<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 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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EXPERT OBSERVER
As expected, the Reserve Bank Board decided to leave the cash rate unchanged at 1.50%.
This represents the twenty-second consecutive meeting (last change in August 2016) that rates have been on hold. The previous longest run of steady rates was sixteen consecutive meetings in 1995/96.
There were a number of changes/ additions to the statement following the July meeting. Previously, the Governor had noted the growth outlook being “a bit above 3 per cent in 2018 and 2019”.He repeated that line. But previously  he made no inference as to that impact on capacity. In today’s statement he asserts that the growth outlook “should see some further reduction in spare capacity”. This was borne out in the discussion on the labour market when he noted that the unemployment rate was likely to fall to around 5 per cent over the next couple of years.
Recall that in the May Statement on Monetary Policy, the Bank revised its unemployment forecast from 5 ¼ per cent (end 2018) and 5 ¼ per cent (end 2019) to 5 ½ per cent (end 2018) and 5 ¼ per cent (end 2019). The forecasts that will be updated in the August Statement on Monetary Policy which will be released on August 10 are now likely to include a forecast that the unemployment rate by end 2020 will be 5 per cent. A reasonable criticism of the Bank’s unemployment forecasts and rhetoric around increasing wages growth was that a low-point of 5 ¼ per cent was still comfortably above the generally accepted NAIRU for Australia of 5 per cent. With the unemployment rate staying above the NAIRU, it was questionable as to whether the expected lift in wages growth would occur.
Our view, based on offshore evidence, is that the NAIRU in this cycle is likely to be below 5 per cent, so even with this new lower unemployment forecast, it still seems a big call to expect sustained upward pressures on wages growth.
In July, the Bank noted the increase in short-term wholesale interest rates over recent months. However, it provided little guidance as to the implications. “It remains to be seen the extent to which these factors persist”. Fortunately, that sentence has been deleted, but, still, no real guidance is provided in the current statement. It is observed that retail deposit rates have not risen and some lenders have increased mortgage rates by small amounts. It would have been helpful for the Bank to have given its own view on the sustainability of this move and any implications from the associated tightening in financial conditions.
The Governor notes that “the drought has led to difficult conditions in parts of the farm sector”, but has not clarified whether these developments have any significant implications for risks and growth forecasts.
The August Statement has the benefit of an update on inflation developments. The June quarter inflation report was slightly below market expectations but not sufficient to alter the Bank’s views. Having said that, a literal interpretation of the sentence “the central forecast is for inflation to be higher in 2019 and 2020 than it is currently” would be that the forecasts for inflation in the August Statement on Monetary Policy are set to be lifted. The forecasts for underlying inflation in the May Statement on Monetary Policy were for underlying inflation to be 2 per cent in 2018 and 2 per cent in 2019. That outlook seems consistent with the June inflation report. We would be surprised if the forecast for underlying inflation in either 2018 or 2019 is lifted in the August SOMP.
One clue to this puzzle is that the Governor points out that headline inflation to the September quarter is likely to fall to 1 ¾ per cent. As such, the forecast for headline in the May SOMP of 2 ¼ per cent in 2018 and 2019 indicates a lift from the expected September reading. Such fluctuations in the headline number are unlikely to have any implications for policy.
In July, the Governor referred to “nation-wide measures of housing prices are little changed over the past six months”. The CoreLogic national index was actually down 1% and this index is now down by 1.2%. That sentence has not been repeated in the August Statement, although the easing in Sydney and Melbourne housing markets is confirmed. The Governor has also dropped the comment that “some further tightening of lending standards by banks is possible” and now makes the less controversial comment that lending standards are tighter than a few years ago.
There has been a significant change in the global commentary. In July, the Governor noted “the Chinese economy continues to grow solidly”. In this statement, that is replaced with “growth in China has slowed a little, with the authorities easing policy”.
Conclusion
Westpac has long held the view that the RBA cash rate will remain on hold over the course of 2018 and 2019.
In his statement, the Governor does not provide a convincing commentary that wage pressures can be expected to lift; the housing slowdown and the associated wealth effect will not be headwinds for the economy; any evidence that inflation pressures are likely to build; and why global developments are not pointing to some challenges for Australia. Consequently we see no reason to be persuaded to change our view that rates will remain on hold.
Bill Evans is the Chief Economist for Westpac
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bevans-rYk9SxEa4r

RBA remains on hold; with no apparent change in sentiment: Bill Evans

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The Westpac building in historic Parramatta as been sold.
The <a href="https://www.commercialrealestate.com.au/property/264-270-church-street-parramatta-nsw-2150-2014154192" target="_blank">Church Street </a> premises, comprising 660 square metres, sold for $14 million at a yield of 4.3 per cent.
It was sold through Khoury &amp; Partners, Parramatta to UPM Pacific, directed by Chinese investors from Knoxfield in Melbourne.
Last time it sold was in 2012 for $7.1 million, an almost 100% increase in six years for the heritage building (pictured above). The 2012 price represented a net yield of 7.5 per cent, with income of $536,815 a year.
Westpac sold it in 2000 for $3.03 million, with little growth during its next ownership, selling at $3 million in 2007.
Located at 264-270 Church Street, the property was originally offered fully leased to Westpac until 2015, with two further five-year options.
The building, totalling 1275 square metres, is on one of the suburb's busiest retail corners.
Agents through the years have suggested the listing was an A-grade bank investments.
The site has been occupied as a bank since 1874.
Earlier this year it was reported Westpac Bank extended its long-term 506sq m commercial lease with the new deal due to commence in March 2020.
The gross annual rent for the property is $1000 a square metre for seven years with options, and incentives.
Khoury &amp; Partners' Jon Race and Anthony Khoury executed the deal.
Banks have been somewhat difficult propositions for landlords in recent times across the country.
However a Bayswater retail property in Perth could revisit its banking roots, after being sold under the hammer earlier this month to a local community bank franchise.
Originally constructed as a banking chamber in 1975, the premises were sold off by the Bank of NSW, aka Westpac,, in 1997 at $210,000.
The 83 Whatley Crescent property was purchased by Bayswater Community Financial Services Limited.
It was bought at auction for $1.06 million.
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j.ballantyne1990-6AQqhLzZaK

Westpac Parramatta premises sell for $14 million

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Up Property's iconic Morris Moor development will soon be home to CLIK Collective.
It will be the only co-warehousing and co-working space designed around the needs of ecommerce businesses in Melbourne, with the 6,000 sqm space set to meet the specific needs and growth of local online retailers.
Formerly known as Kensington Collective, CLIK Collective developed the co-warehousing concept after identifying co-working spaces for ecommerce retailers, that also included tailored warehousing spaces, loading bays, photography studios and showroom facilities, did not exist.
With over 80,000 ecommerce business in Australia, CLIK Collective Founder and Director Harry Kempler, explains that it was the well-connected location and planned surrounding onsite amenities that drove them to choose Morris Moor as the new location for their co-warehousing space.
CLIK Collective plans to provide purpose-built spaces, facilities and services for ecommerce businesses based in Melbourne's South East, assisting in the development of more than 60 new innovative businesses for the Moorabbin community.
<img src="https://www.urban.com.au/images/2018/7/31/Up%20Property_Click%20Collective%20Morris%20Moor%20Render%202.jpeg" alt="">
"Collaborative economies are making their way into the logistics industry by offering unique and clever solutions that are both efficient and environmentally responsive. We're passionate about small businesses and coworking environments and look forward to supporting local online retailers on a large scale and for the opportunities Morris Moor will bring to the local community," Kempler added.
Opening in September, CLIK Collective Moorabbin will offer a range of individually secure warehouse spaces from 12 sqm through to 300 sqm.
The business is one of four already confirmed for Morris Moor, which Up Property has revealed will see the transformation of the 60-year-old Philip Morris manufacturing site.
Up Property Managing Director, Adam Davidson, explains that they are excited to welcome CLIK Collective who are bringing the unique co-warehousing concept to Morris Moor.=
Construction began this month on Morris Moor's office building, located at the corner of Chesterville and Cochranes Road. Boasting 5,257 square metres of office space across two levels, the building has the potential to house up to six tenants ranging from approximately 250 sqm to the whole building.
Up Property have secured their first commitment within the office space.
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A new take on co-working: co-warehousing comes to Moorabbin's Morris Moor

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EXPERT OBSERVER
Who can concentrate under these conditions?
<img src="https://images.theconversation.com/files/228128/original/file-20180717-44103-1ms7ein.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="File 20180717 44103 1ms7ein.jpg?ixlib=rb 1.1"> 
Open-plan offices have taken off because of a <a href="https://www.sciencedirect.com/science/article/pii/S0272494413000340">desire</a> to increase interaction and collaboration among workers. But an innovative <a href="https://www.propertyobserver.com.au/http://rstb.royalsocietypublishing.org/content/373/1753/20170239" target="_blank">new study</a> has found that employees in open-plan offices spend 73% less time in face-to-face interactions. Email and messaging use shot up by over 67%.
The study is the first to track the impacts of open-plan offices using objective measures of communication. It used electronic badges and microphones to monitor interactions among employees and tracked changes in email use.
The findings build on previous research, which has found, for instance, open-plan work environments <a href="https://www.sciencedirect.com/science/article/pii/S0272494413000340" target="_blank">compromise employees’ ability</a> to focus and concentrate on their work.
Why go open plan?
Theoretically there are good reasons to move to an open-plan office. Our social environment <a href="http://psycnet.apa.org/record/2000-13324-007" target="_blank">plays a big role</a> in our ability to be proactive and motivated.
And success in modern workplaces is often driven by how well individuals <a href="https://onlinelibrary.wiley.com/doi/abs/10.1111/joms.12024" target="_blank">interact</a> with each other and with the organisation.
Research has shown that the time employees spend on “collaborative activities” has “<a href="https://dialnet.unirioja.es/servlet/articulo?codigo=5543898" target="_blank">ballooned by 50% or more</a>” in the past two decades.
Workplaces that facilitate more frequent and higher-quality contact with others have been shown to have improved <a href="https://www.propertyobserver.com.au/https://www.jstor.org/stable/2392545?casa_token=TA0oRq0WNiEAAAAA:hXZ9j6DPo2nz3vJb1aS5W2SQR39YdMnMdtuFAm9INVhZ01etTstg6PcwFOX9MZUh0ieX8ZUwtK0Uhw_LM6jwN-CLP_MEB8jI_JBzUWSl5p6hnNOW4VA&amp;seq=1#page_scan_tab_contents" target="_blank">communication and collaboration on tasks</a>, <a href="https://www.propertyobserver.com.au/http://journals.sagepub.com/doi/abs/10.1177/0146167201278002" target="_blank">job satisfaction</a> and <a href="https://www.sciencedirect.com/science/article/pii/S0272494414001182" target="_blank">social support</a>.
The design of the workplace significantly influences this, by supporting or detracting from interdependent work.
Building a strong sense of community <a href="http://www.wired.co.uk/article/we-work-startup-valuation-adam-neumann-interview" target="_blank">has been</a> a key factor in the success of the coworking space provider WeWork. This has been largely achieved through the physical work environment – clean spaces, narrow hallways, communal kitchens and the like.
Privacy and concentration are critical
But despite the pursuit of collaboration in workplaces, the need for concentration and focused individual work is also increasing.
And <a href="https://www.emeraldinsight.com/doi/abs/10.1108/978-1-78714-577-120171011" target="_blank">research</a> shows that when employees can’t concentrate, they tend to communicate less. They may even become indifferent to their coworkers.
Knowledge work <a href="https://www.propertyobserver.com.au/http://journals.sagepub.com/doi/abs/10.1177/0018726701547004" target="_blank">requires</a> employees to attend to specific tasks by gathering, analysing and making decisions using multiple sources of information. When any of these cognitive processes are interrupted, inefficiency and mistakes <a href="https://www.sciencedirect.com/science/article/pii/S0003687011000986" target="_blank">increase</a>.
Being able to focus on a task without interruption or distraction is an essential <a href="https://www.sciencedirect.com/science/article/pii/S0003687011000986" target="_blank">foundation</a> for effective work.
But <a href="https://www.sciencedirect.com/science/article/pii/S0090261617302000" target="_blank">research</a> suggests that poor design can have unintended consequences – increasing the cognitive load on workers through high density or low privacy, both of which increase distraction.
Why open plan doesn’t necessarily lead to collaboration
In many open-plan offices, the drive for increased interaction and collaboration comes at the expense of the ability to focus and concentrate.
When distraction makes it hard for employees to focus, cognitive and emotional resources are <a href="https://www.sciencedirect.com/science/article/pii/S0090261617302000" target="_blank">depleted</a>. The result is <a href="https://onlinelibrary.wiley.com/doi/abs/10.1002/hrm.20004" target="_blank">increasing</a> stress and errors, undermining performance.
When employees can’t concentrate on their work, their <a href="https://www.anzam.org/wp-content/uploads/pdf-manager/1687_ANZAM-2014-293.PDF" target="_blank">desire</a> to interact and collaborate with others is reduced.
In addition, <a href="https://journals.aom.org/doi/abs/10.5465/amr.2016.0240" target="_blank">new research</a> suggests that increased crowding in the workplace and low levels of privacy lead to defensive behaviours and strain workplace relationships.
Other aspects of workplace design, such as views of nature or access to daylight, can replenish <a href="https://www.sciencedirect.com/science/article/pii/S0090261617302000" target="_blank">cognitive resources</a> even in the presence of distractions.
An aesthetically pleasing environment may provide an experience that is <a href="https://link.springer.com/chapter/10.1007/978-1-4757-4425-5_5" target="_blank">restorative</a>.
Additionally, <a href="https://journals.aom.org/doi/abs/10.5465/amj.2016.0248?casa_token=1B194dHoBzEAAAAA:Z32URe5SJO3Q_t34iM77xEhxgj7i9Mrs8X60fdnzQAiJc96YN70bKxH1uY9aCOL5LC_HfHEbT3Dh" target="_blank">research</a> has shown that aesthetically pleasing workplaces can help create trust within organisations.
Getting the balance right
Emerging <a href="https://www.anzam.org/wp-content/uploads/pdf-manager/1687_ANZAM-2014-293.PDF" target="_blank">research</a> has shown that individuals view similar work environments differently. Rather than a one-size-fits-all approach, as is traditional in open-plan design, work environments should provide various options that support employees working effectively.
Evolving <a href="https://www.propertyobserver.com.au/https://www.emeraldinsight.com/doi/abs/10.1108/14630011111136830" target="_blank">models</a> of workplace design are seeking to achieve this, by providing different zones for different types of work and different needs.
However, the effect of shared desk arrangements in these types of environments requires further <a href="https://www.sciencedirect.com/science/article/pii/S0003687016302514" target="_blank">investigation</a>.
Many employers are heavily <a href="https://www.propertyobserver.com.au/https://www.tandfonline.com/doi/abs/10.1080/09613210412331313025" target="_blank">focused</a> on driving collaboration and interaction at the expense of privacy and concentration. This has negative outcomes for both productivity and work relationships.
Organisations should focus on providing workplaces that support the requirements for privacy and focus, as well as interaction and collaboration.
<img src="https://counter.theconversation.com/content/99756/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">To achieve this, greater emphasis needs to be placed on both visual and auditory privacy, particularly the use of acoustic treatments, as well as the layout and appearance of the workplace as a whole.
Libby Sander is the Assistant Professor of Organisational Behaviour at the Bond Business School
This article was originally published on The Conversation.
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A new study should be the final nail for open plan offices

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Queensland property group CFMG Capital has unveiled their latest investment opportunity from its $200 million CFMG Land &amp; Opportunity Fund, seeking to raise $3 million for a 100-lot community between Brisbane and the Gold Coast.
The new project, Elevate, will be located on a 5.7-hectare site at Ormeau Hills which was recently acquired for its strategic positioning in the thriving development corridor between Brisbane and the Gold Coast.
The CFMG Land &amp; Opportunity Fund is an unlisted managed investment scheme that invests in the development of residential land subdivision projects on a case-by-case basis. The Fund currently holds investments in seven different projects with a gross sales value of more than $200 million.
The Product Disclosure Statement (PDS) for the Elevate project indicates a 12% fixed return per annum over the two-year fixed investment term.
CFMG Capital General Manager Andrew Thomson said the property was settled in June 2018, with a development approval for 96 allotments already in place, with plans to apply for amendments which will allow for Elevate's 100 total lots.
Mr Thomson said the Land &amp; Opportunity Fund was a powerful tool for investors seeking exposure to Queensland's residential land market.
"The Fund's fixed 12% per annum return is quite attractive in a low interest rate environment and only achievable through a combination of our internal development expertise, a commitment to putting returns to investors ahead of development profits and the expectation that Queensland land market will continue to strengthen over the next two years," he said.
"Investors also receive the return on their investment on a fixed maturity date - typically after 18 to 36 months.
"In contrast to volatile property investments based on assumptions, CFMG Capital's fund duration and fixed return policy gives investors a healthy level of confidence that the returns will be delivered."
Mr Thomson said managed investment schemes like the CFMG Land &amp; Opportunity Fund were a sensible alternative for investors looking for property exposure but not the risks associated by directly buying a single property that is heavily leveraged.
"The Fund is based on exposure to dozens of blocks of land in a subdivision or across multiple projects, providing diversification over direct residential property which typically limits investors to one asset," Mr Thomson said.
"CFMG Capital is also a solid investment due to the strict criteria we adhere to before acquiring land to maintain value over the long term," Mr Thomson said.
"Our entire business model is based around securing land with proximity to a major capital city, existing and proposed competing land estates and key planned infrastructure projects.
"We also take population growth and demographics of the locality into account, and ensure investors can secure opportunities in areas with employment opportunities, lifestyle choices like schools, transportation and recreation," he said.
CFMG Capital's Elevate site in Ormeau Hills is 25 kilometres north of the Gold Coast CBD and 40 kilometres south of the Brisbane CBD, and is within one kilometre of the existing Ormeau Town Centre which features a Woolworths, IGA, service centre, health care and a range of specialty stores.
The future North Ormeau Town Centre is also currently under construction 500 metres away with Coles confirmed as the major tenant.
Ormeau Hills has also earned it title as a growth area from the demand generated by the proximity of major transport infrastructure such as the M1 and Gold Coast bus routes, nearby open space and parkland and key employment nodes including the 127 hectare Yatala Enterprise Area, which is projected to inject $1 billion into the local economy over the next decade.
Stage one subdivision works on the Ormeau land are planned for October 2018 and will carry on through 2019, with registration of allotments taking place April 2019 and final stage one settlement later in the year.
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CFMG unveils Ormeau Hills investment offer with fixed 12% return

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Australia’s main CBD markets have recorded a decline in office vacancy rates throughout the first half of 2018, with Sydney and Melbourne CBDs continuing to exhibit their strength as vacancy rates in both markets fell to their lowest levels in more than 10 years.
The findings come in the Property Council of Australia’s (PCA) release of its mid-2018 Office Market Report. 
Here's Savills Australia's analysis starting with the national outlook, then state by state:
National overview
Savills Australia’s Associate Director for <a href="http://www.savills.com.au/research/australian-research.aspx" target="_blank" title="Savills Research">Capital Strategy and Research</a>, Shrabastee Mallik, said there had been a clear difference in performance between the Sydney and Melbourne CBDs and the other main CBD markets, with the resource-reliant Perth and Brisbane office markets feeling the effects of the mining downturn until about six months ago.
“A renewal in economic growth globally in 2017 saw a renewal in demand for Australian resources and subsequent rises in commodity prices, leading to significant growth in corporate profits, particularly in the mining sector,” Ms Mallik said.
“We are now seeing this having a positive effect on the previously struggling Perth and Brisbane office markets, with subsequent falls in vacancy rates in these markets.”
Ms Mallik went on to say that a turnaround in these markets was already evident, with further improvements in 2018 likely when activity on the ground and various forward-looking economic indicators were considered.
“Low rents and high incentives in Perth and Brisbane are providing the impetus for businesses to acquire space in the CBDs, with recentralisation likely to be a key theme in the short to medium term,” she said.
“While there is concern that the Sydney and Melbourne CBD office markets appear to have peaked in terms of performance, when we consider forward-looking economic indicators, such as economic growth forecasts – particularly in the services and education sectors, which are key market-drivers for these markets – these fears would appear to be largely unfounded."
<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/2018/8/3/office%20vacancy%202.jpg" alt="">
Source: Savills
New South Wales
In the first half of 2018, the Sydney CBD office vacancy rate fell to its lowest level since the Global Financial Crisis in 2008, after a steady decline for the past eight quarters.
The strength of the market has been further highlighted by face rents rising to record high levels across all grades.
“We have seen a large number of tech and IT firms centralising and organically growing in the CBD after decentralisations due to cost pressures during the 2008 to 2010 period,” Savills NSW State Director for <a href="http://www.savills.com.au/services-and-sectors/leasing/office-leasing.aspx" target="_blank" title="Office Leasing">Office Leasing</a> in Sydney, Rob Dickins, said.
“These firms are now profitable and chasing and trying to retain talent in a very competitive industry sector."
“We have obviously also seen the emergence of co-working groups such as WeWork, Regus and Spaces, among others, which are now significant occupiers of space in the CBD.”
Mr Dickins said demand from smaller occupiers was still evident, with a spike in leasing activity in the sub-1,000sq m category, driven largely by the opportunity and capital cost savings in speculatively fitted tenancies.
“While net absorption has been low, this is largely as a result of reduced available space in this category, due to the absorption associated with government projects, and the redevelopment and change-of-use projects currently underway,” he said.
Victoria
The Melbourne CBD experienced a reduction in vacancy rate as a result of tenant migration to higher-quality office space, predominantly A Grade space, as well as some tenants taking on expansion space. 
Savills Australia’s State Director for <a href="http://www.savills.com.au/services-and-sectors/leasing/office-leasing.aspx" target="_blank" title="Savills Office Leasing">Office Leasing</a> in Melbourne, Mark Rasmussen, said that the Melbourne CBD office market continued to maintain strong growth across all office building grades and all sectors.
“Continuing falling vacancy due to lack of supply and steady demand has resulted in maintaining the trend of increasing rentals and lower lease incentives,” he said.
“The strong economy, positive market sentiment and continued migration – of tenants to the CBD and the increasing population – is underpinning demand."
“The co-working sector, education market and growth across Melbourne’s increasingly diversified market is adding further upward pressure to rents.”
Mr Rasmussen said the fourth quarter of 2019 would see the market peak, with record low vacancy rates and rental rates continuing to climb after decades of remaining “stubbornly low”, when compared to most other Australian marketplaces.
“While the 2020 and 2021 new supply numbers are locked in and significant, the pent-up demand will see the new higher rent levels being maintained, with increases in incentives back to 2016 and 2017 levels likely,” he said.   
Queensland
Following a slight spike in the total office vacancy rate in Brisbane’s CBD in December 2017, vacancy rates dropped after strong leasing activity in the first six months of 2018. 
“With rents and incentives in the Brisbane CBD now very similar to the surrounding fringe office market, we have seen a number of recentralisations from large firms in the finance and insurance sectors consolidating space in the CBD, as they take advantage of large floor plates in refurbished prime grade buildings,” Savills Australia’s State Director for <a href="http://www.savills.com.au/services-and-sectors/leasing/office-leasing.aspx" target="_blank" title="Savills Office Leasing">Office Leasing</a> in Brisbane, John McDonald said.
South Australia
Adelaide’s CBD office vacancy rate appears to be in a holding pattern, as the “flight to quality” trend continues to partially offset the migration from potentially non-competitive space, to prime-grade space concentrated within specific buildings.
Increasing competition on the supply side for prime-grade stock had previously led to a rise in backfill vacancy within secondary space as these tenants relocated but this trend seems to be subsiding, as the gap between prime and secondary vacancy rates begins to shrink. 
This observation comes on the back of owners looking to reposition buildings on a floor-by-floor basis to retain existing tenants.
Savills Australia’s Director for <a href="http://www.savills.com.au/services-and-sectors/leasing/office-leasing.aspx" target="_blank" title="Savills Office Leasing">Office Leasing</a> in Adelaide, Adam Hartley, said the majority of demand for office space in Adelaide was for prime-grade space, although the market was seeing lower levels of take-up.
“We are starting to see signs that incentives are tapering off, particularly for prime or refurbished space,” he said.
“We have seen examples of tenants securing a net incentive of around 35 percent – this time last year, that figure would have been around 40 percent.”
Mr Hartley said he was expecting to start seeing a shift in the technical vacancy rate in the second half of the year.
“There have been a number of economic metrics that have constrained tenant decision-making throughout the past nine months, including the state election and the last stage of abolishing stamp duty cuts for non-residential property transfers being finalised,” he said.
“On that note, there are several green shoots emerging, which will begin to benefit office take-up in the CBD – defense announcements being key, as well as general public infrastructure investment that is underway."
“These industries bode well for take-up of engineering or project space in the short-term,” he concluded 
Western Australia
Perth’s office leasing market is unlikely to see any further increases in the technical vacancy rate in the medium term, as the market is no longer facing the high volume of incoming new supply that it was through 2015 and 2016.
While the period of tenants rationalising space is over, the “flight to quality” trend remains a key driver in the market, as does recentralisation back to the CBD.
Savills Australia’s Director for <a href="http://www.savills.com.au/services-and-sectors/leasing/office-leasing.aspx" target="_blank" title="Savills Office Leasing">Office Leasing</a> in Perth, Shelley Ritter, said demand for prime-grade space was continuing to drive a reduction in the overall vacancy rate, and it was becoming “increasingly challenging for larger tenants to secure contiguous floor options, especially in premium-grade space”. 
“The differential between prime and secondary space that began to emerge mid-2015 has never been this wide, a trend which is beginning to drive down incentives, particularly in premium and A Grade space,” she said.
Ms Ritter said there had been some “marked improvements” in the state’s economy, with long-term outlooks suggesting a return to a more sustainable investment level in regards to the mining and resource sector. 
“Some of the state’s biggest and best-known mining producers have announced commitments to new projects, and investment in emerging sectors such as lithium is rising,” she said.
“We know that there is circa 70,000sq m in active leasing requirements currently in the market for new or expansion space from some of these large occupiers.
“These companies will play a significant role in office take-up for the next three to five years, with indirect organic demand expected to be created on the back of this from other industries, such as finance, legal, property and business services.”
Ms Ritter said a conservative outlook would suggest that the weight of this demand, together with a “somewhat cautious” development pipeline, will contribute to a decline in vacancy rate.
“Our view, however, is that this will potentially occur much faster than the market anticipates,” she said.
Australian Capital Territory
Canberra’s office market offers stable rental growth unlike any other office market in Australia, due to the strong government sector presence, according to Pip Doogan, Savills Australia’s Director of <a href="http://www.savills.com.au/services-and-sectors/leasing/office-leasing.aspx" target="_blank" title="Savills Office Leasing">Office Leasing</a> in Canberra.
“While other markets are often subject to economic cycles, the nature of the government tenants in Canberra means that lessors are protected against significant rises and falls in rents,” she said.
Savills Australia data shows that on average, net face rents for Canberra’s A Ggrade assets grew 2.8 percent throughout the 12 months to June 2018, largely in line with the 10-year Compound Annual Growth Rate (CAGR) of 1.95 percent per annum. 
“Interestingly, rental growth across B Grade assets was more pronounced, with net face rents growing 8.5 percent throughout the past financial year, far exceeding the 10-year CAGR of 0.7 percent per annum,” Ms Doogan said.
Ms Doogan noted that a slight increase in incentives across secondary-grade assets has meant that growth on an effective basis has been flat. 
“Based on leasing deals we are currently looking at and witnessing, there appears to be a divergence in rental growth in prime and secondary grade buildings,” she said.
“Given the wide range of buildings available in Canberra (based on quality), lessees are able to negotiate more favorable terms on secondary-grade space, while the pendulum remains firmly in the landlord’s favour, particularly in those sub-precincts with record low vacancy rates.”
<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/2018/8/3/office%20vacancy%203.jpg" alt="">
Source: Savills
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Savills on what the future holds for Australia's office market

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Miron Solomons, Matt Pontey and Nick Lumley are selling 10 Oxford Street, Woollahra, home to St Claude's restaurant, via a public auction on August 30 2018.
St Claude's is a contemporary French bistro in the heart of Woollahra which was originally opened as Claudes restaurant in 1976, forming part of Sydney's 'golden restaurant age'. It reopened as St Claude's in 2015.
"This area has transformed from one of Sydney's prime shopping strips into a suburb awash with top restaurants, wine bars and cafes," said Miron Solomons, National Director, Investment Services at Colliers International.
"This is an opportunity to purchase a quality freehold asset with a strong 5x5 lease and iconic tenant in one of Sydney's most affluent areas."
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Woollahra institution is on the market

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Franzé Developments has proposed plans for the biggest new hotel project in the Geelong region for two decades.
The burgeoning expansion of one of Australia's fastest growing regional cities has been bolstered with Franzé Developments securing planning approval from the Department of Environment, Land, Water and Planning for its $150 million Geelong development – the largest mixed-use project in the region.
Located at 44 Ryrie Street within the Geelong Activity Centre Zone, the 2,700 square metre gateway site will comprise 1,000 square metres ground floor retail, 7,400 square metres office space, 24 residential apartments and a 180 bed hotel, all connected by a highly activated street level plane with public access.
In a coup for Geelong's hotel and tourism sector, global hotel operator The InterContinental Group signed a 20-year management agreement to operate the 180 bed hotel in late 2017. The $75 million Holiday Inn Hotel &amp; Suites in Australia and the largest new hotel project in the region in almost 20 years.
Paul Franzé, Founder and Managing Director of Franzé Developments says he is thrilled to receive approval for the gateway site as Geelong develops into the region's epicenter for retail, tourism and employment due to its strong population and economic growth.
"Our vision for the Ryrie Street site is to deliver a truly mixed-use project that responds to the Central Geelong Action Plan which will see Geelong evolve from its manufacturing roots to a city of culture and innovation.
Geelong is now one of Australia's fastest growing regional cities, with population expected to grow by more than 150,000 people in the next 20 years, and the urban environment and amenity needs to respond accordingly.
"Geelong has a diverse and strong economy with over 17,000 businesses and a highly skilled labour force. It continues to attract new residents and investment due to its livability and proximity to Melbourne, combined with increasing employment opportunities and affordability."
Architectus, the design studio behind 1 Bligh Street, Sydney and 383 La Trobe Street, Melbourne (in collaboration with architect Ateliers Jean Nouvel), has been appointed as the project design team, with Hansen Partnership managing the project's urban planning.
It is located on a prominent corner at the intersection of Ryrie and Fenwick Streets.
"The design of 44 Ryrie Street draws upon the history of both the city and the site. The materiality, rhythm and scaling of the buildings reference the iconic wool stores of Geelong, and the grain of the city's rich heritage fabric. Creating an active mixed use development that incorporates hotel, residences, office and a vibrant retail ground plane, the project stiches seamlessly into the adjacent cultural precinct and builds on the investment in the area to become a gateway to Geelong's city centre," says Matthew Smith, Managing Principal at Architectus.
The orientation of the site forms a 90 metre northern frontage to Ryrie Street with a physical split, creating a public thoroughfare linking Ryrie Street to Cuzens Place. 
Colliers International, in conjunction with MP Burke Commercial, is managing the leasing campaign for the 7,400 square metre office space across ten levels with a generous double-height lobby. The apartments are expected to start selling in October 2018.
The site, which was home to John Orchard Furniture and was previously an intercity bus depot, was purchased from John Orchard for $7 million in 2017.
Demolition is underway and construction is scheduled to commence in late 2018, with completion expected in mid 2020.
The Holiday Inn Hotel is scheduled to open in 2020 and will target the longer stay segment of the tourism market. The property will include an all-day dining restaurant and bar, swimming pool, gym, parking and 300 square metres of meeting facilities, including a function room for 250 people.
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$150 million Geelong gateway development gets the green light

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Adelaide, the capital city of SA, has begun it's recovery on the HTW commercial office property clock for August, according to valuation firm Herron Todd White latest report.
Meanwhile, Echuca has dropped a notch to a declining market position from the previous peak of market point in HTW’s Office property clock in June. Canberra however has transitioned to a starting to a starting recovery position from its bottom of the market position in June.
At the bottom of the property cycle, Cairns joins Townsville and Launceston. Others in the same position are Darwin, Perth, Brisbane and Hobart.
<a href="https://www.propertyobserver.com.au/images/2018/8/6/August%20Office%20Property%20Clock%20HTW.JPG" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2018/8/6/August%20Office%20Property%20Clock%20HTW.JPG" alt="">
 
"There has been a revolution in office real estate and the way it’s adapting to the demands of the modern workspace have a direct impact on owners, tenants and their workforce," the report stated.
"Some markets have thrived as a result, while others have failed to keep up," they concluded
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Adelaide's office market has begun its recovery: HTW property clock

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Jewish Care Victoria has listed the former Mark &amp; Dina Munzer Community Residential Aged Care facility in Melbourne’s Caulfield North. 
Gary Peer &amp; Associate, inconjunction with CBRE, are handling the sale of the 52-58 Northcote Avenue property. 
The 3,683 sqm site has remained vacant since the aged care facility’s closure in March 2017.
The property is expected to attract the attention of local and overseas developers, aged care operators and not-for-profit and charitable organisations looking to establish new headquarters.
Jewish Care Victoria CEO Bill Appleby said the property did not align with the organisation’s recently released Strategic Plan, which would determine its key strategic priorities for 2018-2020.
Gary Peer &amp; Associates’ Philip Kingston said the former aged care facility was the most significant allotment the firm has handled for public sale. 
“The property is more than double the size of any landholding in the notoriously quiet street, and more than 1,000sqm bigger than anything we have handled in the Caulfield precinct over the last five years,” Mr Kingston said.
The property features all the amenities required of an aged care facility, including 45 beds, full line commercial kitchens and formal living and dining areas. 
Offers close September 6.
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