Toorak's dress circle St Georges Road, home to some of the city's priciest homes, is set for a rare new apartment development.

Blood Diamond Group, an entity tied to Tina Brandi, wife of David Brandi who has been a prolific bidder on The Block over the years, has filed plans for an ultra-exclusive development across an amalgamated 3,662 sqm site at <a href="https://www.apartments.com.au/new-apartments/104-106-st-georges-road-toorak-vic-3142">104 and 106 St Georges Road</a>.

The proposal would replace two existing homes on the riverfront site with a five-level apartment building cascading down the steeply sloping land toward the Yarra River. Designed by Charles Wright Architects, the development has been carefully shaped around the site’s topography and river environs, with the upper levels stepping back to reduce visual bulk from both St Georges Road and the Yarra corridor.

Planning documents describe the proposal as “a site layout and building typology that is consistent with the emerging character of the area and which provides exceptional amenity for future residents without compromising that of neighbouring properties.”&nbsp;

<img alt="First look: Blood Diamond Group unveils riverfront apartment plans for Toorak Pavilion" data-entity-type="file" data-entity-uuid="ea19a17e-7528-4fa8-b727-05f2f7c025e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Toorak%20pavilion%20a_0.png?VersionId=rZ2IjdoUL_UrRl1sZ4wZHnQXbYUaEmUQ" />

The scheme comprises 12 apartments, including 10 three-bedroom residences, one one-bedroom apartment, and a substantial split-level five-bedroom penthouse. A 624 sqm communal rooftop terrace will crown the building, while three undercroft levels embedded into the hillside will accommodate apartments and basement parking.

The design leverages the site’s dramatic northern outlook across the Yarra River, with living areas and balconies oriented toward the water. A central atrium running the full height of the building is intended to draw natural light deep into the residences and improve internal amenity.

Landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/jack-merlo">Jack Merlo Design &amp; Landscape</a> will play a major role in softening the built form, particularly along the river edge where significant setbacks have been introduced. The proposal includes a minimum 30-metre setback from the Yarra River boundary, preserving a substantial landscaped buffer between the development and the waterway.

While a mature English Oak near the front of the site is proposed for removal, the plans retain a large English Elm closer to the riverfront, alongside other established vegetation in the lower section of the property.

<img alt="First look: Blood Diamond Group unveils riverfront apartment plans for Toorak Pavilion" data-entity-type="file" data-entity-uuid="ed3bf19b-5bc7-482f-bde7-41f709a13c3a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Toorak%20pavilion%20b.png?VersionId=SG_kBGu4rOaSPY8FtVcmPJfSCrstuOfg" />

Architecturally, the building adopts strong horizontal forms with expansive glazing and curved balcony edges facing the river. Planning documents note the upper levels “adopt a receding form” to ensure the building responds appropriately to the Yarra River environs overlay controls.&nbsp;

The surrounding streetscape is characterised by large contemporary homes embedded into the hillside, many presenting as modest one or two-storey forms to the street before expanding toward the river frontage below. The planning report notes this established pattern heavily influenced the massing strategy for Toorak Pavilion.&nbsp;

Until the recent sale of the landmark Clendon Road mansion Coonac for around $130 million, St Georges Road held the state's most expensive home, the $80,000,088 derelict "Ghost House" mansion that was bought by crypto king Ed Craven.&nbsp;

Blair House, also on St Georges Road, sold for $74.5 million in 2022.

Joel Robinson

First look: Toorak Pavilions slated for dress circle St Georges Road

Six months after a development site on Kangaroo Point’s Shafston Avenue sold for $6.55 million, plans have been lodged for a 23-storey apartment tower.

A company named JMT Mega Capital, understood to be interstate investors when the 1,222 sqm double block traded late last year through Patona Property, is proposing an 84-apartment development in place of the existing low-rise buildings.

The slender tower at <a href="https://www.apartments.com.au/new-apartments/212-220-shafston-avenue-east-brisbane-qld-4169">212–220 Shafston Avenue</a>, overlooking the Brisbane River, has been designed by <a href="https://www.apartments.com.au/architects/aplus-design-group">Aplus Design Group</a>. It will comprise a mix of one-, two- and three-bedroom apartments above six basement levels, topped by rooftop resident amenities.

<img alt="First look: 23-storey Kangaroo Point tower planned for Shafston Avenue riverfront precinct" data-entity-type="file" data-entity-uuid="7e17ba9e-553e-42ef-92b6-22081671521a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium_3.png?VersionId=hlVUf99vrOjUs.vhQs0qV0DhOncUy9T8" />

The development has been designed as a vertically articulated tower with recessed balconies, curved façades and planted edges intended to soften its scale within the evolving Shafston Avenue skyline. In the submitted Urban Design Report, Aplus Design Group said the tower had been “shaped with a slender vertical expression, articulated façades, recessed balcony zones, integrated planting and a clearly defined podium relationship, helping to reduce perceived bulk and create a more elegant contribution to the Shafston Avenue streetscape and broader Kangaroo Point skyline.”

The scheme comprises 84 apartments, including 25 one-bedroom units, 34 two-bedroom apartments and 25 three-bedroom residences. A total of 104 car spaces are proposed across six basement levels, including resident, visitor and accessible parking.

Residents will have access to rooftop communal open space and shared amenities, while the development also incorporates deep planting zones and subtropical landscaping throughout the podium and tower levels. The project includes 35 per cent communal space coverage across the site and a 17.5 per cent deep soil zone allocation to support urban greening outcomes.

The application exceeds the mapped building height under the Kangaroo Point Peninsula Neighbourhood Plan and is being assessed under Brisbane City Council’s impact assessment pathway. The design team argues the additional height is supported by the site’s strategic inner-city location, existing high-density zoning, and proximity to transport and employment hubs.

“The design has been developed to make better use of a well-serviced urban site within an established high-density residential setting, while improving the street presentation and overall quality of the public realm interface,” the report states.

<img alt="First look: 23-storey Kangaroo Point tower planned for Shafston Avenue riverfront precinct" data-entity-type="file" data-entity-uuid="1ab44b1e-ff45-4bf3-8da8-8aa0cd79db33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_10.png?VersionId=tSxeGekZOqj1e9g3PEn_yFoC3taKDp3U" />

The proposal adds to a growing pipeline of apartment developments reshaping Kangaroo Point ahead of the 2032 Brisbane Olympic Games, with demand continuing to strengthen for new housing supply in well-connected inner-city precincts.

Mosaic has nearly sold out its under-construction <a href="https://www.apartments.com.au/new-apartments/the-bedford-by-mosaic-16-30-prospect-street-kangaroo-point-qld-4169">The Bedford by Mosaic</a>&nbsp;and <a href="https://www.apartments.com.au/new-apartments/the-carter-by-mosaic-77-linton-street-kangaroo-point-qld-4169">The Carter</a>,&nbsp;while Pikos recently completed <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye Residences</a> nearby. Pikos is also delivering <a href="https://www.apartments.com.au/new-apartments/gaia-kangaroo-point-108-lambert-street-kangaroo-point-qld-4169">Gaia</a>, over 230 three- and four-bedroom apartments on Lambert Street.

First look: 23-storey Kangaroo Point apartment tower planned for Shafston Avenue riverfront precinct

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.

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

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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Commercial property sales in Brisbane's fringes increased in the past three months but sales figures dropped, according to latest research from CoreLogic.
The last three months to the beginning of August 2016 recorded 24 sales for a total of $195.3 million, with $3.9 million for commercial, $3.2 million for commercial strata, $5.3 million for retail, $4.2 million for retail strata and $178.7 million for other, according to the latest Commercial Market Update – Brisbane Fringe Cityscope.
In comparison, the last three months to the beginning of May 2016 recorded 44 sales for a total of $139.1 million, with $56.3 million for commercial, $3.2 million for commercial strata, $54.5 million for retail, $4.6 million for retail strata and $13 million for other. The 12 months leading up to early August 2016 recorded 136 sales for a total of more than $772.4 million, over $107 million more than the same time last year.
<a href="/images/2016/08/12/Screen%20Shot%202016-08-14%20at%206.30.32%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/12/Screen%20Shot%202016-08-14%20at%206.30.32%20PM.png" alt="">
Together, the top three sales recorded this quarter total over $183 million:
<ul>
<li>The 900 Ann Street development in Fortitude Valley has been presold for $169.82 million to Charter Hall Direct Office Fund and Charter Hall Prime Office Fund. The sale represented an initial yield of 6.50% on passing income of $11,038,300. The sale was negotiated by Seb Turnbull and Geoff McIntyre of JLL Brisbane. 900 Ann Street will comprise a 15-storey office building with ground floor retail/restaurant space.</li>
<li>The Tivoli, 52 Costin Street, Fortitude Valley, a single-storey Art Deco style building originally built in 1917. Bought for $8.3 million by Parkedge Holdings Pty Ltd as trustee for SBS N02 Trust. Hunter Higgins and Pat George of Colliers International Brisbane negotiated the sale in conjunction with Michael Gard and Nick Spiro of Cushman &amp; Wakefield (Qld).</li>
<li>The GPO Hotel, 740 Ann Street, Fortitude Valley, was sold for $5.25 million to 740 Ann Street Pty Ltd. The sale represented an initial yield of 6.5% on a passing income of $341,106 (net). Daniel Dragicevich, Glenn Price and Darren Collins of CBRE Hotels and CBRE Brisbane negotiated the sale.</li>
</ul>
<a href="/images/2016/08/12/Screen%20Shot%202016-08-14%20at%206.14.59%20PM.png" target="_blank">Click to enlarge</a>
 <img src="/images/2016/08/12/Screen%20Shot%202016-08-14%20at%206.14.59%20PM.png" alt="">
Properties for sale include:
<ul>
<li>134 Brunswick Street, Fortitude Valley – a 430 sqm vacant block of land. For sale with an asking price of $1.7 million; agent, Richardson &amp; Wrench Commercial Brisbane North (Kenneth King).</li>
<li>211 Leichhardt Street, Spring Hill – a St Pauls on Leichhardt Tavern, recently reconfigured for office use. For sale by private treaty in August 2016; agents, Chesterton International (Jeff Dolan) and CBRE (Darren Collins).</li>
<li>123-127 Gotha Street, Fortitude Valley – a three-storey office building with basement car parking. For sale by private treaty; agent, JLL Brisbane (Christian Sandstrom and Sam Bryne). The property was originally advertised with a net income of $861,378 per annum (as at 1 Nov 2015) with fixed annual increases of 4%.</li>
</ul>
Properties under due diligence:
<ul>
<li>Kings Row Office Park, 40-52 McDougall Street, Milton – a mixture of office buildings ranging up to six-storeys. Due diligence is currently being undertaken; agent, CBRE (Bruce Baker and Flint Davidson) and JLL Brisbane (Seb Turnbull and Geoff McIntyre).</li>
<li>2-4 Dorsey Street, Milton – a two-storey weatherboard building. Due diligence is currently being conducted; agent, Blue Commercial (Tony Pagano).</li>
<li>505 St Pauls Terrace, Brisbane – Green Square South Tower, a four-storey office building with ground floor retail space. Due diligence is currently being undertaken; agent, Colliers International Tom Barr, Don MacKenzie</li>
</ul>
Cityscope covers 28 predominantly capital city CBD markets across Australia and New Zealand, providing a rich level of property level data including building attributes, tenancy detail, sales and ownership.
 
 
 
 
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Commercial property sales in Brisbane's fringes rise, but deal count down: CoreLogic

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Restaurateur Neil Perry has announced that the V by Crown Group tower at Parramatta, will be the location for his next Burger Project. 
Burger Project Parramatta is set to open in early 2017 seating for 100 guests.
Crown Group National development director Pierre Abrahamse said that securing Burger Project was ‘a great coup’ for Parramatta.
"Neil has established an enviable reputation for his burgers and many people have been waiting for him to bring Burger Project to Western Sydney,” he said. 
 
Neil Perry says Parramatta has such a diverse and emerging food and cultural scene.
"We cannot wait to add Burger Project to the mix,” he said.
The 29-storey V by Crown Group will include 590 apartments and hotel suites, a swimming pool, gymnasium, library above a large retail and dining plaza and a unique archaeological display on ground level. 
The tower will also be home to Parramatta’s highest bar located on level 26 on the corner of Macquarie and Marsden streets less than 500 metres from Parramatta train station.
Residential apartments within the V by Crown Group development are now available to buy including studio, one-and-two-bedroom apartments and three-bedroom penthouses priced from $486 000 to $2 295 000.
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Neil Perry to open Parramatta restaurant at V by Grown Group

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Balmain’s Iconic Exchange Hotel has been purchased by local investor Jon Adgemis, for circa $5 million, with the aim to reinvent the pub to entice the locals back to the heritage listed, iconic establishment.
Built in 1885, the Exchange Hotel boasts a long history of being Balmain’s favourite meeting place, comprising the popular Beattie Bar, Bistro, Balcony bar and new cafe and bar ‘Oliver's Corner’, not to mention numerous elegant function rooms and smart new restaurants. 
The National Trust classified Exchange Hotel at Balmain was a favoured meeting place of the early Labor movement.
Set at 94 Beattie Street, just 6kms west of the Sydney CBD, the freehold property grandly sits on a 640sqm site on the corner of Beattie and Mullen Street and offers 1076sqm of NLA.
Miron Solomons and Vince Kernahan of Colliers International negotiated the sale and said the property has the potential to unlock multiple income streams and development upside, with an opportunity for a mixed use conversion (subject to council approval).
Mr Solomons said there are very few freehold opportunities available and in particular undercapitalised value-add opportunities in an area like Balmain. 
“The Exchange Hotel is certainly unlike most hotels in the area. Its size alone over the multiple levels offers potential for diverse incomes streams and we received strong interest from national owner occupiers, investors and value-add specialists throughout the sales campaign.
“With the buzz around White Bay, Balmain is starting to attract new interest from creative users, especially with Surry Hills and Pyrmont close to full occupancy, it appears that Balmain could be the next creative hub”.
Previous owners of the Exchange include brothers Joe and Peter Polifroni and hotelier Stan la Vin.
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Balmain's iconic Exchange Hotel has sold

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A strata store leased to men’s designer swimwear brand Orlebar Brown in Sydney’s Bondi Beach will go under the hammer on September 6. 
The British label recently opened its flagship store on <a href="https://www.gunningre.com.au/1P4098" target="_blank">1/79 Gould Street, Bondi Beach</a>, signing a six-year lease that commenced in June.
Orlebar Brown’s entry is another example of Bondi’s status as an affluent beachside location and joins the swimwear label’s other top-end locations such as St Tropez, Cannes, London’s Notting Hill, Mayfair and New York’s Soho.
Gunning’s director of Metropolitan Sales and Investments Tom Speakman said Bondi has undergone many changes and is a tightly held commercial and retail property market.
“Bondi is one of the hottest locations in Australia with its mix of high end brands and popup shops, eateries, luxury accommodation and lifestyle products,” Speakman said. 
In the last 30 years, Bondi has grown from a suburb with a median house price of $246,000 to recording one of the highest apartment sales in the country at $25.2 million at the renowned Pacific Bondi Development, according to the media release.
“The locals are affluent, with a high proportion of professionals, creatives and merchant bankers living in the area. Sixty per cent of residents are in managerial or professional roles, earning some 50 per cent above the Sydney average wage, which makes it appealing to retailers,” Speakman said.
The net rental for the 57 sqm store is $105,102 annually, exclusive of GST with options until 2026. There will be four percent increases from 2019.
The property will be auctioned at auctionWORKS at Sydney’s  50 Margaret Street.
The listing agents are Tom Speakman and Harry Sullivan of Gunning Real Estate.
 
 
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Bondi shop leased to fashion swimwear label goes to auction

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Quest Apartment Hotels has opened Quest Mounts Bay Road in central Perth, the second from Quest in Perth's CBD. It features 71 fully self-contained studio and one-bedroom apartments.
Quest East Perth will open in September.
Zed Sanjana, chief executive officer of Quest said Western Australia is experiencing a tourism resurgence, along with significant growth across the education and agricultural sectors.
“The Australian headquarters of many global companies are located in the City of Perth due to its proximity to key international markets. Strong growth is expected to continue over the next decade as major industries strengthen and diversify, thereby expanding the workforce in the CBD," he said.
“State Government investment in WA is strong, with an ongoing commitment to several major redevelopment projects, including the $1 billion Gateway WA project improving access to and from the Perth Airport precinct, the $2 billion Fiona Stanley Hospital and the new $1.2 billion Perth Children’s Hospital.”
Quest Mounts Bay Road franchisee Don Goode said the new property is ideally located for both the corporate and leisure guest, within walking distance of Mount Hospital, the Perth Convention and Exhibition Centre, Esplanade Station, Elizabeth Quay, the Perth Arena, and the State Theatre.
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Quest Mounts Bay Road, Perth opens

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Uniplex Industrial Park, the last infill industrial land estate development in Brisbane’s Carole Park, has had four lot sales in the last two months, prior its completion. 
The 9.7 ha estate comprises seven fully serviced and ready to build-on lots, subject to local authority approvals.
Four lots totalling 3.23 ha have contracted for $6.1 million to a local developer, a transport business and local civil contractor, and are due to settle in September. 
Cushman &amp; Wakefield and Raine &amp; Horne were involved in the sale of the lots.
The estate is being marketed by Colliers International’s Stewart Gamblin and John Slater on behalf of Unison Projects who purchased the englobo site and got  development approval for an industrial subdivision last year.
Gamblin said Uniplex is ideally located within the sought-after Brisbane western corridor. 
“The estate provides centralised positioning to ensure ease of access to existing trade suppliers, as well as direct access to the major transport routes and business hubs,” he said.  
The remaining three lots range from 9,766 sqm to 32,300 sqm, and have the ability to develop facilities over 15,000 sqm, he added. 
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Majority of infill site in Brisbane sold off before completion

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A childcare centre in Coffs Harbour leased to Petit Early Learning is up for sale at a Burgess Rawson portfolio auction on September 13.
The <a href="https://www.burgessrawson.com.au/buying/NSW/Mid-North-Coast/Coffs-Harbour/MedicalorConsulting/3P1368#.V7pTx2XwxPM" target="_blank">1 Kiddell Place</a> property is on a long-term 15 year lease to Petit Early Learning with two possible five-year extensions to 2040.
Petit Early Learning is owned by Australia Childcare Projects and is an experienced childcare provider with 15 centres across Australia. 
The 696 sqm modern facility is licensed for 84 places and comes with annual rent increases of 3.5 percent, with the tenant paying all outgoings.
The net income from the property was $202,343 pa. 
The location is close to shops, medical facilities and even a service station. 
The selling agents are Adam Thomas and Natalie Couper.
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Coffs Harbour childcare centre on sale at Burgess Rawson auction

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Sydney’s North West is trending into a sought after investment hotspot amid the soft development market and the investor rush to cash in on record low interest rates, according to real estate firm CBRE.
The recent sale of 2A Hector Court, Kellyville to supermarket chain Woolworths for $12.5 million through CBRE Capital Markets is a case in point. 
Tom Sheridan of CBRE’s Western Sydney Capital Markets team said areas such as Baulkham Hills, Castle Hill, Kellyville, Dural and Blacktown were particularly in demand from investors, mostly along busy thoroughfares and in neighbourhood centres. 
“The softening development market over the past five months is prompting buyers to park their money in investment assets, in order to benefit from historically low interest rates and tightening yields,” he said. 
The softening Australian dollar is also driving offshore groups to invest in Australia, with Asian buyers honing their focus on the North West, added Alex Mirzaian, senior manager, CBRE Capital Markets.
“In addition to the significant amount of local buyers in the market, including existing owner occupiers looking to expand, Asian buyers are targeting the region’s commercial and retail assets to acquire sites with a holding income,” said Mirzaian.
“Freestanding retail investments leased to blue chip tenants including major supermarket chains are sought after, with investors wishing to acquire these assets to anchor their property portfolios.” 
An oversupply of housing and undersupply of “community benefit stock” such as service stations, neighbourhood shops, grocers and food premises in Sydney’s North West was also prompting leading national brands to set up shop there, said Alex Ugarte of CBRE Capital Markets.
The elections and the debate on negative gearing has triggered a major shift in the residential market - which is contributing to the interest in the commercial and retail sector, he added. 
The sale to Woolworths was via an expressions of interest campaign, which saw strong interest from a range of investors due to the site’s B2 local centre zoning, according to CBRE executives. 
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Offshore investors target Sydney’s North West: CBRE 

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That’s the big question that many are thinking with his current running commentaries on the Australian economy – but will he tee – off on exactly what are the major problems facing our economy?
I hope he does with his ten-year term expiring on 17 September having taken over as the Head Teller back on September 18, 2006. Interesting to note that over that time he has left the cash rate alone on sixty-seven (67) occasions, cut the cash rate on twelve (12) occasions and increased the cash rate on six (6) occasions.
Surprising how time flies when you’re having fun as the last cash rate increase was back on November 3, 2011 so in essence he has spent his last term as Head Teller cutting the cash rate.
One really could not blame him for cutting the cash rate this month to a record low of 1.50 percent – “whilst prospects for growth were positive, there was room for stronger growth, which could be assisted by lower interest rates.”
It is irresponsible to use last week’s record Sydney clearance rates as a consequence for the latest rate cut as this was always going to happen and I will get to that a little later. A big problem is the Wage Price Index where seasonally adjusted, private sector wages grew 0.5 percent and public sector wages grew 0.6 per cent in the June quarter 2016.
On an annual basis that equates to private sector wages growing 2.0 percent and public sector wages growing 2.4 percent annually. Trying to create and then increase consumption has been the biggest challenge for central banks globally. On the other hand, controlling property prices can be achieved although this task is beyond the control of the Reserve Bank of Australia (RBA) which may explain why Glenn Stevens appears an angry man.
As I wrote earlier,<a href="https://www.rwm.com.au/blame-governments-high-property-prices/"> </a>blaming the governments for high property prices maybe somebody might like to explain why the latest Australia Bureau of Statistics survey reveals that last year 93,000 Australians moved overseas in the last twelve months, which is four times the average. Fifty per cent were in the 25 to 35-year-old category which is a telling statistic.
According to the latest Household, Income and Labour Dynamics in Australia (HILDA) survey that was recently released by the Melbourne Institute, home ownership rates among those aged 25 to 34 years fell from 39 per cent in 2002 to 29 per cent in 2014. Home values are increasing and banking regulations are demanding twenty (20) per cent deposits which highlights the dilemma facing young Australians. The writings have been on the wall now for decades and sad to say our elected politicians have done nothing to address these problems.
<a href="/images/2016/08/22/Housing-Affordability-1.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/22/Housing-Affordability-1.png" alt="">
The March quarter for 2016, the Sydney median house price dropped 1.5 per cent to $995,804, while the Sydney apartment median price fell 0.7 per cent to $656,166. I would expect that both reversed that trend in the June quarter by heading back to positive territory. Over the past five years house prices have jumped almost fifty (50) per cent.
In search of answers I found this remarkable report by Professor Frank Stilwell, School of Economics and Political Science, University of Sydney<a href="https://www.pc.gov.au/inquiries/completed/first-home-ownership/submissions/sub212/sub212.pdf">.</a> This report looks at Sydney and NSW country property prices from 1986 to 2003 where property prices then rose nearly fivefold in Sydney and threefold for the rest of NSW.
Please make a point of reading the Executive Summary as this is a mirror image of what then happened over the next decade from 2006 to 2016.
“Average wages have not increased in line with inflation in land and housing. Consequently, housing affordability has declined sharply: a typical house in Sydney cost just under 4 years of average earnings in 1986, while in 2003 it cost over 12 years’ worth of earnings.”
“It is only by addressing these issues of tax reform that the pressures causing a crisis of affordability for many aspiring first home buyers can be resolved.” Yes, politicians and tax reform – as we saw at the last federal election they are petrified of those two words – tax reform.
<a href="/images/2016/08/22/NSW-Listings.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/22/NSW-Listings.png" alt="">
I’ve lost count how many times I have written about why Sydney property markets are recording declines in stock numbers which drives prices higher. Back to the Executive Summary for an explanation.
. “Stamp duty has become a fundamentally important source of State revenue and could not be reduced unless an alternative revenue source was found. That alternative could be land tax. Although less in the political spotlight, land taxation and interaction with the housing market could hold an important key to resolving the housing affordability crisis.”
This submission was prepared thirteen years ago and nothing has been done although Sydney house prices since that submission would have increased on average another three, four and five times depending on the area.
Little wonder first home buyers are leaving and no longer refer to Australia as being the “lucky country.” More importantly when are our politicians going to listen and act – or possibly understanding what needs to be done is too hard for them to fathom.
If parliamentary pensions could be docked for inactivity they would all be listening and acting. When Glenn Stevens delivers his final speech he must shoot from the hip and take no prisoners.
<h5>MOSMAN – 2088</h5>
Number of houses on the market this time last year – 53
Number of houses on the market last week – 51
Number of houses on the market this week – 52
Number of apartments on the market this time last year – 41
Number of apartments on the market last week – 44
Number of apartments on the market this week – 45
<h5>CREMORNE – 2090</h5>
Number of houses on the market this time last year – 2
Number of houses on the market last week – 10
Number of houses on the market this week – 10
Number of apartments on the market this time last year – 15
Number of apartments on the market last week – 16
Number of apartments on the market this week – 14
<h5>NEUTRAL BAY – 2089</h5>
Number of houses on the market this time last year – 4
Number of houses on the market last week – 8
Number of houses on the market this week – 10
Number of apartments on the market this time last year – 25
Number of apartments on the market last week – 20
Number of apartments on the market this week – 21
 
ROBERT SIMEON is a director of <a href="https://www.rwm.com.au/" target="_blank" title="RWM" rel="nofollow">Richardson Wrench Mosman and Neutral Bay</a> and has been selling residential real estate in Sydney since 1985. 
He has also been writing real estate blog <a href="https://www.rwm.com.au/news/" target="_blank" title="Virtual Realty News" rel="nofollow">Virtual Realty News</a> since 2000.
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Will the RBA governor go out with a bang? Robert Simeon

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Vacancy in Sydney’s fringe office market in Sydney has fallen to its lowest in more than a decade, driven by acquisitions for rail projects and an overall supply squeeze, according to latest research from property firm Savills.
The western suburb of Parramatta recorded the lowest fringe market vacancy at 4.5 percent, its lowest in 25 years including zero vacancy in A Grade, and is just ahead of Melbourne’s Southbank at 4.6 percent. 
The falling vacancy is driving growth in net effective rents, and with the NSW government’s announcement of registered projects totalling $390 million in Parramatta last week and Winten Property Group’s acquisition of a development site at 1 Denison St, North Sydney, developers are taking notice, says Savills.
According to Savills senior analyst Research &amp; Consultancy Houssam Yakzan, average prime net face rents have increased by around 8 percent in North Shore markets and 7 per ent in Parramatta, with corresponding falls in incentives.  
The combined North Shore vacancy, including North Sydney, Crows Nest/St Leonards, Chatswood and Macquarie Park-North Ryde stands at 7.2 percent, the lowest since the 5.3 percent figure recorded in 2001. 
Of the individual North Shore markets, North Sydney and North Ryde/Macquarie Park recorded their lowest vacancies since 2012, Chatswood since 2007 and Crows Nest/St Leonards since 2001.
Yakzan said in the 12 months to June Savills had identified 73,781 square metres of leasing activity in the North Shore market, up 49 percent on the 12 months prior, while 43,977 square metres of leasing was recorded in the Parramatta market, which was down 32 percent due to the limited availability of space.
<a href="/images/2016/08/19/North%20shore%20absorbtion.jpg" target="_blank">Click here to enlarge</a> 
North Shore's net absorption
<img src="/images/2016/08/19/North%20shore%20absorbtion.jpg" alt="" width="312" height="197">
<a href="/images/2016/08/19/Parramatta%20absorbtion.jpg" target="_blank">Click here to enlarge</a> Parramatta's net absorption
<img src="/images/2016/08/19/Parramatta%20absorbtion.jpg" alt="" width="294" height="187">
 
Savills director of office leasing, Simon Van Grootel, said while there was no doubt the Sydney non-CBD office markets had picked up over the last 12 to 18 months, withdrawals for the compulsory metro rail acquisitions, residential and hotel conversion, and the lack of new supply, were key contributors to the lower vacancy rates.
He said more than 42,500 square metres of stock had been withdrawn from the North Shore market alone in the 12 months to June and further withdrawals were already slated for 2017.
"Vacancy rates have fallen across the board, indeed Parramatta has a zero vacancy in A Grade, and that is very pleasing, indicating perhaps the strongest market we have seen post-GFC.
"That has seen rental growth and incentives decline and those factors along with continued withdrawals and continued falls in vacancy are going to drive new construction but in the current market, that is likely to require pre-commitment,’’ Van Grootel said.
The state figure of $390 million in registered office projects for Parramatta would not dent vacancy rates in the short to medium term, he added.
Senior analyst Yakzan said of 220,000 square metres of new commercial development in the Parramatta market, 155,000 square metres was subject to pre-commitment and the remainder was already leased. 
Parramatta is the fifth largest suburban office market in Australia with 682,469 square metres of stock while the combined North Shore market totals 2,288,399 square metres including North Sydney (792,482sqm), Crows Nest/ St Leonards (333,631sqm), Chatswood (278,919sqm) and North Ryde/ Macquarie Park (883,367sqm).
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