<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

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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<div id="post-13988" class="post-13988 post type-post status-publish format-standard has-post-thumbnail hentry category-uncategorised sectors-office geographies-australia">
<div class="post-entry">
<div class="col-lg-11 col-md-11 col-xs-12 col-sm-11">
<div class="contents">
GUEST OBSERVER
Melbourne’s Southbank Riverside attracted a disproportionally large share of capital in the third quarter of this year.
Transaction volumes for the three-month period accounted for approximately 50 percent of the AUD 1.4 billion (USD 1.1 billion) transacted year to date.
Southbank Riverside is a small but significant component of the Melbourne CBD office market, accounting for 4.3 percent of total CBD stock (6.8 percent of prime stock).
In Q3 the following assets in Southbank Riverside transacted:
<ul>
<li>HWT Tower, 40 City Road (apportioned value AUD 194.2 million)</li>
<li>IBM, 60 City Road (apportioned value AUD 244.9 million)</li>
<li>Twenty8 Freshwater Place (AUD 286.0 million).</li>
</ul>
These sales represent 49.2 percent of the total precinct by NLA (Net Lettable Area). Currently JLL is marketing 12 Riverside Quay.  
A sale would mean that just under 60 percent of the total stock would have transacted in 2016.
A changing ownership profile
A number of domestic wholesale funds and large-cap REITs have divested holdings in the precinct. DEXUS, Frasers Property and GPT Wholesale Office Fund were active vendors over the quarter. A number of these groups are identifying opportunities to undertake tactical disposals, crystalise capital gains and recycle profits into new projects/investment opportunities or reduce gearing. An availability of investment grade product has enabled large international fund managers such as ARA Asset Management and J.P. Morgan to gain exposure to the Southbank Riverside precinct over the quarter.
The REIT sector remains active within the precinct. Mirvac is constructing a new Melbourne HQ for PwC and has secured superannuation fund ISPT for a 50% takeout of the completed product.
What is attracting a new cohort of investors? 
Southbank offers CBD access via a pedestrian bridge and connects to Flinders Street Station. Flinders Street Station provides connections to Melbourne’s white collar employees – a disproportionately high number lives to the East and South of the Melbourne CBD. The market fundamentals of Southbank Riverside have been positive, with the precinct recording an average vacancy rate 2.4 percentage-points lower than the greater CBD, over the last ten years. Investors are also drawn to the diverse nature of the tenant profile in Southbank Riverside – IBM, LinkedIn CPA Australia and PwC are all located in the precinct. The strength of the precinct as a corporate location was underlined with PwC committing to a new office at 2 Riverside Quay.
Historically the precinct has benefited from a flight to quality, with tenants vacating older style assets in St Kilda Road for modern product in Southbank Riverside. Given the significant supply anticipated to be withdrawn from St Kilda Road, this trend is likely to continue. A long-flagged rental upswing is finally occurring in Melbourne’s CBD, with prime net effective rents increasing by 5.7 percent over the quarter. The new investors in Southbank are poised to capture the upswing as each of the assets had a WALE of between three and four years.
With the precinct tightly held, and limited potential commercial sites for future development, the investment proposition of Southbank Riverside remains firm. The challenge will be securing investment grade product in a tightly held market.
</div>
</div>
</div>
</div>
<div class="author-section">
<div class="author-description col-lg-8 col-sm-8 col-md-8 col-xs-8">
Ben Thatcher is research analyst, JLL, and can be contacted <a href="https://www.jllapsites.com/research/" target="_blank">here</a>.
</div>
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jchancellor-FAypfDUnLy

Where does Melbourne’s Southbank rank for commercial property?

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 A beach resort spanning 69,000 sqm in WA's Margeret River is on the market with expectations of more than $10 million.
The <a href="https://www.realcommercial.com.au/property-land+development-wa-gnarabup-502157446" target="_blank">Gnarabup Beach Resort</a>, five sites with direct Indian Ocean frontage and approvals in place for a 102-key resort and potential for a further 73 individual villa sis on the market through Savills Barney Dear and Chas Moore. 
Chas Moore said the site was being offered for sale by its joint venture owners with Development Approvals for the resort, designed by Grounds Kent Architects, had been granted.
This property is coming to the market at an ideal time, with the Western Australia State Government prioritising and strongly promoting the state’s tourism sector, and the $59.7 million expansion of the Bussellton-Margaret River Regional Airport to deliver invaluable direct flights to the region, he said.
"Tourism is on the rise in Western Australia and this is one of the best beachfront resort developments available in the entire state.
"It provides a stunning south-west setting overlooking the Indian Ocean, with boardwalks and footpaths leading directly to the beach, in the heart of Western Australia’s premier tourism destination and widely recognised as one of the world’s best wine producing regions.’"
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jonathanchancellor-7SQnKwU6yx

$50 million plus for beach resort at Margaret River

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A spike in household trade sales across Australia is set to drive the next wave of growth in the industrial and logistics sector, CBRE's latest research reveals.
CBRE's Industrial and Logistics, Q3 2016, MarketView report highlights increased levels of spending on household goods – driven by a national spike in home renovations – is offsetting reductions in manufacturing.
CBRE’s Senior Managing Director, Industrial &amp; Logistics, Pacific, Matt Haddon said the buoyant housing and home renovation market was increasing demand for warehouse space in several markets across the country.
"Greater demand for warehouse space for the occupation of household trade suppliers is increasing competition and supporting rental growth prospects in core markets," Mr Haddon said.
Highlighting the upturn in activity in the household trade sector, Dulux Group, Target, Hickory, Reece, Stanley Black and Decker, Koch Fertiliser and Reece have all taken up significant leases this year, securing a combined 315,890 square metres.
The report shows household trade growth has lifted 5.3 percent in the past 12 months, while increasing home approvals over the same period have also strengthened demand for warehouse space.
Mr Haddon said the underlying strength of Australia's housing sector would continue to be a steady source of growth for the industrial and logistics market.
"Investor appetite for high quality, well leased industrial assets remains strong, with buyers seeking out opportunities in core markets on Australia's east coast," Mr Haddon explained.
“With rents close to the bottom of the cycle, investors are becoming increasingly attracted to the prospect of income growth potential, in addition to the traditional stability that has long been a hallmark of the industrial and logistics sector.”
In the three months to September 2016, $968 million in industrial and logistics assets changed hands – the strongest quarter of this year.
Sales volumes were driven by a number of major transactions in Victoria, including the GM Holden site in Port Melbourne for $130 million and the Coles Distribution Centre in Truganina for $100 million.
Super prime yields meanwhile have continued to compress in Sydney and Melbourne, falling by 40 basis points year on year to 6.3 percent - driven largely by the strength in demand for premium assets.
By comparison, non-core markets such as Perth, Adelaide and regional locations have not witnessed the same compression, with investors remaining guarded and showing a preference for the major eastern seaboard core locations.
CBRE Senior Research Manager Kate Bailey said Australia's industrial and logistics sector was showing evidence of a two-speed market, with rents on the east coast continuing to increase while the resource states of Western Australia and Victoria remained sluggish.
"Melbourne experienced its first quarter of positive rent growth in Q3, recording an increase of 0.8 percent, which was predominantly driven by the northern and city fringe markets," Ms Bailey said.
"Sydney continued to experience rental growth, with 2.0 percent recorded in Q3, however, with a stronger supply pipeline forecast, this level of growth is expected to soften."
Sydney
New South Wales' strong housing market, coupled with an upturn in retail trade, has supported growth in the state's industrial sector.
"Retail trade has been growing consistently, both nationally and in New South Wales. With this comes additional demand for warehousing space in close proximity to residential centres," Ms Bailey said.
"A solid pipeline of infrastructure projects earmarked for the state is also expected to provide a stimulus for industrial occupiers."
During the quarter, super prime net face rents increased 2.0 percent and secondary rents lifted 2.2 percent. The outer west has recorded the strongest growth, with an 11 percent jump for prime assets.
The quarter has also seen strong interest from offshore investors, with Singapore-based Mapletree Logistics Trust securing Altis Property's $85 million portfolio.
Melbourne
Industrial sales so far in 2016 totaled $1.42 billion - 56% greater than in the same period in 2015.
The strong sales pipeline has been underpinned by the sale of Coles distribution centre in Truganina for $100 million on a yield of 5.4 percent and the GM Holden site for $130 million.
Ms Bailey said the sales highlighted the strength of the domestic buyer market.
"Despite strong offshore interest in industrial assets, interest from domestic buyers remains high. Solid sales growth is anticipated for the rest of the year, with continued high levels of enquiry from foreign and local buyers," Ms Bailey said.
During Q3, super prime yields compressed by 17 basis points to 6.0 percent - reflecting the continued demand for high quality industrial assets.
By comparison, yields for secondary assets are continuing to decrease at the same rate as super prime assets, highlighting investors' ongoing search for good returns.
Melbourne industrial rents recorded positive growth for the first time since the June quarter in 2014 – a trend that will continue amid a reduced supply pipeline in the short to medium term.
Super prime rents jumped 0.8 percent in the quarter – underpinned by a 3.6 percent increase in the north – while secondary rents remained unchanged.
Brisbane
Occupier demand for industrial space is being driven by a flight to quality in Brisbane, with tenants increasingly chasing higher quality assets
"Landlords have become more aggressive in attracting and retaining tenants, with incentives edging higher to an indicative 15% - and in some cases, incentives twice this level have been observed," Ms Bailey said.
Super prime yields remained around 6.5% in Q3, with prime yields hovering at 7.4% and secondary yields at 8.7%.
While 2016 sale volumes are down on 2015 - $402 million versus $578 million in the corresponding period – institutional investors are growing portfolios by funding design and construct or speculative development.
"The design and construct, and pre-commitment market is generating the greatest level of activity, with businesses taking advantage of competitive deals in flight to quality areas such as Redbank, Rochedale and Brisbane Airport," Ms Bailey said.
Perth
Consolidation continues to be a persistent trend in Perth's industrial market, with occupiers focused on increasing efficiency and lowering costs.
Industrial rents declined during Q3, with super prime net face rents dipping 4.9% and secondary net face rents lowering by 4.8%.
"The ongoing rental softening in the industrial market directly corresponds to the weaker confidence evident as a result of the cooling resources sector," Ms Bailey said.
Yields remained unchanged over Q3, following yield compression in the first half of the year – driven by the low interest rate environment and lack of supply of well-leased, investment-grade assets in the market.
Adelaide
Adelaide's inner west is emerging a sought after industrial pocket, with low levels of supply in the area underpinning strengthening levels of demand for assets.
Yields remained flat across all markets in Q3, following a period of strong compression, which is reflective of investors seeking out investments that offer better returns relative to risk.
Adelaide's industrial supply pipeline remains strong, with the September quarter seeing 23,310sqm of new space added – the strongest quarter of 2016.
Despite this however, only a small amount of new industrial space is forecast over the next 12 months, which may help to support some rental growth.
Canberra
Canberra's Mitchell industrial precinct is positioned to benefit from the Metro Capital light rail project currently underway, with it underpinning both demand and investment in the space.
"The Mitchell industrial area will benefit from this massive infrastructure project in both the construction phase and the operational phase as operating the rail line will require the employment of these industrial skills," Ms Bailey said.
Canberra industrial rents remained steady in the September quarter, with super prime net face rents at $109 and secondary rents at $75.30.
There has been just one transaction in Canberra's industrial market this year, a multi-use showroom in Mitchell for $6.55 million.
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j.ballantyne1990-6AQqhLzZaK

Home renovation boom drives next wave of industrial growth

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The talented Three Birds team - who got together as their husbands once played for the Parramatta Eels - have secured the sale of their fifth residential renovation project.
It is a little home in Baulkham Hills that sold at $1.35 million earlier this month.
The Oakland Avenue house was bought by the team - Lana Taylor, Bonnie Hindmarsh and Erin Cayless - for $922,500 in May. 
After nine weeks, the former fibro suburban house was transformed into a cottage-style home with extension.
It was marketed by Jane Booty at Century 21 as a "lust-worthy home with unparalleled street appeal."
It sold to a young couple from Strathfield who have family nearby.
"The couple are as gorgeous as the house… it’s a perfect fit," Booty said.
The Three Birds Renovations have worked their makeover magic previously at Northmead, Castle Hill and Beecroft since kicking off their new career in mid-2014.
Lana Taylor, Bonnie Hindmarsh and Erin Cayless had long spent time on the NRL game day sidelines, exchanging tips about paint colours, carpet samples and new bathrooms while their husbands Jason, Nathan and Nathan ran around for the Parramatta Eels.
The trio are planning on renovating three homes a year in The Hills district.
The Baulkham Hills offering came with a new designer style kitchen and a bathroom, featuring the striking black freestanding bathtub from Caroma.
Outside they added a tiered deck, with new alfresco area overlooking the landscaped rear gardens.
The project was watched by their more than 90,000 dedicated followers on Facebook and Instagram. They also filmed their own digital show in partnership with realestate.com.au.
The fibro had been owned by the Coddington family, who tragically lost two sons — Tim and Sam — in a plane crash while on a surfing holiday in Manila in 2002.
Their mother approached Bonnie when she wanted to sell the home and asked them to purchase it and bring it back to life. 
It's back story had Bonnie Hindmarsh engaged to the seller's son, Sam who passed away on a surfing trip when he was in his 20s. 
This article was first published in the Sunday Telegraph.
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Three Birds Renovations score Baulkham Hills flip success 

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The Brisbane tourism region continues to be challenged by supply additions outstripping demand growth and occupancy levels falling, according to Colliers’ latest hotel report.
The vast majority of transactions have taken place in the leisure destinations of the Gold Coast, Cairns and the Whitsundays.
The largest transactions have been the $80 million sale of the Hotel Grand Chancellor in Surfers Paradise to Challenger on behalf of an offshore investor and the Surfers Paradise Marriott Resort and Spa for $70 million, also to an offshore investor.
According to STR, the resort markets of the Gold Coast and Cairns/Tropical North Queensland continue to benefit from the lower Australian dollar, which is rebounding after the tough trading conditions experienced following the global financial crisis and the high dollar during the mining boom periods.
These destinations are experiencing renewed growth in both domestic and international travellers.
Cairns, in particular, continues to record high occupancies at 83.3% year to date to August 2016, up 5.4% compared with the same period of 2015.
Occupancy on the Gold Coast is similarly up year to date, by 3.7% to 72.2%. Stronger occupancy levels have allowed hotels to lift room rates, with Cairns demonstrating growth of 7.2% and the Gold Coast 5.2% over the year to date period.
These conditions have allowed both markets to achieve the highest RevPAR growth rates over the period in major markets throughout the country at 13.0% for Cairns and 9.1% for the Gold Coast.
Brisbane, in contrast, continues to be challenged by supply growth outstripping demand, with occupancy levels down 1.9% to 70.8% in the year to date.
Room rates continue to come under pressure falling by 6.6% over the period as the new hotels compete aggressively for customers.
As a result RevPAR levels are down 8.4% for the first eight months of the year compared to the same time last year. Source: STR
Many regional markets which had exposure to the mining, gas and the associated infrastructure boom continue to feel the contraction in demand with occupancy and room rates declining.
The Destination Brisbane Consortium (Echo Entertainment Group, Far East Consortium and Chow Tai Fook Enterprises) continue to progress the Queens Wharf Integrated resort development. This project is proposed to include a new casino, retail, residential apartments and approximately 1,100 hotel rooms.
Demolition works on the state government site are anticipated to commence early next year following the relocation of government office on the site to the new 1 William Street tower which is nearing completion.
On the Gold Coast, preparations for the Commonwealth Games in 2018 are progressing, including the construction of sporting facilities and the athlete’s village. Gold Coast Airport has commenced stage one redevelopment works which includes site works, new aircraft parking stands and terminal redevelopment, which is due to be completed in 2017.
The second stage of the Gold Coast Light Rail will connect the existing light rail system at Southport to the heavy rail at Helensvale, construction commenced in July 2016 and is due for completion in early 2018.
"We are aware of 15 further new hotel developments proposed for Brisbane between late 2016 and 2018 (2,760 rooms), and approximately 1,100 additional rooms in 2021 within the Queens Wharf Development," the report stated.
"Over the period from 2013 to 2018 the Brisbane market is forecast to have an addition to supply of over 6,700 rooms, or an increase of over 50%. With new supply continuing to outstrip demand growth, we expect market occupancy levels to continue to come under pressure before bottoming out in 2018-2019. The vast majority of the new room stock is located in the Brisbane CBD and fringe, which is having a greater impact on specific localities," the report stated.
Meriton recently opened a 208 suite serviced apartment operation within a larger mixed use complex at Southport on the Gold Coast. A further two new hotel projects are also under construction (Jewel 300 rooms and the Jupiter’s Casino 80 suite expansion) which are expected to open by 2018.
Jupiter’s has also released a masterplan for its casino precinct to potentially include a further five hotel and/or apartment buildings, including a 700 room hotel and apartment tower.
A number of other hotels are also being proposed for the Gold Coast as either part of larger mixed use developments or as additions to existing complementary facilities, which could lead to additional room stock in the medium term.
The renewed construction of high rise residential apartments on the Gold Coast is also likely to lead to new strata title serviced apartment stock.
There is limited new supply entering the Cairns market apart from the expansion of existing properties given the disparity between current values and replacement cost.
The proposed Aquis Great Barrier Reef Integrated Resort Development has been significantly scaled back and no longer includes a casino component. Timing for the revised proposed hotel, villa and apartment development remains unclear.
<a href="/images/2016/11/03/Queensland%20major%20transactions.jpg" target="_blank">Click to enlarge</a>
 <img src="/images/2016/11/03/Queensland%20major%20transactions.jpg" alt="">
Demand for major assets has primarily come from Asian based investors and operators, including Singapore, Hong Kong, China and Malaysia. Domestic demand also exists for select and smaller properties that are appropriately priced.
"Trading conditions have softened in the Brisbane market and future supply increases are expected to reduce market occupancy levels and moderate average room rate prospects for the next two to three years," the report stated. 
"We anticipate that the new hotels will gain their fair market share, which will in turn put pressure on value levels, particularly for older and lower grade stock, and will be more pronounced in certain localities. Capital markets, however, appear to be taking a medium to longer term view to asset performance for better quality stock."
<a href="/images/2016/11/03/Brisbane%20airport%20arrivals.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/03/Brisbane%20airport%20arrivals.jpg" alt="">
Leisure destinations have typically seen an improvement in demand, trading conditions and value levels.
Hotel pricing on the Gold Coast, particularly at the four star level has seen significant growth over the past two years, with purchasers picking up assets at below replacement cost with a view to future revenue and profitability growth.
Supported by a lower Australian dollar and with minimal supply forecast in the short to medium term, value levels in Cairns are expected to continue to show growth, with some evidence of yield tightening emerging.
<a href="/images/2016/11/03/Cairns%20airport%20arrivals.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/03/Cairns%20airport%20arrivals.jpg" alt="">
Many of the challenged regional markets have experienced a decline in profitability and value levels, with an increasing number of properties being placed on the market under instructions from mortgagees.
This is likely to limit the pricing of property in these markets until the number of distressed assets diminishes or visitor demand improves.
The Brisbane market continues to be reasonably tightly held, with owners taking a wait and see approach to the impact of future supply.
Some owners of lower quality stock, however, may take the opportunity to divest for redevelopment rather than re-invest.
As revenue and profitability continues to be impacted at an individual asset level, some owners may be more motivated to transact if debt servicing becomes an issue.
<a href="/images/2016/11/03/CBD%20white%20collar.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/03/CBD%20white%20collar.jpg" alt="">
Similar to last year, the majority of transactional activity has been within leisure markets.
Colliers expect longer term owners will continue to consider potential exit strategies in these markets as conditions provide potential trading upside and new buyers emerge.
However, given the significant number of transactions over the past two years the number of owners in this position is significantly reduced.
Activity within regional markets is expected to continue to where trading conditions are favourable and demand proves sustainable.
<a href="/images/2016/11/03/Brisbane%20accomodation.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/03/Brisbane%20accomodation.jpg" alt="">
The Property Council Office market report recorded a substantial increase in the total vacancy rate in the Brisbane CBD from 14.6% to 16.9% in the first half of 2016. However, this was primarily due to the significant net increase in supply of 104,000 square metres, or 4.8%, outstripping increased total occupied floor space of 2.3%. Significantly, this is the first increase in occupied floor space in the CBD since the first half of 2013.
The market will continue to be impacted by the completion of the 1 William Street development, to be occupied by various state government departments, and the subsequent demolition of a number of government office buildings on the Queens Wharf site.
It is expected that the vacancy rate will remain stable in the short term until absorption and withdrawals lead to a decline in the medium term. Colliers Edge is expecting the vacancy rate to peak around 17.5% in January of 2017.
The increasing vacancy levels in the office market over recent years provide insight into the softening corporate hotel demand over this period.
The lower Australian dollar and forecast continued increase in inbound business is expected to support leisure market trading conditions, and as a result capital values and transaction activity.
The Brisbane trading market is expected to continue to be challenged over the next two to three years by the amount of new supply and the perceived impact by purchasers on trading levels.
Transactional activity is expected to continue to be light, however, some owner’s may test market appetite over this period as the supply cycle draws to a close, or are forced to, due to cash flow issues.
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Brisbane accommodation market battling through lower occupancy

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The architecture firm The Buchan Group has design and refurbishment projects underway at three world-class resorts in Fiji.
They are due to open during the next 18 months.
The resorts include the existing Sheraton Resort &amp; Spa at Tokoriki Island and the Westin Resort &amp; Spa in Denarau, along with the new Momi Bay Resort.
The Buchan Group’s Brisbane Interiors Team was appointed to the Sheraton Tokoriki and Westin Denarau resort projects in 2013.
Some of this work has needed to be redone following damage caused by Cyclone Winston earlier this year.
<img src="/images/2016/10/31/The%20Buchan%20Group%20-%20Sheraton%20Tokoriki%20Fiji%20dining%20-%20small.jpg" alt="">
Originally owned by Starwood Hotels, both the Sheraton Tokoriki and the Westin Resort &amp; Spa are now part of Marriott International group.
Buchan also undertook the concept design and refurbishment for the Sheraton Resort &amp; Spa at Tokoriki Island’s existing 3,632 square metres of central facilities and pool areas, as well as the conception of the resort’s new honeymoon suites. The resort is due to reopen on 1 February 2017.
<img src="/images/2016/10/31/The%20Buchan%20Group%20-%20Sheraton%20Tokoriki%20Fiji%20reception%20-%20small.jpg" alt="">
“Since Fiji is one of the world’s most well-known honeymoon destinations, we were tasked to undertake the interior design concept for the resort’s new luxury honeymoon suites,” Davis said.
Construction is expected to be completed soon on the new five-star A$70 million Momi Bay Resort, designed by the Gold Coast team at The Buchan Group.
The 250 room resort, to be operated by Marriott, is located at Momi Bay, 45 minutes from Nadi International Airport.
It will become one of Fiji’s main overwater bure resorts and is centred on a 21 hectare lagoon.
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Fijian resorts reinforce Buchan's Pacific presence

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An owner-occupier in the building industry has paid $590,000 for an office/warehouse unit at Clayton in Melbourne’s south-east in a deal brokered by Savills agent Daniel Kelly. 
The <a href="https://www.commercialrealestate.com.au/property/1-1866-princes-highway-clayton-vic-3168-2012556827" target="_blank">unit 25, 1866 Princes Highway</a> property comprises a modern 335 square metre facility which is part of Pomeroy Pacific’s speculative 24 unit Wareca showroom and warehouse development.
"The purchaser was keen to secure a property which offered the best location, not just in terms of access to freeways but also exposure, and a modern building that facilitated operational efficiencies,’’ Kelly said.
He said the vendor, Stockwood Building Group, would relocate to Notting Hill.
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Owner-occupier buys Clayton warehouse for $590,000

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A tenanted warehouse facility at Nunawading in Melbourne’s eastern corridors industrial hub has been sold by Ray White Commercial for $1,040,000.
It represented a yield of 4.8% for the property at 8-10 Rooks Road.
It was sold to a local investor by Brett Diston of Ray White Commercial.
The 389 square metre building has an established tenant on a five-year lease, with two five-year options.
“The property is currently returning net rental of $50,062 per annum,” said Diston.
He said the building is situated on a land area of approximately 616 square metres and is zoned Industrial 1.
“The site has rear laneway access and three car spaces available.
“The prominent corner freehold is within 100 metres of Whitehorse Road, providing ease of access to major arterials.”
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Warehouse facility at Nunawading sold for $1,040,000

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The Ray White Hotels Asia Pacific director Andrew Jolliffe has listed a Top 100 gaming property, The Tennyson Hotel at Mascot.
Set on Botany Rd, the Tennyson Hotel is a popular hotel with 30 gaming machines.
"Notwithstanding the latest ranking at 87 in NSW, the hotel requires an upgrade," Jolliffe advised.
The leading hotel architect Paul Kelly has designed a renovation which has DA approval.
"Only a very small number of Top 100 gaming hotels have changed hands over the past few years," commented Jolliffe.
"The reality is that this should be a Top 50 Gaming hotel," he added.
<img src="/images/2016/11/03/Aerial%20Hero%20Image.jpg" alt="">
The two-level large format hotel has a Sidney Warden-designed Inter-War Functionalist structure on the busy Botany Road and High St corner.
Its allotment is 1400sqm.
Jolliffe's client, JDA Hotels recently contemplated an unsolicited offer, advised John Feros of JDA Hotels.
The hotel, even in its currently unrenovated state, attracts in excess of $8m in annual receipts from predominantly high gross profit margin revenue centres.
<img src="/images/2016/11/03/Hero%202.jpg" alt="">
It goes to Ray White on December 1.
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Tennyson Hotel at Mascot listed by Feros family

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Buckley’s Bar at Opera Quays on the Sydney Harbour waterfront promenade is set for public auction, 25 November through Cushman &amp; Wakefield.
The property, 1A Macquarie Street, East Circular Quay sits between the Sydney Opera House and Circular Quay Ferry terminal and is 408 sqm across three levels.
The property has a net annual rental income of $809,738 with a 5 year lease in place which began May 2014 and has the option to extend for a further 4 years and 9 months.
Anthony Bray, Cushman &amp; Wakefield director, sales &amp; investments, said despite yield compression in the NSW retail property market, we have seen flagship retail assets of this nature performing strongly.
"The recent sale of the former Bates Milk bar site on Campbell Parade on Bondi Beach was sold at a 3.14 percent yield, and demonstrated the fierce competition for investment in Sydney’s prime retail and tourist precincts," he said.
"Buckley’s Bar is strategically located with a large outdoor seating component with direct water views, with these features making this retail strip one of the most tightly held precincts in the Sydney CBD.
“We are expecting interest in Buckley’s Bar will be significant, underpinned by limited supply of premium retail investment opportunities in the inner city coupled with income security for a potential purchaser over the medium to long term."
 
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