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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Multiplex has delivered the fourth tower within Walker Corporation’s $2.5 billion landmark Collins Square development located at 727 Collins Street in Melbourne’s CBD.
The 22 level tower comprises just under 40,000 square metres of commercial office space (NLA) over 15 floors, as well as a six level car park providing just over 200 car spaces.
The construction of the tower generated approximately 1000 jobs and used some 13,000 cubic metres of concrete.
It comes with a 50 metre high internal greenwall, 11,000 square metre curtain wall and an internal glazed atrium.
Collins Square is a $2.5 million development spanning a city block and consists of five commercial office buildings providing over 200,000 square metres of net lettable area. The project is expected to be completed by mid-2018.
<img src="/images/2016/11/02/CollinsSq_Aug2016_1.jpg" alt="">
“We are delighted to have delivered the fourth stage of Collins Square. This market leading commercial development responds to the high demand for brand new commercial space in Melbourne CBD and the design complements the surrounding streetscapes,” said Graham Cottam, Regional Managing Director of Multiplex Victoria.
Complexities faced during construction include the time restraint of completing a 14 month construction program with an integrated fitout. There was also the challenge of working with a live site adjacent to two interconnected buildings.
The Collins Square development has a Green Star Design and As Built v3 Rating as well as NABERS Energy 5 Star Rating due to its use of the a Tri-Generation system for producing power; along with the rainwater harvesting system and water efficient fixtures and fittings.
Multiplex has over $800 million worth of residential projects currently under construction in Melbourne including Platinum Tower in Southbank along with Australis, Bella Apartments, Melbourne One and Southbank Grand.
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j.ballantyne1990-6AQqhLzZaK

Fourth tower constructed at Collins Square Melbourne by Multiplex

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A fully-leased retail centre on Bribie Island, north of Brisbane, has been sold for $7.3 million.
The Bribie Retail Centre located at 5-7 Fortune Avenue, Bongaree boasts a high-profile location in the heart of Bribie Island’s main retail precinct.
The property was sold by Glenn Conridge of Burgess Rawson and Jon Tyson of Savills following an expressions of interest campaign that attracted multiple offers.
The property was purchased by Brisbane-based syndicator Arcana Capital, chaired by former Queensland Premier Campbell Newm‎an.
The property is set on a site area of 5,916 square metres and features a total floor area of 1,567 square metres.
Jon Tyson said the Bribie Retail Centre benefits from its prominent location in the dominant retail precinct on Bribie Island as well as its dynamic mix of well-known retailers and strong lease expiry profile of circa 4.6 years.
He said the centre is adjacent to the Woolworths-anchored Bribie Island Shopping Centre, and a future proposed Coles Shopping Centre.
"The modern architect-designed building is divided into four tenancies occupied by Domino’s, Tattsbet, Supercheap Auto and Bargain City with three-street frontage to Fortune Avenue, Bongaree Avenue and Goodwin Drive plus ample grade level parking at the shopfronts."
It also neighbours a freestanding Mitre 10 property that was recently sold by Burgess Rawson and Savills in a separate sale to a private buyer for $2.6 million.
 
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Retail centre at Bribie Island sells for $7.3 million

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A property investment at Chatswood has been sold at an auction.
Located at <a href="https://www.commercialrealestate.com.au/property/301-7-railway-street-chatswood-nsw-2067-2012992438" target="_blank">301/7 Railway Street</a>, Chatswood, it has a freshly renewed three year lease that expires on August 2019 with options to extend.
It is leased to Myhealth Medical Centres as its head office premises.
It is an ultra-modern Chatswood CBD building located adjacent railway station.
It is an easily managed investment with an annual rent increase to greater of CPI or 3% with a net income of $67,200 per annum plus GST.
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Office property investment at Chatswood sold at auction

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A concentration of growth in the NSW and Victorian economies and in service industries will continue to support occupier demand and outperformance in the Sydney and Melbourne property markets in FY17, according to Dexus Property Group's latest quarterly report.
Key assumptions affecting the near-term outlook include:
NSW and Victoria will solidly outperform other states based on population growth and infrastructure spending. Queensland is forecast to improve, while WA will continue to lag.
<a href="/images/2016/10/28/Figure%201.jpg" target="_blank">Click to enlarge</a>
<ul>
<li><img src="/images/2016/10/28/Figure%201.jpg" alt=""></li>
</ul>
Official cash rate to remain unchanged over the next 6 months with a bias to move lower in 2017.
Residential construction activity is expected to slow and could be a key risk to growth (FY18- FY19) if it slows more sharply than forecast.
<a href="/images/2016/10/28/Figure%202.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/28/Figure%202.jpg" alt="">
Employment growth is positive, but the rate of growth is slowing with a continued shift from full time to part time jobs.
Service sector activity (such as education, health, IT, tourism and business) will remain a growth driver for the economy. Growth will be higher for small to medium businesses than large businesses.
The property markets of Sydney and Melbourne are forecast to show positive occupier demand over the next 12 months with mixed demand elsewhere.
<a href="/images/2016/10/28/Table%201.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/28/Table%201.jpg" alt="">
Bond yields are expected to stablise at/near current levels and rise at a slower rate than in the US over the medium term, staying low by historical standards.
Property yields are expected to remain at low levels for a considerable time unless there is an external shock or disruption to capital flows.
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Population growth to help NSW and Victoria property outperform: Dexus

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A property leased to Metro Petroleum at Haberfield, Sydney has been sold for $4,800,000.
The 1151 square metre property is located at <a href="https://www.burgessrawson.com.au/buying/NSW/Inner-West/Haberfield/Retail/2P1278#.WBPd4NxJtyw" target="_blank">163-165 Parramatta Road</a> and has a new lease from 2016.
It is a recently refurbished site with new high speed bowsers that have been there for 30 years.
The property does have further redevelopment/rezoning potential (STCA) and the valuable redevelopment clause is in the owners favour with 50,000 cars passing daily.
The tenant pays all outgoings, including 100% land tax with a strong 4% annual increase with a net income of $288,000 per annum plus GST with a predicted net income of $336,919 in 2021.
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30 year old petrol station at Haberfield sold for $4,800,000

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The Brisbane industrial market remained steady throughout the first half of the year as leasing and sales transactions were limited.
However, there is a growing sense that urgency will return to the market in the near term as increased enquiry, reduced supply and competition intersect in late 2016, according to Simon Beirne, Colliers International's state chief executive – Queensland.
Beirne says the development pipeline shows the number of properties available for purchase or lease remain limited and a number of requirements are concluded.
“Recycling of capital is also becoming a consideration for owners as investment grade opportunities are scarce,” he said.
“It is expected that these factors will intersect towards the end of this year and into 2017.
“Leasing activity remained subdued in early 2016 as the majority of deals completed fell in the 3,000 square metre to 4,000 square metre range. Activity accelerated for larger deals in the closing stages of the second quarter as number of major briefs were released to market.
“The vacancy rate across Brisbane has increased to 17%t from 13% back in March 2016, but a number of large deals are currently underway and a wave of leases are due to commence in the coming months.”
Leases for a total of approximately 110,000 square metres are due to commence across a number of deals for a mix of buildings and locations including Bevchain, Schweppes, Beaulieu Carpets, MJ logistics, Super Amart and Whites Group.
The most active area has been Gateway South and Logan Motorway corridor where Goodman, Logos, Frasers and Dexus have all had substantial leasing success in the last quarter. These leases reinforce the desire of occupiers to be located in the Logan Motorway precinct or other areas with direct access to Brisbane’s major road network.
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Urgency returns to Brisbane industrial market: Colliers

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John Nockles and Daniel Philip of CVA have just sold an office/warehouse in a tightly held commercial precinct in Melbourne's south-east for $710,000.
The auction attracted a mixture of owner occupiers and investors due to the exceptionally low supply of stock in the Notting Hill precinct.
Located on the north eastern-corner of Redwood Drive and Normanby Road, Notting Hill, the property is situated within close proximity to Monash University Campus, major arterial roads such as Ferntree Gully Road, Blackburn Road and is just 2 kilometres from the Monash Freeway.
After some competitive bidding from six bidders, the property was sold to a local investor, equating to a building rate of $1,972 per square metre.
The property comprises a solid brick office warehouse of 360 square metres constructed circa 1970s.
It is situated on a strata land holding of 2,666 square metres, which comprises two additional buildings, plus common area and car spaces.
The office area of 130 square metres includes partitioned and open plan offices, kitchenette and amenities with shower.
The clear span warehouse of 230 square metres features motorised container height roller shutter door and storage room. Additionally, the property provides an alarm system, three phase power and five on-site car spaces.
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1970s Notting Hill office/warehouse sold at auction

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Another apartment development site in Thistlethwaite Street, Fishermans Bend, has sold, this time for $7,525,000.
The 1237 square metre parcel was not offered with a permit, but instead an architectural concept plan for an eight-level complex with 84 flats, many capitalising on city and Port Phillip Bay views.
Colliers International's marketed 37-47 Thistlethwaite Street, currently a two-storey building with a lettable area of 1749 square metres.
The sale comes after the same agents sold a 1194 square metre block next door, at 15-35 Thistlethwaite Street, for more than $8 million.
The vendor of that site, Circa Property Group, offered the block with a permit for an eight-level, 83-unit complex.
It exchanged to an Asia-based builder.
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Fishermans Bend development site sold

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Large retailers and transport and logistics occupiers are supporting industrial demand, taking advantage of the competitive pre-commitment market to improve and consolidate their supply chains, according to Dexus Property Group’s latest quarterly report.
Occupier demand varies widely between states with Sydney and Melbourne solid, Brisbane improving and Perth remaining weak.
The manufacture of core stock is a primary focus for many institutions, particularly in Sydney and Melbourne, due to the solid pre-lease demand in these markets and the strong values that can be achieved for fully leased buildings.
<a href="/images/2016/10/28/Figure%2015.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/28/Figure%2015.jpg" alt="">
The industrial supply pipeline will be solid in 2016, in line with the 10 year average, however 2017 is likely to be more subdued following a reduction in planned projects in Brisbane and Perth.
Consequently, rents are likely to remain relatively subdued and stable in the short term as the pre- commitment market remains competitive.
Land constrained markets are the best placed for rental growth in the future.
<a href="/images/2016/10/28/Figure%2016.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/28/Figure%2016.jpg" alt="">
The key themes for this quarter include:
<ul>
<li>Demand for assets with a long WALE remains strong, however prime investment stock is limited as owners hold income producing properties</li>
<li>The closure of the Ford plants in Geelong and Broadmeadows (VIC) could result in these large industrial sites being released to the market in the coming years after site remediation. Holden and Toyota are expected to close in 2017</li>
<li>The privatisation of Australian ports has continued with The Port of Melbourne sold on a 50 year lease to Lonsdale Consortium (consisting of QIC, Future Fund and Global Infrastructure Partners) for $9.7bn</li>
</ul>
<a href="/images/2016/10/28/Table%205.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/28/Table%205.jpg" alt="">
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Industrial property support from large retailers and transport occupiers

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Commercial property transaction volumes rose in the September quarter, however they were well below the same period last year, according to Dexus Property Group's latest quarterly report.
Foreign investors were active, comprising 47 percent of activity.
Total transaction volumes for the September quarter increased to $7.2 billion, partially due to the industrial portfolio sale from Goodman to Blackstone, however volumes were down on the prior year due to a lack of prime assets for sale.
<a href="/images/2016/10/28/Figure%209.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/28/Figure%209.jpg" alt="">
Major sales included the David Jones Market Street Store for $360 million, with CBus Super and Scentre Group each acquiring a 50% share.
An ARA managed fund purchased the Southgate Complex in Melbourne ($439 million at 6.5% yield and reported IRR of 7.5%).
Charter Hall Prime Retail Fund purchased the sub-regional centre, Campbelltown Mall for $197 million on a yield of 6%.
With limited core CBD assets available for sale, there were a number of office assets purchased in metropolitan or fringe locations e.g. Toorak Road, Hawthorn, New South Head Road, Edgecliff and Coward Street, Mascot.
<a href="/images/2016/10/28/Figure%2010.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/28/Figure%2010.jpg" alt="">
Foreign investment activity increased this quarter, comprising the majority of larger acquisitions in the office and industrial sectors.
Domestically, Privates and A-REITS were the most active, with A-REIT activity largely concentrated in the retail sector including SCA acquiring a number of centres.
Investment yields continued to tighten over the past six months with prime assets in the Sydney and Melbourne CBDs trading below 5.5%, while Brisbane and Perth assets trading slightly higher.
Values continue to firm in most sectors and markets.
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