<p>A new 25-storey apartment tower proposed for Mercer Street would push Geelong’s western gateway skyline higher, with Morphy Birrell Property Group lodging plans for a project directly beside one of the city’s most significant heritage streetscapes.</p>

<p>The <a href="https://www.apartments.com.au/architects/fk-australia">FK</a>-designed development at <a href="https://www.apartments.com.au/new-apartments/65-67-mercer-street-geelong-vic-3220">65-67 Mercer Street</a> has now been referred to Victoria’s Planning Minister. The site sits opposite the Geelong rail corridor and immediately south of the heritage-listed St Peter and Paul’s Catholic Church and Ashby Hall precinct.</p>

<p>Rather than compete with the neighbouring ecclesiastical buildings, the proposal adopts a sculpted podium intended to reference the materiality and scale of the heritage context. Planning documents note the design draws cues from the “dark stone brick” church and surrounding masonry buildings, while the tower above transitions into a softer, curved form oriented toward Corio Bay and the Geelong waterfront.</p>

<p><img alt="First look: Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct" data-entity-type="file" data-entity-uuid="b797d10c-d4a6-47af-b8df-1aeaa3b382be" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/public%20square.png?VersionId=QGIpcz1x1hKB6lQLl2iobyHqb6PS2Ztc" /></p>

<p>The development forms “Stage 5” of Morphy Birrell Property Group’s broader Mercer Street precinct strategy, following the completion of the 21-storey Miramar tower on Cavendish Street and several additional approved redevelopment stages nearby. Planning consultants Ratio said the proposal “represents an exemplary development outcome” aligned with the strategic ambitions for Central Geelong’s continued urban renewal.</p>

<p>The mixed-use project would replace an existing low-rise commercial building and surface parking area on the 3,320 sqm corner site. FK’s urban context report describes the proposal as a residential development comprising apartments, resident amenities, commercial space, and integrated landscaping positioned to maximise bay views and northern sunlight access.</p>

<p>Renders show a deeply articulated tower with curved balconies stepping above a lower masonry podium that frames a landscaped forecourt facing Mercer Street. The design intentionally preserves sightlines toward the adjacent church buildings, with the podium scaled to reinforce the heritage edge before the tower recedes upward.</p>

<p><img alt="First look: Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct" data-entity-type="file" data-entity-uuid="2bdca91e-66f7-4ac7-8baa-2f93bd5b564e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/geelong%20site.png?VersionId=QOhbino4ZgzKYw5dW3QE14E.2yq.Sv87" /></p>

<p>The planning report highlights the site’s strategic location within 400 metres of key Geelong destinations including Cunningham Pier, the Geelong Station precinct, Deakin University, and the convention centre. Bus services run directly along Mercer Street, while the Corio Bay foreshore sits around 100 metres north of the site.</p>

<p>The proposal arrives amid accelerating redevelopment across central Geelong, where planning policy continues to encourage higher-density housing close to transport infrastructure and the waterfront. Mercer Street in particular has emerged as a focal point for taller apartment development due to its proximity to Geelong Station, the bay, and major civic infrastructure.</p>


Joel Robinson

Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct

<p>Development giant&nbsp;<a href="https://www.apartments.com.au/developers/hamton">Hamton</a> and joint venture partner Hostplus have revealed the next residential stage of their $3 billion Moonee Valley Park masterplan, lodging plans for 512 more apartments within the precinct on surplus racecourse land at 110 Wilson Street, Moonee Ponds.</p>

<p>The proposed development, dubbed&nbsp;<a href="https://www.apartments.com.au/new-apartments/trackside-house-110-wilson-street-moonee-ponds-vic-3039">Trackside Gardens</a>&nbsp;in the planning application, follows the <a href="https://www.apartments.com.au/news/vic/first-look-exclusive-hamton-and-hostplus-reveal-sixth-stage-of-moonee-valley-park-masterplan">recent unveiling of the sixth-stage Cox Place Precinct</a> and continues the long-running transformation of the Moonee Valley Racecourse into one of Melbourne’s largest urban renewal projects.</p>

<p>Positioned on the north-eastern edge of the racecourse adjacent to CityLink, Trackside Gardens will comprise three residential buildings rising between 61.8 metres and 86.4 metres within a heavily landscaped precinct shaped by Hamton’s Nature Based Cities framework.</p>

<p>The project forms part of the broader Moonee Valley Park redevelopment being delivered by Hamton, Hostplus and the Moonee Valley Racing Club, which is reshaping the 40-hectare racecourse site into a mixed-use neighbourhood with housing, retail, commercial space, hotels, parkland and community infrastructure.</p>

<p>Trackside Gardens sits separately to the recently proposed Cox Place Precinct, a five-building stage comprising around 1,100 residences, two build-to-rent buildings, two build-to-sell towers, retail, office space, and a hotel overlooking the racetrack. Together, the projects continue to accelerate housing delivery across the precinct.</p>

<p><img alt="First look: Hamton expands Moonee Valley Park masterplan with 512-home Trackside Gardens precinct" data-entity-type="file" data-entity-uuid="5fc1941e-52d3-41c6-abc4-0f13fe8ae5ea" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/DA%20Edits%20%281%29.png?VersionId=7qwRHq5dcvXWNot2hNOgoQhN2GIWudNK" /></p>

<p>Designed by <a href="https://www.apartments.com.au/architects/dko-architecture">DKO Architecture</a> with landscape architecture by Tract, Trackside Gardens has been conceived as a botanical-style residential precinct prioritising canopy planting, communal green space, and vertical landscaping.</p>

<p>“The architectural vision for the proposed development centres around buildings in a botanical park setting that champions the important role of nature,” the planning submission states.</p>

<p>“The proposal incorporates principles of biophilic design, with landscape and environmentally sustainable development influencing the ultimate design response of the buildings and prioritising the ground plane to ensure a high amenity for both occupants and visitors.”&nbsp;</p>

<p>Trackside Gardens will deliver 512 apartments across the three buildings, alongside 518 basement car spaces and 523 bicycle spaces. Around 20 per cent affordable housing is proposed across the broader North East Precinct, equating to around 158 dwellings.&nbsp;</p>

<p>The affordable housing component will be concentrated within the Wilson East building, while the remaining apartments are expected to be delivered as build-to-sell residences.</p>

<p>Trackside Gardens has been designed around Hamton’s Nature Based Cities initiative, founded by Executive Chair Paul Hameister OAM in partnership with the University of Melbourne, Urbis, Ark Resources and Tract. The initiative promotes integrating higher-density urban development with significant biodiversity, tree canopy and landscape outcomes.</p>

<p><img alt="First look: Hamton expands Moonee Valley Park masterplan with 512-home Trackside Gardens precinct" data-entity-type="file" data-entity-uuid="89353449-7b3c-42fd-8fd8-8bf64a5ef80f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_4.png?VersionId=X8jRt0P2L7fIWjLhfX6gPknXToXIBeLj" /></p>

<p>A comprehensive landscape strategy would introduce deep soil planting, vertical greening, communal gardens, and new pedestrian links throughout the site.</p>

<p>Planning documents state the development is targeting a 5 Star Green Star Buildings rating, a 7.5-star average NatHERS rating, and “Exemplary” Nature Based Cities certification.&nbsp;</p>

<p>The proposal joins an expanding pipeline of approved and proposed buildings within Moonee Valley Park, including the recently launched Eveline apartments and the approved Grandstand North and South towers.</p>

<p>Hamton has increasingly focused on precinct-scale, nature-led communities across Melbourne’s middle-ring suburbs, with projects spanning Hawthorn, Kew, and Moonee Ponds.</p>


Hampton unveils Trackside Gardens, latest stage of $3 billion Moonee Valley Park masterplan

<p>The Paul Gedoun-led <a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Group</a> has achieved another milestone in its $1 billion transformation of Rainbow Bay on the southern Gold Coast with the completion of the company’s third project in four years, the $160 million <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a> residences.</p>

<p>Delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a> and designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker Architects</a>, Esprit buyers have now moved into the 94 apartments across two interconnected buildings at 217-227 Boundary Street.</p>

<p>The successful settlement of Esprit marks another astounding chapter in the S&amp;S story, which launched its highly successful Flow apartments three years ago and created its own ultra-luxury branded fingerprint on an area craving new luxury residences.</p>

<p>Most early purchasers have secured gains of well over $1 million since the project launched in 2021.&nbsp;</p>

<p>[smartcode_project:default project_id=102921 project_image_fid=172129]</p>

<p>S&amp;S Projects Founding Director Paul Gedoun said the completion of Esprit reflects sustained demand for premium apartments in tightly held coastal locations.&nbsp;<br />
&nbsp;&nbsp; &nbsp;<br />
“Esprit has attracted buyers seeking a combination of quality design, considered amenity and a location that is becoming increasingly difficult to replicate,” said Gedoun.</p>

<p>“We identified some years ago that Rainbow Bay is a unique market where supply of luxury residences is limited, and we see the settlements in Esprit further underpinning this thinking - that for both owner-occupiers and investors.”&nbsp;</p>

<p>[smartcode_project:default project_id=102921 project_image_fid=172174]</p>

<p>A key feature of the development is ‘Club Esprit’, a 1,000sqm residents-only rooftop level combining wellness and recreation, believed to be a first for the Gold Coast, and which is fast becoming a signature of the S&amp;S brand.</p>

<p>Positioned to capture views across Snapper Rocks, Rainbow Bay and the Tweed River, the rooftop includes a 25-metre lap pool, gym, yoga lawn, sauna and steam facilities, ice bath, private dining spaces, outdoor cinema and landscaped areas for residents.&nbsp;</p>

<p><a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a> Director Jayde Pezet, who led the sales campaign for Esprit and S&amp;S’s Flow and Awaken apartments, said the project’s performance reflects both the strength of the product and the depth of demand for premium apartments on the southern Gold Coast.&nbsp;</p>

<p>“In some cases, we’ve seen values double since launch, which is a clear reflection of how tightly held Rainbow Bay has become and the level of demand for well-executed projects in this market,” said Pezet.&nbsp;</p>

<p>“Buyers recognised early what S&amp;S Projects was delivering here, and that conviction has been rewarded as the project has progressed towards completion.”&nbsp;</p>

<p>[smartcode_project:default project_id=102921 project_image_fid=214819]</p>

<p>Esprit offers a mix of two- three and four-bedroom apartments and sits within walking distance of the beachfront, cafés and local amenities, reinforcing its appeal as both a lifestyle and investment destination.</p>

<p>The project is the third completed by S&amp;S Projects in Rainbow Bay, following Flow Residences and Awaken Residences, which together have contributed to the suburb’s emergence as one of the Gold Coast’s most sought-after coastal pockets. &nbsp;</p>

<p>S&amp;S Projects is continuing its investment in the area with Radia, a $215 million development currently under construction.&nbsp;</p>

<p>[smartcode_project:default project_id=102921 project_image_fid=172175]</p>

<p>Gedoun said the completion of Esprit signals continued confidence in the southern Gold Coast market.&nbsp;</p>

<p>“We’ve seen strong interest in well-located, high-quality apartments, particularly in areas where future development opportunities are limited."</p>

<p>“That’s been a key factor in the performance of Esprit and the broader Rainbow Bay market”.</p>

<p>[smartcode_project_cta:default project_id=102921]</p>


Owners move in as Esprit completes at Rainbow Bay

<p>Few developers can boast a portfolio across South East Queensland's luxury markets quite like <a href="https://www.apartments.com.au/developers/mosaic-property-group">Mosaic Property Group</a>.</p>

<p>The builder-developer, founded in 2004 by Managing Director Brook Monahan, has projects in planning, on the market, and under construction, from Burleigh Heads and Broadbeach to Kangaroo Point and South Brisbane.</p>

<p>With a pipeline exceeding $2 billion, Mosaic remains highly selective when it comes to development sites, having spent years refining its strategy around feasibility research and product planning. The group is set to continue growing into 2026 and beyond.</p>

<p>In Brisbane, Mosaic currently has three projects in the market. It is in the final release stage at <a href="https://www.apartments.com.au/new-apartments/the-bedford-by-mosaic-16-30-prospect-street-kangaroo-point-qld-4169">The Bedford</a> in Kangaroo Point, which is approaching complete sellout ahead of its late 2027 completion.</p>

<p>[smartcode_project:default project_id=134792 project_image_fid=328123]</p>

<p>Designed in collaboration with <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, The Bedford comprises 128 two- and three-bedroom residences. A selection of ultra-luxury Masterpiece Series Skyhomes, positioned across the top levels, offer expansive floor plans and sweeping views of the river and city.</p>

<p>High-end inclusions, such as natural stone benchtops, bespoke cabinetry, and Miele appliances, feature throughout all apartments, alongside the Rooftop Recreation &amp; Retreat Sky Terrace. This includes a resort-style pool with sun deck and loungers, spa, cold plunge pool, sauna, steam room, private dining room with a full kitchen, residents' lounge, multiple barbeque and relaxation zones, an outdoor viewing deck, and landscaped gardens with water features, all oriented to sweeping city and river views.</p>

<p>A gym with indoor and outdoor zones, and a golf simulator, further enhances recreational choice within the building.</p>

<p>[smartcode_project:default project_id=134792 project_image_fid=328119]</p>

<p>A defining feature of the development is its integrated mixed-use component, which will deliver Kangaroo Point's first major supermarket, alongside a café and liquor store, bringing long-awaited convenience to the peninsula.</p>

<p>Monahan says The Bedford represents the culmination of a near-decade-long journey, after first identifying the A-grade Prospect Street site in 2016. While they came close to acquiring it at the time, the site was ultimately purchased by Woolworths' development arm, Fabcot. The opportunity resurfaced in 2024 when the site, vacant for nearly three decades, was brought back to market.</p>

<p>Monahan says Mosaic projects often begin years before any formal plans are drawn. Their new South Brisbane development is no exception, with the site first earmarked in 2018.</p>

<p>"We aren't opportunistic," Monahan says. "Every site purchase is carefully considered. As seen with Kangaroo Point and South Brisbane, it can take years to eventuate. There are sites we're looking at now that we may not secure for several years."</p>

<p>[smartcode_project:default project_id=141711 project_image_fid=353495]</p>

<p>A similar story unfolded at <a href="https://www.apartments.com.au/new-apartments/the-carter-by-mosaic-77-linton-street-kangaroo-point-qld-4169">The Carter</a> in Kangaroo Point, opposite The Gabba. Like The Bedford, it is also approaching sellout of its 125 two- and three-bedroom apartments. The majority of sales are attributed to returning customers and referrals, with a balanced mix of investors and a strong majority of owner-occupiers.</p>

<p>BDA Architecture was again engaged to design the 22-storey building, which will feature a suite of wellness and lifestyle amenities, including a golf simulator and cinema, a commercial-grade gym, and a rooftop recreation level with a pool, steam room, sauna, cold plunge, teppanyaki bar, private dining spaces, and landscaped terraces.</p>

<p>Construction is on track for completion in mid-2027.</p>

<p>[smartcode_project:default project_id=151614 project_image_fid=362759]</p>

<p>Mosaic's latest offering is its most ambitious yet, boasting a rare, north-facing riverfront position on Montague Road in South Brisbane.</p>

<p><a href="https://www.apartments.com.au/new-apartments/the-riversdale-by-mosaic-south-brisbane-91-montague-road-south-brisbane-qld-4101">The Riversdale by Mosaic</a> is a 39-storey tower comprising just over 200 residences and Masterpiece Series Sky Homes. Designed in partnership with Bureau Proberts, it will feature nearly 3,000 sqm of genuine, internationally benchmarked six-star, hotel-style amenities, including a wellness precinct, pool, gym, massage and treatment rooms, cinema, golf simulator, and extensive outdoor dining areas across a two-level rooftop deck.</p>

<p>Early works are underway, with full construction expected to commence in the second half of 2026, and an anticipated late 2029 completion.</p>

<p>[smartcode_project:default project_id=151614 project_image_fid=362759]</p>

<p>Since 2012 alone, Mosaic has completed more than $2 billion in projects and is set to deliver another $2 billion worth of developments, comprising hundreds of luxury apartments, each defined by Mosaic's signature standards of quality, detail, and delivery.</p>

<p>"We never arrive, there is no finish line," says Monahan. "Our ambition is to keep evolving what luxury means, creating design- and lifestyle-led residences in incredible locations, places people genuinely aspire to and want to live, homes that are loved deeply and endure long beyond their moment."</p>


Mosaic's Midas Touch

<p><a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> (Urban) has broken ground at Keira Place, its new major mixed-use residential precinct in the heart of Wollongong CBD.</p>

<p>Held at 120-122 Smith Street, the groundbreaking marked the commencement of construction on Stage 1 of <a href="https://www.apartments.com.au/new-apartments/keira-place-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, with the opening of the new display suite.<br />
&nbsp;<br />
Keira Place is a State Significant Development that will deliver new housing supply, affordable homes and inclusive living options within walking distance of Wollongong’s CBD, coastline, transport, hospital and education precincts.</p>

<p>[smartcode_project:default project_id=144442 project_image_fid=369868]<br />
&nbsp;<br />
Stage 1 is now under construction and will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, along with activated ground-floor retail and commercial space.<br />
&nbsp;<br />
Urban Co-CEO Patrick Elias said the groundbreaking represented a significant milestone for Wollongong and reflected Urban’s long-term commitment to regional cities.</p>

<p>“Today’s groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong’s city centre,” Elias said.<br />
&nbsp;<br />
“Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection.”</p>

<p>[smartcode_project:default project_id=144442 project_image_fid=369869]<br />
&nbsp;<br />
Hon. Paul Scully MP, Minister for Planning and Public Spaces, Member for Wollongong said Keira Place is exactly the kind of development Wollongong needs – delivering new homes close to transport, employment and services, while supporting the continued growth and renewal of the CBD.</p>

<p>"This project reflects the Minns Labor Government's commitment to increasing housing supply in well-located areas."<br />
&nbsp;<br />
Wollongong Lord Mayor Cr Tania Brown said Keira Place would deliver lasting community benefits for the city.<br />
&nbsp;<br />
"Keira Place is a welcome addition to Wollongong's CBD delivering new housing, affordable homes and activated street-level spaces that will benefit our community for years to come," Brown said.<br />
&nbsp;<br />
"Urban Property Group's investment reflects the confidence that quality developers have in Wollongong's future, and I look forward to seeing this precinct come to life."</p>

<p>[smartcode_project:default project_id=144442 project_image_fid=369867]<br />
&nbsp;<br />
Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a>, with interiors by <a href="https://www.apartments.com.au/interior-designers/dko">DKO,</a> Keira Place prioritises liveability and long-term performance, with landscaped shared spaces, generous apartment layouts and a pedestrian-friendly streetscape along Smith Street.<br />
&nbsp;<br />
Residents will have access to landscaped podium areas, communal rooftop amenities with views to Mount Keira and the Wollongong skyline, and convenient ground-level retail.</p>

<p>The development will have 10-year Latent Defects Insurance by Resilience Insurance.</p>

<p>[smartcode_project_cta:default project_id=144442]</p>


Groundbreaking marks start of construction at Keira Place in Wollongong CBD

<p>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.</p>

<p>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;</p>

<p>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.</p>

<p>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.</p>

<p>Even in the low seasons of May and June, occupancy levels reach around 40 per cent.</p>

<p><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" /></p>

<p>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</p>

<p>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.</p>

<p><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" /></p>

<p>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.<span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><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" /></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span><span><span><span><span><span>​</span></span></span></span></span></span></p>

<p>The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;</p>

<p>Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.</p>

<p>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;</p>

<p>Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.</p>


Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

<html><body>
<p>Fractional property investing platform BrickX is stepping outside of Sydney and Melbourne, with a house in Adelaide.</p>
<p>The two-bedroom, two-bathroom house at <a href="https://www.brickx.com/properties/STP01/summary" target="_blank">73 Third Avenue, St Peters</a>, is a sandstone-fronted house with parking, has an outdoor pavilion extending from its open plan kitchen.</p>
<p>The house was purchased for $825,100, according to Corelogic data.</p>
<p>Each ‘brick’ is priced at $74 a Brick, and is being offered to investors from August 30. </p>
<p>BrickX buys residential properties and puts each into an individual trust and splits them into 10,000 units or “bricks”. </p>
<p>Investors may then earn capital returns and monthly net rental income in proportion to the number of bricks owned. </p>
<p>CEO Anthony Millet said he wanted to offer investors diversity and an alternative to the Sydney and Melbourne property markets. </p>
<p>“We are thrilled to be expanding into Adelaide our third capital city since launching in September 2016 and our 14th property,” Millet said. </p>
<p>“St Peters is one of Adelaide’s most desirable suburbs and this home, in beautiful tree-lined Third Avenue, offers convenient living just three kilometres from the city,” Mr Millet added. </p>
<p>House prices in St Peters have increased by 8.8% per annum over the past 20 years, according to CoreLogic figures.</p>
<p>CoreLogic Head of Research Tim Lawless, who also sits on the BRICKX Adviser Panel, says there is strong demand for property close to the city, schools and social precincts. </p>
<p>“St Peters has a strong rental market which has contributed to ongoing low vacancy rates and high demand. This affluent area is particularly popular with couples and families,” Lawless said.</p>
<p>BrickX now has over 6,500 active members with the median sale time of Bricks sitting at around 12 hours. </p>
<p>Its portfolio of properties includes those in suburbs such as Brunswick West, Prahran and Port Melbourne in Melbourne and Balmain, Manly and Bondi Beach in Sydney. </p>
</body></html>

jonathanchancellor-7SQnKwU6yx

BrickX set to offer Adelaide house to investors at '$74' a 'brick'

<html><body>
<div>Lend Lease actually reported its FY2017 results, which confirmed a solid+9 percent lift in post-tax profit to $758.6 million. </div>
<div> </div>
<div>The market wasn't greatly moved, of course, since the group inadvertently dumped a stack of market sensitive information out to to the public at the beginning of the month, including the unaudited EBITDA (oops).</div>
<div> </div>
<div>As accounting stuff-ups go, it was a rather impressive one (disclosure: I made similar goofs in my listed company career) though in the end relatively little harm was done, save a little embarrassment.</div>
<div> </div>
<div><strong><span style="text-decoration: underline;">Defaults under 1pc</span></strong></div>
<div> </div>
<div>Reading through the investor presentation it was interesting to note a +20 per cent uplift in residential unit completions in the 2017 financial year.</div>
<div> </div>
<div>Approximately 90 per cent of apartment completions have already settled, with a default rate of under 1 per cent.</div>
<div> </div>
<div>This follows on from similarly low default rates reported by other developers during earnings season.</div>
<div> </div>
<div>This is very important, for there had been fears of a wave of Chinese investor defaults following on from local lenders pulling up the ladder.</div>
<div> </div>
<div>To date, this does not appear to have transpired.  </div>
<div> </div>
<div>In other news, S&amp;P reported a drop in loan delinquencies from 1.21 per cent in May to just 1.15 per cent in June. </div>
<div> </div>
<div>Declines were recorded "across the board" for 30,60 and 90 day mortgage arrears, with a corresponding fall in outstanding loan balances, with Queensland showing the biggest drop in arrears. </div>
<div> </div>
<div>This broadly mirrors what you'd expect to see given extremely low mortgage rates for homeowners, and a national unemployment rate that has been trending down for several years now.</div>
<div> </div>
<div><strong><span style="text-decoration: underline;">No stress?</span></strong></div>
<div> </div>
<div>Countless media articles have claimed that mortgage stress is rising - often referred to as a "perfect storm" no less! - perhaps based upon household cash flow surveys.</div>
<div> </div>
<div>But in reality so many households have been repaying ahead of schedule into offset accounts that it wouldn't be a surprise if some net monthly cashflows showed an outflow. </div>
<div> </div>
<div>With the aggregate value of the housing stock exploding to $7.1 trillion against mortgage debt of around $1.6 trillion, it also wouldn't be a surprise to me if some of the benefiting households have taken a breather on their earnings either. </div>
<div> </div>
<div>In any event, with the possible exception of Western Australia mortgage arrears remain low to date, which is about the only indicator that matters, when all's said and done. </div>
<div> </div>
<div>
<p class="p1"><span class="s1">PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank"><span class="s2">AllenWargent</span></a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank"><span class="s2">blogger</span></a>.</span></p>
<p class="p2"><span class="s3"><em>His latest book is </em><a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank"><span class="s2"><em>Four Green Houses and a Red Hotel</em></span></a><em>.</em></span></p>
</div>
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pwargent-M4siyDbqQY

Lend Lease report low apartment default rate

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<p>An art deco jewel, Cyclone House, in a Melbourne CBD laneway is set to go under the hammer with price expectations of more than $5.5 million.</p>
<p>The property at <a href="https://www.allardshelton.com.au/leased/17-19-Hardware-Lane-MELBOURNE/500881808.aspx" target="_blank">17-19 Hardware Lane</a> is being offered to the market for the first time in 45 years. The auction is on September 20. </p>
<p>The 402 sqm three-level, art deco property was built in 1930 and has been restored with modern additions including a lift and air-conditioning.</p>
<p>The property is being offered with vacant possession and includes retail frontage with two upper levels that could be used for office, residential or retail space, or for a tenant in the services industry, according to The Australian.</p>
<p>The listing agents are Patrick Barnes, Joseph Walton, Michael Ryan and James Gregson of Allard Shelton.</p>
<p>The zoning is flexible and there is potential for diversified income streams, according to Gregson. </p>
<p>“There is simply not enough supply of A-grade commercial investments like this in Melbourne anymore to satisfy the influx of demand we are experiencing,” Gregson said.</p>
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Art deco Cyclone House in Melbourne CBD listed with over $5.5 million hopes 

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<p>GUEST OBSERVER</p>
<p>Across house sales over the past 12 months, Tasmania recorded the highest proportion of stock turning over with 5.6% of all houses in the state selling. Conversely, Western Australia saw the lowest proportion of turnover with just 4.0% of all houses selling over the past year. </p>
<p>The current lower volume of housing stock turnover highlights why caution should be taken when interpreting median sale prices. </p>
<p>With such a small fraction of housing actually transacting over a given period, median prices can be biased. Furthermore, median prices may not be reflective of the whole market. When making a comparison between periods they may compare two very different bundles of housing types and quality.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/08/24/Screen%20Shot%202017-08-24%20at%2011.17.14%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="https://www.urban.com.au/images/2017/08/24/Screen%20Shot%202017-08-24%20at%2011.17.14%20AM.png" alt=""></p>
<p>Concerned about housing stock levels, REINSW President John Cunningham said, “The results signal warning bells for the housing industry. It shows just how little has been transacted over the past year.”</p>
<p>“We know from a variety of property data sources that stock levels are steadily declining and a key reason why the affordability issue presents a bigger picture problem, particularly for Sydney and Melbourne.</p>
<p>“When we have stock on market, it keeps the property market competitive and in balance. Without stock we see less vibrancy and activity across the market and much more buyer competition taking place as opposed to activity between properties.” Ultimately, he said, “the knock-on effect damages the supply and demand chain.”</p>
<p>Lower housing turnover is being influenced by a variety of factors. “Advertised stock levels remain low across those cities where capital gain conditions are strong. Additionally, high transactional costs, which are based on a percentage of the selling/purchasing price, have become a larger disincentive across those markets where values have shown a material rise.”</p>
<p>Highlighted in the adjacent tables, it shows the five suburbs in each state which have seen the greatest turnover of houses over the past year. Only those suburbs that have at least 500 houses have been included on the list.</p>
<p>Zuccoli in Darwin had the highest proportion of stock turning-over across the country with 38.5% of all houses in the suburb selling over the past year. Clyde North in Melbourne had the second- highest level of turnover with 17.6% of all houses in the suburb selling over the past year.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/08/24/Screen%20Shot%202017-08-24%20at%2011.18.58%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="https://www.urban.com.au/images/2017/08/24/Screen%20Shot%202017-08-24%20at%2011.18.58%20AM.png" alt=""></p>
<p>While the data shows the suburbs with the greatest turnover of houses, each of the suburbs listed have seen substantially less than half of all houses selling.</p>
<p>Another characteristic of note is that most of the suburbs shown are in areas where there is, or has been over recent years, a substantial injection of new housing stock; average hold period data which shows that in new housing estate areas housing stock tends to turnover with greater regularity.</p>
<p>Overall, housing turnover in any given year reflects only a small proportion of the total housing stock. It further highlights that taxes on transactions such as stamp duty are heavily reliant on collection from only a small pool of overall housing stock.  </p>
<p><span>Cameron Kusher is research analyst for CoreLogic. You can contact him </span><a href="https://blog.corelogic.com.au/about/" target="_blank">here</a><span>.</span></p>
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ckusher-ujnxiKuFQs

Housing turnover remains low despite strong selling conditions in Sydney & Melbourne: Cameron Kusher

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<p>A development site in Melbourne’s inner suburb of Fitzroy has hit the market and is expected to attract strong interest from developers.</p>
<p>The listing of the 1,132 square metre site at 62 Rose Street follows the sale of a Webb Street property earlier this month for $6.6 million at Teska Carson auction.</p>
<p>The purchase of the latter property has plans for a high-end, million dollar plus, apartment project.  </p>
<p>According to Teska Carson’s Anthony Choi, who is marketing  Rose Street and Tom Maule who sold Webb Street with Matthew Feld, enquiry for sites in and around Fitzroy has been strong.</p>
<p>“Demand for these type of boutique apartment project sites has been extraordinary even given the strength of the apartment market in general over the last few years. I guess the difference here is the location in what has been one of Melbourne’s hippest suburbs over the last ten or 20 years,” Choi said.</p>
<p>The Rose Street property is zoned Mixed Use with frontages to Rose Street and Fitzroy Street. </p>
<p>Three standalone warehouses, totalling 952 square metres, are currently leased on short to medium terms, returning $168,840 per annum.</p>
<p>The Rose Street property will be sold by expressions of interest closing September 20.</p>
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Fitzroy site with prospects for apartments listed 

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<div>It seems that Melbournites are not waiting to buy land...they are opting buy land and wait.<br><br>At least for now.<br><br>Melbourne has accelerated to record monstrous population growth in recent years, while the regions of Victoria have largely flatlined ex-Geelong.<br><br>You can make your own assessment of whether high population growth is impacting the Melbourne housing market, but the land sales figures look pretty damning. </div>
<div> </div>
<div>The pressure appears to be starting to tell, as vacant land sales are being gobbled up at the fastest pace ever recorded, according to Oliver Hume's quarterly data.</div>
<div> </div>
<div><a href="https://www.propertyobserver.com.au/images/2017/08/24/A1.jpg" target="_blank">Click to enlarge</a></div>
<div> </div>
<div class="separator"><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/2017/08/24/A1.jpg" alt=""></div>
<div> </div>
<div><strong><span style="text-decoration: underline;">Model of a modern Valuer-General</span></strong></div>
<div> </div>
<div>Rising land values have been a key input into rising house prices in Melbourne.</div>
<div> </div>
<div>Median vacant land prices in metropolitan Melbourne increased by +3.7 per cent in calendar year 2016, according to the Valuer-General, rising from $219,000 to $227,000.</div>
<div> </div>
<div>Median house prices in metro Melbourne rose for a fourth consecutive calendar year from $600,000 in 2015 to $635,000 in 2016.</div>
<div> </div>
<div>Median unit values increased far more steadily over the year, up from $487,000 to $494,000.</div>
<p> </p>
<div class="separator"><a href="https://2.bp.blogspot.com/-PwOPlS6xpus/WZlT3UEHAmI/AAAAAAAAltM/NQqU2fnmXAoMP4yOetW8GAK5KgUYsa9EgCLcBGAs/s1600/A2.jpg"><img src="https://2.bp.blogspot.com/-PwOPlS6xpus/WZlT3UEHAmI/AAAAAAAAltM/NQqU2fnmXAoMP4yOetW8GAK5KgUYsa9EgCLcBGAs/s640/A2.jpg" width="640" height="382" data-original-height="831" data-original-width="1389"></a></div>
<div class="separator"> </div>
<div>The ratio of land prices to house prices on this data series hasn't changed a great deal over more than three decades, to some extent reflecting what is actually being measured, with the vacant land sales often located in fringe or secondary locations.</div>
<div> </div>
<div>Perhaps this is the subject for a longer blog post another time, but the Valuer-General report always cautions about too many generalisation being drawn from the headline numbers. </div>
<div> </div>
<div>House and land prices in regional Victoria have lagged Melbourne substantially over the past 10 years to 2016, at least in aggregate.</div>
<div> </div>
<div>Metro Melbourne median house prices have now more than doubled over the past dozen years, and have quadrupled since 1998. </div>
<div> </div>
<div>In 2016, regional house prices rose by +2.6 per cent to $320,000.</div>
<div> </div>
<div>This represents an increase of $100,000 or +45 per cent over 10 years, before accounting for stamp duty and repairs, maintenance, and other holding costs. </div>
<p> </p>
<p class="p1"><span class="s1">PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank"><span class="s2">AllenWargent</span></a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank"><span class="s2">blogger</span></a>.</span></p>
<p class="p2"><span class="s3"><em>His latest book is </em><a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank"><span class="s2"><em>Four Green Houses and a Red Hotel</em></span></a><em>.</em></span></p>
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Melbourne land sales figures look pretty damning

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<p>CoreLogic recently released the June 2017 Mapping the Market Report. </p>
<p>The report looks at how the cost of housing has shifted across Australia’s capital cities by suburbs over the past five years by comparing thematic maps which show suburb median values.  </p>
<p>Over the five years to June 2017, there has been a significant decline in the number of suburbs with a median value below $400,000 while there has been a significant increase in suburbs with values above $1 million. </p>
<p>The decline in lower value housing and rise in more expensive housing is most prevalent in Sydney and Melbourne however, it is also prevalent to a more moderate degree in other capital cities.</p>
<p>The following maps show the suburb median house values across the capital cities in June 2012 and June 2017. </p>
<p>The circles on the map represent distances of 10 kilometres, 20 kilometres and 50 kilometres from the capital city GPO.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.07.36%20pm.jpg" target="_blank">Click to enlarge</a></p>
<p><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/2017/08/11/Screen%20Shot%202017-08-11%20at%201.07.36%20pm.jpg" alt=""></p>
<p>In June 2012, 21.3% of Sydney suburbs had a median house value of more than $1 million, by June 2017 55.7% of suburbs had a median house value in excess of $1 million while only 8.7% of suburbs had a median value below $600,000 and most were located more than 50 kilometres from the CBD.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.07.46%20pm.jpg" target="_blank">Click to enlarge</a></p>
<p><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/2017/08/11/Screen%20Shot%202017-08-11%20at%201.07.46%20pm.jpg" alt=""></p>
<p>In June 2012, 9.5% of Melbourne suburbs had a median house value in excess of $1 million and by June 2017 that figure had increased to 32.6% of suburbs. </p>
<p>On the flip-side, 24.3% of Melbourne suburbs in June 2012 had a median house value below $400,000 compared to just 2.7% by June 2017.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.07.58%20pm.jpg" target="_blank">Click to enlarge</a></p>
<p><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/2017/08/11/Screen%20Shot%202017-08-11%20at%201.07.58%20pm.jpg" alt=""></p>
<p>In June 2017 only 5.9% of Brisbane suburbs had a median house value of more than $1 million compared to 1.6% in June 2012. </p>
<p>In June 2017, 23.2% of suburbs had a median house value of less than $400,000 compared to 34.5% in 2012.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.08.10%20pm.jpg" target="_blank">Click to enlarge</a></p>
<p><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/2017/08/11/Screen%20Shot%202017-08-11%20at%201.08.10%20pm.jpg" alt=""></p>
<p>In Adelaide, 43.0% of suburbs had a median house value of less than $400,000 in June 2012 compared to 25.8% in 2017. </p>
<p>37.2% of Adelaide suburbs had a median house value of more than $600,000 in June 2017 compared to 20.6% five years earlier.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.08.26%20pm.jpg" target="_blank">Click to enlarge</a></p>
<p><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/2017/08/11/Screen%20Shot%202017-08-11%20at%201.08.26%20pm.jpg" alt=""></p>
<p>7.8% of Perth suburbs had a median house value of more than $1 million in June 2012 compared to 11.1% by June 2017. </p>
<p>Only 17.7% of Perth suburbs had a median house value of less than $400,000 in June 2017 and this figure was down from 29.0% five years earlier.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.08.38%20pm.jpg" target="_blank">Click to enlarge</a></p>
<p><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/2017/08/11/Screen%20Shot%202017-08-11%20at%201.08.38%20pm.jpg" alt=""></p>
<p>In June 2012, the majority (67.4%) of Hobart suburbs had a median house value of less than $400,000 however, by June 2017 43.6% of suburbs had a median below $400,000. </p>
<p>Although the number of suburbs with typical values below $400,000 has reduced over the past five years, 89.4% of the cities suburbs have a median house value below $600,000 and no suburb has a median value in excess of $1 million.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.08.51%20pm.jpg" target="_blank">Click to enlarge</a></p>
<p><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/2017/08/11/Screen%20Shot%202017-08-11%20at%201.08.51%20pm.jpg" alt=""></p>
<p>Darwin has suffered through a lack of more affordable housing for a number of years now with only 1.8% of suburbs having a median house value below $400,000 in June 2017, down from 1.9% five years earlier. </p>
<p>54.5% of Darwin’s suburbs had a median house value of more than $600,000 in June 2017 compared to 50.9% five years ago. </p>
<p>The data highlights that Darwin housing affordability is relatively unchanged over the past five years.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/08/11/Screen%20Shot%202017-08-11%20at%201.09.04%20pm.jpg" target="_blank">Click to enlarge</a></p>
<p><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/2017/08/11/Screen%20Shot%202017-08-11%20at%201.09.04%20pm.jpg" alt=""></p>
<p>In June 2012, just 1.1% of suburbs in Canberra had a median house value of less than $400,000, by June 2017 no suburbs sat below the $400,000 threshold. </p>
<p>The proportion of suburbs with a median value of more than $1 million has shifted from 8.6% in June 2012 to 12.0% in June 2017.</p>
<p>The charts and commentary highlight how the supply of affordable housing has reduced over the past five years. </p>
<p>The decline in lower priced housing stock is most stark in Sydney and to a lesser but still significant degree in Melbourne. </p>
<p>The fall in mortgage rates over the past five years has made servicing mortgage debt easier and eat up a lower proportion of household income. </p>
<p>At the same time there has been little growth in household income but dwelling value in Sydney and Melbourne in particularly have increased significantly. </p>
<p>For those that own a home and have seen values rise it has created a significant wealth boost while for potential buyers, particularly in Sydney and Melbourne, wages haven’t kept up with value growth which has led to a deterioration in the supply of lower priced housing. </p>
<p>All of these factors have led to extreme difficulty in saving a large enough deposit to enter into the Sydney and Melbourne housing markets for those that don’t already own. </p>
<p>While the problems are not so prevalent elsewhere, across all cities the supply of lower priced housing has reduced over the five years to June 2017 highlighting greater difficulty for lower income households to own residential property.</p>
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j.ballantyne1990-6AQqhLzZaK

Affordable housing in Sydney and Melbourne declines in past 5 years

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<p>One of Melbourne’s leading antique dealers, McPhees, has decided to put its Chapel Street, Prahran shop under the hammer after 116 years of trading.</p>
<p>The auction will be on September 28.</p>
<p>The business, which will continue trading in another location, was established by George McPhee who moved the business to the present location in 1924. The business started just on High Street in 1901. </p>
<p>The 200-202 Chapel Street property comprises a two level, 497 square metre, building in near original condition.</p>
<p>According to listing agents, Teska Carson’s Matthew Feld and Tom Maule, the property will attract strong interest at time when Prahran is undergoing a development phase that has seen the local population rise in line with Melbourne’s growth.  </p>
<p>According to great grandson Duncan McPhee, who now runs the business with his brother Sean, the fourth generation of McPhees to be involved in one of Australia’s oldest family businesses is looking forward to a new era for the business. </p>
<p>“Much has changed in Chapel Street over the last 100 years. It has become a destination for cafes, restaurants, bars, and other entertainment venues, and now the family is seeking a more appropriate address, an address which we hope will be home to the business for many more years to come.”</p>
<p>“We have customers that have been with us for 30 or 40 years or more and we would like to continue our service to them and at the same time nourish the business in a new location,’’ McPhee said.</p>
<p>McPhees has a reputation for supplying high quality early furniture especially in the English taste of the Eighteenth century, into the Regency period and continuing through the reign of George IV. </p>
<p>“This part of Chapel Street has an enviable aura and reputation driven by its eclectic mix of tenancies from cafes to restaurants to bars and entertainment venues, boutique fashion houses to the Chapel Street Bazaar, The Jam Factory and Prahran Market,” Feld said.</p>
<p>“The list goes on. If you get an opportunity to buy in this part of Chapel Street you take it.’’</p>
<p>Current improvements allow for a conversation into two separate tenancies by re-instating the central wall, added Maule. </p>
<p>He said the Commercial 1 zoning allows for mixed use commercial centres for retail, office, business, entertainment and community uses, as well as residential uses. </p>
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Prahran's iconic antique dealer to sell its shop of 93 years 

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<p>Property fund manager Centuria Capital Group’s operating earnings per share dropped 31 percent to 10.3 cents per share while funds under management more than doubled to $4.2 billion for the full year ended June 30.</p>
<p>It said the results were in line with its guidance.</p>
<p>Centuria also announced distribution of 7.5 cents per share for the financial year and up 43% on FY16 results. </p>
<p>Since financial year 16, Centuria has purchased 10 properties for $721 million across the listed and unlisted businesses, with $517 million acquired by unlisted funds.</p>
<p>Centuria said total shareholder returns were 24% and the group expects its operating EPS to grow nearly 5% during FY18.</p>
<p>Group CEO John McBain highlighted the acquisition of the $1.4 billion 360 Capital real estate platform.</p>
<p>“This acquisition was a very significant contribution to growth in funds under management and our consequent increase in scale and market presence. The result has been a step-change for Centuria Capital, bringing our business to scale and this activity should enable near-term ASX 300 inclusion.”</p>
<p>“In addition, the majority of 360 Capital’s funds were listed funds which were highly complementary to our platform which was previously skewed toward unlisted property funds,” McBain said.</p>
<p>He said the group’s unlisted business "had a bumper year", growing by 106% and has property assets under management worth $1.6 billion. It made the largest purchase in the group’s history – the Zenith office tower in Chatswood for $279 million in a joint venture with global investor BlackRock.</p>
<p>Last month, Centuria Property Funds said its listed office fund, Centuria Metropolitan REIT (ASX: CMA), has bought three commercial properties in Perth and Melbourne for a total of $150 million. </p>
<p>In Perth, Centuria acquired two new commercial assets: <a href="https://www.realcommercial.com.au/property-offices-wa-perth-502267250" target="_blank">The Hatch Building</a> at 144 Sterling Street (above), and 42-46 Colin Street, for a total of $91.8 million. </p>
<p><a href="https://www.propertyobserver.com.au/images/2017/08/23/Centuria.png" target="_blank">Click to enlarge</a></p>
<p><img src="https://www.urban.com.au/images/2017/08/23/Centuria.png" alt=""></p>
<p>During the year, Centuria merged its two office Real Estate Investment Trusts: Centuria Metropolitan REIT (CMA) and Centuria Urban REIT (CUA); and acquired the management of Centuria Industrial REIT (CIP).</p>
<p>As a result, CIP is now Australia’s largest pure rent-collecting REIT, with a market capitalisation of $563 million. </p>
<p>Metropolitan office REIT CMA has a market capitalisation of $420 million.</p>
<p>Meanwhile, Centuria Property Funds has announced two leasing deals for its listed industrial trust, Centuria Industrial REIT.</p>
<p>“We are very pleased with the performance of both funds this year. The merger of CMA and CUA resulted in a larger and more efficient fund, which went on to acquire a further $150 million in assets since the merger,” said McBain.</p>
<p>The company will look to grow both funds with asset acquisitions, it said.</p>
<p>The Centuria Diversified Property Fund (CDPF) was also launched this year. It is an open-ended, unlisted diversified property fund which invests in office trusts.</p>
<p>McBain said the group would use its balance sheet strength to accelerate growth across its listed and unlisted property businesses.</p>
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Centuria boss says unlisted funds had bumper year

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<p>A well located retail and residential investment at Richmond on Melbourne CBD’s eastern fringe is on the market.</p>
<p>The <a href="https://www.realcommercial.com.au/property-retail-vic-richmond-502508006" target="_blank">129 Burnley Street</a> property was listed for auction on September 13 with expectations of about $1.2 million.</p>
<p>According to the last update on www.realcommercial.com.au, it was still listed for sale through Teska Carson.</p>
<p>The two-level Victorian terrace building has an area of 259 sqm, and includes a ground floor retail/commercial and first floor residential accommodation with separate access.</p>
<p>The ground floor is currently being utilised as a laundromat, while the first floor houses a two-bedroom apartment.</p>
<p>According to marketing agents, Teska Carson’s Tom Maule and Larry Takis, the property will be sold subject to two leases totalling $59,611 per annum.</p>
<p>The property is in one of Melbourne’s most popular restaurant, fashion and entertainment precincts, within walking distance of both Victoria Gardens Shopping Centre and Bridge Road retail.</p>
<p>"This property is situated in what is undoubtedly one of Melbourne’s best inner suburbs where demand for property from investors, developers, owner-occupiers and tenants is very high and will remain so for the foreseeable future while Melbourne’s population growth continues," said Maule.</p>
<p>"It is ideally suited to an investor or owner-occupier seeking a well-presented commercial property with the benefit of dual tenancies and the prospect of both rental and capital growth.’’ </p>
<p> </p>
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