<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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<div>Moody's Investors Service says that debt-funded unit buybacks by four rated Australian real estate investment trusts (AREITs) will weaken the companies' credit metrics, but that their good operating performance will also partially allay such concerns.</div>
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<div>The buybacks, all things being equal, will weaken the AREITs' leverage -- expressed as net debt/EBITDA -- in the next 12-18 months, although the actual impact will depend on the amounts undertaken. Unit buybacks are an attractive capital management option for the rated A-REITs, which have low gearing, broadly defined as debt/assets, and their unit prices have traded below net tangible assets. Both reasons support the decision to buy back units rather than pursue acquisitions or redevelopments.</div>
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<div>Key points are as follows –</div>
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<div>» Four rated A-REITs have been buying back units. Scentre Group (A2 stable), Dexus (A3 stable), Mirvac Group (A3 stable) and Charter Hall Retail REIT (Baa1 negative) have initiated buybacks worth up to AUD1.6 billion in total. The unit buybacks are likely to be funded by debt because Australian REITs (A-REITs) pay out most of their earnings as distributions to unit holders. Debt-funded buybacks, all things being equal, will weaken</div>
<div>the A-REITs’ net debt/EBITDA financial leverage in the next 12-18 months. Unlike property purchases or investment in redevelopments, unit buybacks will not increase EBITDA. As a result, net debt/EBITDA will increase, depending on the amount of units repurchased.</div>
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<div><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/2018/5/30/MOODYS1.jpg" alt=""></div>
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<div>» Unit buybacks are an attractive capital management option for A-REITs. Most rated A-REITs have low gearing, broadly defined as debt/assets, and their unit prices have traded below net tangible assets. Both reasons support the decision to buy back units rather than pursue acquisitions or redevelopments. Most rated A-REITs’ low gearing reflects a conservative approach to debt, and low cap rates that have increased portfolio</div>
<div>asset values. Also, in many instances, sales of properties have exceeded purchases in Australian dollar terms.</div>
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<div>» Dexus' and Mirvac's metrics will stay within rating thresholds if debt-funded unit buybacks are implemented in full. Purely as a sensitivity analysis, we have assumed the buyback plans had been implemented in full as at December 2017. In this extreme scenario, Dexus and Mirvac would be able to accommodate fully debt-funded unit buybacks within their existing rating thresholds. Charter Hall Retail would not be able to do so, while Scentre would be at the threshold.</div>
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<div>» A-REITs' good operating performance partially allays concerns around weaker credit metrics. We expect solid operating income growth will continue for the rated A-REITs. A-REITs will benefit from annual structured rent increases, which underpin our expectation for comparable net income growth of close to 3% for the sector over the next 12-18 months. High occupancy rates and contracted rental income will support both</div>
<div>the office and retail sectors, while the industrial sector will benefit from strong economic activity and limited space availability, especially in Sydney.</div>
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jrobinson-rf4aSBido9

REIT's face higher leverage on unit buybacks: Moody's

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A $28 million office block is proposed for 4-6 York Street, Sydney.
The proposal also includes additions and alterations to 341 George Street.
The 13 storey office building Candalepas Architects-designed proposal is an integrated development under the Heritage Act 1977 proposed by the Cheng family patriarch Tony Cheng, who runs NGI Investments.
The site of the former Bank of NSW Head Office, which cost $57 million in 2002, is historically significant as the location from 1853 to 1970 was the principal office of Australia's first and largest private bank.
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The building's official opening was held on Saturday 19 March 1932— the same day as the Sydney Harbour Bridge opened.
The building reflects the period of commercial optimism that preceded the Great Depression and with the prominent architectural firm of Robertson &amp; Marks who have worked on the building since its construction.
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341 George Street (below) is aesthetically significant as a substantially intact example of the Inter-War Commercial Palazzo style. It contains a richly detailed Banking Chamber, which is still in use as such (although reduced in scale), with original fittings, furniture and extensive finishes of marble, scagliola and pressed metal.
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The new building will be physically connected to the existing building at 341 George Street, and there will be access between most floors of the two buildings which will necessitate some alterations to the existing building.
The building at 341 George Street is of state heritage significance. The 4–6 York Street site is not heritage listed.
The allotment at 4–6 York Street and the building at 341 George Street are located on a city block bounded by George Street, Wynyard Street, York Street and Barrack Lane.
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Martin Place is directly opposite George Street to the east, and Wynyard Park is located to the north across Wynyard Street.
The site is significant for its landmark qualities and together with the adjoining former CBC Bank Head Office (343 George Street) it terminates the western vista of Martin Place and forms part of the significant precinct of historic public and private commercial buildings near the junction of Martin Place and George Streets. 
The site was originally part of the military barracks and was sold into private ownership in 1850. By 1882 it appears to have been developed into part of Sydney’s growing commercial district. 
The Bank of New South Wales, the oldest corporation of its kind in Australia, was founded in Sydney in 1817.
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The building remained the Head Office of the Bank of New South Wales until 1970, when the continued growth of the Bank has again made a larger head office building necessary.
After 117 years on the site the operation moved to a newly erected high-rise building, 60 Martin Place, on the corner of Macquarie Street.
In 2002, Westpac Banking Corp sold the site (341 George Street and 4–6 York Street) to NGI Investments.
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In October 2006, the Westpac Bank was temporarily closed to allow for the conservation and upgrading of its premises, which included the restoration of the original floor, walls, ceilings and screens on the ground and first floors. The bank reopened in April 2008.
Currently the Westpac Bank continues to occupy the basement, ground and mezzanine levels. 
The allotment at 4–6 York Street has remained largely vacant since the bank acquired the land in 1934.
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It was in 1850 when two allotments of the old barracks site were purchased at the corner of Wynyard and George Streets by Felix Wilson, Donald Larnarch and Robert Campbell at a cost of 1410 pounds.
They were buying on behalf of the Bank of New South Wales in preparation for the building of a new head office.
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The further continual growth of the bank’s business, which was a result of the goldrushes in Victoria and New South Wales, necessitated still further space.
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The architectural plans were prepared by Robertson and Marks. 
Early photographs show that the banking chamber had an attractive tiled floor and rich wood panelling. There were fluted columns with Corinthian capitals and a big clock in ornate wooden case on the southern wall. 
Business continued to expand and just before the First World War 341 George Street once again began to feel cramped.
According to Board minutes in 1913 the Board was considering the erection of a new high-rise building on the site to exploit its prominent position and to take advantage of the 150-feet construction height limit.
It was at this time that the Bank purchased three adjoining sites on Wynyard Street, but such matters as further extension were forgotten in the events of 1914–1918.
In the course of the war no fewer than 40 per cent of the Bank’s male staff was enlisted in the services.
In May 1925, the Board resolved that a new head office should be built. It was also decided that an Australian architect should be employed and that the building be of similar style of architecture to that of the Equitable Buildings in Sydney and Melbourne. 
The Commercial Banking Company of Sydney had then reached the final stages of the construction of its own Head Office, and the Bank of NSW Board resolved that the new building should be of the same height as its neighbour.
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In July 1925, the firm of Robertson &amp; Marks was again asked to supply plans.
In 1927 the Board resolved that the tender of Howie, Moffat &amp; Co. Ltd. for the erection of the premises for the sum of £551,379 be accepted.
The existing building at 341 George Street was erected in two stages to allow banking operations to continue. Demolition of the western section of the old premises commenced on 27 August 1927.
In 1934 the Bank purchased more land fronting Wynyard and York Streets (4–6 York Street). The building that had previously occupied the site had been demolished in the 1920s, but the Bank did not build on the area. Since then the allotment at 4–6 York Street has remained substantially undeveloped.
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The United States Consulate rented premises in the building from the 1930s to 1970. During World War II, U.S. General Douglas Macarthur used the Board Room for staff meetings. According to notes in the Westpac Archives it was also the scene of an occasional Court Martial.
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In 1949 the Bank entered a field which was previously under the monopoly of government owned institutions, savings bank operations which led to an expansion in the Bank’s operations and they began to fill more floors of the 341 George Street building.
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The earlier phase of occupation relating to the 1840s Military Barracks is likely to be significant.
It is known that the barracks were demolished and the salvageable building materials sold; however, there is still some potential for footings and occupation deposits to survive.
The archaeology of this site may have the potential to demonstrate information about the use of the barracks not otherwise documented.
Remains from this early period use of the site are therefore likely significant for both their historical values and their research values.
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It appears from the archival photography that the construction of the railway tunnels under the western part of the site involved drilling through the rock below the site and not excavation from above. Thus, there is potential for archaeological remains and deposits surviving on the western part of the study area. The proposed construction footprint on the new building will impact on potential Aboriginal and non- Aboriginal archaeology.
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GML Heritage was engaged by 6 York Street Pty Ltd to provide heritage and archaeological services in relation to the proposed construction of a new building on the mainly empty allotment at 4–6 York Street, Sydney.
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The report has been prepared by Anna Simanowsky, GML Senior Heritage Consultant. The archaeological assessment was prepared by Jodi Cameron, GML heritage consultant, archaeologist. 
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jchancellor-FAypfDUnLy

Former Westpac heritage-listed headquarters set for revitalised office complex on George Street

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Savills are marketing the Collins Street premises of Hugo's Expresso.
The popular cafe has been located at <a href="http://commercialpropertysearch.savills.com.au/c3b0756b-0a41-e811-80cd-005056813885/Sale/Melbourne/Shop-3,-601-Little-Collins-Street" target="_blank">shop 3 at 601 Little Collins Street</a> since 2009. 
Hugo's has a 10 year lease with two five year options to 2029.
<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/2018/5/30/hugos2.jpg" alt="">
There's been a brand new fitout on the space which currently returns just over $62,000 per annum, with five percent annual increases.
Savills agents Benson Zhou, Nick Peden and Dorothy He are marketing the shop as a high profile ground level CBD retail property.
 
 
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Collins Street's Hugo's Expresso premises listed through Savills

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IT start-up Stacktrace has signed its first Australian office premises in the Mirvac developed 410 Ann Street office tower in Brisbane.
Savills agent Dan Boyes negotiated the deal.
Formed in 2017, Stacktrace is a software services and products company in the not-for-profit and healthcare sectors. 
The company has taken up space on level seven in the East Tower of 410 Ann Street and will move into a fully fitted suite designed and constructed by The Fitout Studio.  
<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/2018/5/30/ann3.jpg" alt="">
Campbell Hanan, Mirvac's head of office and industrial, said Stacktrace are one of a number of tech organisations.
“We’re pleased to welcome Stacktrace to 410 Ann Street, where they will join a number of technology and start up organisations.
"Mirvac is excited to support the growth of this business hub by providing an environment that fosters collaboration between tenants..
“Taking a collaborative approach to tenant partnerships and asset management is key to our continued success in the Brisbane market. 
"Working with our tenants, we create workplaces that evolve to meet the changing needs of employees and building occupants. 
"In line with this, we have introduced a range of wellness initiatives at 410 Ann Street, designed to boost employee satisfaction, engagement and wellbeing. This includes regular yoga and meditation classes throughout the week.” 
Mirvac has also partnered with Brisbane City Council to develop the Cathedral Square regeneration project, which includes a grassy parkland with built-in seating and an inviting space for tenants, creating a quintessentially Queensland working environment.
<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/2018/5/30/Ann2.jpg" alt="">
Stacktrace’s founder, Chris Horwill said Mirvac’s strong reputation as a property manager attracted them to 410 Ann Street.
"The team has been extremely flexible and responsive in accommodating our short timelines and workplace requirements.
“The attention to detail in every aspect of the partnership has been outstanding and has allowed us to focus on building our business. This was important to us as a new company in a growth phase.” 
Located on the edge of Cathedral Square, 410 Ann Street has over 20,000 square metres of commercial office space and sits at the heart of one of Brisbane’s most exciting emerging urban precincts on the northern side of the Ann and Wharf Street intersection.
The building has a 5 Star NABERS energy rating. 
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Savills negotiate IT start-up Stacktrace lease in Brisbane's Ann Street tower 

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CBRE has sold the Woolworths Hadfield in Melbourne’s northern suburbs for $11.75 million.
It was the third time in two years the shopping centre has transacted. 
Located on a 5,600sqm site in Melbourne’s inner north, the freestanding Woolworths was first sold by CBRE in 2016 to St Albans-based plumber Emmanuel Zahra for $9.75 million. 
Then in 2017, it was sold for $8.75 million, however, the contract was forfeited. 
The property was purchased recently by a Melbourne investor for $11.75 million – reflecting a yield of 3.5% and profit of $2 million since it last transacted. 
The property, which has a one-year lease remaining to Woolworths, marks the fourth freestanding supermarket sale nationally this year, and the second in Victoria. 
The sale follows the trend of low returns on supermarket investments, with recent transactions including Coles Clayton in VIC for $17.115 million (2.57% yield) and Coles Earlwood in NSW for $28.72 million (4.22% yield). The assets were purchased by a Melbourne and Asian investor respectively. 
Recent supermarket transactions undertaken by CBRE
<table style="width: 468px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td nowrap width="83">
MAJOR TENANT
</td>
<td nowrap width="61">
CITY
</td>
<td nowrap width="42">
STATE
</td>
<td nowrap width="44">
DATE
</td>
<td nowrap width="68">
PRICE
</td>
<td width="71">
INTIAL YIELD
</td>
<td width="42">
GLA  (SQM)
</td>
<td width="57">
$ / SQM
</td>
</tr>
<tr>
<td nowrap width="83">
Coles
</td>
<td nowrap width="61">
Clayton
</td>
<td nowrap width="42">
VIC
</td>
<td width="44">
Mar-18
</td>
<td nowrap width="68">
$17,100,000
</td>
<td nowrap width="71">
2.58%
</td>
<td width="42">
2,852
</td>
<td nowrap width="57">
$5,995
</td>
</tr>
<tr>
<td nowrap width="83">
Woolworths
</td>
<td nowrap width="61">
Smithton
</td>
<td nowrap width="42">
TAS
</td>
<td width="44">
Mar-18
</td>
<td nowrap width="68">
$7,500,000
</td>
<td nowrap width="71">
6.83%
</td>
<td width="42">
2,200
</td>
<td nowrap width="57">
$3,409
</td>
</tr>
<tr>
<td nowrap width="83">
Coles
</td>
<td nowrap width="61">
Earlwood
</td>
<td nowrap width="42">
NSW
</td>
<td width="44">
May-18
</td>
<td nowrap width="68">
$28,720,000
</td>
<td nowrap width="71">
4.22%
</td>
<td width="42">
2,675
</td>
<td nowrap width="57">
$10,736
</td>
</tr>
<tr>
<td nowrap width="83">
Woolworths
</td>
<td nowrap width="61">
Hadfield
</td>
<td nowrap width="42">
VIC
</td>
<td width="44">
May-18
</td>
<td nowrap width="68">
$11,750,000
</td>
<td nowrap width="71">
3.57%
</td>
<td width="42">
2,101
</td>
<td nowrap width="57">
$5,593
</td>
</tr>
<tr>
<td nowrap width="83">
Total
</td>
<td nowrap width="61">
 
</td>
<td nowrap width="42">
 
</td>
<td width="44">
 
</td>
<td nowrap width="68">
$65,070,000
</td>
<td nowrap width="71">
4.30%
</td>
<td width="42">
 
</td>
<td nowrap width="57">
$6,433
</td>
</tr>
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j.ballantyne1990-6AQqhLzZaK

Woolworths Hadfield sold for third time in two years

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Monochrome Coffee have secured a Toorak Road, South Yarra retail space, near the corner of Chapel Street opposite the 50-storey Capitol Grand tower.
Fitzroys Agency Executive James Spencer negotiated the five-year lease with a five-year option for <a href="https://www.realcommercial.com.au/property-retail-vic-south+yarra-502780482" target="_blank">Shop 4, 286 Toorak Road</a> at $705 per sqm.
“This is one of the strongest results we’ve seen in that pocket of Toorak Road for some time,” he said.
“Toorak Road has evolved to become increasingly attractive for quality food and beverage operators, which was reflected in the high volume of enquiry we received from other hospitality businesses and the secure lease terms achieved.
“Recent residential and commercial developments within the Forrest Hill precinct has had a great positive effect for retailers along Toorak Road.”
He said the $450 million redevelopment of the Jam Factory precinct, the 50-storey Capitol Grand tower and introduction of the Aloft hotel nearby would create a further buzz in the area, and businesses on Toorak Road and Chapel Street would see a positive flow-on effect.
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Monochrome Coffee and Tea leases prime Toorak Road space

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Four commercial premises in Redfern's popular dining hub The Alchemy have been listed for sale.
The <a href="https://www.realcommercial.com.au/property-retail-nsw-redfern-502818198" target="_blank">properties on the corner of Pitt and Redfern Streets</a> are currently home to restaurants Bart Jr, Fern St, Isaacs and the recently opened Juan.
Isaacs restaurant takes up two shop spaces.
<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/2018/5/31/alchemy.jpg" alt="">
The net income range from $54,000 per annum to $143,000. Each premises has new five to eight year leases.
The properties in the recently completed development are being offered for sale individually or all together.
<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/2018/5/31/redfern2.jpg" alt="">
The ground floor offerings sit beneath apartments. 
Ray White Commercial agents Scott Stephens, Justin Rose, Samuel Hadgelias and Jeff Moxham are marketing the property for a June 13 auction.
Each space was bought in 2016 and 2017, with the purchase prices totalling just over $3.5 million.
 
 
 
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Redfern's popular dining hub The Alchemy listed

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Generalised reporting of major markets is the curse of investors trying to find out what’s really happening. The growth figures published in mainstream media, with a single figure to describe an entire city, mislead more than they inform.
It’s one reason why few people I speak to can be convinced that it’s worth considering Adelaide, which I regard as Australia’s most under-rated market.
The generalised figures suggest little price growth - but, as is often the case, individual locations are doing better. 
Figures from realestate.com.au show that some Adelaide suburbs are selling homes quickly - and other data shows that many of these locations are recording above-average price growth.
According to realestate.com.au data for the six months to April 30, Gilberton has Adelaide’s fastest-selling houses. Houses in the north-eastern fringe suburb have a median time on market of 13 days – up there with the best in the nation.
Gilberton’s median house price has grown 19 percent in the past year to reach $1,090,000.
Houses in Hyde Park (median price $1,370,000, up 5 percent in 12 months) and Sefton Park (640,000, up 21 percent) have a median time on market of 17 days.
Clarence Gardens ($630,000, up 7 percent) and Melrose Park ($552,000, up 8 percent) houses sell in 18 days.
Realestate.com.au chief economist Nerida Conisbee said Adelaide’s market is performing strongly and sale times will likely go down as stock levels typically drop over winter.
“On average we typically see homes selling in around 40 days so you are looking at a pretty speedy market,” Conisbee says.
This confirms our view that the Adelaide market is stronger than the generalised price data indicates.
And I think it will get stronger, as the state economy delivers on the considerable promise it is increasingly showing. 
The unemployment rate for South Australia has risen slightly in the latest official data, but it remains healthy at 5.9 percent, compared to 6.5 percent in Queensland and Western Australia, and 6 percent in Tasmania. Only NSW (5 percent) and Victoria (5.3 percent) have better jobless rates than SA. 
The state economy is showing great resilience, despite some negatives such as the Holden factory closure, and this is under-pinning real estate markets.
Adelaide is the innovation capital of Australia and increasingly major businesses are relocating to the SA capital for that reason. SA leads on the nation on alternative energy and projects under way or in planning total many billions of dollars. 
And the big enterprises to create vessels for the Navy are also in the pipeline.
Canberra is another capital city that flies under the radar screens of most investors, despite everything it offers.
The ACT has the nation’s fastest-growing economy, according to Deloitte Access Economics’ business outlook, which says the ACT went to the “top of the leaderboard” in 2017, with gross state product rising 4.6 percent.
Deloitte partner Chris Richardson says low interest rates have given the ACT’s “massive mortgage belt” some breathing space. “There’s two big levers at play in Canberra: the size of the public service and interest rates,” he says.
After weathering government cutbacks in recent years, the public sector is now “in the sweet spot”.
The State of the States report from CommSec has the ACT in third place overall in a study of the states and territories on eight economic indicators. 
The ACT trailed NSW and Victoria overall but ranks first on housing finance (up 28% on the long-term average), second on unemployment and second for annual population growth, up 1.8%. The ACT’s home building starts were up 16.5% on decade averages, placing it third. It’s a strong report card and is a key factor in the steady rise in prices and rents. 
The latest figures from SQM Research confirm the very low vacancy rates in Canberra.  The firm’s mid-May report recorded a vacancy rate of 0.8%, compared with Sydney (2.3%), Brisbane (3%) and Perth (4.1%). 
Only Hobart (0.7%) has a lower vacancy rate, according to these figures.
Not surprisingly, rents are rising. In annual terms, the weekly asking rent index is up 7.6% for houses and 4.1% for units.
The Domain Group has also published figures showing strong annual rises in Canberra rents, with houses overall up 6% and units up about 5%. 
Domain chief data scientist Dr Nicola Powell says: “This data echoes what we have been seeing in the Canberra market and that is rents are rising across the board.
“House rents have been growing since mid-2015 and unit rents have been growing since the end of 2015.”
Some forecasters have tipped Canberra to lead the capital cities on price growth in the next three years. I’m not sure it will be No.1 but I expect it to be a contender.
For my third under-rated market, I could nominate pretty much any of our major regional cities.
Organisations whose goal is promoting themselves rather than informing the public like to publish average growth rates to compare capital cities with the regions. The regions will always lose in this comparison because the regions include struggling mining towns and other areas suffering from negative events such as drought.
It would be more valid to compare the capital cities with the largest regional centres like Newcastle, the Gold Coast and Geelong - and this comparison would produce a very different result.
Many suburbs in both Newcastle and Geelong have recorded median price growth above 20 percent in the past 12 months. Several other regional markets, including those close to Melbourne and to Sydney, have had serious growth in the past couple of years.
But under the general heading of under-rated I’d go for Ballarat. Whenever I speak about cities like this, I get that kneejerk reaction about regional centres never delivering growth.
But consider what a city like Ballarat offers. Virtually every suburb has a median house price below $450,000, including several with medians in the $200,000s. It’s not too hard to find rental yields above 5 percent. And there’s been serious price growth recently.
The suburbs of Soldiers Hill, Buninyong and Black Hill are up more than 20 percent I the past 12 months. Others have grown 10-12 percent.
The city is underpinned by a strong, diverse local economy, a growing population and good transport links to Melbourne. 
It’s feasible to buy a good home there at a fraction of Melbourne’s prices and commute to work somewhere in the state capital (keeping in mind also that some of Melbourne’s biggest jobs nodes are on the northern fringe of the metro area, closest to cities like Ballarat and other attractive Hill Change towns in Victoria).
But there are plenty of jobs within Ballarat itself, which is attracting growing numbers of buyers from Melbourne, seeking more attractive prices and a different lifestyle.
Terry Ryder is the founder of hotspotting.com.au
<a href="https://mailto:ryder@hotspotting.com.au">ryder@hotspotting.com.au</a>
twitter.com/hotspotting
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terryryder-YECXbqmri2

Australia's three most underrated growth markets

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A prime retail investment in the heart of South Yarra will be auctioned May 31.
Located at 63 Toorak Road, a short distance from Punt Road, the property comprises a 51 square metre single level retail building.
It is currently let to a body clinic, which has partitioned three treatment rooms and rear wet areas.
It is zoned Activity Centre 1, which aims to encourage a mixture of uses.
Teska Carson’s Richard Munday and Michael Taylor said the property will be sold subject to a short-term lease with current income of $43,263 per annum plus GST. 
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Retail listing on Toorak Road, South Yarra

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Surfers Paradise’s Chevron Renaissance Shopping Centre has secured the Commonwealth Bank among its new tenants.
The financial institution is set to open a branch within the retail, dining and entertainment precinct in July.
Coles, National Bank of Australia, Chempro and Endota Spa are in the centre where The Precision Group has spent in excess of $5 million dollars since their purchase in 2015.
Other new tenants taking up prime positions within the precinct includes Surfers Paradise’s only Asian grocer Yifan Asian Emporium, internationally renowned Malaysian restaurant PappaRich and eyebrow threading boutique Elegant Eyebrows.
The centre also recently facilitated the installation of Auscoin's first Bitcoin ATM in Queensland.
Among the future tenants is an innovative Childcare Centre that will be the first service of its kind in the heart of Surfers Paradise.
 <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/2018/5/23/Chevron%20Renaissance%20Shopping%20Centre%201.jpg" alt="">
Set to open early 2019, Journey Early Learning Childcare Centre will have capacity for 88 children on the second level of the Centre. 
The centre has frontage to the G:Link tramline. 
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