<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.

[smartcode_project_cta:default project_id=149670]

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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</main>

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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GUEST OBSERVER
The cost of housing continued to rise across most parts of the country over the past 12 months.
Bracket creep should come as no surprise in markets like Sydney and Melbourne where dwelling values have increased by 77% and 61% respectively over the past five years.
While Sydney and Melbourne dominated as the two capitals with the highest proportion of sales at at least $1 million, most other capital cities and regional areas also enjoyed a proportional lift in home sales over the million dollar mark.
The CoreLogic analysis confirmed that over the 12 months to June 2017, 15.4% of all house sales and 8.8% of all unit sales nationally were at a price of at least $1 million. By comparison, 12 months earlier 14.4% of all house sales and 7.5% of all unit sales were at least $1 million in value.
The latest data shows that instances of dwellings selling for at least $1 million is much more prevalent across the combined capital cities. Over the 12 months to June 2017, 23.2% of all houses and 10.8% of all units sold in capital cities were sold for at least $1 million. The proportion of sales of at least $1 million has increased over the year from 21.5% of houses and 9.1% of units.
<a href="https://www.propertyobserver.com.au/images/2017/08/10/Screen%20Shot%202017-08-10%20at%2011.38.10%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/10/Screen%20Shot%202017-08-10%20at%2011.38.10%20AM.png" alt="">
While regional housing markets generally have lower housing costs than capital cities, the proportion of sales occurring for at least $1 million is also increasing in these areas. Across the combined regional areas the proportion of houses selling for at least $1 million has increased from 3.5% in June 2016 to 4.1% in June 2017. Meanwhile, the proportion of units selling for at least $1 million has increased to 3.5% of all sales in June 2017, up from 3.2% a year earlier.
Delving into the individual capital cities, and not surprising, Sydney and Melbourne have had substantially more properties sell for at least $1 million over the past year than any other capital cities.
Over the past year, 47.8% of all houses and 21.3% of all units sold in Sydney transacted for at least $1 million. By comparison, 10 years earlier just 13.8% of houses and 4.7% of units transacted from at least $1 million over the year.
In Melbourne, more than a quarter (25.9%) of house sales and 7.4% of unit sales were at least $1 million in value. By comparison, ten years earlier 5.8% of house sales and 2.7% of unit sales over the year were at least $1 million.
<a href="https://www.propertyobserver.com.au/images/2017/08/10/Screen%20Shot%202017-08-10%20at%2011.39.09%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/10/Screen%20Shot%202017-08-10%20at%2011.39.09%20AM.png" alt="">
In all of the other capital cities the proportion of houses selling for at least $1 million is higher than it was a decade ago. More than 10% of house sales over the past year in Perth and Canberra were at least $1 million in value. Perth is also the only city to have recorded a lower proportion of unit sales of at least $1 million over the 12 months to June 2017 compared to a decade earlier.
With dwelling values continuing to climb, we anticipate that in another 12 months we’ll see an even higher proportion of sales sitting at or above $1 million.
The flip-side to this is that the ongoing increase in the proportion of residential properties selling in excess of $1 million highlights the ongoing deterioration in the availability of housing affordability.
Although the Federal Government attempted to address housing affordability in the Budget this year, it is clear that in order to improve housing affordability there is much more work to be done on both supply and demand drivers of the market.
Cameron Kusher is research analyst for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/" target="_blank">here</a>.
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ckusher-ujnxiKuFQs

Million dollar sales reach record levels: Cameron Kusher

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The Moelis-owned Redcape Hotel Group has sold the All Seasons Bendigo, a four-star hotel, for about $24 million to a private investor.
The 77-room hotel was listed in March, ahead of a Moelis Australia managed fund snapping up Redcape’s 25 pubs in a $677 million deal.
The four-star hotel on McIvor Highway, east of the Bendigo CBD, was Redcape's sole Victorian property and a legacy asset from the failed Hedley Leisure Group, the predecessor to Redcape, The Australian Financial Review reported.
Apart from the 77 rooms, the hotel offers multiple conference, wedding and function centre facilities, 100 gaming machines, bar and dining areas and extensive guest amenities. 
The selling agents were Mathew George and John Musca of JLL Hotels &amp; Hospitality Group.
All Seasons currently has a net annual rental income of $1.56 million. Going by the deal value, the yield works out to 6.5 per cent. 
The lease is in place until 2052 to private hotelier (Jeanine Cook of Hedz Hotels) with fixed 3.75 per cent annual rental increases included.
<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/2017/08/10/Bendigo2.jpg" alt="">
"The strength of the tenant's business coupled with the highly desirable land-bank of 3.5 hectares presented a compelling property for astute investors," George said.
The sale set a new record for a privately-tenanted hotel investment in the region, according to Musca. 
The buyer – listed on the title deed as David Feldman – will add the All Seasons Hotel to a portfolio of privately-tenanted investment hotels, the AFR said.
The All Seasons was something of an anomaly for Redcape sitting alongside 25 pubs in NSW and Queensland that Moelis Australia now intends to float in the next 12 to 18 months.
Its portfolio includes some of Sydney's best pubs, including the El Cortez Hotel in Canley Heights, Minsky's Hotel in Cremorne, the Willoughby Hotel in Willoughby North and the Eastwood Hotel in the Eastern suburbs.
Regional deals
In more regional hospitality industry deals, Jaz Mooney's Pelathon Management Group has sold off Orana Hotel in the Lake Macquarie suburb of Blacksmiths in NSW for $4.2 million.
The pub, which recently underwent a makeover, has a TAB, gaming lounge and beer garden on a 2307 sqm site.
It was bought by a local publican, according to the AFR.
Pelathon bought the property last year from bankruptcy trustee BRI Ferrier, acting for the estate of long-time owner Malcolm Downie.
The selling agents were CBRE's Daniel Dragicevich and Ben McDonald.
In Wagga Wagga, the Home Hotel at 142 Fitzmaurice Street changed hands for $2.7 million.
The sale includes a commercial building next door that has a commercial kitchen on two blocks totalling 1827 sqm.
The pub has a front bar, a TAB and gaming room, a band room and function rooms. There is a Chinese restaurant sub-lease on site.
The selling agents were Ray White's Blake Edwards and Xavier Plunkett.
Meanwhile, a pub and retail property on the Gold Coast has fetched $4.55 million at auction.
The Merrimac Tavern, at 10-16 Merrilaine Crescent, is a 3,548 sqm property.
The property returns a net annual income of $347,629, anchored by three leases until 2026 with options.
Ray White's Michael Willems sold the property for a private owner.
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jonathanchancellor-7SQnKwU6yx

Redcape's All Seasons Bendigo hotel sells for $24 million amid flurry of regional deals

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A celebrity dry cleaners on a corner block in Sydney's Rozelle is on the market for the first time in 50 years.
The property at 714-716 Darling Street, Rozelle goes to auction on 15 August 2017.
Robert Maher, Gunning Real Estate sales agent said the current owners purchased the property in 1964 as a dry cleaning business.
“The shop was a hardware store for many years before the mid '50s when the dry cleaners was established which has been running ever since,” he said.
“The current owners cared for the changing fashions through the 60s, 70s &amp; 80s, until they sold it in 1983 to the current operators.
“The dry cleaning business has served many celebrities over the years including Nicole Kidman to Joe Hasham.
“They cleaned the local mayors and the priests robes as well as theatrical and performance costumes."
Tom Speakman, Director of Gunning Real Estate said the shop has seen the suburb evolve from servicing wharfies to the affluent café culture it is today.
“The very tightly held location in Darling Street is again experiencing a rejuvenation and purchasers will benefit from the improving infrastructure and local amenity with the introduction of the WestConnex, the proposed Metro West Rail line and gentrification of Rozelle Park," he said.
“Long term capital growth as a result of these improvements as well as its close proximity to the proposed new Balmain Leagues Club entrance and the foreshore redevelopment make this an attractive property.
“There is an excellent opportunity to value add and reposition the asset in order to unlock additional floor space and rental income.
“Being on a corner position, with 48 meters of street frontage there are a myriad of potential redevelopment options for the 381sqm site."
The property at 714-716 Darling Street, Rozelle goes to auction on 15 August 2017 at 10.30am at AuctionWORKS, 50 Margaret Street, Sydney unless sold prior.
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j.ballantyne1990-6AQqhLzZaK

Celebrity dry cleaners hits the market in Sydney's Rozelle

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Former Frasers boss and veteran international property developer Dr Stanley Quek, has quietly bought a landmark row of commercial terraces in Potts Point for $18 million.
The <a href="https://www.realcommercial.com.au/property-offices-nsw-potts+point-502403498" target="_blank">Bayswater Road commercial site</a> is made up of four Victorian heritage terraces built in the late 1880s.
Quek, chairman and founder of Sydney based developer Greencliff, is a key figure in apartment developments across Australia as well as London and Singapore.
He was behind the Foster &amp; Partner designed Lumiere Residences in the Sydney CBD and the $2 billion Central Park mixed-use project in Sydney’s Chippendale.
The London-esque Bayswater Road strip came 100% leased to popular nightclub World Bar, an F45 training studio and a hair salon, but have probable residential or boutique hotel potential.
<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/2017/08/09/POTTS%20POINT%202.jpg" alt="">
Offering 32 metre frontage to Bayswater Road, the site area of 960 sqm across four freehold titles also offers boutique office accomodation.
It has possible residential terrace accomodation.
Knight Franks Richard Garland and Jonathan Vaughn were handling the recent resale marketing in conjunction with LJ Hooker Commercial agent Daniel O'Brien.
<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/2017/08/09/POTTS%20POINT%203.jpg" alt="">
It last traded for $12 million in 2015 when it was bought by a consortium including Eagle Property Group and hotel entrepreneur Paul Fischmann. 
Fischman is the founder and chief executive of 8Hotels.
Dr Quek held senior positions across Frasers Property Australia, Frasers Property UK and region development.
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Greencliff's Stanley Quek buys Potts Point commercial terraces

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A nine hole golf course has been listed at Windsor overlooking the Hawkesbury River.
The <a href="https://www.rumcorpsgolfcourse.com.au/" target="_blank">Rum Corp Barracks golf course</a> has a $3.99 million asking price through estate agent Stephen Lord.
It has bbq facilities and seating for up to 70 people, overlooking the course that sits on 20 hectares.
There's a pro shop, machinery shed and staff lunch shed. The sale includes 23 Yamaha drive carts.
All very basic, but Lord says he has been surprised at the interest shown already from Chinese buyers.
It is in a flood zone which would impact its development capacity.
It first appeared in the Sunday Telegraph.
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Windsor golf course listed for $3.99 million

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Frasers Property’s Martin Brower facility in Horsley Drive Business Park in Sydney’s Wetherill Park has taken the Industrial Development category award at the UDIA NSW Crown Group Awards for Excellence 2017.
Martin Brower Australia has a 20 year lease on the 18,559 sqm facility, which features a warehouse and 3,000 m2 office space as well as dry store, chiller, freezer and chilled staging areas and boasts a Six Star Green Star Design rating.
Ian Barter, General Manager Northern Region for Frasers Property Australia said it was specifically designed to accommodate the needs of Martin Brower’s main client – McDonalds.
“It is pleasing to see the industry has recognised the Martin Brower building as redefining the benchmark for excellence in industrial logistics facilities," he said.
“A striking architectural form has been achieved using quality materials and finishes integrated with a focus on improving supply chain efficiencies.
"An innovative business structure developed with the site owners, Western Sydney Parklands Trust (WSPT) has also resulted in outstanding financial results for all key stakeholders." 
Horsley Drive Business Park is a 20.4 hectare site owned by WSPT on the corner of Cowpasture Road and Horsley Drive. 
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Frasers Property's Martin Brower facility wins UDIA NSW award

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<img src="https://counter.theconversation.edu.au/content/81562/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Half of all Australians are now able to connect to the NBN.
But around 40 percent of eligible households have chosen not to connect to the network. Our modelling shows that subsidising the NBN is key to encouraging more Australians to connect. This would benefit the economy as a whole, but hurt the government’s plans to privatise the network.
The government is currently counting both on receiving ongoing revenue from the NBN, as well as the proceeds from its eventual privatisation. To achieve both goals, the NBN charges for access to the network.
Switching from a pricing model that charges for access to the network to one that subsidises access will mean the government won’t get a return on its investment. 
The NBN’s pricing model
The NBN currently charges internet service providers, such as Telstra, for access to the network. The internet service providers then sell the service on to consumers - businesses and households.
Our model tried to find an NBN access price that would generate the greatest benefit to consumers, internet service providers and the network. We set our model in the future - when the NBN has been fully constructed, the cost of construction has been paid, and the government is preparing to privatise it.
In order to maximise the shared economic benefit from the network, we found that the access price has to be less than zero - a subsidy. The network shouldn’t be charging internet service providers to access the network, it should instead pay them to connect. 
The internet market in Australia is dominated by four large internet service providers (Telstra, Optus, TPG and Vocus) so we can’t expect the subsidy to be fully passed on. But competition means consumer prices would drop, and the number of customers connecting to the network would increase by as much as 25%. The benefit to the economy as a whole would outweigh the costs, but the cost falls entirely on the NBN, which would have to run at a loss. 
The NBN as a public service
We know that regulators want the NBN to benefit the whole economy. This requires more customers to connect to the network. Our model shows that means prices need to be reduced. 
This will weigh on the plans to privatise the NBN. There was a similar issue over access to Telstra’s copper network, which was marked by repeated litigation and public wrangling between Telstra and the Australian Competition and Consumer Commission over access pricing. 
Private companies won’t invest in infrastructure such as the NBN unless they can earn a profit in return. In fact, neither Telstra nor its competitors managed to build a fibre network themselves precisely because they couldn’t agree with the ACCC on how much profit they would be allowed to make from it. 
But the NBN is financed and currently owned by the government. This means it doesn’t necessarily have to run at a profit. 
Our model shows the NBN should be treated like other services the government provides - roads, education and doctors visits. All of these services can theoretically be provided by the private sector but are subsidised because the benefits of broad access outweigh the costs. 
Any guarantee of a profitable NBN also means that the benefit to consumers and the economy will be suboptimal. With the nbn Co. due to finish construction and be polished up ready for privatisation in less than four years, it’s time for our politicians and regulators to start transparent conversations with the public, investors and broadband businesses about how many consumers will be connected to Australia’s broadband future.
<a href="https://theconversation.com/profiles/troy-s-barry-392664" target="_blank">Troy S Barry</a> is PhD Candidate in Economics, University of Western Australia.
<a href="https://theconversation.com/profiles/ishita-chatterjee-392690" target="_blank">Ishita Chatterjee</a> is Economics lecturer, University of Western Australia.
Both are authors for <a href="https://theconversation.com/au" target="_blank">The Conversation</a>.
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jchancellor-FAypfDUnLy

The NBN needs subsidies if we all want to benefit from it

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There has been a significant growth of flexible workspace across Brisbane over the recent years, according to new research from Colliers International.  
Flexible Workspace, put simply, is a workspace which enables occupiers the ability to utilise space on demand, according to Brisbane Flexible Workspace: Market Trends and Outlook.
Flexibility is derived from both the physical environment and financial commitment. Physical environments are adaptable spaces which can include co-working hubs and serviced offices, business lounges, event areas, elastic space for project teams, churn space for relocations, network offices for sales teams, and dedicated areas within agile working environments.
Occupiers view these spaces as either core space or supplementary space, dependant on their own situation. Financial flexibility is derived from the ability to commit to short, medium or long-term agreements, with the capacity to adjust footprint and utilisation as required, and in some instances transfer financial liability from redundant locations to essential locations. 
Ultimately flexible workspace is about meeting the ever-changing needs of occupiers, maximising efficiency and productivity, minimising overheads and cost, and enabling individuals and organisations to do their best work. 
The total stock of flexible office space across Brisbane as at May 2017 was 78,597 sqm. Based upon this figure Flexible Workspace across greater Brisbane represents 2.34 per cent of the total office market. 
In comparison a similar figure has also been identified for Sydney representing 2 per cent of the market. A factor contributing to this may be the fact that Brisbane currently has a higher vacancy rate on offer compared to Sydney CBD. Consequently, companies like Regus and Corporate House are locking in space today (with the market favouring tenants) rather than the latter, to offset their running/setup costs with high incentives, lower rents, and generally favourable terms that are currently on offer. 
Seemingly the recent surge in Flexible Workspace operators committing to head leases in the market is based on their expectation of significant growth in demand.  
<a href="https://www.propertyobserver.com.au/images/2017/08/08/BrisbaneFlexi1.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/08/BrisbaneFlexi1.png" alt="">
According to the report, 58 per cent of the total Flexible Workspace was located in Brisbane CBD, 17 per cent in the Urban Renewal Area, 10 per cent in the Inner South and six per cent in the Inner West with the remainder of space scattered across greater Brisbane. Of the total space offered 13 per cent is Premium, 27 per cent A Grade and 60 per cent Secondary Grade. The maximum space in operation was 14,200 sqm (serviced) and minimum 100 sqm (co-working). 
Serviced, Incubator and Co-Working Office Space – Greater Brisbane
<a href="https://www.propertyobserver.com.au/images/2017/08/08/BrisbaneFlexi2.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/08/BrisbaneFlexi2.png" alt=""> 
The best way for your business to determine if you need flexible workspace is to consider what your people need and where they need to be to efficiently complete their work and get their day-to-day tasks done, according to report author Helen Swanson of Colliers research.
“How we work and what our office should look like is an ever-changing topic and only by assessing your business needs will you know what workspace is best suited to you – there is no one-size fits all solution,” says the report.
“Finally, we are also seeing traditional serviced offices starting to remodel their spaces to accommodate a more modern look, often with similar design and greater lounge areas,” it adds. 
There is currently 62,137sqm of serviced office space on offer across greater Brisbane. Of this 63 per cent is located in Brisbane’s CBD, 13 per cent in Brisbane’s Southern Suburbs, 9 per cent in the urban renewal area and six percent in Brisbane’s Inner West. 
<a href="https://www.propertyobserver.com.au/images/2017/08/08/BrisbaneFlexi3.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/08/BrisbaneFlexi3.png" alt="">
The remainder of serviced office space was located across the rest of greater Brisbane. The maximum space operating as serviced office is 14,200 sqm located in Brisbane CBD whilst the minimum amount is 500 sqm. 16 per cent of serviced office space was premium, 27 percent was A Grade and a further 57 percent was secondary grade.
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Flexible workspaces on the rise in Brisbane: Colliers

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NBN Co, which is rolling out the National Broadband Network, is eyeing two new office headquarters in Sydney and Melbourne.
The company, which has come under criticism for slow network speeds and quality, is set to move into Dexus' 100 Mount Street development, close to the new Victoria Cross Metro rail station in North Sydney, The Australian Financial Review reported.
In Melbourne, it is understood to have signed on for around 20,000 square metres at the final tower in billionaire Lang Walker's Collins Square project.
The new Sydney office of NBN has Sydney Harbour views and the company is expected to take half of the 41,500 square metres building that has more than 34 office levels.
Rents could range between $700- $750 per square metre per year, the AFR said.
Meanwhile, in Melbourne, the Collins Square project is well advanced and the last building, known as Tower 5, already has a commitment from Transurban for around 16,000 sq m.
The NBN tenancy will nearly fill that final tower in the $2.5 billion mixed use project.
The NBN deal is expected to be struck at somewhere between $575 and $590 per sq m on a net face rent, according to industry sources.
The tower is due to be completed in 2018.
The timing of the moves come amid a review being ordered by the Federal government as the rollout gets mired with complaints of high costs and poor quality of service.
Already, the company is reviewing the pricing for the $50 billion broadband network.
The chief executive of NBN, Bill Morrow, recently said the company is facing an image problem. Telcos have complained that it was the NBN's pricing mode that was driving up their prices, while at the same time around 15 per cent of users were facing problems.
NBN declined to comment on its leasing plans.
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NBN looking to lease into top-end offices in Sydney and Melbourne 

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There is no relief on the horizon for the muted retail industry due to tough economic conditions and investment risks in the sector are higher, according to forecaster BIS Oxford Economics’ latest report.
A soft economy, weak household income growth and subdued consumer spending will continue for some years, while Amazon’s entry will only add to the challenges to Australian retailers and shopping centres, says Retail Property Market 2017 to 2027. 
“While the spectre of large scale shop closures, declining retail employment and abandoned shopping centres that we see in the US is unlikely to be repeated to the same extent in Australia, the risks associated with retail property investment are arguably higher than at any time in the past,” it says. 
Returns are expected to vary significantly from centre to centre, while some will fail, it cautions. 
Report author Maria Lee observed that the retail environment remains challenging against the backdrop of a difficult economic transition—away from an economy underpinned by a resources boom and back to more broadly balanced growth. 
“This is proving to be a long, hard slog. We expect retail expenditure to remain muted for the next three years,” she said. 
Shopping centres will struggle to match the pace of aggregate turnover growth due to heightened competition from additional retail floorspace and the continued growth of online sales—now given fresh impetus by the expansion of Amazon. 
Other challenges in converting turnover growth to additional centre income include over-rented shops, high leasing incentives, poorly performing anchor tenants and pressure on retailer profit margins. 
In addition, changing consumer spending patterns means centres must constantly be reinvigorated — and this involves spending money, it concludes.
“We forecast shopping centre net income growth to barely keep pace with inflation over the next five years, with probably more downside than upside risks to those forecasts” says Lee. 
On a positive note, however, BIS Oxford Economics said retail property remains in high demand among investors, with the dollar value of transactions seemingly held back only by a lack of stock for sale. 
Meanwhile, existing owners are pumping large sums of money into (often defensive) refurbishment/expansion projects. Competition for assets is driving yield compression, thereby boosting centre values and total returns. Average yields for regional, sub-regional and neighbourhood centres are all below pre-GFC levels. 
“We can’t see much further yield firming from here. If anything, the main risk is in the opposite direction” said Lee. 
Putting income and yield forecasts together, BIS Oxford Economics forecasts modest IRRs of below 7% over a five-year investment horizon, with considerable variation from centre to centre. 
Some centres are at risk of losing anchor tenants and/or specialty retailers and will underperform. Even for stronger centres, Lee notes that “even experienced shopping centre managers may have trouble in dealing with what are arguably the toughest conditions yet in retail property investment.” 
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