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 fully leased, boutique style office building at 21 Yarra Place, South Melbourne, is on the market through an expressions of interest campaign with expectations of around $4 million.
The property, designed by Hayball Architects, is a four level building,with natural light, secure parking for eight vehicles and CBD and Port Phillip Bay views. 
Features include a timber façade, ultra-modern fit-out, eco-friendly materials and an internal vertical garden.
The property is fully leased to Caramel Creative on a new five year term with two five year options at a current net annual rental of $168,000.
Savills marketing agent Clinton Baxter said the expected a high level of interest from investors looking for a very well located property with strong growth prospects and rental upside. 
"This property has all the credentials that attract serious investors," he said.
"It is located in a blue chip suburb only a short distance from the CBD, the building is near new with generous depreciation benefits and is fully leased with strong rental growth potential."
Expressions of interest close 2pm Wednesday, June 7.
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jonathanchancellor-7SQnKwU6yx

Yarra Place office property listed for sale with $4 million expectations

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There are no suburbs that are at the peak of the market for the office market, according to Herron Todd White’s latest report.
The property valuation firm says that this shows that there has been no change in the office market since last month.
<a href="https://www.propertyobserver.com.au/images/2017/05/03/Screen%20Shot%202017-05-03%20at%201.20.28%20pm.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/2017/05/03/Screen%20Shot%202017-05-03%20at%201.20.28%20pm.jpg" alt="">
Melbourne and Coffs Harbour continues to be approaching the peak of its market with Adelaide, Darwin, South East NSW, Townsville and Wide Bay at the bottom of the market.
Meanwhile Alice Springs, Gippsland, Newcastle and Toowoomba’s office market is starting to decline.
Last month Property Observer reported on the office market and that several suburbs are on the way to the top.
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j.ballantyne1990-6AQqhLzZaK

No changes in office property market clock: May HTW clock

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A retail property in Carnegie, Melbourne, has sold for $3.35 million.
The 66 Koornang Road property comprises a land area of 212 square metres and a building area of 150 square metres is leased to a Vietnamese restaurant trading as Pho 66.
The lease returns $84,872 per annum plus outgoings and GST and the sale reflected a yield of 2.53 percent.
Fitzroys agents Chris Kombi and Chris James said the sale reflected a land rate of $15,800 per square metre.
Kombi said the property attracted more than 150 buyer enquiries and had seven bidders at auction.
"The property is located just metres from the new Carnegie Railway Station currently under construction, which is part of the state government's $5 billion level crossing removal initiative and due for completion in 2017,” Kombi said.
"The property’s future value is underpinned by a rapidly growing residential catchment with a major transformation currently underway within the Koornang Road Activity Centre with a number of high rise residential developments completed nearby and approximately 15 others in various stages of planning and development."
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Fierce bidding for Carnegie Vietnamese restaurant

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Cushman &amp; Wakefield has been named leasing agents for the ground level retail space at 160 Pitt Street Mall.
The retail space, sized 440 to 450 sqm, has 13m frontage and is owned and occupied by Washington H. Soul Pattinson.
Pitt Street Mall ranks as the 7th most coveted retail destinations world-wide according to the most recent Cushman &amp; Wakefield Main Streets Across the World research, and ranks 3rd in the Asia-Pacific region on a rate per square metre. The average trading figures for the mall currently average at $70,000per square metre.
Ben Tremellen, national director, retail leasing for Cushman &amp; Wakefield, said the site is steeped in iconic retail heritage.
“With the last major lease fronting Pitt Street Mall being the launch of Microsoft’s flagship store in November 2015, and unprecedented moves by global retailers such as Uniqlo taking first floor space, we expect this unique ground floor opportunity to generate a huge amount of local and international interest," he said.
"Ground floor spaces in any the world’s top 10 retail precincts are extremely rare.
“The fact that Pitt Street Mall remains one of the most tightly held retail precincts globally, and with development activity ramping up around King and Castlereagh Streets, the traditional boundaries of the retail core continue to expand. 
Expressions of interest are slated to begin mid June.
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Iconic Pitt Street Mall leasing opportunity to come

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ASX-listed cleaning and security specialist Millennium Services Group Limited has agreed terms on a new office lease at Mt Waverley in Melbourne’s south-east in a deal brokered by Savills Australia.
The Level 1, 205- 211 Forster Road property comprises 700 sqm of fully-fitted and furnished office space.
Millennium will pay circa $186,000 per annum net on a five year term.
Savills’ Daniel Kelly, who negotiated the deal, said the tenant would relocate from Toorak and needed additional room to cater to business growth.
“Millennium needed expansion space and found it in a modern, three-year old building which is fully fitted and furnished, and very close to the Monash Freeway providing exceptional road transport access,’’ Kelly said.
The lessor was a private Melbourne investor.
 
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Millennium takes Mt Waverley office lease through Savills

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A 7-Eleven in Melbourne’s Heathmont is up for grabs at auction on May 18 through Colliers with expectations of more than $2.5million.
The convenience store on the corner of Canterbury Road and Campbell Street is fully leased to the 7-Eleven franchise on a 10-year term until July 2021, with one five-year option to renew.
The 1,091 sqm property makes a rental income of about $115,755.30 per annum, with an annual increase of three per cent.
He said she had already received strong interest from Melbourne-based investors wanting to shift their focus to commercial assets.
The listing agents are Colliers International’s Jeremy Gruzewski, Dorothy He and Ben Baines. 
“The retail property market in Melbourne’s outer-eastern suburbs has traditionally been viewed as a natural fit for many local investors, who look for secure and consistent investment returns,” said Dorothy He.
“With historically low interest rates and a lack of attractive alternate options, yield-chasers are still looking favourably into commercial properties that deliver stable income streams.”
Developers had also expressed interest in the property, with the initial intention to landbank and the long-term view to redevelop.
“Its general residential zoning is being proposed for change into mixed-use zoning under the Heathmont Neighbourhood Activity Centre Structure Plan, which is expected to open up wider possibilities,” she said.
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7-Eleven in Melbourne's Heathmont goes to auction

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Sam Arnaout has emerged as the buyer of the iconic vineyard and winery Dalwood Estate near Branxton.
The boss of Iris Capital paid $3 million plus for the 104 hectare property that fronts the Hunter River.
Established in the 1800s, the property with sandstone winery buildings and a concert amphitheatre is accredited as among the Hunter Valley's oldest wineries.
It was the site of some of the first vines planted in the colony by George Wyndham who also built the now heritage listed Dalwood House.
Pernod Ricard closed the tourism facilities known as Wyndham Estate in October 2014, citing commercial reasons for their decision.
Another purchase last year came when Arnaout bought the prized Sweetwater estate at Pokolbin. It's wines are now served at the Fountain Cafe.
The 48 hectare Pokolbin property came with initial hopes of $30 million, but $12 million was its last price guidance.
It produces Cabernet Sauvignon and Shiraz on 16 hectares. 
Arnaout bought the Kirby family Hungerford Hill boutique winery for $4.4 million.
He also owns 1.66 hectares of prime real estate in Newcastle's Hunter Street mall.
Arnaout, who entered the hotel industry in 1995, has a whole-floor penthouse in the Bennelong apartment complex which was bought from Margaret Maloney, the widow of the hotelier Cyril Maloney for $18 million in 2015.
Iris Capital owns expanded site, The Bourbon in Potts Point. 
The king of the emerging Kings Cross residential rejuvenation, has been quietly amassing a huge building site at Kings Cross's northern end around his Bourbon Hotel premises.
His Kings Cross purchases now total $66 million.
This article first appeared in the Sunday Telegraph.
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Sam Arnaout revealed as Dalwood Estate winery buyer

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Salta Properties’ business precinct in Melbourne’s Mulgrave, Nexus Corporate, will offer property management platform Equiem to its tenants, making it the first ever business precinct in Australia to adopt the software.   
Equiem is a customer-focused property management platform that bridges the information gap between occupant and owner, and is expected to allow Salta to fully understand tenant needs and tailor its customer experience.
On completion, Nexus Corporate will offer in excess of 120,000 sqm of premium office space, which makes it the largest suburban office precinct in Victoria with an end value of more than $800 million.
Managing director Sam Tarascio said Salta was committed to innovation and listening to customer needs.
“Tenant satisfaction is always top of mind and we are pleased to offer a service that will provide us with a better understanding of their needs and ultimately benefit the 4,000 employees who call Nexus home,” said Tarascio.
Tenants at Nexus include Adidas, Nestle, IAG, GS1, CBRE, ADP, Carlisle Homes, Bristol Myers Squibb, Nestle Heath Sciences and Renault. 
Equiem’s platform will allow the tenants a tailored concierge portal and services such as online ordering from retailers including Nexus’ two onsite cafés, catering for meetings, car wash and dry cleaning services.
There is a full-time Equiem community manager who will be responsible for customised tenant engagement programmes.
Equiem CEO Gabrielle McMillan said they were forward to expanding its offering to include more than just high rise buildings.
“At Equiem we pride ourselves on connecting different businesses as one community. Nexus Corporate provided a new challenge where the precinct is spread horizontally rather than vertically, however the fundamentals remain the same, it's about convenience, community and connection,” said McMillan.
Due to launch in May 2017, Salta Properties will be able to unlock deeper engagement with all tenants and provide an enhanced service offering.
 
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Salta Properties offers tenancy platform at Mulgrave business precinct

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A two-storey building adjoining North Brighton Train Station has sold under the hammer for $2,255,000.
The 206 square metre site comprises a ground floor café and first floor office accommodation.
The property is zoned commercial 1 and sold on a sharp 3.3 percent yield with a new lease to the café Too Many Chiefs, with other tenancies consisting of first floor offices, and external signage.
The site has a frontage of greater than 50 metres to North Brighton Train Station, and a public car park at rear.
Fitzroys division director Mark Talbot said that the sale set a Bay Street, Brighton record for a single-front property on Bay Street.
Talbot said there was fierce competition amongst three bidders who were keen to capitalise on the property’s positioning on the Brighton shopping strip.
“The precinct is surrounded by an established residential community that is slated for further population growth, and has a number of top-class education facilities nearby,” he said.
Talbot said the vendor was Realgrade Pty Ltd, with the buyer a local investor.
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Bay Street, Brighton cafe sells under the hammer

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Contraction has been the underlying theme in Adelaide’s office market in the past 12 months and the large vacancies created by multi-national tenants have caused a ripple effect down into the below $10 million market, according to valuation firm Herron Todd White’s latest April update.
Not surprisingly, Adelaide is at the bottom of the market cycle in HTW’s commercial property clock for offices.
Over the past 12 to 24 months, the downturn in business activity throughout South Australia has created vacancies with the likes of Santos, BHP and Telstra all contracting their tenancies into smaller, compact areas. 
Investment activity within prime assets that provide secure lease covenants and long WALEs is expected to remain strong over the next 12 months. 
“Similarly, we don’t anticipate there being a significant change to the risk-averse pricing of lesser quality assets being 30% to 40% below prime assets,” say HTW.
However, the construction phase in the CBD office market is coming to an end. There are a few major projects due to in the short to medium term: 
<ul>
<li>
<a href="https://www.realcommercial.com.au/property-offices-sa-adelaide-501486447" target="_blank">Frome Flinders office building</a> is now finished and part occupied by Grant Thornton. </li>
</ul>
 <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/2017/04/21/HTWAdelaide.jpg" alt="">
<ul>
<li>113-115 King William Street, Adelaide’s sixth tallest building at 25 levels and 5,799 square metres.  </li>
</ul>
The completion of these building has contributed to the increase in Adelaide total vacancy to 16.2% from 15.4% in January 2017. 
There are analysts reporting that the contraction of space has slowed and with the limited planned addition of space, that vacancy will contract over the next 12 months. 
When you break down the vacancy rate, the majority sits in lower grades. 
<a href="https://www.propertyobserver.com.au/images/2017/04/21/AdelaideMktSummary.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/04/21/AdelaideMktSummary.png" alt=""> 
 <img src="https://www.urban.com.au/images/2017/04/21/AdelaideOfficeGrade.png" alt="">
“We consider that a period of rejuvenation will begin, however this is unlikely to result in significant new office space in the short term. As it starts it will take lower grade buildings off the market and place downward pressure on the vacancy rate,” say HTW.
There also exists the possibility of buildings being converted to residential accommodation. A number of residential developments will soon be competed which will increase the number of units in the market. The depth of this unit market may be tested and likely to delay future conversion of any obsolete office buildings. 
There is however a sense that the period of high vacancy may be beginning to end, concludes HTW.
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