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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An opportunity to acquire a piece of the Mornington Peninsula at Moorooduc is now available with low $3 million expectations.
The <a href="https://www.realcommercial.com.au/property-land+development-vic-moorooduc-502351422" target="_blank">895 Moorooduc Highway</a> offering has a land size of 15 hectares with Green Wedge zoning on the corner of the Mornington-Tyabb Road. 
The Melbourne CBD is an hour’s drive away accessible via the Peninsula Link Freeway.
The listing comes after the recent sale of the <a href="https://www.realestate.com.au/sold/property-acreage+semi-rural-vic-moorooduc-122278674" target="_blank">Barmah Park Vineyard Cafe holding</a>, with the four hectare holding listed with $2.35 million hopes.
Existing improvements on the 15 ha land comprise a brick veneer dwelling along with sheds, water tanks and extensive fencing.
It is set among the Barak Estate Winery, Mornington Yatch Club and Racecourse, Bentons Square Shopping Centre and the main street Mornington retail area.
Expressions of interest close May 3 through CBRE agent Nathan Mufale.
He said 895 Moorooduc Highway is benefiting from the recently completed Peninsula Link Freeway, an untolled 27km arterial route.
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j.ballantyne1990-6AQqhLzZaK

15 ha Moorooduc landholding listed after nearby Barmah Park Vineyard Cafe sale

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After 40 years based in Melbourne’s inner suburbs, design firm SJB has relocated to the city, leasing 860sqm across two fully self-contained floors at 18 Oliver Lane.
Colliers International’s Milly Stockdale negotiated the six-year deal on behalf of Marks Henderson. The gross asking rent is believed to be in the vicinity of $600 per sqm.
“This heritage building in this famous CBD laneway is of huge architectural significance, being the first conventional building in Australia constructed wholly of reinforced concrete,” she said.
“It benefits from a superior location, surrounded by the best retail amenity.”
<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/2017/04/19/18%20Oliver%20Lane%20Melbourne%202.jpg" alt="">
Ms Stockdale said SJB was attracted to the exceptional natural light from both Oliver and Higson Lanes and the historical and unconventional nature of the property.
Director of SJB Architects, Michael Bialek, said the company was keen to support the City of Melbourne’s strategy of retaining the unique aspects of CBD laneways through activation and diversity.
“This move for SJB heralds a cultural shift within our firm in response to the needs of our clients and team members,” he said.
<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/2017/04/19/18%20Oliver%20Lane%20Melbourne%203.jpg" alt="">
18 Oliver Lane is 100 per cent leased, which Ms Stockdale said was a testament to the high demand for “edgy” laneway space in the CBD.
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SJB moves to city after four decades of suburban business

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A retail building on the beachfront boulevard on Sydney’s Bondi Beach is set to hit the market.
The listing follows a $19.2 million sale at auction last September of the neighbouring Bates Milk Bar.
It sold to Bondi aficionados Allen Linz's Rebel Property Group, Capit.el Group's Eduard Litver and Gil Baron. There was also the $18 million nearby sale by Craig Pontey of Ray White Double Bay of the Bondi Backpackers to the Millett family last November, with plans for a WakeUp! premium hostel group.
The property at 128-132 Campbell Parade comprises 14 boarding rooms and two ground floor retail shops leased to Bondi Surf Seafood’s and Souvenir Plus.
The freehold property is spread over nearly 417 square metres.
The property will be marketed through an expressions of interest campaign closing May 31.
It is being run by Miron Solomons and Matt Pontey of Colliers International. 
The agents said the Bondi market has experienced significant growth since the Bates sale. 
According to Solomons, the property’s mix of residential accommodation and retail offers a diverse income stream with potential for future growth. 
“Bondi Beach commercial is considered some of the most highly sought after in Australia and we expect high levels of interest from high net worth private investors and boutique investment funds, both onshore and offshore, looking to acquire a significant freehold at Sydney’s most iconic beachfront,” said Solomons. 
Pontey said Bondi has always been a tightly held market with only a small amount of properties trading every year.
<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/Bondi2.jpg" alt=""> 
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Campbell Parade, Bondi Beach commercial offering hits the market 

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SPONSORED POST
The relationship between people and their environment can affect how they feel, perform and interact with others, so it’s important to ensure that the workplace is designed with these aspects in mind.
A recent report by Human Spaces, ‘Global Impact of Biophilic Design in the Workplace,’ has found a significant link between natural elements available in the physical office environment and workers well-being, productivity and creativity levels. The report collected responses from 7,600 office workers from 16 countries around the world, including Australia, the US and the UK.
According to this report, workers with higher levels of sunlight and green spaces:
<ul>
<li>Display a 15 percent higher level of well-being</li>
<li>Are 6 percent more productive </li>
<li>Are 15 percent more creative overall </li>
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It puts in perspective the importance of incorporating simple natural elements in the workplace, which provides a significant benefit to the bottom line of any company through worker productivity and well-being.
In addition, office design is an important tool in recruiting and retaining staff, with the Human Spaces survey revealing 33 percent of respondents globally state that the design of an office would affect their decision to work for that organisation.
Putting thought into practice
At Savills, we have recently incorporated these learnings into the new Savills Sydney office fit-out. The new office space is on a higher level than the previous space, the windows are larger and there will be more access to daylight. Also, the majority of work positions have been designed to be less than 6m from a window, and no work positions further than 12m from a window. 
With regards to green elements, the new office design features a larger scope of greenery than the previous space, including more than a hundred pot plants and wall mounted plants over two floors.
Improvements such as these will ensure the best performance and well-being of our employees.  
Little steps to achieve success
Unfortunately, the Human Spaces survey also revealed that globally many workplaces still lack natural light and more than half have no live plants. In Australia, 28 percent of workers reported their workplaces having no windows.  
But even for offices that do not have windows, or are unable to make huge changes, employers can still improve their conditions through minor alterations to the workplace.
In fact, research suggests it is the variation in patterns, textures and colours of nature that brings us pleasure, so we should consider how best to recreate these within the indoor environment when access to a window is not feasible.
These alterations could include:
<ul>
<li>The addition of plants to the office</li>
<li>Large scale scenic images on the walls</li>
<li>Painting the walls with some brighter colours, (specifically, accents of green and blue have been shown to improve creativity and productivity)</li>
<li>The creation of social areas that provide employees with access to natural light and a place for respite</li>
<li>Wall-mounted video screens displaying images or real-time video of natural scenes</li>
</ul>
If you would like any advice on how natural elements can benefit your fit-out, contact the Savills Project Management team.
Savills is a leading global real estate service provider offering the full spectrum of services from strategic advice to managing assets and projects and transacting deals. To learn more about Savills, visit <a href="https://www.savills.com.au" target="_blank">savills.com.au</a>.
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jchancellor-FAypfDUnLy

Where there’s nature, there’s well-being and productivity in the workplace

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“To me, this building is outstanding for the way it melds the different epochs of Germany.”
For Konstantin Kortmann, head of Residential Investment at JLL Germany, Frankfurt’s Städel Museum shows how an act of citizenship centuries ago can create something which is still valuable and relevant to a modern city.
Back in the 19th-century, banker Johann Städel dedicated his fortune and sizeable art collection to founding an institute that would educate the people of his city about art. Originally housed in Städel’s own home after his death in 1815, the artworks were eventually given their own space – in the Städel Museum, constructed in 1880 on the banks of the River Main.
Having survived two wars, a year’s closure and a bombing, today, it is Germany’s oldest museum foundation – and with two major extensions in 1990 and 2012, it is also an architectural ode to eras past.
“You can see its history as you walk around the building,” Kortmann says. At its main entrance, the Städel is the classical 19th-century construction with a grand stone facade buttressed by stately columns. Along the Holbeinstrasse end is its minimal, white 1990s extension with few, high-set windows. By these expansive walls lies the great lawn of the Städel, studded with over 30 circular panes of glass – skylights into the subterranean gallery housing modern art and photography, completed in 2015 to commemorate the museum’s 200th anniversary.
Built to preserve
Inside the building, which houses European collections from the 14th century onwards, the effect can be equally striking. “Take the original wing, you have the feel of the 19thcentury – marble stairs and columns, wood floors and colourful walls with golden-framed paintings from the Impressionisists and Italian classicists,” Kortmann says.
Yet much like with art itself, opinion on the interior design remains divided. “Some say the interior has not matched what is promised from the outside, because the architecture is a bit undecided,” Kortmann says. “But it has been an intelligent way to use existing stock to create more space – and without losing the museum’s heritage.”
Instead of demolishing existing features to make room for the new, each extension to the Städel was built to accommodate what was already there. “The concept for its expansions has been focused on preservation. Take the modern wing – by digging into the earth to create the gallery, the soil above can be used as a natural insulator to keep heating costs down,” Kortmann says. “Because the land was disturbed as little as possible, it can also continue to absorb rainwater, reducing the possibility of the riverbanks flooding.”
Shaping a modern landmark
The people responsible for the building have left an enduring legacy for modern day Frankfurt. “The Städel has been led by many visionary museum directors, one of whom was [eventual Director-General of Frankfurt museums] Georg Swarzenski, the first large-scale buyer of the French impressionist artists,” Kortmann says.
Swarzenski, who was of Jewish background, fled Germany in 1938 as the country, under the National Socialists,started the persecution of its Jewish population.. In this period, 77 of the museum’s paintings were classified as “degenerate art” and confiscated, and by 1939, a greater part of the collection had to be evacuated. In 1943 the museum closed; a year later, it was partially destroyed by bombs.
For the Städel, the end of the Second World War was followed by nearly 20 years of reconstruction and rebuilding the collection. “US forces, the famous monument men, also returned many of the paintings that had been taken from murdered or expelled citizens. Some of the paintings that had to be sold under Nazi regime were re-acquired and in addition to the remaining stock these were used to start a post-war education exhibition within the museum,” Kortmann explains.
In 1984, a civic cultural initiative started to turn the riverbanks of the Main into Frankfurt’s famous “Musumsufer” (‘riverbank of the museums’), which nowadays comprises 12 museums. The Städel museum decided to follow Johann Städel’s original directive – to provide access to art for all. As the Städel grew in prominence, a park was created around it, and the Museumsufer’s rundown buildings were converted into cultural destinations – the German Film Museum, Architectural Museum and Jewish Museum, among others.
“The Städel has regenerated a whole area,” Kortmann says. “It’s the nucleus for the ‘Museumsufer, and its story is the story of the whole of Germany.”
This article by Natasha Stokes appeared on <a href="https://www.jllrealviews.com/viewpoint/the-german-building-that-brings-a-legacy-to-life/" target="_blank">JLL Real Views</a>
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The German building that brings a legacy to life

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The Australian economy has beaten fears of a recession, posting a stronger-than-expected December quarter result of 1.1 percent, according to Cushman &amp; Wakefield's latest report.
In average annual terms, the 12 months to December 2016 provided solid but sub-trend economic growth of 2.5 percent.
In terms of state final demand New South Wales recorded 4.7 percent annual average growth, exceeding the long term average of 3.2 percent.
<a href="https://www.propertyobserver.com.au/images/2017/04/07/Screen%20Shot%202017-04-07%20at%202.46.51%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/2017/04/07/Screen%20Shot%202017-04-07%20at%202.46.51%20pm.jpg" alt="">
The state economy has been boosted by investment in a number of public infrastructure projects including the WestConnex and NorthConnex transport network upgrades, while early works are underway on Western Sydney Airport.
The Reserve Bank’s cash rate remained unchanged at 1.50 percent.
The current low interest rate environment has ensured that demand to acquire vacant possession buildings, land or investments remains buoyant.
<a href="https://www.propertyobserver.com.au/images/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.06%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/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.06%20pm.jpg" alt="">
Limited purchasing opportunities have forced potential owner-occupiers into the leasing market resulting in strong pre-lease enquiries for ≥20,000 sq m offerings, especially from the food, pharmaceutical and 3PL industries.
In light of strong demand, availability of buildings across all markets is below average.
Rents largely tracked sideways in Q1 however South Sydney recorded q-o-q rental growth of 2.6 percent, pushing face rents to $195 per sq m.
<a href="https://www.propertyobserver.com.au/images/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.20%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/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.20%20pm.jpg" alt="">
Investment in Q1 2017 totalled $341m, down 18 percent q-o-q from the $415m recorded in Q4 2016, and down only 1 percent y-o-y.
Rolling annual investment volume was stable at $1.9bn from Q4 into Q1, but was 11 percent below the five year average, largely due an unwillingness of owners to divest their assets.
Strong competition for quality stock from both domestic and foreign investors has compressed prime yields to circa 6.50 percent in most submarkets.
<a href="https://www.propertyobserver.com.au/images/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.28%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/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.28%20pm.jpg" alt="">
Significant variation remains in secondary stock, with yields ranging from 6.75 percent in South Sydney to 8.5 percent in the Outer West.
Noteworthy investment transactions in Q1 came from LOGOS’s acquisition of 69 Sargent’s Road, Minchinbury for $161m and China Lesso Holdings purchasing 79-99 St Hilliers Street, Auburn from Dexus for $65m.
Infrastructure projects, particularly upgrades to Sydney’s orbital road network, are continuing to shape the dynamics of the Sydney industrial market.
<a href="https://www.propertyobserver.com.au/images/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.36%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/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.36%20pm.jpg" alt="">
The outlook for both leasing and investment remains positive, although lack of tenancy and purchase opportunities is a potential limiter of activity.
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Sydney leasing and investment market remains positive: Cushman & Wakefield

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The final floor in Chadstone Shopping Centre's $85 million Tower One development in Victoria has been leased to Cotton On Group.
Cotton On Group has signed up for 1,700sqm on level six in the 11-level, 16,000sqm building.
Rob Joyes from Colliers International said Tower One has been an outstanding success in terms of the rapid take-up of space, reaching 100 percent committed occupancy within three months of practical completion.
“Net rents achieved have ranged from $350 per sqm net to $365 per sqm net,” he said.
"The tenant mix was largely characterised by the property and retail sectors, including Colliers International's south-east office and the tower owners themselves, Gandel Group and Vicinity Centres.
“The Body Shop, Shaver Shop, Ricegrowers (SunRice) and Cotton On have gravitated toward the benefits of being closely located to their retail operations within Chadstone Shopping Centre,” he said.
Anneke Thompson, Colliers International’s national director for research, said strong demand in the inner-eastern suburbs had fuelled record effective rental growth.
“In the year to March 2017, effective rents have increased by 9.1 percent, the strongest increase we have seen since our data series began,” she said.
“Given the low supply levels in the immediate outlook, further increases are forecast and we expect to see an increase in effective rents of 9.0 percent during the next 12 months.”
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Chadstone Tower One reaches capacity nine months ahead of schedule

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Rents for skyscraper offices in Australian cities are rising faster than those in any other global city, according to the latest Skyscraper Index from Knight Frank.
The report examines the rental performance of commercial buildings over 30 storeys across the world.
Melbourne and Sydney grew the fastest among the cities surveyed at 11.0 percent and 10.1 percent respectively in the six months to Q4 2016, amid tightening vacancies and limited new supply.
In Sydney, stock withdrawals to accommodate the new Metro line and residential conversions are reducing the overall supply, while Melbourne had the strongest level of net absorption in 2016.
David Howson, head of office leasing at Knight Frank said Sydney’s office vacancy is at 6.2 percent, and is forecast to go as low as 3.5 percent in the next two years, with the current low vacancy and prospect of even lower vacancy driving rental increases now.
“The withdrawal of stock for Sydney is a major factor, with 239,057 sqm of stock removed from the market during 2016 for either refurbishment or permanent withdrawals – largely for conversion to residential or hotel use, and recycling of sites to future office developments," he said.
"An example of this is 301 George Street, in which 11,500 sqm is being demolished to make way for the Wynyard Place development.
"The Metro project will also trigger significant withdrawals of space, mostly in 2017, accounting for some 62,000 sqm along, and this will be a major contributor to the further 102,289 sqm of Sydney CBD office stock to be withdrawn this calendar year.
"While recent new supply has been high, largely driven by the Barangaroo developments, this has been largely balanced by the withdrawals.
"The next two years of supply is only modest, and the total stock of the CBD is expected to decline over this period.
"However, there is a very strong supply cycle building for 2020 and beyond.Net absorption of office space in the CBD is also high driven by buoyant financial and construction sectors.
“In Melbourne, the vacancy rate is at 10-year lows at 6.4," Mr Howson added.
"Unusually for Melbourne in recent years, the level of new stock additions will be lower in the next 24 months at 113,242 sqm or 1.3 percent stock growth per annum.
"This is well below the long term average of 3.6 percent per year.
"The Victorian economy is currently the strongest in Australia, and is supported by high population growth into Melbourne of 2 percent, which is boosting the underlying demand for office space.
"With the vacancy rate expected to head towards 4 percent in the next year, the upwards pressure on rents will remain.
"However it should be remembered that across the market as a whole, there is still a large price gap between the Sydney and Melbourne markets with gross effective prime rents in Sydney currently at a 60% premium to those in Melbourne."
Knight Frank’s latest research shows rents in Hong Kong’s skyscrapers continue to be the highest in the world by some margin, reaching $302.67 per sq ft in H2 2016.
New York retains its second position, where skyscraper rents are currently $159.00 per sq ft.
In Europe, skyscraper rents in London have remained stable at $104.56 per sq ft in the second half of 2016.
Of the North American cities, Toronto saw the highest rental growth at 4.7 percent.
In many Southeast Asian markets such as Shanghai, Singapore and Seoul, rents have trended down by 2.0 percent, 4.2 percent and 4.8 percent respectively, highlighting heightened economic uncertainty and a cautious business outlook.
Dan Gaunt, head of Knight Frank's city agency said despite uncertainty following the Brexit-vote, rents in London’s skyscrapers remain significantly higher than those in other major European cities.
"Demand for space in the Capital’s landmark tall buildings shows little sign of diminishing and we see rents remaining at their current level through 2017,” he said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/11/TheShard_REM2.jpg" alt="">
James Roberts, Knight Frank's chief economist said the strong performance for Melbourne and Sydney reflect local market factors.
"If we set those cities to one side, the general picture from the latest Skyscraper Index is flat growth, which reflects the nervousness in most office markets in the second half of last year over political risks, like Brexit and the US election," he said.
"However, in 2017 the tone of global economic news is improving, and both Brexit and the Trump government have not had the negative impact on growth that was initially feared.
"When we compile the next skyscraper index in the summer, I expect to see more cities reporting rental growth in tower buildings.”
<table border="1" cellspacing="0" cellpadding="0" align="left"><tbody>
<tr>
<td valign="top" nowrap width="50">
Ranking
</td>
<td valign="top" nowrap width="127">
Prime office rents for upper floors in skyscrapers
</td>
<td valign="top" nowrap width="107">
Rent (US$ / sq ft / per annum)
</td>
<td valign="top" nowrap width="99">
% growth in six months to Q4 2016*
</td>
<td valign="top" width="147">
Rent (US$ / sq m/ per annum)
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
1
</td>
<td valign="top" nowrap width="127">
Hong Kong
</td>
<td valign="top" nowrap width="107">
$302.67
</td>
<td valign="top" nowrap width="99">
0.6%
</td>
<td valign="top" nowrap width="147">
$3,257.93
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
2
</td>
<td valign="top" nowrap width="127">
New York (Manhattan)
</td>
<td valign="top" nowrap width="107">
$159.00
</td>
<td valign="top" nowrap width="99">
0.6%
</td>
<td valign="top" nowrap width="147">
$1,711.46
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
3
</td>
<td valign="top" nowrap width="127">
Tokyo
</td>
<td valign="top" nowrap width="107">
$134.39
</td>
<td valign="top" nowrap width="99">
1.1%
</td>
<td valign="top" nowrap width="147">
$1,446.57
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
4
</td>
<td valign="top" nowrap width="127">
San Francisco
</td>
<td valign="top" nowrap width="107">
$113.00
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$1,216.32
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
5
</td>
<td valign="top" nowrap width="127">
London (City)
</td>
<td valign="top" nowrap width="107">
$104.56
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$1,125.51
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
6
</td>
<td valign="top" nowrap width="127">
Sydney
</td>
<td valign="top" nowrap width="107">
$97.34
</td>
<td valign="top" nowrap width="99">
10.1%
</td>
<td valign="top" nowrap width="147">
$1,047.78
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
7
</td>
<td valign="top" nowrap width="127">
Boston
</td>
<td valign="top" nowrap width="107">
$77.00
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$828.82
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
8
</td>
<td valign="top" nowrap width="127">
Shanghai
</td>
<td valign="top" nowrap width="107">
$67.81
</td>
<td valign="top" nowrap width="99">
-2.0%
</td>
<td valign="top" nowrap width="147">
$729.92
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
9
</td>
<td valign="top" nowrap width="127">
Singapore
</td>
<td valign="top" nowrap width="107">
$63.64
</td>
<td valign="top" nowrap width="99">
-4.2%
</td>
<td valign="top" nowrap width="147">
$684.97
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
10
</td>
<td valign="top" nowrap width="127">
Chicago
</td>
<td valign="top" nowrap width="107">
$61.00
</td>
<td valign="top" nowrap width="99">
3.4%
</td>
<td valign="top" nowrap width="147">
$656.60
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
11
</td>
<td valign="top" nowrap width="127">
Beijing
</td>
<td valign="top" nowrap width="107">
$59.84
</td>
<td valign="top" nowrap width="99">
-1.3%
</td>
<td valign="top" nowrap width="147">
$644.10
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
12
</td>
<td valign="top" nowrap width="127">
Paris (La Défense)
</td>
<td valign="top" nowrap width="107">
$53.83
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$579.46
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
13
</td>
<td valign="top" nowrap width="127">
Frankfurt
</td>
<td valign="top" nowrap width="107">
$52.85
</td>
<td valign="top" nowrap width="99">
5.9%
</td>
<td valign="top" nowrap width="147">
$568.92
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
14
</td>
<td valign="top" nowrap width="127">
Mumbai
</td>
<td valign="top" nowrap width="107">
$52.67
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$566.98
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
15
</td>
<td valign="top" nowrap width="127">
Melbourne
</td>
<td valign="top" nowrap width="107">
$50.89
</td>
<td valign="top" nowrap width="99">
11.0%
</td>
<td valign="top" nowrap width="147">
$547.74
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
16
</td>
<td valign="top" nowrap width="127">
Toronto
</td>
<td valign="top" nowrap width="107">
$49.74
</td>
<td valign="top" nowrap width="99">
4.7%
</td>
<td valign="top" nowrap width="147">
$535.41
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
17
</td>
<td valign="top" nowrap width="127">
Los Angeles
</td>
<td valign="top" nowrap width="107">
$46.00
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$495.14
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
18
</td>
<td valign="top" nowrap width="127">
Dubai
</td>
<td valign="top" nowrap width="107">
$43.55
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$468.79
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
19
</td>
<td valign="top" nowrap width="127">
Taipei
</td>
<td valign="top" nowrap width="107">
$38.59
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$415.39
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
20
</td>
<td valign="top" nowrap width="127">
Madrid
</td>
<td valign="top" nowrap width="107">
$36.41
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$391.92
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
21
</td>
<td valign="top" nowrap width="127">
Seoul
</td>
<td valign="top" nowrap width="107">
$29.93
</td>
<td valign="top" nowrap width="99">
-4.8%
</td>
<td valign="top" nowrap width="147">
$322.19
</td>
</tr>
</tbody></table>
 
 
 
 
 
 
 
 
 
 
 
 
 
 Source: Knight Frank, Newmark Grubb Knight Frank, Sumitomo Mitsui Trust Research Institute          
* Excludes exchange rate effects; conversion to US$ based on 31 December 2016 rates                   
Note: Upper floors is defined as above the regular skyline, thus offering panoramic views, but excluding the very top floors.                           
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Australian markets have witnessed the fastest rental growth for offices in skyscrapers

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A Heidelberg corner site leased to Bendigo Bank has been sold at auction for $5.302 million, reflecting a 3.4 percent yield and a land rate of around $7,470 per sqm.
The 710sqm property, 164-166 Burgundy Street, is zoned Commercial 1 and subject to a development overlay for a development of six-to-eight levels comprising 30-plus apartments above ground floor retail.
Fitzroys agent Chris James said several buyer groups fought out the auction for nearly an hour.
“The successful purchaser fought off other local and offshore investors including parties from Singapore and Hong Kong, as well as a number of development groups,” he said.
“The attention of overseas buyers is now firmly focused on the Melbourne and Sydney commercial markets given the penalties imposed by regulators on overseas investors acquiring residential properties,” he said.
“The eventual buyer was comforted by the fact that although they are an investor that now owns a bank site with a secure income, there is an opportunity at some time in the future to undertake a substantial development project on one of the suburb’s most prominent corners and in an area that increasingly embracing medium and high-density living.”
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Investor banks on Heidelberg corner site

<html><body>
The latest research from St Kilda Road Cityscope shows commercial property sales activity decreased in the past three months.
Sales recorded in the quarter ending April 2017 totalled $294.1 million from 367 sales, a decrease from the 162 sales totalling $409.5 million recorded to January 2017.
This data brings the 12-month total to $879.5 million from 747 sales, a slight increase from the $808.1 million from 709 sales recorded over the previous year.
The table below shows sales recorded for the past eight updates of St Kilda Road Cityscope.
<a href="https://www.propertyobserver.com.au/images/2017/04/12/Screen%20Shot%202017-04-12%20at%207.26.19%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/2017/04/12/Screen%20Shot%202017-04-12%20at%207.26.19%20pm.jpg" alt="">
Recent standout sales in St Kilda Road include:
<ul>
<li>NLC Building at 102 Albert Road, South Melbourne, a six-storey office building with parking space for 106 cars on a site of 1,850 sqm, which was bought for $24.4 million;</li>
<li>9-11 Palmerston Crescent, South Melbourne, a two-storey concreate office building with five car parking spaces to the rear on a site of 488 sqm, which was bought for $5.5 million;</li>
<li>Unit 3401 of Royal Domain Tower, at 368 St Kilda Road, Melbourne, a three bedroom easterly apartment located on level 34 of a 42-storey residential building completed in 2006, including two car parking spaces which were bought for approximately $3.36 million.</li>
</ul>
<a href="https://www.propertyobserver.com.au/images/2017/04/12/Screen%20Shot%202017-04-12%20at%207.26.50%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/2017/04/12/Screen%20Shot%202017-04-12%20at%207.26.50%20pm.jpg" alt="">
Properties for sale in St Kilda Road in April 2017 include:
<ul>
<li>Units 706, 708, 709 and 710 of The Jewel, at 566 St Kilda Road, Melbourne, four commercial suites located on level seven of an eight-storey office building with two levels of underground parking, through Prime Property Partners Australia;</li>
<li>Unit 403 at 434 St Kilda Road, Melbourne, a 63 sqm commercial suite located on level four of a seven-storey office building with basement and ground floor parking for 75 cars constructed in 1971, through CVA Property Consultants.</li>
</ul>
Significant leasing opportunities in St Kilda Road in April 2017 include:
<ul>
<li>Tabcorp Building at 4-6 Bowen Crescent, Melbourne, a 14-storey office building with 5-level car parking area providing a total of 200 spaces, which has office space ranging from 1,000 to 8,225 sqm available through JLL Melbourne;</li>
<li>Ansvar House at 432 St Kilda Road, Melbourne, a 13-storey office building with a 2-level, 124-space basement parking, which has office space ranging from 265 to 1,474 sqm available through JLL Melbourne; and</li>
<li>VACC House at 464-466 St Kilda Road, Melbourne, a three and eight-storey office building designed in a stepped form with car parking for about 180 cars, which has office space ranging from 340 to 2,726 sqm available through Cushman &amp; Wakefield.</li>
</ul>
A wave of residential conversion activity in the St Kilda Road precinct over the past two years has revitalised the suburb’s office market, with secondary stock replaced by an injection of fresh retail amenity according to CBRE Viewpoint.
It noted the future of office in the St Kilda Road precinct with the impact the withdrawal of 51,500sqm office accommodation for residential conversion has had over the past two years.
Over the past five years, prime vacancy in St Kilda Road has trended downwards off a peak of 14.2% in 2011, with a prime vacancy of 6.0% currently below the CBD average of 6.5%.
The decline in vacancy, coupled with growing tenant demand, helped drive a 2.5% increase in rents over 2016 and drop in incentives to 22%.
CBRE Advisory &amp; Transaction Services – Office, Director, Anthony Park said the absorption of secondary assets in St Kilda Road had helped bring new life to the precinct.
“Furthermore as secondary office buildings are withdrawn from the market, it has forced remaining building owners to improve their assets to ensure they are well placed to meet the demands of the modern occupier.
“These improvements combined with the tightening of the market have seen solid face rent growth and the pulling back of incentive levels - resulting in healthy effective rental growth.”
The report shows two diverging stories between St Kilda Road’s prime and secondary grade office however, with the latter recording 17.2% vacancy.
CBRE Senior Research Analyst Anne Flaherty said a flight to quality and increased affordability of space in the CBD had supported the rise in secondary vacancy.
“Over the past five years, the additional cost to rent secondary grade space in the CBD over St Kilda Road has trended downwards,” Ms Flaherty said.
“However, this has also provided greater opportunities for developers, with 90% of the total 85,400sqm withdrawn over the past decade considered to be secondary space.”
Over the next three years, eight office buildings with a combined 56,000sqm of space will be withdrawn from St Kilda Road for residential conversion.
Despite the precinct seeing further withdrawals over the coming years, it would remain a key commercial office hub.
“A growing labour force, combined with shrinking supply should help to support lower vacancy and rent growth in the St Kilda Road market over the next five years,” Ms Flaherty added.
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