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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<div id="post-13988" class="post-13988 post type-post status-publish format-standard has-post-thumbnail hentry category-uncategorised sectors-office geographies-australia">
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<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>
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<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>.
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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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