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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A ground floor retail shop in the Sydney CBD has been purchased by Lyndal Hale &amp; Kenneth Hale (K +L Hale Pty Ltd) for $910,000 on a passing yield of 5.16 percent pa through Savills ahead of its auction on June 27.
The 28 sqm shop is part of a 10-storey apartment block at <a href="https://www.realcommercial.com.au/property-retail-nsw-sydney-502413302" target="_blank">Lot 1, 21 Alberta Street</a>.
It was bought from Steven Fragias &amp; Gerasimos Fragias
The corner shop at the southern end of the CBD is leased to Cre Asion café on a new five-year lease, with a five-year option and offers 3.95 sqm of outdoor seating area. The rent is  $47,021 pa.
The deal was negotiated prior to auction by Robert Lowe and David Hickey of Savills Australia.
Robert said the long standing tenant has run a highly successful business for the past six years and also operates the recently acclaimed Japanese restaurant from an adjoining commercial tenancy know as Sasaki.
The corner shop has floor-to-ceiling windows with lot of natural light, an exposed concrete façade and modern timber fitout.
The shop is located within a short walk to CBD streets and St James Station.
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j.ballantyne1990-6AQqhLzZaK

Corner shop in Sydney CBD leased to cafe snapped up before auction

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A local developer has snapped up a development site for $3.33 million in Melbourne's Ascot Vale in a private sale through Savills Australia. 
The <a href="https://www.realestate.com.au/property-residential+land-vic-ascot+vale-201784898" target="_blank">147-149 The Parade</a> property sold at a robust land area rate of $2,060 a sqm. 
The 1617 sqm property, zoned General Residential 1, is close to shops and public transport.
Improvements include a single level, residential duplex.
The sale was negotiated by Savills’ Julian Heatherich, Jesse Radisich and Benson Zhou.
Heatherich said the location had easy access to Melbourne CBD and with its three street frontages was very attractive to developers.
"This is an ideal site for both townhouse or apartment development and that was acknowledged by the very high level of enquiry from developers looking to capitalize on the demand from both investors and owner-occupiers," Heatherich said.
The vendor was a local investor.
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Developer snaps up Ascot Vale site in Melbourne for $3.33 million through Savills

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<img src="https://counter.theconversation.edu.au/content/79847/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
As the Automatic Teller Machine (ATM) celebrates its 50th birthday, it’s actually being used less and less to withdraw cash in Australia.
There are currently more than 32,000 ATMs across Australia and cash withdrawals in February 2017 were A$9,924 million, down 10 percent from the previous year and just above the total of February 2005.
ATM’s (Automatic Teller Machines) were first introduced at the end of June 1967 and were welcomed by both bank customers and the banks themselves. This “hole in the wall” enabled customers to access their cash 24/7. The ATM’s self-service nature enabled the banks to reduce their costs, by closing bank branches, reducing opening hours and laying off staff.
But the Reserve Bank of Australia’s 2016 Consumer Payments Surveyreported that cards were used more often than cash for in-person payments, as well as online payments. This is facilitated by Australian consumers and merchants’ rapid adoption of contactless.
The July 2017 changes to the level of merchant service fees for accepting payment cards might even further reduce our reliance on these machines. The changes should reduce surcharging and minimum spends for accepting cards (in theory) and we will then have even less reason to carry cash. 
ATMs will need to evolve to remain relevant, perhaps taking on other services entirely.
Lots of cash, just not from ATMs
Paradoxically, there has never been so much cash available in Australia. By April 2017 there were 1.5 billion individual banknotes on issue, an average of 62 notes for every Australian. The RBA has recently opened a new super bank vault to store its contingency reserves of banknotes. 
There are similar patterns in other countries. For example, the Bank of England notes in circulation rose by 10% in 2016, the fastest pace in a decade. This is despite technological advances that now allow people to pay by contactless cards and digital devices, such as mobile phones.
Why then is cash still so popular? The RBA’s 2016 survey concluded that cash is widely held as a store of value. If found 70% of respondents to the survey held cash in places other than their purses and wallets.
The government’s Black Economy Taskforce estimates that the Australian black economy is around 1.5% of GDP, or A$25 billion per year. Much of this is enabled by the use of hard cash, as opposed to electronic payments. 
Harvard professor Kenneth Rogoff wrote that physical cash can facilitate corruption and tax evasion. In his view, many of the disadvantages of cash could be reduced if larger denomination notes were withdrawn from circulation. 
As an example, the Euro 500 note is due to be withdrawn from the end of 2018, however it may take more than this to reduce the underlying attraction of cash.
There are many assumptions, attitudes and beliefs which legitimise and perpetuate participation in the black economy. Questioning these will require behavioural change from all citizens, according to the Black Economy Taskforce’s interim report. As an example, if someone else is avoiding GST by paying in cash, others might think “well if they are doing it, I would be a fool not to do it myself”.
Other uses for the ATM
These are services available to bank customers through their ATMs in countries other than Australia. For example, ATMs could be made more efficient by encouraging more customers to deposit cash into the ATM and then recycling that cash in the machine to be used by those seeking to withdraw cash. This would remove many of the costs and security risks of constantly replenishing ATMs with cash. 
Additional functions could be added to the ATM. In the United States you can buy postage stamps at the ATM; in Spain tickets to football matches; in Dubai bars of gold; in California fresh cupcakes and elsewhere fishing licenses and tax bills can all be accessed through ATMs.
As regards customer security to ward off identity theft, biometric measures could make access to the ATM more secure. In Japan finger vein scanning is already in use in many ATMs.
These developments could put ATMs in the forefront of an enhanced customer experience, giving the ATM reasons to survive for another 50 years.
Steve Worthington is adjunct professor, Swinburne University of Technology and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/steve-worthington-138" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

The ATM celebrates 50 years but we’re using it less

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Retail sales activity during the first quarter of 2107 was a little more than $6.6 billion with 130 transactions clocking more than $5 million each, according to the Savills Retail Quarter Times.
Other trends show that there were 73 projects spread over a development area of 1.75 million sqm. At the same time, retail trade touched $102 billion, a 2.7 percent growth on an annual basis.
The top sales — more than $25 million — over the past year or so were at city centres. The top one was David Jones for $360 million and St Collins Land in Melbourne for $247 million, Savills data shows.
Yields for the top 20 sales varied from 3.72 percent to 8.41 percent, according to Savills.
<a href="https://www.propertyobserver.com.au/images/2017/06/14/SavillsSalesTop20.png" target="_blank">Click here to enlarge</a>
<img src="https://www.urban.com.au/images/2017/06/14/SavillsSalesTop20.png" alt="">
By state, NSW topped the sales activity for the year — sales more than $10 million — with Victoria and Queensland following.
<a href="https://www.propertyobserver.com.au/images/2017/07/03/SalesActivity.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/07/03/SalesActivity.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/07/03/SalesByType.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/07/03/SalesByType.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/06/14/SavillsAvgeYld.png" target="_blank">Click here to enlarge</a>
<img src="https://www.urban.com.au/images/2017/06/14/SavillsAvgeYld.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/06/14/SavillsAvgeYldSpread.png" target="_blank">Click here to enlarge</a>
<img src="https://www.urban.com.au/images/2017/06/14/SavillsAvgeYldSpread.png" alt="">
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jonathanchancellor-7SQnKwU6yx

Retail sales activity in first quarter reached $6.6 billion: Savills

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GUEST OBSERVER
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The Early Childhood Development and Care (ECDC) industry has been an asset class with strong returns for many years, however recently the new government childcare rebates, coupled with a number of other well-timed market changes, have seen this particular asset class truly become one to watch for astute investors. 
In a recent white paper Child Care: Australia’s Burgeoning Real Estate Investment Class by Colliers International, it identified an 800 per cent increase in the number of sales of child care centres from 2008 to 2016, with the highest volume of activity concentrated across the east coast. 
The growth of the industry is supported by several key factors that effectively de-risk the class asset and reinforce what we have believed for some time – that childcare is one of the more attractive investment asset classes of 2017 for developers and investors alike. 
HISTORY OF STRONG YIELDS 
The childcare industry has historically recorded higher yields and stronger transaction volumes than its counterparts in the office, retail and industrial sectors. For example, in September 2010 the highest yield of the past decade was recorded at 14 per cent garnered. 
The spate of new competition amongst childcare operators and investors has seen a sharpening of transaction yields and as a result, the industry is showing clear signs of maturity as the performance gap closes comparative to other sectors. 
As the market matures industry yields have consolidated. According to Julian Heatherich, Savills Australia Director, CBD &amp; Metro Sales yields have been peaking at the 6 to 7 per cent range over the past 12 to 18 months 
LONG-TERM TENANCY AGREEMENTS 
Unlike other commercial asset classes where tenancy agreements tend to be an average of ten years, the ECDC industry leases are normally 15 to 20 years, providing more certainty and stability for landlords and investors. 
The stability of these tenancy agreements are amplified by the triple net-lease tenancy model used throughout the market. Under this agreement, operators are responsible for paying the building property taxes, insurance and maintenance which, under most other lease types, would fall to the landlord. 
Thus the nature of these leasing agreements makes childcare a popular vehicle for investors as it creates a steady low-risk income with some built in capital protection. 
GOVERNMENT SUPPORT 
In May this year, the federal budget outlined significant changes to the childcare rebate system and will soon offer subsidies relative to income - skewed to favour lower income earners. 
To take effect on 1 July 2018, the new childcare packages will provide families earning less than $65,000 per annum with an 85 per cent rebate, tapering off to 20 per cent for households earning $250,000 - $340,000. 
The government objective is to incentivise families to return to work by increasing accessibility to childcare services, which may have been, until now, out of reach. A secondary objective is to invest in ECDC industry and positively impact yields, which will attract investment and generate competition and enforce pressure for higher quality of child care services nationwide. 
Government support will ensure stability in demand for the industry, presenting astute investors with yet another argument for childcare as a low-risk, low-term investment opportunity.
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STEADY DEMAND 
Location is key to a childcare centre’s success. Until now city and metro-based centres were sitting at an occupancy rate exceeding 80 per cent due to the density of population in their catchment areas. However, regional area attendance is fluctuating between 50 to 70 per cent. 
According to a report released in 2017 by Early Childhood Development Agency (ECDA) since 2013 there has been a 39 per cent increase in the number of children enrolled in child care facilities and only 26 per cent increase in the number of child care centres nationwide. 
The increased demand is underpinned be steady population growth as well as the female workforce participation rates, which have been on a consistent upturn since the 1980s. 
Considering the changes to government support, the low risk environment for this asset class is assured. The legislative changes ensure resilience of consumer income in an economic downturn for this asset. and reinforces the childcare freehold as a protected asset class. 
Furthermore, these key economic features hint at the potential growth suburbs for the child care services nationwide presenting an array of investment opportunities across Australia. 
When the above is considered, the case for child care as an asset class becomes compelling. There are few asset classes that are comparable in terms of being able to offer secure, long-dated income profile that is underpinned by explicit government support. This asset is future-proofed with a long history of good performance and underlying social trends that continue to support its strength. 
Backed by a sound track record and with more potential to be unlocked come 1 July 2018, developers would do well to factor this strength into their portfolios for the years ahead. 
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Michael Kark is a co-founder and Executive Director of Monark Property Partners and can be contacted <a href="https://www.monarkpartners.com.au" target="_blank">here.</a>
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Why childcare is the next class asset to watch

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The Bank of China (Hong Kong), HSBC and ING recently closed one of the UK’s largest real estate financing deals by securing the finance for the acquisition of an iconic building in London, known as the ‘Cheesegrater’.
The 46-storey Leadenhall Building was bought earlier this year by Hong Kong-listed real estate company C C Land Holdings Limited for £1.15 billion.
The three leading banks acted as joint mandated lead arranger, joint bookrunner, joint coordinator and joint hedge coordinator by providing financing for the asset. 
The deal marked the largest acquisition of a single building in the UK since December 2014, when the HSBC Tower in Canary Wharf was acquired for £1.174 billion, and underpins the strong global investor interest in London’s real estate market.
C C Land’s deputy chairman Dickie Wong said the company was confident about the long-term prospects of the London property market.
He said C C Land “will continue to look for potential investment opportunities in this city, especially on those trophy and iconic buildings similar to The Leadenhall Building”.
Mike Shields, head of Real Estate Finance UK, USA &amp; Asia, ING Bank, added that the  transaction shows “our expertise in financing landmark office properties and is a perfect mix of our leading UK real estate finance franchise and ING's extensive network in Asia”.
The transaction was one of the most significant real estate financing deals to be agreed in London in recent years, added Andy Armstrong, global co-head of Corporate Real Estate HSBC. 
The Leadenhall Building is the tallest building in the City of London, and the acquisition was dubbed as China’s biggest investment in the UK property market, The Telegraph had reported. 
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ING, Bank of China and HSBC close financing deal for London's 'Cheesegrater' 

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Buyers wanting to a toehold in Canberra's retail market have the choice of the primary locations of Canberra City, Braddon and Kingston Foreshore, as well as the secondary locations of Woden, Belconnen and Gungahlin, according to valuation firm Herron Todd White.
Entry to the lower end of the primary locations ranges from $5,500 to $7,500 per sqm for ground floor bare space in a modern building. Waterfront locations are fetching prime rates of up to $10,000 per sqm due to the preference for water views over standard street frontage. Yields for good quality accommodation in primary locations range from 5.5% to 7.25%, said HTW.
"The typical property would be a unit (strata title) in a complex comprising 50 to 150 square metres within a mixed use commercial and residential development. It would include good exposure to passing traffic and a mix of tenancy occupants such as restaurants, individual clothing retailers and boutique outlets, accompanied by an office and residential component on the upper levels," HTW said in its June update on the retail market.
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Secondary locations such as Woden and Belconnen are more accessible at the lower end of the market, it said.
A number of new mixed-use developments are providing modern space at ground floor level which is more affordable than primary location equivalents. These include developments such as Mystere at Macquarie and Altitude, Northpoint Place, Belconnen. Market entry prices range from $2,000 per square metre to $7,500 per square metre for a 92 sqm unit with a 10-year lease in an established centre.
Property Observer found a few properties for lease in Belconnen and Macquarie.
An office space is available for lease at <a href="https://www.realcommercial.com.au/property-offices-act-belconnen-502432362" target="_blank">10 Lathlain Street, Belconnen</a> for $63,700 p. a. excluding GST.
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A retail centre at <a href="https://www.realcommercial.com.au/property-medical+consulting-act-macquarie-502398858" target="_blank">3-9 Bowman Street, Macquarie</a> is available for rent at $102,000 p.a. excluding GST. It is a two-level office/retail building with floor area of 255 sqm.
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Yields achieved for secondary commercial properties range from 6% to 10% and reflect the strength of the lease covenant nature, age of the improvements and the type of purchaser investor or owner-occupier. The lower price sector is stable at present with demand coming from self managed superannuation funds and owner-occupiers. The market appears to be securing long term potential over the initial yield.
The population growth in the northern suburbs of Canberra and densification of the inner city is seeing demand for this property type grow as people enjoy the convenience of accessible local goods and services. Both primary and secondary locations are offering this type of property and continue to evolve.
"We are seeing the emergence of Melbourne-style laneway occupants providing interesting and point of difference uses that were previously unavailable to retail uses. An example is No Name Lane in the city opposite Hobart Place which provides a vehicle-free pedestrian zone, allowing a pleasant alternative to the typical corner shop or shopping centre space situated between two buildings."
The secondary locations are providing opportunities for purchasers to acquire property in the lower price sector at an entry level that is similar to that in prime locations, yet more affordable. 
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Canberra's secondary locations provide good entry level into retail: HTW 

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An iconic Cambooya, Queensland commercial property has been listed for sale.
Located at <a href="https://www.realcommercial.com.au/property-hotel+leisure-qld-cambooya-502406186" target="_blank">61 Eton Street</a>, The Bull &amp; Barley Inn is 19 kilometres from Toowoomba.
It changed hands several times in the last 12 years -- in 2008 for $800,000 and for $750,000 in 2006, according to Corelogic RP Data.
The current sale campaign was through expressions of interest closing June 23.
Built in 1902, the property offers an authentic old-world dining experience. It has undergone recent renovations including a new roof, rewiring and upgraded plumbing.
The property can seat 70 people with facilities including main bar, games room, restaurant and outdoor dining.
It also has accommodation for seven people plus manager.
Sitting on a block of 1,406 sqm land, there is an adjoining vacant allotment of 2999 sqm that will also be included in the sale.
The adjacent land block can be developed subject to council approval.
The listing agent is Colliers International's Troy Anderson.
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Iconic Cambooya restaurant, The Bull & Barley Inn, listed for sale

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A tenanted industrial property in the Melbourne suburb of Eltham has sold for $582,000 on an indicative 4.4 percent return at auction.
The property at <a href="https://www.realcommercial.com.au/property-industrial+warehouse-vic-eltham-502425346" target="_blank">6/38 Bridge Street</a> is in a business precinct of Eltham with many of Australia’s major big box and branded traders located nearby.
Unit 6 is one of nine boutique showroom-warehouse buildings in a strata-titled development located on the corner of Bridge and Susan Streets, said selling agent Gray Johnson's Scott Ashby. 
Smaller commercial property investments that meet the needs of a private investor or a smaller superannuation fund are well sought in the auction market, according to the selling agent.
The unit has a building area of 230 sqm and is part-showroom and reception area, with a warehouse space at the back.
The tenant, a Pack &amp; Send franchisee, has occupied the property for some years, and currently holds a three-year lease with a passing annual rental of $26,100. There is the option to renew the lease for another three years.
All the usual outgoings are met by the tenant and there are annual rental increases fixed at the CPI plus one percent, so future rental income growth will flow to the purchaser.
“With prominent exposure, a position in a vital commercial precinct of Eltham’s main business area, with a sound lease covenant, I was anticipating interest at auction would see a sale price in excess of the reserve,” Ashby said.
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Small office-warehouse in Melbourne's Eltham sells at 4% return

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By some measures, Hobart is the hottest market in Australia. In terms of typical days on market for houses to sell, the fastest-selling suburbs in Australia are now found in Hobart.
The latest survey of sales activity by Hotspotting confirms that impression: relative to its size, Hobart has more growth markets than any other capital city in Australia. Agents we trust tell us they’re selling homes as fast as they can list them.
Other sectors of the Tasmanian market are busy also, led by Launceston and some of the towns in the state’s north.
Sales activity in the state has been rising steadily over the past three years. In 2016 and early 2017, every quarter has achieved higher house sales than the equivalent period a year earlier, a pattern that’s been evident now for the past three years.
For example, if we compare the past three September quarters, sales have increased from 2,300 (2014) to 2,580 (2015) to 2,832 (2016). Sales in consecutive December quarters have climbed from 2,515 to 2,718 to 3,017.
For those and other reasons, Hotspotting has been forecasting the advance of real estate markets in Tasmania for the past two years.
Real estate in Hobart, and Tasmania generally, has risen on the back of greatly improved economic performance and elevated infrastructure spending. In the State of the States report by CommSec, Tasmania’s national ranking has recently risen from 7th to 4th - putting it ahead of Queensland, WA, SA and the Northern Territory.
This is reflected in the increasing number of busy suburbs in Hobart. Our latest survey reveals that the number of suburbs with rising markets has more than doubled in the last six months.
Affordability is a big driver in this market. There is a rising influence of investor buyers in the market, attracted by the status of Hobart as the cheapest capital city market in Australia (as well as the city with the lowest vacancies and highest rental yields).
With affordability a core attraction, it’s the cheaper areas of the Hobart metropolitan area that are doing the best (although all sectors are busy).
The Glenorchy LGA has five growth suburbs (Berriedale, Claremont, Glenorchy, West Moonah and Austins Ferry), while the Clarence LGA has four  (Geilston Bay, Rokeby, Warrane and Bellerive). To put that in context, the median house price for both Warrane and Claremont is $265,000, while Rokeby is $215,000 and Glenorchy is $275,000.
Glenorchy (the suburb) is typical of the growth markets - sales levels have been 47, 49, 55, 67, 70, 85, 80 and 91 in the past eight quarters. In Kingston in the Kingborough LGA in Hobart’s south, sales levels have been 50, 61, 65, 68, 71, 79, 70 and 82 in consecutive quarters.
Rising sales activity is now translating into good price growth. The latest figures from the SQM Research Asking Prices Index has Hobart houses up 14% and units up almost 17% in annual terms. Meanwhile, asking rents have risen 7% on average for houses and 13% for units.
But it’s not just a Hobart story; other centres, notably Launceston and Devonport, are doing well also.
In Launceston, house sales in consecutive quarters throughout 2016 were 422, 465, 470 and 480 - a rising pattern which has continued in 2017. The number of growth suburbs in the Launceston area, covering the Launceston and West Tamar LGAs, has risen strongly in recent surveys.
South Launceston typifies the growth in this market. Its sales levels have grown from 20 to 29 to 34 to 46 to 52 in the past five consecutive quarters, a pattern highly likely to deliver growth in property values.
In the north, the Wynyard, Devonport, Shearwater and Somerset markets are all rising.
So while there’s growing evidence that the headline markets like Sydney and Melbourne are fading, Hobart is still quite early in its up cycle and is likely to continue growing for some time.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="mailto:%20%3Cscript%20type='text/javascript'%3E%20%3C!--%20var%20prefix%20=%20'ma'%20+%20'il'%20+%20'to';%20var%20path%20=%20'hr'%20+%20'ef'%20+%20'=';%20var%20addy38821%20=%20'ryder'%20+%20'@';%20addy38821%20=%20addy38821%20+%20'hotspotting'%20+%20'.'%20+%20'com'%20+%20'.'%20+%20'au';%20document.write('%3Ca%20'%20+%20path%20+%20'/''%20+%20prefix%20+%20':'%20+%20addy38821%20+%20'/'%3E');%20document.write(addy38821);%20document.write('%3C//a%3E');%20//--%3E/n%20%3C/script%3E%3Cscript%20type='text/javascript'" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
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