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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Real estate investment trust Propertylink Group (ASX:PLG) said it has acquired an office building in Brisbane for $145 million, in partnership with Goldman Sachs.
The transaction for the commercial office building at 50 Ann Street reflects a core market yield of 8.18%. 
The acquisition was undertaken via an expansion of the Propertylink Enhanced Partnership (PEP) mandate with a 25% co-investment by Propertylink, the company said in an ASX announcement.
The property comprises a 25 storey building with a total lettable area of 25,519 sqm set on a 2,198 sqm site.
It has a prominent corner location within the tightly held northern ‘legal precinct’ of the Brisbane CBD.
The property is fully leased to the Queensland state government with a remaining lease term of 3.5 years. 
Propertylink’s head of Property, Peter McDonald said the deal reflected that Brisbane’s commercial market was showing signs of recovery and experiencing a turnaround in demand. 
Brisbane’s CBD has reported its eighth consecutive quarter of positive net absorption, with increased demand and limited supply expected to drive rental growth over the coming years, Propertylink said.
“The purchase of 50 Ann Street reflects Propertylink’s disciplined approach to the acquisition of assets, based on ground up fundamentals where there is capacity for us to execute our strong asset and property management skills to reposition these assets for core institutional ownership,” said McDonald. 
The team of Propertylink and Goldman Sachs now have transactions valued at more than $1 billion now after the latest acquisition.
Settlement of 50 Ann Street is expected in May.
“This acquisition is another key step in executing the growth of our investment management platform, bringing funds under management to $1.2 billion,” said Propertylink CEO Stuart Dawes.
Propertylink now has office assets valued at more than $725 million, of which 76% are located in Sydney.  
It said assets under management in relation to the expanded PEP mandate will increase to $293 million following completion of the Ann Street purchase. 
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prateek24-ezbwHMbNAk

A-REIT Propertylink acquires Brisbane office tower for $145 million

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Fractional property investing platform BrickX has added another property to its choices for investors, and says it is their cheapest yet offering with a ‘brick’ priced at $57.
The property on offer is a one-bedroom apartment at 12/84-90 McLachlan Avenue, Darlinghurst, on Rushcutter’s Bay border.
BrickX paid $840,000 for the apartment in an off-market deal.
It had been an investment for the previous owner, who had paid $475,000 in 2011.
In 2016 it had been a $675 a week rental, with a more recent $700 a week rental in January. A $700 a week rental would reflect a 4.33 percent yield for BrickX.
BrickX CEO Anthony Millet said it’s the lowest ‘Brick’ price yet. 
“We’re thrilled to offer investors a share in this inner-Sydney property at such a low price point,” Millet said. 
“With the Brick price starting at just $57, BRICKX continues to strive to make property investment affordable for all Australians”. 
BrickX buys properties and divides them into 10,000 units or “Bricks”. Investors may then earn capital returns and monthly net rental income in proportion to the number of Bricks owned. 
The platform allows members to choose when to invest and when to exit their investments by offering their ‘Bricks’ for sale on the platform. 
The one bedroom, renovated apartment on McLachlan Avenue is part of a small boutique block and is already tenanted at $700 per week with an estimated net rental yield of 2.13 percent per annum.
“Darlinghurst is renowned for its eclectic, vibrant mix of cafes, bars and restaurants and is within walking distance to the CBD with easy access to public transport, making it a very desirable suburb,” Millet added. 
Tim Lawless, head of Research at RP Data CoreLogic and an advisor to BrickX, said Darlinghurst has been a very consistent performer over the last decade. 
“CoreLogic figures show unit prices have risen over the last 5 years (to end of March 2017), on average, by 9.22 percent per annum,” Lawless said. 
“Rental yields tend to be higher than the broader Sydney average as well, with the typical Darlinghurst unit currently attracting a 4.2 percent gross yield.” 
It owns properties in Bondi Beach, Enmore, Mosman, Annandale and Double Bay in Sydney, along with Prahran and Port Melbourne, in Melbourne, each with a different ‘brick’ price.
The platform was officially launched in September 2016 and has more than 3,300 investors now, with a property portfolio of around $9.5 million.
Earlier this month, BrickX won the CANSTAR 2017 Innovation Excellence Award. 
BrickX has enabled the option of pre-ordering ‘Bricks’ in the Darlinghurst apartment, and investors can go to www.BRICKX.com and read the PDS to consider if BRICKX is right for you, it said. 
It has opened the pre-order for only eight days to secure the initial ‘Brick’ price of $57.
"With a demonstrated track record of growth and rental return, great proximity to the Sydney CBD, and an ongoing shortage of unit supply in the area, this acquisition fits nicely within the BRICKX investment mandate,” added Lawless. 
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Investing platform BrickX offers its newest property in Darlinghurst for just $57 per 'brick'

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Double Bay is the most expensive locality in Sydney to purchase an apartment, according to Investar’s latest report.
The property investment firm says that the median price of a unit in Double Bay is $2.8 million, putting it at the top of the most actively traded suburbs.
This is followed by Milsons Point with $2.5 million and Haymarket with $2.125 million.
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="93">
Suburb
</td>
<td valign="top" width="64">
Postcode
</td>
<td valign="top" width="70">
Bedrooms
</td>
<td valign="top" width="122">
Current median price
</td>
</tr>
<tr>
<td valign="top" width="93">
Double Bay
</td>
<td valign="top" width="64">
2028
</td>
<td valign="top" width="70">
3
</td>
<td valign="top" width="122">
$2,800,000
</td>
</tr>
<tr>
<td valign="top" width="93">
Milsons Point
</td>
<td valign="top" width="64">
2061
</td>
<td valign="top" width="70">
3
</td>
<td valign="top" width="122">
$2,500,000
</td>
</tr>
<tr>
<td valign="top" width="93">
Haymarket
</td>
<td valign="top" width="64">
2000
</td>
<td valign="top" width="70">
3
</td>
<td valign="top" width="122">
$2,125,000
</td>
</tr>
<tr>
<td valign="top" width="93">
Bondi Junction
</td>
<td valign="top" width="64">
2022
</td>
<td valign="top" width="70">
3
</td>
<td valign="top" width="122">
$1,924,000
</td>
</tr>
<tr>
<td valign="top" width="93">
Chatswood
</td>
<td valign="top" width="64">
2067
</td>
<td valign="top" width="70">
3
</td>
<td valign="top" width="122">
$1,880,000
</td>
</tr>
</tbody></table>
A three bedroom at<a href="https://www.realestate.com.au/sold/property-apartment-nsw-double+bay-124545138" target="_blank"> 4/6 Carlotta Road</a>, Double Bay (above) was sold on February this year for $2.7 million.
Similarly a three bedroom unit at <a href="https://www.realestate.com.au/sold/property-apartment-nsw-double+bay-121727962" target="_blank">2/35 William Street</a>, Double Bay (below) was sold February last year for $2.675 million.
<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/2017/04/18/2_35%20William%20Street.jpg" alt="">
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j.ballantyne1990-6AQqhLzZaK

Double Bay leads Sydney's expensive apartments list: Investar

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Rental growth was flat at just 0.6 percent over the year to March 2017, according to the ABS inflation figures.
This is the equal lowest annual percentage growth since 1994, largely reflecting the new supply of apartments hitting the capital cities on the east coast.
<a href="https://www.propertyobserver.com.au/images/2017/04/27/A6.jpg" target="_blank">Click to enlarge </a>
<div id="post-body-3862946038801712568" class="post-body entry-content">
<div class="separator"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/27/A6.jpg" alt=""></div>
 <div>The national figure obscures contrasting fortunes around the capital cities.</div>
<div> </div>
<div>Sydney recorded annual growth in its rental CPI of 2.5 percent. </div>
<div> </div>
<div>In Melbourne rental price growth has been picking up over the past five quarters, although only to 1.7 percent year-on-year according to the ABS series (there has been considerably stronger growth in asking prices). </div>
<div> </div>
<div>Hobart recorded the fastest annual growth of the capital cities at 4.2 percent. </div>
<div> </div>
<div>In Canberra there has not been much to see in aggregate, but anecdotally there is a view that the annual land tax has turned investors away from houses leading to a shortage of detached rental stock (though as in most capitals there is clearly no shortage of new apartments, which has compensated tenants for now).</div>
<div> </div>
<div>In Darwin rents declined by 7.4 percent year-on-year, although this actually represents an improvement on the preceding quarter's drop.</div>
<div> </div>
<div>And in Perth, rents were down by 7.3 percent year-om-year, having now dropped by 12.1 percent from their peak. </div>
<div> </div>
<div><a href="https://www.propertyobserver.com.au/images/2017/04/27/A4.jpg" target="_blank">Click to enlarge</a></div>
 <div class="separator"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/27/A4.jpg" alt=""></div>
 <div>In Brisbane nominal rents remain positive, but there's no doubt that inner city apartments rents are set for a tumble, as evidenced by the "for lease" banners strewn around the inner city.</div>
<div> </div>
<div>This from yesterday...</div>
 <div class="separator"><a href="https://3.bp.blogspot.com/-PotrGvJHDlc/WQDxsUvwVtI/AAAAAAAAjbQ/tUknpxnVbnQqjWV1PrKg-ApGxG14UBZPgCLcB/s1600/IMG_1655.JPG"><img src="https://3.bp.blogspot.com/-PotrGvJHDlc/WQDxsUvwVtI/AAAAAAAAjbQ/tUknpxnVbnQqjWV1PrKg-ApGxG14UBZPgCLcB/s640/IMG_1655.JPG" width="640" height="480"></a></div>
 Benign inflation <div> </div>
<div>The above figures feed in to the benign inflation picture.</div>
<div> </div>
<div>Moreover, while dwelling construction is expected to remain strong for some time in Sydney, new apartment projects are now being shelved or scrapped practically by the week in Melbourne and Brisbane.</div>
<div> </div>
<div>As each new Brisbane apartment project completes this will leave a small hole in the economy, which cumulatively will act as a drag on growth.</div>
<div> </div>
<div>For this reason the government will be looking to loosen the purse strings to pave the way for infrastructure projects to plug the hole, which can be achieved through borrowing without unnecessarily crippling the budget.</div>
<div> </div>
<div>A final point, the Sydney market has seen rents outpace CPI by a factor of two over the past ten years to rise by 56 percent.</div>
<div> </div>
<div><a href="https://www.propertyobserver.com.au/images/2017/04/27/A5.jpg" target="_blank">Click to enlarge </a></div>
 <div class="separator"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/27/A5.jpg" alt=""></div>
 <div class="separator"> </div>
<div>This reflects that Sydney's construction boom was still addressing an inherent undersupply until recently, but stay alert because the balance is about to swing sharply in favour of tenants over the next couple of years. </div>
<div> </div>
<div>
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank">Four Green Houses and a Red Hotel</a>.
</div>
</div>
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pwargent-M4siyDbqQY

Rental growth at two-decade low: Pete Wargent

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Listed financial services provider Thorn Group has agreed terms on a lease for office space in Melbourne’s Richmond, at a rate the leasing agents say is the the top rate in the area.
The 577 Church Street property was let at $151,000 per annum net, on a three-year term with a further option of two years. 
The leasing agents were Teska Carson’s Fergus Evans and Luke Bisset along with Colliers’ Tom Rothel.
Evans said the rental, at a rate of $500 per square metre was, with one other Cremorne Street property, the top rate in the area.
"This is an immaculate office space with panoramic city views in one of the most sought after inner suburban or fringe office markets in Melbourne and that was reflected in what is currently the highest square metre rental rate in Richmond,” said Evans.
“The grand foyer, large boardroom, roof top garden or balcony and 180 degree views, along with the open plan area and separate partitioned offices, secure access and car parking make this a highly attractive property.’’ Evans said. 
The 300 square metre property is in the heart of Richmond’s café and fashion precincts and provides easy access to public transport.
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Thorn Group takes office lease in Melbourne's Richmond 

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Weakness in discretionary spending habits of consumers continues and looks set to stay in place throughout 2017, according to Herron Todd White’s latest report.
The property valuation firm says that retail owners remain under pressure to maintain occupancy in their assets, with evidence of increasing incentives in this market.
"Vacancy rates increased across the board throughout the last year however remain lowest in the Hay and Murray Street Mall locations, followed then by regional shopping centres.
There is however an increasing trend towards tenants on short term leases, holding over and pop-up style shops," the report stated.
HTW advises that construction activity in regional and sub-regional sector will need to increase over the coming years.
"Over the next few years construction activity across the regional and sub-regional centre sector will need to increase as owners seek to grow and reposition their assets," the report advised.
Retail as an asset class is in the midst of a changing paradigm with many assets under utilised or failing to meet the expectations of consumers.
The integration of better child care, office, health and entertainment offerings needs to be considered to keep assets front of mind for the ever more discerning consumer.
"However increasing vacancies, stagnant or declining rents along with a moderating population growth have created more uncertainty for the timing of some of the mooted major centre expansions.
Recently, rising neighbourhood centre space combined with subdued demand has caused rental rates to deteriorate.
Neighbourhood centre rents declined by approximately 10% during 2016 to average around $600 per square metre.
Retail as an asset class remains on the radar for many investors (institutional, syndicates and private high net worth individuals) as it provides a relatively secure cash flow or upgradable investment options," the report stated.
This has resulted in investors accepting lower internal rates of return which is flowing into tighter yields for quality assets.
“We have noted a marked increase in eastern states based private investors who are willing to accept far lower yields for assets than local investors are prepared to accept,” the report stated.
The focus of the next WA government needs to be on investment in infrastructure which will support the shift from Perth being a mining headquarters to becoming a bona fide tourist destination.
"With that investment from government will come private development opportunities in the form of hotels and tourism based centres which will in turn drive the demand for world class retail opportunities, which will be the impetus to trigger retail expansion.
Government and industry need to work together on this solution otherwise the outlook for retail in Perth on the whole will remain bleak," the report advised.
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Perth retail market continues to experience increasing vacancy rates: HTW

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GUEST OBSERVER
This year is the United Nations’ International Year of Sustainable Tourism for Development. UN World Tourism Organisation Secretary-General Taleb Rifai declared it gave: "A unique opportunity to advance the contribution of the tourism sector to the three pillars of sustainability – economic, social and environmental, while raising awareness of the true dimensions of a sector which is often undervalued."
Sustainable tourism comes from the concept of sustainable development, as set out in the 1987 Brundtland report. Sustainable development is:
"A development which meets the needs of current generations without compromising the ability of future generations to meet their own needs.
British environmental activist George Monbiot argued that, over the years, sustainable development has morphed into sustained growth. The essence of his argument is that little resolve exists to go beyond rhetoric. This is because environmental crises require we limit the demands we place on it, but our economies require endless growth.
At the moment, economic growth trumps environmental limits, so sustainability remains elusive.
What is sustainable tourism?
Tourism is important to our efforts to achieve sustainable development. It is a massive industry, and many countries rely on it for their economies.
In 2016, more than 1.2 billion people travelled as tourists internationally, and another 6 billion people travelled domestically.
According to the UN World Tourism Organisation, sustainable tourism is:
"Tourism that takes full account of its current and future economic, social and environmental impacts, addressing the needs of visitors, the industry, the environment and host communities."
Following on from Monbiot’s criticism, we might ask if efforts are directed at “sustaining tourism”, or instead harnessing tourism for wider sustainable development goals.
No place is off the tourism circuit
Looking at some of the tourism trouble spots, complacency is not called for.
Venice residents have accused tourists of “destroying their city”. Barcelona’s government has passed legislation to limit new tourist accommodation. The Galapagos sees mass tourism’s arrival threatening the iconic wildlife that attracts visitors.
No place is off the tourism circuit, so tourism grows with few limits. Ironically, tourists even want to tour Antarctica to see its pristine environment before it disappears (“last-chance tourism”). This is despite their impacts contributing to global warming and threatening this last wild place.
It is difficult to get a complete picture of the impacts of tourism because no-one is working to build a comprehensive view. So, insights are fragmented.
While we might be sceptical that UN “years” are often more rhetoric than real, we can nonetheless seize the opportunity to make tourism more sustainable.
How can tourism be made more sustainable?
Tourism can be made more sustainable through several achievable measures. Some look to technological solutions so we can continue business as usual. Others highlight conscious consumerism and ideas like slow travel.
But in a world in which growing populations with endless consumer demands are pitted against a fragile environment, we require more concerted effort.
1) Governments must implement policies that foster sustainable development by overcoming the growth fetish. Tourism then should be developed only within sustainable development parameters. Governments must tackle the environmental limits to growth and climate change challenges we confront. Tourism development requires integrated planning. So, we need the government tourism authorities – such as Tourism Australia or state tourism commissions – focused equally on integrated planning as the marketing they currently emphasise.
2) Consumers should be educated for responsible travel choices. For example, few realise that all-inclusive resorts result in economic benefits from tourism leaking out of the host economy back to the home economies of the big multinationals and corporations that often own such resorts (think Club Med). Civics education in schools could educate for responsible travel.
3) Local communities, often treated as only as one stakeholder among the many, must have a right to participate in tourism decision-making and have a say on if and how their communities become tourism destinations.
4) Workers of tourism must have their rights respected and given decent conditions. Tourism should not be allowed to continue as a low-wage and precarious source of employment.
5) The tourism industry needs to assume greater responsibility, submitting to local tax regimes and regulations so its presence builds thriving communities, rather than undermining them. This is increasingly essential as a social license to operate. The industry should also educate its clients on responsible tourism.
6) Non-governmental organisations are essential for reporting on the abuses of tourism, including land grabs, human rights abuses, community opposition and corruption.
Harnessing these essential stakeholders in a rigorous agenda for sustainable development, rather than sustaining tourism, would make the UN’s “year” more meaningful.
 
Freya Higgins-Desbiolles is affiliated with the Centre for Tourism and Leisure Management, University of South Australia. She can be <a href="https://theconversation.com/profiles/freya-higgins-desbiolles-181651" target="_blank">contacted here</a>.
 
 
 
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Tourism industry grows without restriction – but there are ways to curb its environmental damage

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It’s not just the residential property market that is showing strong growth, sentiment in the commercial property market too rose to a new high in the first quarter of 2017, with offices taking the lead, according to the latest NAB Commercial Property Survey Q1 2017.
The Commercial Property Index climbed 6 points to +27, with around 250 panellists participating in the Q1 2017 Survey, said NAB.
NAB Group Chief Economist Alan Oster said the improvement was reflected in a much higher sentiment for office property while industrial grew modestly.  
Sentiment in the CBD hotels sector was lower, but still very solid and highest across all sectors, while sentiment in retail property markets was unchanged, the survey said.
“Confidence levels also lifted in Office, Industrial and CBD hotels markets, but fell for retail property as household consumption continues to slow to a moderate pace across most states and territories,” Oster said.
“By state, sentiment is still highest in NSW, where it reached a new survey high, followed by Victoria. It rallied in WA but is still very weak and fell in SA/NT and QLD.” 
<img src="https://www.urban.com.au/images/2017/04/26/NABCommPropIndex.png" alt="">
The survey found that prospects for capital growth in next 1-2 years improved for CBD hotels, office and industrial property, but were unchanged for retail.
Other findings include the expectation that office property will continue to provide the best income returns in the next 1-2 years, with solid growth in NSW and Victoria continuing amid tightening vacancies in both states. Rental growth is expected to remain very weak in WA, reflecting expectations for elevated vacancy rates and oversupply.
 <img src="https://www.urban.com.au/images/2017/04/26/NABCommPropIndex2.png" alt="">
<img src="https://www.urban.com.au/images/2017/04/26/NABCommPropIndex-State.png" alt="">
Just over one in two developers expect to start new projects in the next six months, with around six in 10 projects looking to develop into residential projects, says the survey.
Funding conditions are however now considered to be harder than at any time since the final quarter of 2011, particularly for debt borrowing, and are expected to become even harder in the next 6-12 months.
More than one in four (28%) developers are looking to source more capital in the next next months, the survey said. But getting funding is now considered to be harder than at any time since Q4’11. 
<img src="https://www.urban.com.au/images/2017/04/26/NABPanel.png" alt="">
The survey was first launched in 2010 and is one of the leading surveys of market sentiment in the commercial property space. Its panel consists of real estate agents, fund managers, developers and investors.
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Commercial property sentiment hits new high in 2017 Q1: NAB Survey 

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Commercial property prices have continued to rise by more than rents, and yields have now reached historically low levels, according to RBA’s Financial Stability Review 2017.
Nonetheless, yields on Australian commercial property remain higher than in many overseas property markets and other asset classes, which has attracted investors, including foreign buyers, it noted.
<a href="https://www.propertyobserver.com.au/images/2017/04/19/Graph%202.8.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/2017/04/19/Graph%202.8.jpg" alt="">
The current heightened commercial property valuations may leave some leveraged investors vulnerable to subsequent price declines.
In particular, if global interest rates were to increase more quickly than investors currently anticipate or demand from foreign or domestic investors were to decline, a consequent price decline may lead leveraged property investors to breach loan-to-valuation covenants on bank debt.
They would then be required to inject additional equity to support their loan facilities, which may prompt further sales and price declines if they were unable to do so.
Like residential property markets, conditions in commercial property markets vary significantly by state and type of asset.
Investor demand is strongest in Sydney and Melbourne, and for office and industrial properties.
In Sydney and Melbourne, prices for office property are rising, and growth in rents has increased in recent months due to strong tenant demand.
In Brisbane, office prices are rising at a much slower rate, while prices in Perth are flat. Office vacancy rates are elevated in Brisbane and Perth (Graph 2.9).
<a href="https://www.propertyobserver.com.au/images/2017/04/19/Graph%202.9.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/2017/04/19/Graph%202.9.jpg" alt="">
There is some evidence that conditions in the prime-grade Brisbane and Perth office markets may be stabilising, though this appears to have come at the expense of secondary-grade markets where the outlook remains weak.
Falling rents and increasing vacancy rates have motivated tenants to relocate into better quality office spaces.
Accordingly, prime-grade tenant demand picked up in Brisbane over the past six months, while in Perth analysts generally expect the vacancy rate in prime-grade office property to stabilise, with little new supply forecast to come on line over the next couple of years.
Conditions in industrial and retail commercial property markets also vary by city. Stronger local economic conditions and infrastructure investment have supported tenant demand in the Sydney and Melbourne industrial markets, and rent growth has picked up noticeably in Sydney.
Conditions in Brisbane may be stabilising, while rents in Perth continue to fall.
In retail property markets, tenant demand has been soft nationally.
In 2016, APRA reviewed banks’ commercial property lending practices, including lending for residential development.
The review examined banks’ underwriting standards and portfolio controls.
Among other things, the review found evidence at some ADIs of weak underwriting standards and that the ability of lenders’ boards to monitor the risk profile of lending was hampered by inadequate information systems.
Over the past six months, banks have tightened their commercial property lending standards and growth in banks’ commercial property exposures has slowed, due primarily to slower growth in lending for residential and land development (Graph 2.10).
<a href="https://www.propertyobserver.com.au/images/2017/04/19/Graph%202.10.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/2017/04/19/Graph%202.10.jpg" alt="">
A decline in Australian banks’ commercial property exposures has been offset by an increase in Asian banks’ commercial property exposures (Graph 2.11).
<a href="https://www.propertyobserver.com.au/images/2017/04/19/Graph%202.11.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/2017/04/19/Graph%202.11.jpg" alt="">
Find the RBA's latest Financial Stability Review 2017 <a href="https://www.rba.gov.au" target="_blank">here</a>.
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Commercial prices continue to rise more than rents: RBA

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Newspaper House, a historic building in Melbourne’s Collins Street, has sold for $35 million, the latest in a run of strong commercial property deals in Melbourne's prime business district.
Singapore-listed construction company Lian Beng, which bought the property at 247 Collins Street in 2015 for about $23 million, sold it off to Malaysian conglomerate Oriental Holdings Berhad, according to The Australian Financial Review.
This latest deal was transacted on a yield of 4.2 per cent.
Built in 1884, Newspaper House was purchased by newspaper baron Sir Keith Murdoch's Herald and Weekly Times for £90,000 in 1932. 
It was given a facelift, with a new facade and a mosaic mural designed by Napier Waller in 1932.
Mervyn Napier Waller's "I'll put a girdle about the earth" features heroic human figures appear among scenes of commerce, construction and communication.
There's lots of gold, an echo of the Byzantine era, in the 1933 commission by Sir Keith Murdoch who needed more than an empire on Flinders Street.
Soon after the acquisition by the Singapore firm Lian Beng, the building was was leased out, including to Bupa Australia.
The property was put back on the market earlier this year.
"The property was incredibly well received by both the local and offshore markets," said CBRE’s Josh Rutman.
The deal was brokered by CBRE's Josh Rutman along with Knight Frank's Paul Henley.
Lian Beng was represented by Eu Ming Lim of of law firm Thomson Geer.
New buyer Oriental Holdings Berhad has other investments in the Melbourne market through its subsidiaries.
The transaction is another high-profile deal on Collins Street, including the sale of 395 Collins Street to private investor Yong Quek last year and AMP Capital's acquisition of 425 Collins Street, the AFR reported.
 
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