.5% for two years now. Coupled with the very low vacancy in the CBD, and a forecast for continued low vacancy, upcoming supply in the City Fringe is expected to be met favourably by Melbourne occupiers.” 
Joyes said office leasing teams were seeing a strong desire from businesses to cater to the lifestyle of their staff.
“People want to work, live and play in close proximity, and South Yarra offers not only easy access to the CBD for meetings but an abundance of after hours entertainment and amenity for employees to enjoy,” he said.
“The Jam Factory in particular is set to capture this demand and be snapped up by savvy businesses looking to attract and retain the best staff. This once in a generation development will truly unlock the full potential of this commanding 1.8 hectare site in one of Melbourne’s fastest growing and most affluent suburbs.  
“Occupiers of the Jam Factory will also be able to take advantage of a new dedicated pedestrian connection linking the development to South Yarra railway station, one of the busiest train stations outside the Melbourne CBD.” 
Jonathan Bradhurst , Newmark Capital Project Director, said The Jam Factory was at the focal point of South Yarra’s vibrant lifestyle precinct fueled by innovation, creative industry and its young and affluent demographic.  
“South Yarra continues to evolve, on trend, with an exciting lineup of new apartments, food halls, restaurants and gyms in the pipeline,” Bradhurst said.
“Businesses across the spectrum of culinary, physical fitness and wellness and entertainment see the value of bringing their services to South Yarra to reach the millennial, educated demographic that makes up nearly 50% of the neighbourhood’s residents.
Jonathan Isaacs, of the Clemenger Group, said South Yarra was an ideal fit for businesses looking to provide work-life balance in close proximity to the CBD and an abundance of amenity. 
“We’re proud to base some of the Clemenger Group’s businesses in South Yarra because our employees love to work here,” he said.
“Our agencies get to form a part of the creative precinct along Chapel Street, and the competitive overheads mean we can invest in contemporary, exciting office fit-outs that reflect the businesses they house.”
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South Yarra office market set to double with record injection of capital

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The Gold Coast tourism market continues to drive economic growth and support demand for retail activity, according to a new market report.
Approximately 25% of investment sales in Queensland in 2018 were Gold Coast retail assets, said the Colliers International release. 
And $465 million in sales were recorded in the Gold Coast retail market in 2018, with yield spreads up to 100bp compared to Sydney and Melbourne. 
Steven King, Director-in-Charge of Colliers International Gold Coast said international tourism and education sector may receive a boost at the back of the lower Australian dollar, which will ultimately support demand for retail property and increase demand for hotel accommodation. 
“We have seen $500 million worth of investment in new retail developments in 2018, such as the $470 million Westfield Coomera, which is a testament to owners’ optimistic outlook for the retail sector in the Gold Coast over the short to medium term,” said King. 
“Low regional unemployment, population growth and consistent net interstate migration is supporting the retail activity and demand for future retail centres. Residential hot spots like Ormeau, Oxford and Nerang are desired locations for future retail development. 
“Consistent growth in airport operations is on the back of increasing tourism activity which is boosting the retail sector. Per the Gold Coast Airport Master Plan 2017, the Gold Coast Airport will service 16.6 million passengers by 2037, an average growth rate of five% per annum.”
The author of the report, Research Manager at Colliers International Karina Salas, said residential sector is set to benefit from strong forecast population growth and solid infrastructure investment pipeline. 
<a href="https://www.propertyobserver.com.au/images/2019/4/8/GOLD%20COAST%201.jpg" target="_blank">Click here</a> to enlarge: 
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“Median house price on the Gold Coast is $100,000 more affordable than Noosa, and $50,000 more affordable than Brisbane,” said Salas.
“The affordability factor along with the unique lifestyle makes Gold Coast an attractive location for owner-occupiers and investors.” 
<a href="https://www.propertyobserver.com.au/images/2019/4/8/GOLD%20COAST%202%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/2019/4/8/GOLD%20COAST%202%20.jpg" alt="">
“Looking at other markets, value proposition of investment in the Gold Coast office market is solid, considering the current prime-yield spread of 200bp compared to the Brisbane market,” said Salas. 
“The performance of the leasing market is also gradually strengthening, as demand for office accommodation continues to gradually increase and support a consistent tightening of vacancy rates. 
“When it comes to the industrial sector, Yatala precinct will remain a popular location for industrial operators looking for large space requirements of 2,000 square metres and above. This is because Yatala offers affordable leasing and investment opportunities compared to other industrial precincts in Brisbane. 
“The net face rents in Yatala are usually 15 to 20% cheaper than Brisbane industrial precincts, while land values could be up to 35% more affordable compared to other industrial precincts in Brisbane. 
“Demand in this precinct is coming from the growing transport and logistics sectors, considering the excellent accessibility which is further supported by $2.5 billion M1 upgrade masterplan within the Logan corridor and Yatala.”
<a href="https://www.propertyobserver.com.au/images/2019/4/8/GOLD%20COAST%203.png" target="_blank">Click here</a> to enlarge
<img src="https://www.urban.com.au/images/2019/4/8/GOLD%20COAST%203.png" alt="">
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Solid Gold Coast economy boosting retail sector: Colliers International 

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The former St Joseph’s Convent of Mercy – The Old Convent - in Broken Hill is set to be auctioned by Colliers International. 
The property, located at 232 Lane Street, Broken Hill is a key part of the area’s history.
At its peak, St. Joseph’s Convent of Mercy was home to over 70 nuns, boasting a school for girls and boarding facilities and was the main convent in the area.
After being destroyed by a fire in 1979, the prominent heritage asset received extensive restoration and renovation. 
The L-shaped parcel of land, with dual frontages onto Lane Street and Sulphide Street has a substantial site area of 6,350 square metres.
It is expected to sell for upwards of $1 million. 
“This is a prime re-positioning opportunity for the complex which comprises six separate buildings including 11 self-contained residential units, an auditorium, function room, commercial grade kitchen and generous on-site parking,” said Clarence Chan at Colliers International.
The property is 900 metres north-west of Broken Hill’s main Town Centre and 1 kilometre from the Broken Hill Railway station. 
The Old Convent, Broken Hill will be auctioned on May 9.
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Broken Hill's Old Convent to go under the hammer

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An inner-city warehouse at South Yarra in Melbourne’s inner east, scheduled for April 4 auction, now has a $3.3 million asking price.
Located directly opposite the Como Centre and Vogue Plaza the 56 River Street property, comprises a single level, 235 square metre brick building on a 324 square metre site zoned Activity Centre 1.
It has street and laneway access as well as on-site parking.
According to marketing agents, Teska Carson’s Luke Bisset and Matthew Feld, the property offers an owner-occupier opportunity and/or office conversion or development opportunity.
"The purpose of Activity Centre zoning is to encourage a mixture of uses and the intensive development of the activity centre as a focus for business, shopping, working, housing, leisure, transport and community facilities, and to deliver a diversity of housing at higher densities to make optimum use of the facilities and services," the agents said.
The property will be sold subject to a short term lease at $50,000 per annum net. 
The warehouse sold for $3.75 million through Teska Carson in 2016 to an intending owner-occupier reflecting $10,135 a square metre.
It has been offered by the Williams family from South Yarra.
The family is headed by Lyn Williams, who has managed the estate of the artist Fred Williams, and is executive director of Maraquita Pty Ltd, the family company.
Opposite the Como Centre, the 56 River St property is a 250 square metre building on 371 square metres, with two frontages and on-site parking.
At the time the premises had a short-term tenant returning $44,950 a year.
It had sold at $82,000 in 1977.
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Loss likely on South Yarra warehouse 

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Hong Kong based, Compass Offices, a serviced office and co-working space provider, has announced the opening of it's new Barangaroo business centre.
The new business centre is at the 21st floor of the Symantec Building, located at 207 Kent Street.
A short walk from the Barangaroo Waterfront, this office building gives businesses a number options from open plan workstations to private offices in all sizes.
The Compass Offices Barangaroo site is located near King Street Wharf and Darling Harbour with many of the external offices providing views of Darling Harbour, the Barangaroo Waterfront, and the Sydney Harbour Bridge.
It is a three minute walk to Wynyard Train Station.
“To meet the ever-evolving needs of burgeoning businesses, our hybrid workspaces combine an open and inviting business-casual habitat within a professional and corporate environment,” says Hans Leijten, CEO of Compass Offices.
“We are very happy to see our sixth centre opening in the Australian market. We continue to expand this innovative concept to further locations, thus making it available to even more businesses,” he concluded.
 
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Compass Offices expands to Barangaroo

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A City of Sydney owned asset, located at 73-75 William Street Darlinghurst, has been offered to the market.
Located close to Hyde Park on the city fringe, the three level, 908 sqm building is currently unoccupied and zoned B4 mixed-use.
Miron Solomons, Matt Pontey and Nick Lumley of Colliers International are managing the sales campaign. 
 “This building is a complete blank canvas, which will undoubtedly attract interest from developers, investors, value-add specialists and owner-occupiers alike. We are likely to see interest from businesses such as restaurants, boutique hotels, co-working spaces or even a corporate HQ for a medium to large firm,” said Miron Solomons, National Director, Investment Services at Colliers International. 
Matt Pontey, Manager, Investment Services added “This is a value-add proposition; specialists will be attracted to this well-located, quality asset.” 
“There is strong demand for commercial property in the city fringe, evidenced by the sale of Watters Gallery which we sold at auction two weeks ago for $5.5 million.” 
73-75 William Street, Darlinghurst is for sale via and expressions of interest campaign closing May 13.
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City of Sydney selling Darlinghurst building

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Australian Unity has appointed Chris Burnell to the role of portfolio manager for its $1.57 billion healthcare property trust (HPT).
Mr Burnell (pictured below) joins Australian Unity from Vicinity Centres where he was the finance manager – planning and analysis and previously acting financial controller for its wholesale funds business.
Mr Chris Smith, head of healthcare property at Australian Unity said Chris’s proven track record in financial management for multi-billion dollar investment funds and his valuable contribution to the delivery of business strategy are both skills that will support HPT in its next phase of growth.
Mr Burnell said he was attracted to the role at Australian Unity because of the organisation’s mutual not shareholder structure, its long-term focus and HPT’s long and impressive track record.
<img src="https://www.urban.com.au/images/2019/4/8/CB_headshot.png" alt="">
Prior to Vicinity, Mr Burnell was fund accountant for Colonial First State Global Asset Management. He is a member of the Chartered Accountants Australia and New Zealand and holds a Bachelor of Business in Accounting and Finance from the University of Technology, Sydney.
Mr Burnell commenced in the role on 8 April 2019.
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Australian Unity appoints Chris Burnell to manage healthcare property trust

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The first business signed the lease to their new purpose-built facility in Aura Business Park.
Situated at 1/22 Hancock Way, the 295 sqm property, was leased to local business Auramotive Mechanical Solutions, and they signed a tenancy term of 3 + 3 years.   The asset was marketed and leased by Ray White Commercial Northern Corridor Group’s Sales and Leasing Executive Jordan Hayes and Commercial Principal Michael Shadforth.   Mr Hayes said the tenant had such confidence in the future growth of Aura and the business it will bring, that he changed his trading name to Auramotive Mechanical Solutions, a year before the park even opened.   “The functional layout and ability to customise certain inclusions were the key factors that made this the building of choice for the lessee,” he said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/3/19/180366-Lot1148-View01.jpg" alt="">
“Activity is evident across the business park with eight buildings now under construction. “This is set to increase considerably with 25 of the 30 lots in stage one sold and over half of stage two’s 33 lots already under contract.” 
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First lease signed at Aura business park

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A fully-tenanted standalone Coolum commercial asset has sold for $1.1 million.
Ray White Commercial Noosa and Sunshine Coast North Property Consultant Tracey Ryan, held the listing for the building.
Situated at 12 Williams Street, the purchaser was a local investor.
<img src="https://f.datasrvr.com/f1/419/45945/Coolum_22.JPG">
The property, which comes with a 358 sqm building area and 620 sqm site area, is currently occupied by Coolum Wellness Hub, Rory Williamson School of Dance and Evolve Fitness.
Ms Ryan said the exceptional standalone building was in the heart of Coolum Beach’s retail professional services area and was opposite the proposed new 43-townhouse Allura development.
“The asset was originally purpose-built for an owner-occupier and comes as two-levels, with off-street parking and a goods lift, with the possibility of being converted to passenger,” she said.
“The three offices include air-conditioning and individual amenities. The level one spaces could be reconfigured to suit a variety of businesses, including medical, if the lift was converted." “All businesses are long-standing, were sold with 3+3-year leases in place, and delivers $71,000* net return p.a." “The long-term owner was looking to liquidate the asset and relocate to Brisbane. The local investor was looking for a standalone with strong leases in place and an upside,” Ms Ryan concluded.
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