A new 25-storey apartment tower proposed for Mercer Street would push Geelong’s western gateway skyline higher, with Morphy Birrell Property Group lodging plans for a project directly beside one of the city’s most significant heritage streetscapes.

The <a href="https://www.apartments.com.au/architects/fk-australia">FK</a>-designed development at <a href="https://www.apartments.com.au/new-apartments/65-67-mercer-street-geelong-vic-3220">65-67 Mercer Street</a> has now been referred to Victoria’s Planning Minister. The site sits opposite the Geelong rail corridor and immediately south of the heritage-listed St Peter and Paul’s Catholic Church and Ashby Hall precinct.

Rather than compete with the neighbouring ecclesiastical buildings, the proposal adopts a sculpted podium intended to reference the materiality and scale of the heritage context. Planning documents note the design draws cues from the “dark stone brick” church and surrounding masonry buildings, while the tower above transitions into a softer, curved form oriented toward Corio Bay and the Geelong waterfront.

<img alt="First look: Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct" data-entity-type="file" data-entity-uuid="b797d10c-d4a6-47af-b8df-1aeaa3b382be" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/public%20square.png?VersionId=QGIpcz1x1hKB6lQLl2iobyHqb6PS2Ztc" />

The development forms “Stage 5” of Morphy Birrell Property Group’s broader Mercer Street precinct strategy, following the completion of the 21-storey Miramar tower on Cavendish Street and several additional approved redevelopment stages nearby. Planning consultants Ratio said the proposal “represents an exemplary development outcome” aligned with the strategic ambitions for Central Geelong’s continued urban renewal.

The mixed-use project would replace an existing low-rise commercial building and surface parking area on the 3,320 sqm corner site. FK’s urban context report describes the proposal as a residential development comprising apartments, resident amenities, commercial space, and integrated landscaping positioned to maximise bay views and northern sunlight access.

Renders show a deeply articulated tower with curved balconies stepping above a lower masonry podium that frames a landscaped forecourt facing Mercer Street. The design intentionally preserves sightlines toward the adjacent church buildings, with the podium scaled to reinforce the heritage edge before the tower recedes upward.

<img alt="First look: Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct" data-entity-type="file" data-entity-uuid="2bdca91e-66f7-4ac7-8baa-2f93bd5b564e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/geelong%20site.png?VersionId=QOhbino4ZgzKYw5dW3QE14E.2yq.Sv87" />

The planning report highlights the site’s strategic location within 400 metres of key Geelong destinations including Cunningham Pier, the Geelong Station precinct, Deakin University, and the convention centre. Bus services run directly along Mercer Street, while the Corio Bay foreshore sits around 100 metres north of the site.

The proposal arrives amid accelerating redevelopment across central Geelong, where planning policy continues to encourage higher-density housing close to transport infrastructure and the waterfront. Mercer Street in particular has emerged as a focal point for taller apartment development due to its proximity to Geelong Station, the bay, and major civic infrastructure.

Joel Robinson

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

Development giant&nbsp;<a href="https://www.apartments.com.au/developers/hamton">Hamton</a> and joint venture partner Hostplus have revealed the next residential stage of their $3 billion Moonee Valley Park masterplan, lodging plans for 512 more apartments within the precinct on surplus racecourse land at 110 Wilson Street, Moonee Ponds.

The proposed development, dubbed&nbsp;<a href="https://www.apartments.com.au/new-apartments/trackside-house-110-wilson-street-moonee-ponds-vic-3039">Trackside Gardens</a>&nbsp;in the planning application, follows the <a href="https://www.apartments.com.au/news/vic/first-look-exclusive-hamton-and-hostplus-reveal-sixth-stage-of-moonee-valley-park-masterplan">recent unveiling of the sixth-stage Cox Place Precinct</a> and continues the long-running transformation of the Moonee Valley Racecourse into one of Melbourne’s largest urban renewal projects.

Positioned on the north-eastern edge of the racecourse adjacent to CityLink, Trackside Gardens will comprise three residential buildings rising between 61.8 metres and 86.4 metres within a heavily landscaped precinct shaped by Hamton’s Nature Based Cities framework.

The project forms part of the broader Moonee Valley Park redevelopment being delivered by Hamton, Hostplus and the Moonee Valley Racing Club, which is reshaping the 40-hectare racecourse site into a mixed-use neighbourhood with housing, retail, commercial space, hotels, parkland and community infrastructure.

Trackside Gardens sits separately to the recently proposed Cox Place Precinct, a five-building stage comprising around 1,100 residences, two build-to-rent buildings, two build-to-sell towers, retail, office space, and a hotel overlooking the racetrack. Together, the projects continue to accelerate housing delivery across the precinct.

<img alt="First look: Hamton expands Moonee Valley Park masterplan with 512-home Trackside Gardens precinct" data-entity-type="file" data-entity-uuid="5fc1941e-52d3-41c6-abc4-0f13fe8ae5ea" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/DA%20Edits%20%281%29.png?VersionId=7qwRHq5dcvXWNot2hNOgoQhN2GIWudNK" />

Designed by <a href="https://www.apartments.com.au/architects/dko-architecture">DKO Architecture</a> with landscape architecture by Tract, Trackside Gardens has been conceived as a botanical-style residential precinct prioritising canopy planting, communal green space, and vertical landscaping.

“The architectural vision for the proposed development centres around buildings in a botanical park setting that champions the important role of nature,” the planning submission states.

“The proposal incorporates principles of biophilic design, with landscape and environmentally sustainable development influencing the ultimate design response of the buildings and prioritising the ground plane to ensure a high amenity for both occupants and visitors.”&nbsp;

Trackside Gardens will deliver 512 apartments across the three buildings, alongside 518 basement car spaces and 523 bicycle spaces. Around 20 per cent affordable housing is proposed across the broader North East Precinct, equating to around 158 dwellings.&nbsp;

The affordable housing component will be concentrated within the Wilson East building, while the remaining apartments are expected to be delivered as build-to-sell residences.

Trackside Gardens has been designed around Hamton’s Nature Based Cities initiative, founded by Executive Chair Paul Hameister OAM in partnership with the University of Melbourne, Urbis, Ark Resources and Tract. The initiative promotes integrating higher-density urban development with significant biodiversity, tree canopy and landscape outcomes.

<img alt="First look: Hamton expands Moonee Valley Park masterplan with 512-home Trackside Gardens precinct" data-entity-type="file" data-entity-uuid="89353449-7b3c-42fd-8fd8-8bf64a5ef80f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_4.png?VersionId=X8jRt0P2L7fIWjLhfX6gPknXToXIBeLj" />

A comprehensive landscape strategy would introduce deep soil planting, vertical greening, communal gardens, and new pedestrian links throughout the site.

Planning documents state the development is targeting a 5 Star Green Star Buildings rating, a 7.5-star average NatHERS rating, and “Exemplary” Nature Based Cities certification.&nbsp;

The proposal joins an expanding pipeline of approved and proposed buildings within Moonee Valley Park, including the recently launched Eveline apartments and the approved Grandstand North and South towers.

Hamton has increasingly focused on precinct-scale, nature-led communities across Melbourne’s middle-ring suburbs, with projects spanning Hawthorn, Kew, and Moonee Ponds.

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

The Paul Gedoun-led <a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Group</a> has achieved another milestone in its $1 billion transformation of Rainbow Bay on the southern Gold Coast with the completion of the company’s third project in four years, the $160 million <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a> residences.

Delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a> and designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker Architects</a>, Esprit buyers have now moved into the 94 apartments across two interconnected buildings at 217-227 Boundary Street.

The successful settlement of Esprit marks another astounding chapter in the S&amp;S story, which launched its highly successful Flow apartments three years ago and created its own ultra-luxury branded fingerprint on an area craving new luxury residences.

Most early purchasers have secured gains of well over $1 million since the project launched in 2021.&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172129]

S&amp;S Projects Founding Director Paul Gedoun said the completion of Esprit reflects sustained demand for premium apartments in tightly held coastal locations.&nbsp; 
&nbsp;&nbsp; &nbsp; 
“Esprit has attracted buyers seeking a combination of quality design, considered amenity and a location that is becoming increasingly difficult to replicate,” said Gedoun.

“We identified some years ago that Rainbow Bay is a unique market where supply of luxury residences is limited, and we see the settlements in Esprit further underpinning this thinking - that for both owner-occupiers and investors.”&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172174]

A key feature of the development is ‘Club Esprit’, a 1,000sqm residents-only rooftop level combining wellness and recreation, believed to be a first for the Gold Coast, and which is fast becoming a signature of the S&amp;S brand.

Positioned to capture views across Snapper Rocks, Rainbow Bay and the Tweed River, the rooftop includes a 25-metre lap pool, gym, yoga lawn, sauna and steam facilities, ice bath, private dining spaces, outdoor cinema and landscaped areas for residents.&nbsp;

<a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a> Director Jayde Pezet, who led the sales campaign for Esprit and S&amp;S’s Flow and Awaken apartments, said the project’s performance reflects both the strength of the product and the depth of demand for premium apartments on the southern Gold Coast.&nbsp;

“In some cases, we’ve seen values double since launch, which is a clear reflection of how tightly held Rainbow Bay has become and the level of demand for well-executed projects in this market,” said Pezet.&nbsp;

“Buyers recognised early what S&amp;S Projects was delivering here, and that conviction has been rewarded as the project has progressed towards completion.”&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=214819]

Esprit offers a mix of two- three and four-bedroom apartments and sits within walking distance of the beachfront, cafés and local amenities, reinforcing its appeal as both a lifestyle and investment destination.

The project is the third completed by S&amp;S Projects in Rainbow Bay, following Flow Residences and Awaken Residences, which together have contributed to the suburb’s emergence as one of the Gold Coast’s most sought-after coastal pockets. &nbsp;

S&amp;S Projects is continuing its investment in the area with Radia, a $215 million development currently under construction.&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172175]

Gedoun said the completion of Esprit signals continued confidence in the southern Gold Coast market.&nbsp;

“We’ve seen strong interest in well-located, high-quality apartments, particularly in areas where future development opportunities are limited."

“That’s been a key factor in the performance of Esprit and the broader Rainbow Bay market”.

[smartcode_project_cta:default project_id=102921]

Owners move in as Esprit completes at Rainbow Bay

Few developers can boast a portfolio across South East Queensland's luxury markets quite like <a href="https://www.apartments.com.au/developers/mosaic-property-group">Mosaic Property Group</a>.

The builder-developer, founded in 2004 by Managing Director Brook Monahan, has projects in planning, on the market, and under construction, from Burleigh Heads and Broadbeach to Kangaroo Point and South Brisbane.

With a pipeline exceeding $2 billion, Mosaic remains highly selective when it comes to development sites, having spent years refining its strategy around feasibility research and product planning. The group is set to continue growing into 2026 and beyond.

In Brisbane, Mosaic currently has three projects in the market. It is in the final release stage at <a href="https://www.apartments.com.au/new-apartments/the-bedford-by-mosaic-16-30-prospect-street-kangaroo-point-qld-4169">The Bedford</a> in Kangaroo Point, which is approaching complete sellout ahead of its late 2027 completion.

[smartcode_project:default project_id=134792 project_image_fid=328123]

Designed in collaboration with <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, The Bedford comprises 128 two- and three-bedroom residences. A selection of ultra-luxury Masterpiece Series Skyhomes, positioned across the top levels, offer expansive floor plans and sweeping views of the river and city.

High-end inclusions, such as natural stone benchtops, bespoke cabinetry, and Miele appliances, feature throughout all apartments, alongside the Rooftop Recreation &amp; Retreat Sky Terrace. This includes a resort-style pool with sun deck and loungers, spa, cold plunge pool, sauna, steam room, private dining room with a full kitchen, residents' lounge, multiple barbeque and relaxation zones, an outdoor viewing deck, and landscaped gardens with water features, all oriented to sweeping city and river views.

A gym with indoor and outdoor zones, and a golf simulator, further enhances recreational choice within the building.

[smartcode_project:default project_id=134792 project_image_fid=328119]

A defining feature of the development is its integrated mixed-use component, which will deliver Kangaroo Point's first major supermarket, alongside a café and liquor store, bringing long-awaited convenience to the peninsula.

Monahan says The Bedford represents the culmination of a near-decade-long journey, after first identifying the A-grade Prospect Street site in 2016. While they came close to acquiring it at the time, the site was ultimately purchased by Woolworths' development arm, Fabcot. The opportunity resurfaced in 2024 when the site, vacant for nearly three decades, was brought back to market.

Monahan says Mosaic projects often begin years before any formal plans are drawn. Their new South Brisbane development is no exception, with the site first earmarked in 2018.

"We aren't opportunistic," Monahan says. "Every site purchase is carefully considered. As seen with Kangaroo Point and South Brisbane, it can take years to eventuate. There are sites we're looking at now that we may not secure for several years."

[smartcode_project:default project_id=141711 project_image_fid=353495]

A similar story unfolded at <a href="https://www.apartments.com.au/new-apartments/the-carter-by-mosaic-77-linton-street-kangaroo-point-qld-4169">The Carter</a> in Kangaroo Point, opposite The Gabba. Like The Bedford, it is also approaching sellout of its 125 two- and three-bedroom apartments. The majority of sales are attributed to returning customers and referrals, with a balanced mix of investors and a strong majority of owner-occupiers.

BDA Architecture was again engaged to design the 22-storey building, which will feature a suite of wellness and lifestyle amenities, including a golf simulator and cinema, a commercial-grade gym, and a rooftop recreation level with a pool, steam room, sauna, cold plunge, teppanyaki bar, private dining spaces, and landscaped terraces.

Construction is on track for completion in mid-2027.

[smartcode_project:default project_id=151614 project_image_fid=362759]

Mosaic's latest offering is its most ambitious yet, boasting a rare, north-facing riverfront position on Montague Road in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/the-riversdale-by-mosaic-south-brisbane-91-montague-road-south-brisbane-qld-4101">The Riversdale by Mosaic</a> is a 39-storey tower comprising just over 200 residences and Masterpiece Series Sky Homes. Designed in partnership with Bureau Proberts, it will feature nearly 3,000 sqm of genuine, internationally benchmarked six-star, hotel-style amenities, including a wellness precinct, pool, gym, massage and treatment rooms, cinema, golf simulator, and extensive outdoor dining areas across a two-level rooftop deck.

Early works are underway, with full construction expected to commence in the second half of 2026, and an anticipated late 2029 completion.

[smartcode_project:default project_id=151614 project_image_fid=362759]

Since 2012 alone, Mosaic has completed more than $2 billion in projects and is set to deliver another $2 billion worth of developments, comprising hundreds of luxury apartments, each defined by Mosaic's signature standards of quality, detail, and delivery.

"We never arrive, there is no finish line," says Monahan. "Our ambition is to keep evolving what luxury means, creating design- and lifestyle-led residences in incredible locations, places people genuinely aspire to and want to live, homes that are loved deeply and endure long beyond their moment."

Mosaic's Midas Touch

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> (Urban) has broken ground at Keira Place, its new major mixed-use residential precinct in the heart of Wollongong CBD.

Held at 120-122 Smith Street, the groundbreaking marked the commencement of construction on Stage 1 of <a href="https://www.apartments.com.au/new-apartments/keira-place-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, with the opening of the new display suite. 
&nbsp; 
Keira Place is a State Significant Development that will deliver new housing supply, affordable homes and inclusive living options within walking distance of Wollongong’s CBD, coastline, transport, hospital and education precincts.

[smartcode_project:default project_id=144442 project_image_fid=369868] 
&nbsp; 
Stage 1 is now under construction and will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, along with activated ground-floor retail and commercial space. 
&nbsp; 
Urban Co-CEO Patrick Elias said the groundbreaking represented a significant milestone for Wollongong and reflected Urban’s long-term commitment to regional cities.

“Today’s groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong’s city centre,” Elias said. 
&nbsp; 
“Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection.”

[smartcode_project:default project_id=144442 project_image_fid=369869] 
&nbsp; 
Hon. Paul Scully MP, Minister for Planning and Public Spaces, Member for Wollongong said Keira Place is exactly the kind of development Wollongong needs – delivering new homes close to transport, employment and services, while supporting the continued growth and renewal of the CBD.

"This project reflects the Minns Labor Government's commitment to increasing housing supply in well-located areas." 
&nbsp; 
Wollongong Lord Mayor Cr Tania Brown said Keira Place would deliver lasting community benefits for the city. 
&nbsp; 
"Keira Place is a welcome addition to Wollongong's CBD delivering new housing, affordable homes and activated street-level spaces that will benefit our community for years to come," Brown said. 
&nbsp; 
"Urban Property Group's investment reflects the confidence that quality developers have in Wollongong's future, and I look forward to seeing this precinct come to life."

[smartcode_project:default project_id=144442 project_image_fid=369867] 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a>, with interiors by <a href="https://www.apartments.com.au/interior-designers/dko">DKO,</a> Keira Place prioritises liveability and long-term performance, with landscaped shared spaces, generous apartment layouts and a pedestrian-friendly streetscape along Smith Street. 
&nbsp; 
Residents will have access to landscaped podium areas, communal rooftop amenities with views to Mount Keira and the Wollongong skyline, and convenient ground-level retail.

The development will have 10-year Latent Defects Insurance by Resilience Insurance.

[smartcode_project_cta:default project_id=144442]

Groundbreaking marks start of construction at Keira Place in Wollongong CBD

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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A private owner has placed his Woolworths and Big W anchored sub-regional retail centre in the Upper Hunter Region – Muswellbrook Marketplace – up for sale in a move calculated to take advantage of a strong retail investment market.
The single-level mall at 72-78 Brook Street is the single largest landholding in the regional city’s CBD. 
The mall comprises 12,838 sqm of building area on 1.65 hectares.
The Centre includes a Woolworths Supermarket, Big W DDS, three mini majors and 28 specialty stores, and offers an estimated fully leased net annual income of $2.99 million, according to listing agents Steven Lerche and Andrew Palmer of Savills.
The property will be sold by expressions of interest closing March 8.
Lerche said he expected strong interest from investors given the dearth of sub-regional shopping centre assets currently available and particularly those which could offer such significant value add potential. 
“Obviously, Muswellbrook Marketplace offers exceptional income security through Woolworths Limited and Big W et al, but it also offers investors significant scope to add value through a refurbishment and remix and that is going to be particularly attractive to investors in what is set to be a busy 2017,’’ Lerche said.   
According to Savills Research, investors spent $6.5 billion on retail assets nationally in 2016, including $1.94 billion in NSW, pushing yields in some instances below 5 percent.
Lerche said all indications were that demand for well-located assets with strong lease profiles, would be as strong or greater in 2017.
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Muswellbrook marketplace in Upper Hunter region hits the market    

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Australia’s first registered health fund, RT Health, has secured two levels of an office building at Surry Hills in inner Sydney for a project requirement.
The fund has leased approximately 476 sqm near its Buckingham Street, Surry Hills, headquarters at Level 1 and Level 2, 491 - 493 Elizabeth St, Surry Hills, in a deal negotiated by Ray White Commercial South Sydney’s John Skufris on behalf of Brian Adams.
The five-storey building including a top-level penthouse is located close to Central Station and Prince Alfred Park.
John Skufris said: "Both levels provided fitted and furnished office space with main offices, meeting rooms, tea station facilities and natural light on two sides.”
RT Health Fund was established more than 126 years ago when a group of railway employees got together to form a cooperative.
The initial gross rental for RT Health is around $210,000 per annum and the lease term is for two years.
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Health funds secures two storey Surry Hills office building

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An office tower in the Sydney CBD with the NSW government as anchor tenant is up for sale with price expectations of more than $150 million. 
The building at 59 Goulburn Street has potential for further development across the residential, commercial office and hotel sectors.
The freehold asset is 98 percent occupied, has 23 levels with a net lettable area of 18,867 sqm and ground floor retail. It is directly opposite the bustling World Square precinct in the Sydney CBD.
The asset offers a Weighted Average Lease Expiry of 2.3 years and estimated passing income is $8.13 million.
The property is being marketed by JLL and Colliers International on behalf of Roxy-Pacific Holdings Limited, via an international expressions of interest campaign closing on March 23, according to a media release.
The asset has three viable development options. These are; a repositioning of the existing asset with the potential for higher rentals; redevelopment into a new commercial office tower; or redevelopment into a 38-storey mixed-use tower comprising retail and commercial, 407 hotel suites, 90 residential units and 94 car parks. The asset currently has Stage 1 Development Approval for the potential hotel and residential development. JLL’s Ben Hunter, James Aroney and Sam Brewer are the agents on the campaign, along with Colliers International’s Vince Kernahan and James Girvan.  Roxy Pacific Australia director Ben Hopkins said, “After entering the Australian market in 2014 we have managed to build up a robust portfolio of both development and investment assets across Australia with value over $500 million. After fielding numerous offers for 59 Goulburn St Sydney we have decided to offer this landmark freehold opportunity with exciting re-development potential to the market.”
JLL’s Aroney added that the central location and development options will allow the eventual purchaser to create a “new offering amongst one of Sydney’s busiest CBD precincts”. 
“There is ongoing demand for office assets of this nature in Sydney, particularly when there is room for significant rental upside.”
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Office tower in Sydney CBD up for sale with asking price of more than $150 million

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A site with preliminary approval for residential development in the Scenic Rim regional hub of Beaudesert, south-west of Brisbane, has sold for $5.5 million by Ray White.
The 81.25 ha site at Kerry Road, Beaudesert, was sold to developer Beaudesert Oasis Pty Ltd by Ray White Special Project Qld’s Mark Creevey and Tony Williams.
Creevey said there was strong interest (58 enquiries) in the Beaudesert site, which is nearly an hour’s drive from Brisbane and the Gold Coast.
The property has preliminary approval for a material change of use and reconfiguration for lots for residential purposes, said Williams.
“This site is within the urban footprint of the South East Queensland Regional Plan and the Emerging Communities in Beaudesert Planning Scheme,” he said.
Beaudesert is the administration centre for the Scenic Rim Regional Council and one of the fastest growing areas in South East Queensland, added Williams.
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Development site in Queensland’s Beaudesert sells for $5.5 million

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Hume Property Pty Ltd, formerly known as Bennelong Group, is offering its dual tower property in the heart of Sydney’s Chatswood for sale.
The decision, in part, was driven by the recent release of the new draft masterplan encouraging greater development in Chatswood and the sustained strong rental growth and increasing offshore purchaser interest in the precinct. 
Chatswood Central, at 1 – 5 Railway Street, is being offered to the market by way of expression of interest closing on March 30.
The listing agents are Jon Chomley and Steam Leung of Colliers International and Bevan Kenny and Chris Veitch of CI Australia.
The two, 12-storey towers are joined by the retail plaza, which provides a range of cafes and restaurants, a gymnasium and a childcare. Overall the buildings contain over 18,000 sqm of office and retail accommodation, with 100 basement carparks, and a strong mix of income from different sources.
The amenities in the Chatswood CBD have proven to be a strong drawcard for tenants, resulting in the property enjoying consistently high occupancy rates and a strong cash flow, according to a media release.
“Chatswood has been the beneficiary of strong rental growth over the last 3 years and this looks set to continue with the removal of suburban office space from the market for residential development. This in turn has reduced supply, particularly in B grade office space, and has bolstered rental growth,” said Jon Chomley.
The site adjoins the entry to the Chatswood Bus and Rail Interchange and is close to Westfield Chatswood and Chatswood Chase shopping centres. 
Hume has owned the property for over 10 years and has upgraded the plaza area, the lifts and the air-conditioning.
The site spans 3,806 sqm providing future development opportunities as it is underdeveloped under the current Masterplan for Chatswood, according to the listing agents.
“Whilst it will take time for any proposed redevelopment the building enjoys virtually full occupancy with strong effective rental growth and the improving property fundamentals of the Chatswood market,” said Bevan Kenny.
The site is currently leasehold from the Rail Corp, however, Hume has been in dialogue with RailCorp and there is a known pathway to either extend the ground lease term or freehold the property. 
 
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Dual towers in Sydney's Chatswood on the market 

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A tenanted investment leased to surfing retailer Noosa Longboards on the Hastings Street tourist strip at Noosa Heads has sold for $4 million to a local investor.
The sale price of the 92 sqm retail outlet at 2/55 Hastings St, Noosa Heads, reflected a net rate of $43,478 per sqm and yield of 5.35 per cent.
The selling agents were Ray White Commercial’s Paul Butler and Paul Forrest. 
“The 5.35 per cent return shows a continued strengthening in Hastings St, as the last sale was 5.45 per cent for a superior freehold property,” said Butler.
“In this case we had a local buyer looking for solid performing properties. There is limited quality stock available as the high volume of sales throughout 2016 has significantly decreased stock.”
Forrest said Shop 2, 55 Hastings St enjoys a high profile with excellent pedestrian and vehicular traffic flow and was returning net rent of $225,000 per annum. Nearby shops include Hugo Boss, Blue Illusion, Aroma’s, Kookai, Lorna Jane and Gazman.
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Noosa Heads shop leased to Longboards fetches $4 million

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A Black Rock corner freehold has sold under the hammer for $5.25 million, 41 percent above the reserve price. 
The 1,062 sqm site at 41B Bluff Road comprises a retail and office complex across four separate titles, returning $197,842 per annum plus GST.
Fitzroys agents Mark Talbot and David Bourke sold the property. 
Talbot said around 80 enquiries were received for the property from a combination of investors and developers. He said competition among six bidders pushed the sale price far beyond the reserve to close to $5,000 per sqm. 
He said a local buyer eventually won out, with the sale price reflecting a tight 3.7 percent yield. 
Bourke added that, “Black Rock Village is an established commercial hub with a surrounding catchment including the desirable suburbs of Beaumaris and Black Rock, with further traffic generated by its proximity to the Port Phillip Bay Foreshore Reserve and Half Moon Bay.”
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Bayside corner freehold in Melbourne’s Black Rock sells for 41 percent above reserve 

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Supply chain company CEVA Logistics has signed a four-year lease at Mirvac’s latest industrial development, Calibre at Eastern Creek, NSW prior to construction completion. 
CEVA will move in as a tenant into Building 1 at Calibre. The building consists of approximately 18,000 square metres of warehouse and 1,000 metres of office space, allowing CEVA to consolidate three existing warehouse operations from different locations into one. 
Mirvac’s Group executive, Industrial, Stuart Penklis, said securing a key tenant ahead of completion reflected the strong market offering that Mirvac delivers. 
“As a world leading supply chain management company, CEVA will benefit from Calibre’s unmatched transport links,” he said. At the nexus of the M4 and M7 motorways, the site has a dedicated multi-directional signalised intersection connecting to major transport links. 
Penklis said the state government’s focus on infrastructure is drawing large-scale users to Western Sydney. 
“The upgrade of the M5 Motorway and WestConnex has stimulated demand as it will improve access and connections between Western Sydney, Port Botany and Sydney CBD. Calibre is ideally placed adjacent to the motorway, catering for logistics and manufacturing occupiers looking to benefit from this investment in infrastructure.” 
CEVA managing director-Australia and New Zealand, Carlos Velez Rodriguez said the deal will allows them to consolidate from different locations across the state, increasing bottom line efficiencies. 
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Supply chain firm CEVA signs lease deal for Mirvac's Calibre in Eastern Creek

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<div>The Reserve Bank of Australia (RBA) released its Statement on Monetary Policy for February 2017.</div>
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<div>Lots to digest as usual!</div>
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<div>Firstly, and probably the most interesting part, I thought, was the section concerning inflation forecasts. </div>
The RBA sees inflation returning to the 2 to 3 percent target range, and as such interest rates are now likely to be on hold unless the labour market deteriorates from here. 
<a href="https://www.propertyobserver.com.au/images/2017/02/13/RBA1.jpg">Click to enlarge</a>
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<div>Secondly, it also looks as though forecasts for growth in the economy are quite upbeat, tracking at around 3 per cent in 2017/18 and 3 per cent in 2018/19, before potentially rising further. </div>
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<div><a href="https://www.propertyobserver.com.au/images/2017/02/13/RBA2.jpg" target="_blank">Click to enlarge</a></div>
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<div>Finally, housing. There was lots to look at in terms of housing markets, although nothing particularly ground-breaking. </div>
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<div>Rental price growth is soft, apartment approvals are falling sharply, and turnover in the housing market is well below the average since 2008, reflecting low levels of stock on the market.</div>
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<div><a href="https://www.propertyobserver.com.au/images/2017/02/13/TO.jpg" target="_blank">Click to enlarge</a></div>
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<div>On another related point, it's interesting to see that after copping a huge amount of heat for possibly 'overstating' dwelling price growth, CoreLogic's index has now seen other data providers catch up towards a similar rate of growth.</div>
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<div><a href="https://4.bp.blogspot.com/-fwYuSVH_zK0/WJ1xtkyg0nI/AAAAAAAAhq4/yj9DVQpv9DcgG2YagkiH7egejLALYgDhQCLcB/s1600/RBA1.jpg" target="_blank">Click to enlarge</a></div>
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PETE WARGENT is the co-founder of <a href="https://allenwargent.com/">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/">blogger</a>. 
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Apartment approvals are falling sharply: Pete Wargent

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A warehouse in Sydney’s Mascot has sold for $2.9 million at auction, setting a record for the suburb for freestanding buildings sized under 1,000 sqm.
Located at 295 King St, in a B5 business development zone, the property comprises a 562 sqm free standing building on a 740 sqm site. It was sold to a private investor by A &amp; S Williams Pty Ltd through CBRE. 
The selling price translates to a rate of $5,160 per sqm of the building area.
CBRE’S Nick Zenonos and Mark Silva negotiated the sale.
Zenonos said this was a Mascot record for a freestanding building sized under 1,000sqm with no residential development upside.
“Prospective buyers were drawn to the site’s location. Purchasing a free standing building of this size in such close proximity to Sydney Airport and with access to major roads such as the M5, is rare,” Zenonos said.
The property provides an office, warehouse and mezzanine area in addition to parking and exclusive yard. There was also the opportunity for a lease-back which the vendors opted to take.
 
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