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.

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.

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.

<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" />

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.

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.

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.

<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" />

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.

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.

Joel Robinson

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

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.

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.

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.

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.

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.

<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" />

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.

“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.

“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;

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;

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.

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.

<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" />

A comprehensive landscape strategy would introduce deep soil planting, vertical greening, communal gardens, and new pedestrian links throughout the site.

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;

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.

Hamton has increasingly focused on precinct-scale, nature-led communities across Melbourne’s middle-ring suburbs, with projects spanning Hawthorn, Kew, and Moonee Ponds.

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

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.

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.

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.

Most early purchasers have secured gains of well over $1 million since the project launched in 2021.&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172129]

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; 
&nbsp;&nbsp; &nbsp; 
“Esprit has attracted buyers seeking a combination of quality design, considered amenity and a location that is becoming increasingly difficult to replicate,” said Gedoun.

“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;

[smartcode_project:default project_id=102921 project_image_fid=172174]

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.

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;

<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;

“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;

“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;

[smartcode_project:default project_id=102921 project_image_fid=214819]

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.

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;

S&amp;S Projects is continuing its investment in the area with Radia, a $215 million development currently under construction.&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172175]

Gedoun said the completion of Esprit signals continued confidence in the southern Gold Coast market.&nbsp;

“We’ve seen strong interest in well-located, high-quality apartments, particularly in areas where future development opportunities are limited."

“That’s been a key factor in the performance of Esprit and the broader Rainbow Bay market”.

[smartcode_project_cta:default project_id=102921]

Owners move in as Esprit completes at Rainbow Bay

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>.

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.

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.

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.

[smartcode_project:default project_id=134792 project_image_fid=328123]

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.

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.

A gym with indoor and outdoor zones, and a golf simulator, further enhances recreational choice within the building.

[smartcode_project:default project_id=134792 project_image_fid=328119]

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.

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.

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.

"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."

[smartcode_project:default project_id=141711 project_image_fid=353495]

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.

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.

Construction is on track for completion in mid-2027.

[smartcode_project:default project_id=151614 project_image_fid=362759]

Mosaic's latest offering is its most ambitious yet, boasting a rare, north-facing riverfront position on Montague Road in South Brisbane.

<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.

Early works are underway, with full construction expected to commence in the second half of 2026, and an anticipated late 2029 completion.

[smartcode_project:default project_id=151614 project_image_fid=362759]

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.

"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."

Mosaic's Midas Touch

<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.

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. 
&nbsp; 
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.

[smartcode_project:default project_id=144442 project_image_fid=369868] 
&nbsp; 
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. 
&nbsp; 
Urban Co-CEO Patrick Elias said the groundbreaking represented a significant milestone for Wollongong and reflected Urban’s long-term commitment to regional cities.

“Today’s groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong’s city centre,” Elias said. 
&nbsp; 
“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.”

[smartcode_project:default project_id=144442 project_image_fid=369869] 
&nbsp; 
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.

"This project reflects the Minns Labor Government's commitment to increasing housing supply in well-located areas." 
&nbsp; 
Wollongong Lord Mayor Cr Tania Brown said Keira Place would deliver lasting community benefits for the city. 
&nbsp; 
"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. 
&nbsp; 
"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."

[smartcode_project:default project_id=144442 project_image_fid=369867] 
&nbsp; 
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. 
&nbsp; 
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.

The development will have 10-year Latent Defects Insurance by Resilience Insurance.

[smartcode_project_cta:default project_id=144442]

Groundbreaking marks start of construction at Keira Place in Wollongong CBD

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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Adelaide has the second lowest movement in property listings compared to 12 months ago, according to CoreLogic’s latest report.
The property data firm says that Adelaide’s total listings have risen by just 0.6% to 8,116
This is compared to Canberra’s 14.8% growth.
<a href="https://www.propertyobserver.com.au/images/2017/07/18/Screen%20Shot%202017-07-18%20at%2010.07.37%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/18/Screen%20Shot%202017-07-18%20at%2010.07.37%20am.jpg" alt="">
Darwin has the lowest with a 0.2% rise in total listings while Hobart has the biggest decline of total listings with 29.2%.
A three bedroom house at <a href="https://www.realestate.com.au/property-house-sa-coromandel+valley-125956098">11 Walsh Court</a>, Coromandel Valley (above) has been listed for between $470,000 to $490,000.
Built in 1982 the property was last sold in 2008 for $373,000.
<div>
Another three bedroom house at <a href="https://www.realestate.com.au/property-house-sa-trott+park-125954210">1 Barton Drive</a>, Trott Park (below) has been listed for between $339,000 to $355,000.
Built in 1986 the property was last sold in 2014 for $325,000.
<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/2017/07/18/1%20Barton%20Drive.jpg" alt="">
</div>
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j.ballantyne1990-6AQqhLzZaK

Adelaide sees very slight listing uptick: CoreLogic

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Nine separate bulky goods retail properties leased to electronics retailer The Good Guys across four states have sold for a total of $92 million.
The deals were the largest group transactions of its kind in the Australian market this year, according to Savills which negotiated them on behalf of the Muir family.
The properties are located in Victoria (Thomastown, Geelong, Bendigo and Ballarat), New South Wales (Caringbah and Ballina), Queensland (Ipswich and Cairns) and Western Australia (O’Connor), and all are leased long-term to The Good Guys, a wholly owned subsidiary of ASX-listed JB HiFi.
Sales range from $5.2 million for the Bendigo property, up to almost $30 million for the Caringbah property.  
Purchase yields range from around 6.25% for the capital city properties up to almost 8.00% for regional properties – compelling returns for a yield starved market.
A Sydney-based investment fund and sell the other properties individually.’’One investment group
Selling agents Clinton Baxter, Nick Peden and Steven Lerche of Savills said the sale had been one of the most anticipated divestment of Australian retail stock in the last 12 months.
"We expected strong interest from private investors seeking individual properties, but were particularly surprised by the numerous portfolio buyers seeking multiple properties across several states,’’ Baxter said.   
“We simply couldn’t satisfy all the portfolio offers due to overlapping property requirements, and ultimately chose to transact 5 of the properties with a Sydney-based investment fund and sell the other properties individually.’’
<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/2017/07/19/Good%20Guys_Thomastown.03.jpg" alt="">
Peden said that the wide price range of the assets, exceptional main road locations in key commercial precincts, attractive rental returns, together with blue-chip tenancy profiles appealed to a wide range of investors ranging from SMSFs, private investors, syndicators and property funds, whether based locally or off-shore.
"With The Good Guys being owned by ASX-listed retail powerhouse JB Hi-Fi Limited, investors feel extremely comfortable with the long-term security of the investment. 
"All properties are in proven commercial locations, with a long history of successful trade” Lerche said.
The properties are all owned by the Muir family. 
Savills will be selling several additional properties also leased to The Good Guys in coming weeks, to complete the divestment.
“Of the original portfolio of properties we have been handling for the Muir family, it was crucial to the process that we finalised the single portfolio transaction before allowing individual properties to be sold. 
Now that has occurred, we are busy transacting the individual properties, with the opportunity offering exceptional value for investors at attractive yields” Mr Baxter said.
The Good Guys was founded in Melbourne’s northern suburbs in 1952, and remained a family owned business until late 2016 when the company was purchased by JB Hi-Fi Limited for $870 million.
The business has grown to be one of Australia’s leading retailers in the sale of white goods and electronics, with an approximate annual revenue of $2.1 billion.
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Savills sell nine properties leased to The Good Guys in $92 million disposal

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Fast-food franchisee SumoSalad has reportedly managed to negotiate lower rents from reluctant landlord Westfield through its tactic of insolvency laws.
The two parties are close to a mutually favourable commercial outcome, with the final details to be sorted out by early next week, Australian Financial Review columnist Tony Boyd wrote in Chanticleer.
The deal is expected to attract great attention from retailers operating in large shopping centres because it will show that it is possible to tip the balance of power from landlords back to tenants, Boyd said. 
SumoSalad co-founder Luke Baylis said on Tuesday he was negotiating better rental terms at Westfield centres, without going into details. 
SumoSalad’s boss put two of the 20 companies in his group into voluntary administration in June, escalating the tension between the fast food chain and Westfield after failed attempts over six months to negotiate cuts in leasing charges.
The two companies, Sumo Westfield Leasing Pty Ltd and Sumo Leasing Pty Ltd, were put into voluntary administration with Morgan Kelly and Peter Gothard from Ferrier Hodgson appointed voluntary administrators. 
Baylis’s contention was that SumoSalad franchisees had suffered from the opening of new food eating areas which, according to him, was designed to increase foot traffic but had cannibalised the sales of SumoSalad outlets because of increased competition.
"Using the voluntary administration law involved a more strategic approach in terms of negotiating," Baylis said.
He added that SumoSalad was well prepared for using the insolvency laws because all of its leases were held in separate companies within the SumoSalad Group. The two SumoSalad leasing companies had 63 separate leases across 25 different lessors. Westfield was responsible for 19 of them.
Kelly compared the use of the voluntary administration laws by SumoSalad to the Chapter 11 bankruptcy law in the United States. 
“You have protection from your creditors while you negotiate a commercial outcome,” he said.
"I believe the use of the laws in this way is unprecedented.” 
Kelly said in a report to creditors that many SumoSalad franchisees were not trading profitability "primarily due to high levels of rent" and led to a number of them “abandoning their sites”.
Baylis says that while the strategic use of insolvency laws had been effective, it would cost him about $250,000.
 
 
 
 
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jonathanchancellor-7SQnKwU6yx

SumoSalad close to winning lower rental deal with landlord Westfield

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Shopping centre landlords are charging retailers “crazy” rents, franchise operator Stan Gordon has said, while urging landlords to be realistic or retailers would quit their malls in droves.
Gordon is managing director of Franchised Food Company, which has more than 200 outlets across brands like Cold Rock, Whippy, Pretzel World and Trampoline.
"The retail market is not fantastic, it's very tough. All we are asking for is fairness. We can't be in malls just to break even while making the shopping centre owners rich," Gordon was cited as saying by The Australian Financial Review.
He said the owners of Chadstone Shopping Centre in Melbourne (Vicinity Centres and the Gandel Group) asked three of its franchisees "crazy rents" when they were given the opportunity to move back in after refurbishments. 
"We told them we cannot make it work at these rents," Gordon said. 
A spokeswoman for Vicinity Centres declined to comment.
Gordon said retailers are being held for ransom by some shopping centres that had annual rent increases of 5 per cent, almost 3 percentage points more than inflation.
"Yes, these shopping centres are often undergoing multimillion-dollar upgrades – another reason for the unsustainable increases in rent – but this is only in response to the rise of online shopping," he told the AFR.
Fast-food franchise SumoSalad put two of its 20 companies into administration in June to force landlord Westfield to negotiate on rents and is close to a lower rent agreement, according to recent developments.
Gordon pointed out that staff penalty wages should drop if retailers are to remain profitable in the high-rent environment.
Claims that shopping mall landlords are oversaturating their centres with food outlets were rebutted by Peter Allen, the chief executive of Westfield landlord Scentre Group.
Allen said while retail space allocated to "food catering" was growing by 4.5 per cent, food sales were increased by 6.8 per cent.
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Shopping mall landlords charging 'crazy rents', says franchisor Stan Gordon

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All Australian homes will have broadband connectivity by 2020, according to a senior executive of NBN Co tasked with rolling out the National Broadband Network which promises to deliver super fast internet.
NBN Co’s chief network deployment officer Kathrine Dyer has said that no premises will be left unconnected by the time the rollout is completed in 2020, according to The Australian.
“There will be a lot of night works, additional traffic management and higher level of consultation with council on land access,” Dyer said.
Nearly 200,000 premises faced lengthy delays connecting to the network despite the fact that the NBN has been rolled out in their neighbourhoods.
These “service class 0” premises, which make up close to 5 per cent of the 5 million or so premises ready to receive NBN service, have been put in the “too-hard ­basket” by NBN Co.
Dyer said some premises had been left in limbo and NBN Co was working to ensure they would not fall further behind.
“This year is the year we look at these premises and start making them serviceable,” she was cited as saying by The Weekend Australian.
Back in 2015, when NBN Co revealed its plan to reach 9.1 million homes by 2018, its chief executive Bill Morrow had said, “This is a bold plan that puts us in striking distance of our ultimate goal of delivering better broadband to every Australian by 2020.
Two years down the line, the project has been marred by delays and criticism. In September 2016, a joint standing committee of parliament was established to inquire into the NBN rollout. 
Dyer said the ­decision to leave some premises behind was due to several factors, not just technology. 
“We had some examples where we would get to multi-dwelling units (apartments) and the body corporate would tell us to come back in 12 months,” she said.
Critics, however, say the decision to bypass homes was more about meeting aggressive rollout targets and keeping costs down.
Recently, Rod Tucker, a telecommunications expert and professor at the University of Melbourne, told the Senate committee overseeing NBN that Australia’s FTTP fibre-to-the-premises connections were costing $4,405 on average and were among the most expensive in the world.
With the rollout entering the metro areas, the next 12 months are expected to be critical for NBN Co as connecting metro suburbs will require significant civil works and better co-ordination between NBN Co and the retail service ­providers.
Dyer said the biggest pain for consumers was a lack of clarity about on where NBN Co’s responsibility ended and the retail service providers took over. 
“We are all on a journey here and there’s a learning curve here for providers and residents,” she said.
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NBN to connect everyone by 2020: Kathrine Dyer

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A strata office property in inner Melbourne’s Cremorne (Richmond) has changed hands for the second time in the past eight months, this time for $3.75 million to an owner-occupier.
The <a href="https://www.realcommercial.com.au/property-offices-vic-richmond-502062242" target="_blank">159-161 Cremorne Street</a> property previously sold in November 2016 for $3.15 million and the transaction underlines the strength of the commercial property market in the area.
Teska Carson’s Tom Maule, who brokered the off-market deal with Matthew Feld and Michael Taylor, said the $600,000 or nearly 20 per cent rise in value in the short period reflected the strong demand for city fringe locations.
“The demand for strata office has been very strong recently and this has been underlined by a sale at a very good $5,357 a square metre,” said Maule.
“The buyer was looking for a property which provided modern accommodation, exposure, and an inner city location which offered immediate access to all essential amenities, including public transport and quick access to arterial links.
The 704 sqm ground floor property forms part of the Deal Corporation-developed ERA building, which comprises three levels of office space, 155 residential units, a café, and basement car spaces.
The property sold with vacant possession. 
Maule said the estimated fully-leased income was around $290,000 per annum.
Feld added that the Cremorne/Richmond market was very popular with local and off-shore buyers because it was close to the CBD.
The vendor was a Melbourne-based private investor.
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Richmond office property sells for $3.75 million, gains 20 percent in 8 months

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After-school and vacation care service OSHCare Pty Ltd has leased a heritage building in a waterfront location at Balmain in inner western Sydney where an Australian cult movie was shot.
The historic, two-storey sandstone building at <a href="https://raywhitecommercialinnerwest.com.au/nsw/balmain/937521/" target="_blank">101 Mort Street</a> was used to film parts of the 1974 Australian biker movie ‘Stone’. 
OSHCare has taken out a three-year lease with a five-year option. The net rental is $125,000 per annum.
The deal was negotiated by Ray White Commercial’s Tim Morrison on behalf of a private investor owner.
The 300 sqm building is a heritage-listed property.
“This property was originally the Forth &amp; Clyde Hotel, an integral part of the ship building and industrial heritage of this Balmain waterfront location,” said Morrison.
The building is now used as professional offices, he said.
“The building is close to Mort Bay Park, Thames Street Wharf as well as Balmain's well-known pubs, restaurants and retail shopping precinct with easy access to bus and ferry.”
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Afterschool service OSHCare leases Balmain building

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Commercial property sales in eastern Sydney increased in the past three months, according to analytics firm CoreLogic's latest Eastern Sydney Cityscope.
The property data firm said sales recorded in the quarter to July 2017 totalled $155.3 million, up from the $141 million in the quarter to April 2017 but a decrease from the $381.6 million in the quarter to January 2017.
The 12-month total was $797 million, a significant increase from the $459.5 million recorded the same time last year.
The table below shows sales recorded for the past eight updates of Eastern Sydney Cityscope.
<a href="https://www.propertyobserver.com.au/images/2017/07/14/Screen%20Shot%202017-07-14%20at%2010.38.58%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/14/Screen%20Shot%202017-07-14%20at%2010.38.58%20am.jpg" alt="">
Notable sales listed in the July 2017 update of Eastern Sydney Cityscope include: 
<ul>
<li>20-26 Cross Street, Double Bay, a two-storey building comprising 34 suites with a net lettable area of 1,065 sqm, which was bought for $54.6 million through CBRE North Sydney;</li>
<li>Kinselas Hotel, at 383-387 Bourke Street, Darlinghurst, a four-storey Victorian-style building with an internal Inter-War Art Deco style, formerly a chapel and funeral parlour which was built in1933, it was bought for approximately $23 million through Colliers International and</li>
<li>Bay House, at 2 Guilfoyle Avenue, Double Bay, a four-storey office building with a net lettable area of 985 sqm, which was bought for $12 million.</li>
</ul>
<a href="https://www.propertyobserver.com.au/images/2017/07/14/Screen%20Shot%202017-07-14%20at%2010.39.29%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/14/Screen%20Shot%202017-07-14%20at%2010.39.29%20am.jpg" alt="">
Properties listed as for sale in the July 2017 update of Eastern Sydney Cityscope include: 
<ul>
<li>Room 4 at 285A Crown Street, Surry Hills, a three-storey commercial building with underground parking for 15 cars and a building area of 4,520 sqm available through Colliers International and CI Australia;</li>
<li>The Colombian Hotel, at 117-123 Oxford Street, Darlinghurst, a three-storey Inter-War building, built in 1930 and refurbished in 2002, available through Ray White Hotels and</li>
<li>48 Little Oxford Street, Darlinghurst, a mixed-use building with one ground floor commercial tenancy and three floors of residential units above, available through CBRE Sydney.</li>
</ul>
Leasing opportunities listed in the July 2017 update of Eastern Sydney Cityscope include:
<ul>
<li>64-76 Kippax Street, Surry Hills, an eight-storey warehouse conversion building with car parking for 72 cars, has suites of 75 to 1,200 sqm available through Karbon Property Sydney and Colliers International Sydney;</li>
<li>21 Bay Street, Double Bay, a one and two-storey building, has retail space of 300 sqm available through Rose and Jones Buyers Agents and Property Managers and</li>
<li>Ozone Bondi Beach at 102-106 Campbell Parade, Bondi Beach, a four-storey block comprising ground floor retail and 13 upper level residential units, has retail space of 370 sqm available through CBRE Sydney.</li>
</ul>
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Eastern Sydney commercial property sales rose in 3 months to July: CoreLogic

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A 92-room building currently used for student accommodation in Sydney’s lower North Shore suburb of Greenwich has sold for $14.9 million.
The <a href="https://www.realcommercial.com.au/property-offices-nsw-greenwich-501714013" target="_blank">33 Greenwich Road</a> property has four floors and is approved for 175 beds in total and has a building area of nearly 3,230 sqm and land area of 4,290 sqm.
Each floor excluding the ground floor has separate male and female bathrooms, common kitchenette, store rooms, ironing room and a cleaner’s cupboard. The building also consists of a commercial kitchen, cafeteria area and a manager’s flat.
The selling agents were Darren Pienaar and Michael Culibrk of Gerard Cole Property Consultants.
The property is close to shopping precincts, schools and public transport. 
The property last traded in 2012 for $6.25 million, according to Corelogic RP Data.
Student accommodation has been a growing asset class for investors. Last month, Furnished Property, a student accommodation provider, put a portfolio of 14 long-term leasehold properties in central Sydney on the market through Savills.
 
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Student hostel in Sydney's Greenwich sold for $14.9 million

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A laneway retail asset in Melbourne’s CBD has been snapped up by a local investor for $2.875 million in an off-market transaction.
The <a href="https://www.realcommercial.com.au/property-retail-vic-melbourne-502464730" target="_blank">165 Flinders Lane</a> property is a two-storey shopfront on the corner of iconic laneway Hosier Lane.
The deal was brokered by Colliers International’s Oliver Hay, Daniel Wolman and David Sia.
The property transacted with vacant possession but represents a market yield of about 3.5 per cent and a price per square metre of more than $36,000 per sqm, according to the agents.
“165 Flinders Lane embodies the ongoing trend of investors and tenants tweaking their portfolio strategies to incorporate laneways due to their character and point of difference,” Hay said.
He cited another ground-floor retail shop a stone’s throw away at 118 Russell Street that recently sold under the hammer for $1.75 million, representing a record $87,500 per sqm.
The sale price of 165 Flinders Lane reflected the growing appetite for quirky and unconventional retail assets in Melbourne’s CBD, they added.
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