<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

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Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

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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Multiplex, a leading global contractor, has reached a major construction milestone Topping Out the fifth and final commercial office tower that will complete Walker Corporation’s $2.5 billion landmark Collins Square development located at 727 Collins Street in Melbourne CBD.
The $126 million tower spans 33-levels and is 117 metres high. It will provide a total net lettable area of approximately 40,000 square metres of commercial office space.
Designed by high-profile architects Woods Bagot, the fifth tower will feature high quality office space with an architectural curtain wall façade to provide a light-filled spacious entry and public circulation space.
“We are delighted to reach Topping Out stage at Tower 5, bringing us one step closer to the completion of Collins Square,” said Graham Cottam, Regional Managing Director of Multiplex Victoria.
“The smooth delivery of this substantial project is a reflection of our on-going collaboration with Walker Corporation, which will see Multiplex delivering four of the five towers upon completion of the entire precinct.”
According to Multiplex, some 450 people have worked on-site to date, with a total of 22,000 cubic metres of concrete used to get the final tower to its 33-level height. Completion is on track for October, 2018.
Collins Square is one of the largest commercial office developments in Australia. Spanning an entire city block, it consists of five commercial office buildings providing a combined total of more than 200,000 square metres of net lettable area.
The Collins Square development has a Green Star Design and As Built v3 Rating as well as NABERS Energy 5 Star Rating due to its use of a Tri-Generation system for producing power; along with the rainwater harvesting system and water efficient fixtures and fittings.
Multiplex has completed a number of commercial projects across Melbourne over the past few years including Cbus Properties Medibank office at 720 Bourke Street, National Australia Bank building at 700 Bourke Street and Queensland Investment Corporations development in Collins Street.
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j.ballantyne1990-6AQqhLzZaK

Multiplex tops out final commercial office tower at Collins Square

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<div>On the face of it a better result for retail trade in February 2018, with a +0.6 per cent increase in turnover, and the January result revised up slightly to +0.2 per cent. </div>
<div> </div>
<div>Under the hood, though, this was another soft result, with department stores clearly under intense pressure.</div>
<div> </div>
<div>Total retail turnover in February was $26.45 billion in seasonally adjusted terms, so only a marginal +0.2 per cent higher than we saw back in November when the i-Phone X was unleashed and Black Friday spiked the results. And the February figures for Sydney and Melbourne would have been enhanced by Chinese Lunar New Year falling later this year than last. You can click on the graphics to enlarge them. </div>
<div> </div>
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<div>Looking through the monthly noise, retail turnover in trend terms was a modest +2.7 per cent higher over the year. </div>
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The monthly rebound in turnover was driven by New South Wales (+1.1 per cent) and Victoria (+1.1 per cent), offset by a decline in Western Australia (-0.6 per cent).  
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<div>Amazon arrives</div>
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<div>These figures are of particular interest since the survey should include Amazon Australia sales.</div>
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<div>If there's one thing we do know it's that there has been widespread industry discounting - indeed, you can take a walk around any shopping mall and see this for yourself. We'll see this better in the quarterly results, which will shed more light on price inflation (deflation) versus volumes as a driver of retail turnover. </div>
<div> </div>
<div>Price discounting in part helped to drive a +1.5 per cent rebound in department store turnover in the month, but this came off the back of a series of monthly declines, with turnover remaining well below the levels seen in October last year. </div>
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<div>The rolling annual trend numbers over the the longer term tell the story better - department stores have never faced such sustained pressure since the statistician began measuring numbers. </div>
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Tellingly, online retail accounted for 5.1 per cent of total turnover in the month, up from 3.6 per cent only a year earlier, an alarming rate of increase from the perspective of traditional retailers. 
<div>Myer has been one high-profile casualty with its share price trading at around 36 cents (down from a float price of $4.10) but there are plenty of others...and more in the offing. </div>
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pwargent-M4siyDbqQY

Department stores under intense pressure: Pete Wargent

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The former home of Trans Australia Airlines, and more recently Qantas, has sold to an offshore buyer for $90.15million.
The property at at <a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-502622354" target="_blank">50 Franklin Street in Melbourne</a> sold with a new long-term lease in place to the Victorian government.
The deal comes just more than a year after Singapore-based property developer Lian Beng picked up the 18-level office tower in the heart of the city’s education precinct for $51.5million, and six months after the state government signed a 10-year lease to occupy the entire building.
It was sold by a band of 12 private investors and was sold by vacant possession after the departure of Salmat.
Savills Australia’s Ben Parkinson, Paul Craig and Ben Azar managed the international expressions-of-interest campaign in conjunction with Colliers International’s Trent Hobart.
Parkinson said the buyer recognised the potential of the property’s solid passive income stream, which spiked 116 enquiries and ultimately 14 offers, six domestic and eight offshore, from a combination of private and listed groups.
“The Victorian state government has signed on for 10 years, with various departments to occupy the space and undertake a multi-million-dollar major building upgrade during the tenancy,” he said.
“There’s a focus on increasing the NABERS Energy rating from 1.5 stars to three-plus stars.”
Ben Azar said the property’s ultimate income security under the strong AAA-rated government lease covenant was the deciding factor in the deal.
“This is an extraordinarily rare opportunity to acquire a whole building occupied by a government tenant,” he said.
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“50 Franklin Street is one of only two buildings with a net lettable area under 20,000 sqm, 100 per cent occupied by a government tenant in the Melbourne CBD.”
Paul Craig said the Melbourne CBD continued to be a core Asia Pacific investment destination and Australia’s most diversified office market.
“The forecast office supply from 2017 to 2026 is indicating only half the stock of the previous decade will come to market against a backdrop of sustained high demand,” he said
“This is anticipated to translate to effective rent growth and the ongoing generation of Melbourne’s sought-after high-return profile.”
Mr Parkinson said the buyer planned to capitalise on the tower’s future development upside, with hotel, studentand residential accommodation among the possible opportunities.
“The flexible floorplate configuration allows for easy conversion,” he said.
“With the prominent total site area of 2,213 sqm, there is potential to increase the building area to 40,000 sqm, subject to council approval.”
50 Franklin Street is in one of the Melbourne CBD’s most rapidly evolving precincts, with major state government and City of Melbourne infrastructure works being undertaken in the immediate vicinity, including the $10.9billion Metro Rail Project and the revitalisation of the Queen Victoria Market.
“Anticipated to become one of the most densely populated precincts in the world, this will be the epicentre for office and education use,” Azar said.
“During this time of growing demand in the international education sector and falling yields for commercial offices, we expect significant domestic an off-shore enquiry for this asset.”
Extensively refurbished about eight years ago, the building includes four passenger lifts, 36 basement car parks, an entrance lobby and flexible ground-floor commercial space.
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Former Trans Australia Airlines house flies for $90.15 million

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Adelaide real estate investor PPI Funds Management has bought the Greenacres Shopping Centre near the CBD for $10.5 million.
It sold fully leased with a yield of 7.25 percent, achieving around $3,500 per sqm.
Savills Australia brokered the off-market deal having approached a select number of investors.
Savills agents Peter Isaksson and Rino Carpinelli brokered the deal on behalf of Graham Investments, suggesting the buyers had been eyeing the asset for some time.
“They already own the adjacent Coles supermarket and bulky goods site so Greenacres Shopping Centre is a strategic acquisition, as it consolidates ownership of a major metropolitan-district complex to a total site area of about 43,226sqm," Isaksson said.
Specialty retailers already operating in the centre include H&amp;R Block, Greenacres Surgery medical clinic and National Pharmacies, as well as a BankSA branch.
Carpinelli said the buyer recognised the future upside potential of the property, based on its busy suburban location just 12 kilometres north-east of the CBD.
“Greenacres Shopping Centre is superbly positioned on the corner of North East Road and Muller Road, next to a high-performing Coles supermarket and Liquorland, giving it critical exposure to daily passing traffic,” he said.
Carpinelli said South Australian shopping centres were becoming a popular market among investors, as record sale prices being achieved for shopping centre listings on the eastern seaboard were pricing out local buyers.
“Savills is also sourcing speciality retail tenants for a new retail complex in Victor Harbor, which is anchored by a Coles supermarket, Liquorland and Bunnings Warehouse,” he said.
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Developer goes on shopping spree for Greenacres

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Investors are predicted to seek to secure a prime slice of Broadbeach real estate, located in what has proven to be one of the key growth hubs on the Gold Coast.   
The Aria Retail complex positioned on the ground floor of the popular Aria Resort and Boutique Apartments is located in the heart of Broadbeach.
The 1,472 sqm retail holding comprises the entire ground floor retail complex on the ground floor of the Aria building.
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It features 14 restaurant and retail tenancies on two separate lots and includes basement parking for 42 vehicles. 
Aria is centrally positioned on Surf Parade the primary resort and dining destination and features a diverse mix of retail, service and restaurant tenancies, including restaurants La Roma and On Fire as well as Molly Malone’s Irish Bar.
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Savills Jon Tyson and Peter Tyson are marketing the property with Stewart Gilchrist and Darrell Irwin of Colliers International.
Jon Tyson said the property is on the market for the first time in 15 years, and should be well received in the marketplace.
“Aria Retail is one of the Gold Coast’s first major retail property offerings for 2018 and given its high profile location and diverse tenant line up is expected to draw strong interest from both local and interstate investors,” Jon Tyson said.
Savills’ Peter Tyson said that the Gold Coast is now Australia’s sixth largest city with a growing economy and has matured as an investment destination.
“With a population approaching 600,000 this year, over 12 million tourist visitors annually and over $13.5 Billion in major infrastructure projects, the Gold Coast has come of age.
“The Aria Retail complex is strategically positioned in the primary resort and dining precinct of Broadbeach, within walking distance to key attractions including the Star Casino, the Gold Coast Convention Centre and the city’s expanding light rail system. 
Colliers International’s Stewart Gilchrist said that Aria offers a rare opportunity in today’s market to acquire an entire retail complex in the tightly held central Broadbeach CBD. 
 
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Aria Retail Complex at Broadbeach to sell

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 Australasian architecture firm The Buchan Group has unveiled the design details behind the new Broadbeach Mall dining precinct at the popular Oasis Shopping Centre at Broadbeach on the Gold Coast. 
The $8 million upgrade received a commendation in the City of Gold Coast 2017 Urban Design Awards announced in November. 
The Buchan Group, Lat27 and Hutchinson Builders were congratulated for their work on the upgrade of the centre’s outdoor dining precinct, which opened earlier this year and included a new awning structure, entry statement, paving, landscaping and lighting.  
The Buchan Group Gold Coast Principal Brett Saville said Buchan’s architectural and design teams were appointed by the centre owners in 2018.  
“One component of the centre masterplan that was prepared was to redesign the outdoor dining precinct at ground level facing Broadbeach mall,” Mr Saville said.
“Oasis is a 1980s retail and residential development that replaced the original Broadbeach International Hotel that first opened in 1955.
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“The mall and shopping centre precinct is a popular destination for tourists and locals, and this work has invigorated a critical element of the central Broadbeach entertainment precinct.
“Tenants along the southern entrance enjoy a retail location shielded from the south-east winds, with uninterrupted winter sun and easy pedestrian access via the mall frontages. 
“The new awnings, paving, landscaping and lighting are designed to open the dining spaces out to the mall and the main pedestrian boulevard that runs along the northern face of the dining areas.”
Saville said the main awning over dining places provided an open, airy environment while ensuring protection from rain via roll-down blinds.
“This allows sun protection in summer while allowing an appropriate amount of sun penetration in winter,” he said.
“The rhythm created by the structural frames of the awning modulate the very linear form of the precinct. This rhythm is enhanced by the signage and at night by strip LED lighting in the posts.”
Flooring colours and materials were selected to complement the Gold Coast City Council’s streetscaping palette for Broadbeach, including painted steel, timber, glass and coloured concrete paving to accentuate a contemporary feel. 
“To further complement this, large planters with advanced trees feature, as well as quick growing flowering vines that climb vertically and will continue across the overhead wires under the glazed section of the awning structure.  “Our team drew on its extensive national and international retail experience to create a new feel to the precinct that is contemporary and complementary to the Broadbeach Central Masterplan.” 
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Buchan unveils design details behind new Broadbeach Mall precinct, Gold Coast

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According to Savills Director of <a href="http://www.savills.com.au/services-and-sectors/student-accommodation.aspx" target="_blank">Student Accommodation</a>, Conal Newland, the Australian student accommodation market is transitioning, on the back of a significant increase in the development of purpose-built student accommodation (PBSA) across Australia’s capital cities.  This wave of new accommodation is now reaching completion, with a significant increase in the supply of PBSA throughout the next two years.  In New Zealand, the demand for more institutional PBSA appears relatively strong, but the feasibility of delivering new accommodation is challenging given rental prices which are low but have been increasing and current build costs which are relatively high.
Private sector vs university
The sector is entering a new phase, where there will be more beds owned and operated by the private sector than universities.  The last Australia-wide survey of student accommodation carried out by University Colleges Australia (UCA), in association with (at the time) ACCUHO, as at November 2004, indicated that there were 74,482 beds provided across the country.  Of that, 44,260 places (representing 59 percent) were provided by universities and colleges or located on-campus.  The remaining 30,222 (41 percent) were provided by commercial entities, churches and charitable trusts. 
A number of the private sector consortia that have been active in the Australian student accommodation market must now move from primarily a development phase, into a focus on operations.  Initially, this will be to attract students and stabilise new properties’ occupancy levels.  This change in business mode, to deliver strong asset performance returns, has been coined by certain market participants as the challenge to “put the rubber on the road”.  Operational performance driven by good management is key area of interest for market observers moving into 2018.
Focusing on the main capital cities, Savills 2017 research indicates that 38,960 beds were provided by commercial operators.  In addition, Savills research indicates that 7,793 bedrooms will be delivered in 2018.  From the start of semester two 2018, commercial providers will be operating a total of 46,753 bedrooms across Australia.  This rapid increase in the supply of accommodation is undoubtedly going to cause some challenges and opportunities for operators.  New players entering the market looking to establish brands and stabilise assets, with existing operators protecting market share as new competition arrives. 
Click here <a href="https://www.propertyobserver.com.au/images/2018/4/10/savills3.jpg" target="_blank">to enlarge.</a>
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A deeper look into each market
In Sydney, a total of 1,034 bedrooms are due for completion in 2018.  Overall, the PBSA development pipeline remains relatively restricted in Sydney, due to continuing buoyancy in the value of development sites – primarily driven by residential developers in the key locations for student accommodation.  The University of Sydney (and its associated colleges) is also active, with a number of new projects underway.  The uptake for off-campus accommodation in 2018 has been strong, with most high-quality assets now at or near capacity.  
The Melbourne market has also had a robust start to 2018, with strong demand for bed spaces.  Savills research indicates that 1,709 new beds of accommodation are due for completion in 2018.  We see continuing strong demand for this new accommodation, particularly at the lower rental price points.  
Brisbane has a significant amount of new accommodation due for completion in 2018.  Our research indicates that 3,922 bedrooms will be completed.  This represents a 44 percent increase on top of the existing provision of commercial accommodation (8,870 bedrooms).  There is also some indications of lower than expected demand for accommodation priced towards the top of the market, with rental discounts being offered to students, and self-contained studios being reprovisioned to twin rooms with the inclusion of bunk beds.  The new delivery of accommodation at Southbank is creating a student hub, with focused activity and vibrancy in that location.  Continuing opportunities to delivery new accommodation at lower end of the market price point.
Adelaide has also been active, with Savills research indicating that 1,128 bedrooms will be delivered in 2018.  This is off a relatively low base of commercial provision of 3,047 beds.  Demand has been steady for the new well located  accommodation that has recently been completed.
In Perth several new projects have been promoted in the last 12 months and construction is underway on Global Student Accommodation’s (GSA) first scheme in Northbridge which is anticipated to open in 2019.
In New Zealand there has been very limited delivery of new off-campus PBSA in the last two years as build costs have risen to levels that impacts on the financial feasibility of projects.  Levels of demand appear relatively robust in the main cities of Auckland, Wellington and Christchurch.  The residential rental markets are currently relatively tight with limited vacancies and there has recently been several news articles on rising rental levels.  
Future outlook for student housing
Looking forward to 2019, the pipeline supply for Melbourne and Brisbane remains strong, and Savills will be closely monitoring the uptake of new PBSA within both of these markets.  There appears to be continued excess demand for good quality PBSA in Sydney, with developers and investors focussing hard on new opportunities – Savills predicts that non-CBD locations may become increasingly prevalent for new off-campus residences.
While supply has been increasing across most of the main markets, it is important to note that the existing provision of institutional-quality PBSA in Australia is coming from a historically extremely low base, with supply levels very low by international standards.  The delivery of this new wave of accommodation is benefiting students by giving them access to modern facilities, well located in respect of their place of studies, together with enhanced levels of amenities.  The delivery of new high-quality PBSA has also been identified as a key enabler of the continued performance of Australian universities within the global Higher Education market. 
On campus, there have been several new projects in the past 12 months.  The University of Melbourne entered into an agreement with Lendlease as the master developer and Urbanest as the student accommodation developer for approximately 450 beds of new accommodation within the Carlton Connect mixed-use development.  The University of Tasmania completed an outsourcing of its student accommodation portfolio in Q3 2017.  More recently, James Cook University is delivering approximately 500 new beds of accommodation at its Cairns Campus for the start of 2018.  
Savills is seeing an increasing amount of activity involving universities taking a more commercial focus towards the operation of and investment into the provision of on-campus student accommodation.  Through this process, there will be more opportunity for collaboration between the universities and the experienced student accommodation providers. 
There are also a number of proposed developments in smaller cities and regional areas, as universities in these localities identify the need for provision of quality PBSA to support the wider objectives of the university.  The feasibility of these new regional projects are typically more challenging without the strong back-up of a direct let alternative, so universities are often required to underwrite a certain level of occupancy or revenue.  It is expected that this is a trend which is set to grow in the short to medium terms. 
International students in Australia
From a demand perspective, the latest available student demographic information from the Department of Education and Training (February 2018) indicates that international students studying in Australia increased from 253,757 in 2015 to 278,718 in 2016 representing an annual increase of 9.8 percent.  This has been on the back of strong double-digit growth throughout the past two years.
Click here <a href="https://www.propertyobserver.com.au/images/2018/4/10/savills2.jpg" target="_blank">to enlarge.</a>
<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/2018/4/10/savills2.jpg" alt="">
The Australian international student market is continuing to be dominated by a large number of students from Southeast Asian countries, with China and India continuing to be the strongest countries of origin. 
As of the start of March 2018, the new 457 Visa regulations have come into force.  There have already been some indications that these visa changes will have material impacts on the Australian University sector.  In the past, certain levels of international students have been attracted to Australia on the basis that they could convert student visas into longer-term visas with the ability to work and remain in Australia.  It is expected that the impact of these visa changes will be reflected in student enrolments in 2019. 
Student accommodation in catch up mode
In summary, Savills sees the Australian student accommodation market in a “catch-up” mode coming from a historically low supply of University and College accommodation, which was primarily on-campus and with a significant amount of catered offerings.  There is a new wave of institutional development – particularly focused off campus – with a large amount of new PBSA being delivered across Australia’s capital cities in 2018 and 2019.  
While Savills considers that there may be some locations with reasonably limited short-term performance rental increases and occupancy levels, the company does not consider that at this stage any of the major Australian markets are reaching a supply saturation point.  There are still numerous opportunities in most markets to meet the growing levels and expectations of student demand.  The critical success factors for the successful delivery of new accommodation will - from a real estate perspective - focus on factors such as the location of the property and a tenancy mix (with corresponding rental price points) to meet the local market.  Competent management will be essential to ensure operational success and will be more important than ever moving forward and supply increases in many Australian markets.
In New Zealand the supply of new PBSA will remain restricted until build costs, or land values in the main cities ease.
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. Conal Newland is Director of <a href="http://www.savills.com.au/services-and-sectors/student-accommodation.aspx" target="_blank">Student Accommodation</a>. To learn more about Savills, visit <a href="http://www.savills.com.au" target="_blank">savills.com.au</a>.
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jrobinson-rf4aSBido9

Student accommodation: Now it’s time to put the rubber on the road

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Supply lines for Parramatta and North Sydney are set to increase in size over the next few years, according to the Colliers International Q1 Metro Office Research and Forecast Report for 2018. 
The light rail is continuing to transform the dynamics of Parramatta, who has seen grade B vacancy slash more than half.
From the six months to January 2018, it dropped from 6.3% to 2.7%. 
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Kristina Mastrullo, associate director of research at Colliers International said the upward rents are expected to continue.
“B grade rents are expecting to continue their upward trajectory, with the ability to further increase A grade rents," she noted.
"Sizeable B grade space becoming available is when Property NSW vacates 5,700sqm in 93 George Street, moving to Parramatta Square."
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Mastrullo suggested Parramatta will continue with historically low vacancy rates.
“The next two years will see Parramatta continue with historically low vacancy rates, increased rents and decreasing incentives as Lessors look to capitalise.
"2021 will deliver new developments and much-needed opportunities not only for large occupiers but medium sized businesses.”
“Adding to demand is interest from co-working / serviced office groups who are seeking A grade quality as either majority or whole-building occupiers i.e. over 3,000sqm, delivering scale.”
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“Demand is particularly strong at the top end of the market, leading to off market transactions occurring on a more frequent basis.”
Mastrullo also cited North Sydney as somewhere businesses are targeting.
“With the Sydney Metro, the Victoria Cross Integrated Station Development and increasing investment in retail and public amenity, requirements for North Sydney office space is likely to strengthen moving forward, encouraging organisations to consider North Sydney as a first option for accommodation.”
“Its an exciting time for North Sydney; the market is going through a transformation and we are seeing high profile corporates choosing North Sydney as a location,” said Louise Rowe, National Director of Office Leasing at Colliers International. 
“The quality of amenity, the affordability of workspaces and the accessibility to the CBD and outer suburbs is giving tenants what they want in a location for their business.” 
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Parramatta and North Sydney office market primed for increase: Colliers

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Mellifont, the historic Annandale Federation Queen Anne building which had been the Calliope Child and Family Centre psychiatrists, has sold for $2.6 million.
The property on the <a href="https://www.realcommercial.com.au/property-medical+consulting-nsw-annandale-502723886" target="_blank">corner of Albion and Johnston Street</a> last traded for $445,000 in 1996 and comprised of a number of consulting rooms.
The local family purchasers are to convert it back to a residence.
It could be turned into a five or six bedroom family home, suggested Pilcher Residential selling agents Simon Pilcher and Rocco Colosi.
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The home on 375 square metres has four car parking and a large wine cellar.
It was once the home of Mary Philomena and John Cahill.
Cahill owned the Australia Soapworks at Camperdown in the 19th century.
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Historic Mellifont building in Annandale sold

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The Manor Boutique Hotel premises in Sydney's Darlinghurst has been listed for sale.
The 18 room hotel on a 770 square metre <a href="https://www.realcommercial.com.au/property-land+development-nsw-darlinghurst-502409158" target="_blank">Flinders Street parce</a>l has the potential for a residential conversion and additional units, suggests Ray White Commercial agents Peter Kotzias and Loughlin Bataille.
The property is steeped in the early history of Sydney and dates back to the mid 1850s.
It last traded for $3.3 million in 2009.
There are four off-street car spaces and it is mixed use B4 Zoning. 
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