<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.

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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.

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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.

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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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Tru Blu Prawn Farm, Australia's first prawn farm near Yamba in Northern New South Wales, has hit the market.
Tru Blue sits on the banks of the Clarence River at <a href="https://www.propertyobserver.com.au/http://www.websternolan.com.au/node/288" target="_blank">371 School Road, Palmers Island</a>.
The family business began in the early 1970s when founder Frank Roberts began converting his sugarcane farm into a shrimp farm.
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Spanning 37 hectares, the property is fully licensed for shrimp and fish farming, with over 300 metres of deep water frontage on the Clarence River.
Tru Blu has an annual production of around 140 tonnes of premium black tiger prawns.
There's a retail outlet on the property to service the local community, as well as a high tech income producing hatchery and processing facility.
Tender closes July 24 through Webster Nolan Real Estate agent David Nolan.
 
 
 
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Australia's first prawn farm for sale in Northern NSW

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A contemporary inner-city Preston office suite has been leased  within one day of it becoming available.
The 525 High Street space is located 500 metres from Preston Train Station, Preston Market and an array of cafes and restaurants.
The ground floor office was leased to CVGT Pty Ltd, an employment services company on a three year lease plus options for $40,000 per annum, equating to a building rate of $239.52 per square metre for the 167 square metre space.
The fully partitioned office further features staff amenities including shower, air-conditioning throughout and secure under cover parking.
John Star of CVA had the listing.
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j.ballantyne1990-6AQqhLzZaK

Preston office suite leased within one day on the market

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A prime Red Rooster-anchored fast food complex centre located on one of the Gold Coast’s busiest intersections has been listed for sale.
The Red Rooster Centre Burleigh has been placed on the market through Savills agents Peter Tyson, Jon Tyson and Michael Harcourt.
The fully leased complex comprises a diverse and complimentary fast food mix, anchored by a Red Rooster Drive-Thru Restaurant, Subway and Zambrero’s outlets as well as award winning seafood, vegan and sushi traders.
The centre is situated adjacent to the Coles anchored Treetops Plaza centre and features exposure to over 70,000 cars per day on the junction of two major arterial traffic routes. 
Peter Tyson said the Red Rooster Centre Burleigh provides a tremendous opportunity for longer term investors underpinned by an annual income stream of over $470,000, a secure seven year lease profile and strong embedded real estate value.
It came with a flexible mixed use “Centre” zoning which allows development potential up to 30 metres or 10 stories in height.
Offers close June 21.
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Red Rooster Centre in Burleigh, Gold Coast listed

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The largest leasing deal of the year has seen Suncorp take a lease in Adelaide's newly refurbished 1 King William Street (1KW).
The finance, insurance and banking giant has committed to 4,660 square metres of office space spanning levels four, five, six and 13.
Savills Australia’s Adam Hartley negotiated a seven-year term, with options to renew.
“Suncorp was attracted to 1KW for its ability to accommodate the business’ need for expansive floor space in one building,” he said.
Hartley said Suncorp, which was represented by JLL, was impressed by the property’s location and recent upgrades. 
“1KW has undergone a significant makeover to make it one of Adelaide’s most technologically advanced buildings, targeting a 5.5-star NABERS base building energy rating,” he said.
The ground floor renovations were completed in December which piqued interest.
The 19 storey tower last traded for $38.6 million in 2010.
Prime Super owns 90% of the 1968 building that was constructed by AMP.
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Suncorp commits to 1 King William Street in Adelaide's biggest leasing deal of the year

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Savills are marketing an opportunity to buy a Bunnings, Australia's largest hardware chain.
While it's not the Bunnings for sale, but the premises it resides. The Wesfarmers owned company have a secure lease, with two five year options to extend to 2032.
They currently pay $448,000 per annum.
The <a href="http://commercialpropertysearch.savills.com.au/eec59b66-7c51-e811-80d4-005056813885/Sale/Warragul/9-June-Ct" target="_blank">Warragul property at 9 June Court</a>, 100 kilometres south-east of Melbourne, last traded for $6,425,000 in 2016.
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There's a catchment population of 50,000 which is projected to grow by more than 20% by 2026.
It sits on over one hectare and spans 5,100 square metre of building, with easy trade drive through, nursery and secure timber yard.
Savills listing agents Benson Zhou and Clinton Baxter suggest the property is unrivalled in one of Victoria's fastest growing regions.
The property won't go under the hammer, instead they are running an expressions of interest campaign until June 26.
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Bunnings building in Warragul on the sales block

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A four level freestanding CBD retail building situated in the heart of Melbourne’s Chinatown Precinct has been sold at $6.3 million.
It was last traded for $2.7 millionin 2013 when bought by Little Laneway Property Group - owned by shoe retailer Peter Wittner and My Size fashion mavens Robyn and Andrew Nissen.
<a href="https://www.commercialrealestate.com.au/property/11-heffernan-lane-melbourne-vic-3000-2014313075" target="_blank">Positioned at 11 Heffernan Lane</a>, it is in Melbourne CBD’s retail core located between Swanston and Russell Streets.
The building was built in 1891 for solicitor M Mornane as a four level brick warehouse.
It was then occupied by the Wing Ching café in 1892 run by Ah Gee.
It now trades as a the GT Internet Game Club.
The lane was named in 1857 after Rolly Heffernan, owner of the Melbourne Hotel in Lonsdale Street.
It was home to several Chinese restaurants in the early 1900s.
It offered with an eight year net lease returning $213,075 per annum with 4% fixed annual rental increases. 
The price reflected a sharp yield of 3.3 per cent through CBRE and Morley Commercial.
Set on a 440 square metre block, the building is surrounded by major shopping centres and transport nodes including QV Complex, Emporium Melbourne, Melbourne Central, Mid City Centre and Target Centre. 
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Four storey Chinatown, Melbourne retail building sold

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New vertical lift technology is enabling building up rather than out meaning that Sydney's record industrial site prices can be managed more cost effectively. 
Heightened industrial warehousing demand in the past 24 months has driven land values across Sydney to record high levels, according to new research from Savills Australia.
Industrial land values in South Sydney are now at their highest level on record, pushing the $2,000 per square metre mark, while industrial sites in Western Sydney are at more than $600 per square metre.
Sydney’s population increased by 100,000 people in the past year, with 85% made up of overseas migrants. 
Savills Australia’s associate director for capital strategy, Shrabastee Mallik says that the "record high levels of population growth are eating up available land for residential purposes with blocks of land within traditional industrial precincts being sold for residential redevelopment purposes".
"Manufacturing and logistics sector accounts for 10% of NSW’s Gross State Product and projections point to significant growth over the next 30 years,” she said.
“As such, stellar growth in land values in the South Sydney precinct is understandable, which include Port Botany and Port Kembla, with these jointly contributing $4 billion dollars to the state economy". 
She also pointed out “NSW Ports’ 30 Year Master Plan points to these two ports tripling the amount of container volumes processed over the next 30 years”.
New innovations in the form of vertical lift technology enables massive increases in efficiency by building up rather than building out utilising lifts reaching almost 10 metres, which has the effect of reducing warehouse size from 200 square metre to just 14 square metre. These types of technologies have the added advantage of requiring fewer workers, reducing operating costs.
Already, most new warehouse and supply chain environments are making use of such innovations, and the development of Moorebank Logistics Park, in its use of robotics and purpose-built facilities, has attracted significant interest across the warehousing and logistics sectors with Target Australia signing on as the first tenant at Moorebank, with a 10-year lease (plus options) for a new 37,860 square metre warehouse, due for completion in 2019.
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Shrinking Sydney drives changes in industrial warehousing developments

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GUEST OBSERVATION
Australians once lax expectations concerning retail delivery times are changing and service providers must adjust, a new survey suggests.
The retail goal posts are shifting, and as a result, businesses need to transform entirely.
CBRE has released a research report about the "Omni-Channel Revolution" the rise of and the importance of melding of shopping, advertising, delivery and payment into one unified buying experience in an increasingly online world.
A shopper’s journey now spans across bricks and mortar stores, social media, apps, desktops and other mobile devices. Constant digital connectivity is a driving force behind evolving customer experience and fulfilment expectations and over 80% of all Australians own a smart phone the newest tool for online shopping.
Online spending in Australia currently accounts for approximately 9% of all retail trade, with this expected to rise to 12% by 2022 accounting for roughly AU$24.4 billion to AU$43.1 billion.
It is estimated that by 2020, a third of in-store retail sales will be in some way influenced by the web. This growth in e-commerce sales will generate demand for an additional 350,000 square metres of distribution space annually. 
<a href="https://www.propertyobserver.com.au/images/2018/6/6/Omni%20Figure%201.png" target="_blank">Click to enlarge</a>
<a href="https://www.propertyobserver.com.au/images/2018/6/6/Omni%20Figure%201.png" target="_blank"><img src="https://www.urban.com.au/images/2018/6/6/Omni%20Figure%201.png" alt=""></a>
In CBRE’s Asia Pacific Millennial Survey, online shopping was selected as the most frequent method of purchasing goods, with respondents shopping online an average 4.9 days in Australia. However, millennials frequent bricks and mortar stores more than other generations preferring to make a final transaction in-store. This demonstrates the necessity of an omni-channel strategy to attract shoppers.
Retailers benefit from incorporating omni-channel operations into their business with successful omni-channel operations shown to improve loyalty, and repeat visitation to the retailer’s stores increasing up to 23% after strong omni-channel engagement.
Omni-channel engagement provides tailored analytics and by analysing customer data, retailers can more easily target a specific market through the most successful channel.
Greater choice in products and services is also dictating where individuals spend money, as a result shoppers are not as brand-loyal as they used to be so positive experiences for customers are vital for repeat sales and the ability to offer personalised services will prove crucial for both attracting business and building customer loyalty.
A McKinsey study showed that 25% of consumers were willing to pay extra for same day or instant delivery and this is expected to increase in coming years as just over 30% of millennial customers are more likely to choose same-day and instant delivery.
<img src="https://www.urban.com.au/images/2018/6/6/Omni%20Figure%202.png" alt="">
However reverse supply chain operations are equally important, with growing costs on both retailers and the environment as the volume of returns results in roughly two billion kilograms of goods being sent straight to landfill each year in the US alone because the cost of processing the return exceeds the cost of disposing of it.
Strong returns policies create customer loyalty and if a returns process is not easy, cheap and efficient, shoppers are not likely to use that retailer again, whereas if it is, 92% of consumers would consider making another purchase through that retailer.
It is estimated that approximately 30% of all goods sold online are returned, and 30% of these returned products never find their way on to a secondary consumer, when observing returns of clothing and apparel is 40%, which in 2017 means $2.32 billion of goods were sent back to retailers costing them 10-20% of their profits. 
Research found that 19% of the Top 250 retailers profitably fulfil omni-channel demand and that 28%. Total transportation cost is in the last kilometre meaning there is a growing competition for companies to secure warehousing and short term storage closer and closer to domestic centres. Particularly as Australian cities are built around ports meaning that industrial sites in these areas will be hotly contested as significant amounts of new logistics space will be required. 
Omni-channel retail and logistics in Australia is still evolving, and the cost of implementing last-kilometre delivery solutions for retailers, combined with Australia’s low population density, means same-day delivery and fulfilment is still a work in progress with the average delivery time in Australia being 3-10 business days, however despite this the convergence of retail and logistics is well underway.
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Retail purchasing facing omni-channel revolution: CBRE

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Novotel Geelong is undergoing a $3.5 million dollar renovation, which will see all 109 rooms in the four star hotel upgraded.
ErdiGroup built the Novotel Geelong and opened the property in 2001. 
The Eastern Beach hotel is located in the heart of the Geelong waterfront.
ErdiGroup Chief Executive Ricky Jeffs said the upgrade was needed to maintain Novotel’s position as ‘the best hotel in Geelong.’
“We need to continue to have a product that our guests return to and one that our new guests are keen to discover,” he said.
The multi-million dollar upgrade is being staged, with one floor with 22 rooms completed to date.
The refurbishment is scheduled to be completed in October, 2018.
Harris HMC has been appointed as construction partner, with Elsie + Betty Design responsible for the refreshed layout.
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Novotel Geelong gets $3.5 million revamp

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Key demographic indicators show that there is significant population and employment growth within the Brisbane CBD and surrounding inner-city suburbs. In turn, this has driven childcare providers to focus their service offering towards key CBD spaces that offer convenient amenity for busy city-based working families. 
Childcare centres in Australia have seen significant growth over the last five years, in line with world leading population growth figures. There is growing demand from a transactional perspective as well, with institutional investors and foreign investors, in particular, identifying the diversification potential of investing in childcare centres alongside other property asset classes. 
In addition, diversification benefits are realised as a result of significantly longer leasing terms in childcare centres, with average lease terms ranging from 10-20 years. This increased interest as a separate asset class is evidenced by falling yields nationally. New trends are suggesting that we are now seeing a shift north of Australia’s largest cities, as record high property prices and rising living costs drive residents to migrate to Brisbane in pursuit of relative affordability. 
According to Shrabastee Mallik, Associate Director at <a href="http://www.savills.com.au/research/australian-research.aspx" target="_blank">Savills Research</a>, over the last twelve months alone, Queensland has led the country in terms of interstate migration, with over 19,000 residents shifting to the sunny state. Recent numbers from the ABS show that Queensland is also leading the nation in terms of labour metrics. 
“In the year to March 2018, Queensland recorded employment growth of 4.3%, a figure well above its long-term averages and other states. What is even more positive about this is that this employment growth was driven by full-time growth, which grew by 5.0% over the same period,” she said.
With most of these people settling in Brisbane, it makes sense that current childcare trends in Sydney and Melbourne will be replicated in Brisbane.
The Savills Queensland <a href="http://www.savills.com.au/services-and-sectors/leasing/office-leasing.aspx" target="_blank">Office Leasing</a> team has reported a spike in enquiry from childcare operators seeking inner-city foyer and podium level accommodation. 
Leasing Manager Daniel Boyes said that one of the earliest examples of this movement has been the recent take up of first level space at 133 Mary Street by G8 Education.  
“The inner city childcare concept has been well thought out - as we are becoming more time poor, the notion of using a city-based day care service has become more convenient,
“Many of these facilities are incorporating all the necessities for the day which include things like meals, nappies, formula, bed sheets, hats &amp; sunscreen; so families do not need to travel with large bags when commuting,” he said.
G8 Education have committed to 808sq m of space with an additional 426sqm of balcony space over a 15 year term.
After hours childcare facilities offer an unparalleled learning experience from city surrounds for young minds. “The CBD is rich with culture and offers children the opportunity to participate in cultural celebrations throughout the year,” Mr Boyes said.
Over the last five years there has been growing demand for childcare operators in CBD areas to cater to a growing white collar workforce, with councils amending approval requirements and implementing new time frames. 
Savills State Director of Office Leasing John McDonald said that the offering of Childcare Services in the Brisbane CBD marks the beginning of a whole new learning platform for the next generation.
“The architectural concepts which are being seen in these spaces include the latest technology to emulate garden designs, incorporate outdoor play areas, as well as integrate raised flooring and extra drainage,” he said. 
Savills negotiated an industry leading example of such architecture on behalf of Goodstart Learning, located across an entire floor in the heritage-listed Broadway on the Mall building - directly above H&amp;M; uniquely designed by Gray Puksand.
Kevin Miles, Brisbane Managing Partner at Gray Puksand told the Australian Design Review that due to the existing ground-floor tenancy and the lack of outdoor space, there were several challenges that required a collaborative approach.
“Typically with childcare you need outdoor space, depending on how many children you have,” Miles says. “Along with a new rooftop garden and play area, this atrium space lent itself to that requirement for outdoor space,” says Miles. 
Other elements which were included in the design were operable windows and large openings to bring breezes through to the indoor play area along with the right equipment, support facilities and separate learning environments for each age group, from infant to kindergarten. 
Even though we are beginning to see some of these centres already taking shape around the Brisbane CBD, looking forward we are likely to see childcare proposals incorporated into development approval applications. 
There are already a number of Queensland examples of new developments incorporating childcare provisions into their DA’s right from the get-go in order to avoid lengthy and costly processes associated with getting approvals for pre-existing buildings.
Childcare providers are expected to replicate CBD offerings in Brisbane more easily than its southern counterparts have done in the past, as development requirements are currently less stringent and more affordable, making the availability of this type of amenity even more prevalent in the current market.
Savills is a leading global real estate service provider offering the full spectrum of services from strategic advice to managing assets and projects and transacting deals. This article featured commentary from Savills experts including John McDonald who is State Director - QLD , Office Leasing, Daniel Boyes who is Manager, Office Leasing, and Shrabastee Mallik who is Associate Director – Capital Strategy. To learn more about Savills, visit <a href="http://www.savills.com.au" target="_blank">savills.com.au</a>.
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