<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.

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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 design-led apartments 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 investor has snapped up the cafe premises on the ground floor of The Blocktagon South Yarra redevelopment.
They paid $1.11 million for the space, currently leased to Mister Zen. It was bought on a 4.3% yield.
The new owner intends to hold property as a long-term investment.
Fitzroys agents James Lockwood and Chris Kombi sold the 5 Commercial Road premises.
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Lockwood said they are already in the hospitality industry, with that experience providing them with further confidence investing in this type of asset.
“Interest came from local and offshore parties due to the quality of the tenant, which has been hugely successful in catering to the young and vibrant demographic of area, while the incredibly rare chance to own part of an iconic Melbourne property was also a drawcard,” Lockwood said.
He said the highly exposed property is in a vibrant location close to Punt Road and adjacent to the Alfred Hospital and Fawkner Park, and near tenants that include Caltex, Guzman y Gomez, Officeworks, Volkswagon, and L’Hotel Gitan.
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The café itself was designed, constructed and named by the participating teams of the season as part of a challenge on the 2015 series of The Block.
Under the direction of architect Julian Brenchley, the interior was created with combinations of concrete and timber and includes angular ceilings with negative spacing, feature light bulbs throughout, and a separate lighting system design imported from Italy, while its coffee and health-oriented menu have created a loyal following.
The 135 sqm cafe includes an architecturally designed courtyard of a further 195 sqm.
The space yields $48,801 per annum. Mister Zen currently holds a 4 x 4 x 4 year lease.
It was the first time the commercial aspect of the property had been up for sale since it last traded for $975,000 in 2017.
 
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jrobinson-rf4aSBido9

The Blocktagon South Yarra cafe sells to investor

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Developer Consolidated Properties Group has recruited industry professionals for three key roles.
The recruits, Chelsey Blount, Clinton Amble and Rob Clifton (pictured left to right) will take on major roles in retail, development and marketing. recruits have been appointed as
Consolidated Properties Group is entering it's 40th year, with a $2.1 billion portfolio of more than 200 residential, retail and commercial projects.
Chelsey Blount will run the company's communications strategy, utilising seven years of experience in the profession, most recently with Ray White and SSKB.
Rob Clifton has 20 years of experience in the retail leasing field, including senior positions with Stockland and QIC.
He has been appointed as National Manager for Retail Leasing.
Project Director Clinton Amble, formerly of Lendlease and Mirvac, has more than a decade of industry experience.
He will take charge of the developer's residential work book, including the $850 million Yeerongpilly Green urban village and the $600 million Cornerstone Living project in Coopers Plains.
Consolidated Properties Group Executive Chairman Don O'Rorke says all three appointments are a major coup for the company.
"As we have approached the 40 year milestone this year, it's the right time to ensure our most important asset - our team - is the best it can be, with the capacity and capability to drive future growth."
"The year ahead promises to be even bigger than 2018, which saw the launch of our new small commercial projects division, the start of upgrade and expansion works on three neighbourhood shopping centres in South East Queensland and the beginning of Yeerongpilly Green," he concluded.
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j.ballantyne1990-6AQqhLzZaK

Developer Consolidated Properties Group expands team

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Hong Kong investor Foo Hang Jewellery (FHJ) has bought a Melbourne office complex for $314 million.
The purchase of 595 Collins Street in Melbourne from South Korea's National Pension Service, is the first time FHJ has invested in Australian property.
Comprised of two interconnected buildings, the 20-storey tower spans 3,778 square metres and includes three ground-floor shops and 145 basement car spaces.
Allens advised on all aspects of the purchase, including the contract negotiations and the Foreign Investment Review Board (FIRB) application.
"We were pleased to act for FHJ in one of Melbourne's largest commercial property transactions over the last year," said Allens’ managing associate, Tim Chislett (pictured below).
"Offshore investors are continuing to show strong interest in Australia's premier office towers and we were delighted to support FHJ with this acquisition," he said.
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595 Collins Street, Melbourne bought by Hong Kong investor Foo Hang Jewellery

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The plans for a new $300 million commercial project in the heart of Adelaide’s CBD have been revealed.
Located on the corner of Pirie Street and Freemasons Lane, on the former Planet Nightclub site, 83 Pirie will introduce approximately 30,000 square metres of A-grade office space.
The building, designed by Woods Bagot and developed by Cbus Property, will span 17 levels of office, as well as a 300 square metre rooftop terrace, an onsite wellbeing lifestyle centre and 365 square metres of ground plane retail.
The project will also have features such as electric car charging stations and of-trip facilities.
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Cbus Property CEO, Adrian Pozzo, said there is strong market demand for new, A-Grade commercial workspace in Adelaide.
“There is a distinct lack of supply for contiguous new built commercial stock in Adelaide’s city centre,” Pozzo said.
 “This demand is driven by positive employment rates and sustained spending across defence, renewable energy and technology sectors, including the implementation of the 10 Gigabyte Adelaide initiative, which indicates demand will only increase.
“We recognise that the workplace is changing and tenant requirements are evolving so it was an ideal opportunity to create a new benchmark for office design in Adelaide.
“Tenants are not only looking for innovative workspaces that offer flexibility and foster a collaborative and engaging work environment but also leading design incorporating innovative technology, sustainability and wellness initiatives which is exactly what 83 Pirie will deliver.”
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Andrew Beasley, National Director of Office Leasing at Colliers International, said tenants at 83 Pirie will benefit from heightened connectivity throughout Adelaide’s CBD.
“Over the past few years, we have seen an increased appetite from domestic institutional developers and investors in Adelaide, which was once traditionally dominated by private developers,” Beasley said.
“The shift from private to institutional investment has created new standards for building design and architecture and with only two new buildings to be completed this year and new supply for 2020 unlikely, tenant demand is strong.
“This combined with 83 Pirie’s highly efficient 1,750 square metres side core floorplates and exceptional views from the upper floors will appeal to a high calibre of commercial tenants, spanning major corporates and state and federal government.
“Ideally located in the heart of Adelaide, Pirie Street has unrivalled links to culture and lifestyle amenity, including popular eateries, which has seen it become known as the CLD.
“While it has a strong lifestyle offering, Pirie Street still remains an important part of the commercial district with corporate occupiers keen to have proximity to other professional service firms, car parking stations and the nearby retail amenity.”
83 Pirie’s design and architecture was will complement the existing streetscape and nearby heritage buildings, said Thomas Masullo, Director, Woods Bagot.
“83 Pirie’s bold form echoes the low-rise and heritage fabric of the high street architecture,” he said.
“Elevated above the podium, the tower rises to take its place in the city skyline, with repetition of angled glass panels across the façade creating an elegant and sophisticated design aesthetic.
“The tower will make an enormous contribution to the social and economic fabric of the precinct and our great city.”
Construction of 83 Pirie will commence once a pre-commitment is secured and is expected to take around two years to construct.
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Plans revealed for new $300 million Adelaide CBD office project

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GUEST OBSERVATION
It is clear to anyone that following significant rejuvenation, North Sydney CBD is still in a phase of substantial transition, led by the anticipated arrival of the Sydney Metro in 2024. The one thing the area needs to continue to evolve into a desirable, vibrant and well-functioning CBD is exceptional public space and more of it. Done well, these spaces will dramatically improve the vibrancy, safety, amenity, value and appeal of the CBD for all – from residents, visitors and students to workers and investors. 
Over the past six years, North Sydney Council has been working on strengthening the role of the North Sydney CBD as the principle economic engine of the North Shore. Following an audit by the Council of the public domain in 2015 and with funding from the NSW Government in 2018, Stage 1 of the North Sydney CBD Public Domain Strategy (PDS) ‘Place Book’ has been released. The PDS is specifically targeted at realising a more engaging and resilient CBD that offers a greater range of activities and unique public spaces for workers, residents and visitors alike. 
Over the next 20 years, the North Sydney CBD worker population is forecast to grow by more than 30% to over 80,000, with the residential population growing beyond 7,000. This growth will see more than 1,000,000 square metres of floor space by 2036. 
As the commercial and residential populations increase, so must the provision of additional public space.  
The ‘Place Book’ (Stage 1) is the initial ideas phase of the PDS and explores the future potential of public domain in the North Sydney CBD. It focuses on improving quantity, quality, connectivity and the interaction of cars, pedestrians, and cyclists of the public domain. More than 16,000 square metres of new public space has been proposed, in addition to upgrades to almost 21,000 square metres of existing public space. 
Major projects include:
<ul>
<li>Creating a new 6,500 square metre public plaza by pedestrianising the section of Miller Street between Pacific Hwy and Berry St that is directly outside the new Victoria Cross Metro Station. This will include a ‘scramble intersection’ allowing four-way crossing and the return of east-west (two-way) traffic on Berry Street between Pacific Highway and Miller Street;</li>
<li>Transforming Miller Street into a ‘Civic Spine’ through a suite of public domain upgrades between St Peters Park (south of Blue Street) and St Leonards Park (adjacent North Sydney Oval);</li>
<li>Creating a new 1,200 square metre Post Office Plaza, which will involve redesigning the intersection of Miller Street and Pacific Highway (removing small and dangerous refuge islands) and incorporating scramble crossing;</li>
<li>Converting the under-utilised deck of the tramway viaduct into a 3,500 square metre public space, similar to Sydney’s ‘Goods Line’ and New York City’s ‘Highline’; and</li>
<li>Upgrading Berry Street with 5,000 square metres of improved footpaths and squares, in addition to a new architecture offering incorporating shops and on street dining.</li>
</ul>
Council is also in the final stages of finalising its Ward St Precinct Masterplan, which will seek to create significant commercial floorspace in the precinct, as well as providing significant new public spaces.
Most of these projects are expected to be delivered in the next five years by 2024 to coincide with the opening of the Victoria Cross Metro Station. The tramway viaduct has a 10 year delivery plan. 
We expect the Council’s and proposed upgrades will instill confidence that the changes to North Sydney will continue to contribute the evolution strengthening of the CBD. 
We have seen the transformation of North Sydney translate through the commercial property market in a number of ways, including: 
<ul>
<li>Attracting new tenants into North Sydney from the Sydney CBD and surrounding suburban markets such as Chatswood and Macquarie Park. New commercial developments, including 100 Mount Street and 1 Denison Street, have signed tenants such as Nine Entertainment, who was originally based in Artarmon. </li>
<li>Increasing the amenity for existing tenants. North Sydney is already home to a number of global brands, such as Coca Cola, Vodafone, Sony and Genworth, that have, and will continue to, benefit directly from these improvements.</li>
<li>Enhancing capital values for existing land owners. Greater amenity and demand for office space has led to average prime gross face rents have increasing by 3.6% in the year to July 2018. This growth has translated into higher capital values for North Sydney landowners, with $1.26 billion ($10 million plus) of transactions occurring in the same period, according to Knight Frank Research.   </li>
<li>Institutions such as Charter Hall, Investa, Dexus, LGS and Mirvac are taking a real interest in the planning changes occurring in North Sydney and the impact this is having on their properties. </li>
<li>With North Sydney now considered an extension of Sydney CBD, a number of high net worth offshore buyers have purchased in the precinct. For example, the recent sale of 80 Mount Street attracted strong offshore interest due to its ideal location providing opportunities for the owner to integrate ground floor retail refurbishments into existing public spaces. </li>
</ul>
The proposed upgrades to the public domain in North Sydney CBD will stimulate future developments and attract new investment, vastly improving the streetscape and benefiting all those that utilise the space. 
Angus Klem is Partner, Head of North Sydney, at Knight Frank. He can be contacted <a href="https://www.knightfrank.com.au/contact/people/angus-klem-aun07179" target="_blank">here</a>.
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How North Sydney's planning changes will affect commercial real estate: Knight Frank

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The closed Watters Gallery building in East Sydney has been listed for the first time in more than five decades. 
It goes to March 14 Colliers auction.
The three-storey Victorian corner terrace was built in the 1850s.
It saw many exhibitions by many top artists, including Reg Mombassa.
Its long-time owners, Frank Watters and Geoffrey and Alex Legge, are retiring and moving to the country.
Colliers agent Miron Solomons said the gallery opened in 1968.
"It would be ideal for a really cool creative as a corporate HQ and is ready to be transformed into something a little bit unique," Solomons said. 
There is buyers’ interest above the $5 million mark for the 578-square-metre freehold building at 109 Riley Street, on the corner of Stanley Lane in East Sydney.
There is 578 square metres of space is the gallery that closed in 2018.
Solomons said it was originally the site of a boot warehouse in 1858.
It became the Victoria Hotel between 1863 and 1870, and from 1871 The Harp of Erin Hotel.
In 1921 the building was used as a shop with the flat above and then altered in 1968 to accommodate the gallery.
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Vacated East Sydney art space Watters Gallery to go under the hammer

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The Middle Club, a commercial hotel in Mullumbimby, New South Wales has been listed for sale.
Located at the main street, The Middle Club at<a href="https://www.realcommercial.com.au/property-hotel+leisure-nsw-mullumbimby-503100474" target="_blank"> 46 Burringbar Street </a>comes with bar, bistro, beer garden, 20 first floor accommodation rooms and 15 poke machine entitlements with no smoking solution in the gaming room. 
<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/2019/2/19/mullumbimby%202.jpg" alt="">
It also features Byron Shire Commercial Hotel Licence, the prominent main street position with high foot traffic, and limited competing venues in immediate area.
Byron Shire has over 4.5 million domestic and international tourists each year.
It has been offered by Glenn Price and Blake Edwards from HTL Property Sydney. 
The expression of interest campaign will close on March 14. 
<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/2019/2/19/mullumbimby%203.jpg" alt="">
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Mullumbimby's The Middle Club hotel on the market 

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A mixed use premises on Paddington's well known shopping strip William Street has been listed for the first time in more than five decades.
The property at <a href="https://www.realcommercial.com.au/property-retail-nsw-paddington-503083766" target="_blank">31 William Street</a> (above and below) is a two level Victorian terrace in its original condition and looks like it hasn't been used for commercial purposes for a number of years.
Set on 75 square metres, the property has two bedrooms upstairs, an additional rear bedroom extension, a traditional dunny outside and a rear yard. 
<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/2019/2/19/William2.jpg" alt="">
It's sandwiched between J.Andreatta Bridal Coulture and the <a href="/expert-insights/investing/fashion-designer-collette-dinnigan-to-sell-flagship-paddo-store">former shop of fashion designer Collette Dinnigan</a>.
Dinnigan, who owned and operated the William Street property for a number of years, sold the property for $1,655,000 last year.
It was <a href="/expert-insights/investing/socialite-tailor-patrick-johnson-buys-collette-dinnigans-william-street-store">bought by stylish tailor Patrick Johnson</a>, who suggested it would be a fit out for another one of his tailors, however it looks like his wife, interior designer Tamsin Johnson, has set up shop there for the time being.
The Oxford Agency's Ralph Garofano and Dimitrios Franze are marketing 31 William.
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Original Victorian terrace listed on Paddington's William Street retail strip

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The Reserve Bank (RBA) last week released the minutes of the Monetary Policy Meeting for February 2019.
One of the things that really stood out for me was the commentary relating to the housing market, specifically relating to the impact of falling prices. The following quote is taken straight from the minutes:
"From a longer-run perspective, members assessed that, following such large increases in housing prices, the effect of the recent price falls on overall economic activity was expected to be relatively small. However, members observed that if prices were to fall much further, consumption could be weaker than forecast, which would result in lower GDP growth, higher unemployment and lower inflation than forecast. From a financial stability perspective, tighter lending standards, an improving labour market and low interest rates were all likely to support households' capacity to service their debt. Few households were in negative equity positions despite the falls in housing prices, implying that banks' losses would be limited even if household financial stress were to become more widespread."
<a href="https://www.propertyobserver.com.au/images/2019/2/26/household%20consumption%201%20.png" target="_blank">Click here</a> to enlarge: 
<img src="https://www.urban.com.au/images/2019/2/26/household%20consumption%201%20.png" alt=""> 
While it would be great to know how much further the RBA believes dwelling values would have to fall to start affecting consumption, it is looking inevitable that dwelling values will fall further over the coming months. As the above chart shows, values have now declined from their peak across each of the five largest cities in Australia, values have also recorded a significant decline over recent years in Darwin, and a more recent monthly fall in Hobart. Many other regions, including regional areas of most states and territories have recorded falls in dwelling values, with values in Regional Qld and Regional WA sitting lower than their peak for more than a decade now. The decline in dwelling values doesn’t appear to be close to finding a floor yet. This is particularly the case in the two largest markets of Sydney in Melbourne. In fact, if anything the rate of decline in both of these cities has been accelerating over recent months.
 <img src="https://www.urban.com.au/images/2019/2/26/household%20consumption%202.png" alt="">
The concerns about the impact of a declining housing market on household consumption are well founded. Household consumption accounts for more than half of gross domestic product (GDP) so if consumption slows, it is very likely that economic growth will also slow. To-date household consumption has been steady however; consumption isn’t growing as it did before the financial crisis and it has slowed over recent years.
<img src="https://www.urban.com.au/images/2019/2/26/household%20consumption%203.png" alt=""> 
At the same time as consumption has underperformed, the household saving ratio has reduced over recent quarters, highlighting that households are saving less.  While the ratio has not fallen to the lows recorded during the 2000s it is clear that households are saving a lot less than they were initial post-GFC and this is despite inflation remaining consistently below 2%. To-date the reduction in saving has not provided a boost to household consumption and in fact, more regularly released retail trade data shows that expenditure at the shops has reduced which doesn’t bode well for consumption figures going forward.
<img src="https://www.urban.com.au/images/2019/2/26/household%20consumption%204.png" alt=""> 
 
Over the 2018 calendar year, retail trade increased by 2.8%. By comparison, compound annual growth in retail trade over the past decade has been recorded at 3.3%. NSW where dwelling values are recording the greatest declines has seen retail trade increase by 1.7% over the past year, the slowest annual rate of change since March 2012. Not only is NSW the largest and most expensive housing market, it also accounts for almost one-third of national retail trade. If trade continues to slow in the largest state, it is unlikely to bode well for household consumption going forward. Given the already declining housing market, which looks set to continue, slower household consumption, below target inflation, reduced household savings and slowing retail trade, it looks likely that household consumption growth will slow further over coming quarters. As the RBA states that could lead to slower economic growth and in-turn necessitate an interest rate cut. The RBA board next meets on the 5th March. Between then and now a raft of additional data will be released including: the CoreLogic Home Value Index, private sector credit data, building approvals data and a range of inputs for the National Accounts. Unfortunately, National Accounts will not be released until the day after the RBA board meeting however, they will have plenty of new information to assess. Will it be weak enough to necessitate a rate cut? Who knows, but with the RBA shifting to a more neutral interest rate outlook, a run of poor data could see the next RBA meeting become ‘live’ for a rate cut despite not having the full data from the National Accounts until the following day. Personally, I don’t think the RBA will be ready to cut official interest rates next month but with each data release I am more convinced a rate cut is looking more likely. In fact, labour force data which has been showing an ongoing decline in the unemployment rate is the only data release which is overly positive at the moment.
Cameron Kusher is a Research Analyst at CoreLogic.
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Consumption could slow with expectations of further housing value falls: Cameron Kusher

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Brix Property Group has commenced construction of a Dan Murphy’s store on Bay Road, Cheltenham.
Becon Construction is completing the purpose built facility with construction well underway. 
Set to open by June 2019, the Dan Murphy’s store is the first stage in a multi stage retail and commercial development by Brix Property Group. 
After purchasing the site back in 2017, Brix Property Group negotiated a lease deal with Dan Murphy’s to go on the site.
Brix Property Group Managing Director Adam Brick said that interest in the project has been overwhelming. 
“When we purchased the site we recognised it as being a prime spot for regeneration. The A-grade bayside location on a major arterial road which feeds the top Melbourne bayside suburbs was what really attracted us to the site.” 
“Securing Dan Murphy’s to anchor the site was an impressive outcome. The response from both the community and Council to the new store is very positive, with many recognising it as another step in transforming this somewhat redundant industrial precinct.” 
<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/2019/2/21/Chandos%20Ave%20-%20Office%20Elevation%20MR%20PEOPLE%20Update1.jpg" alt="">
Stage 2 of the project, designed Cera-Stribley, includes opportunities for specialty supermarkets, retailers and showrooms of up to 1600 sqm, in addition to commercial office opportunities ranging from 100 sqm through to 3200 sqm. 
“Interest in Stage 2 of the project has been substantial despite only just having locked down our preferred development outcome and commencing the town planning process.
"Tenant interest in the supermarket and retail opportunities have been high with many recognising the strategic positioning being opposite to Dan Murphy’s and the benefits this brings,” Mr Brick said. 
“The office accommodation will set a new standard for bayside with the dedicated end of trip facilities and landscaped roof top terrace. Being a stone’s throw from the new Southland Railway Station and capitalising on the exposure to busy Bay Road, has seen interest from both large and small tenants,” Mr Brick said. 
Brix Property Group has appointed Colliers International’s Dan Noonan to lease the retail component and Damien Adkins to manage the office leasing campaign. 
Colliers International is currently taking registrations of interest for Stage 2 of the development with commencement of construction slated for the Q3 2019.
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