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

Joel Robinson

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

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

Lowe Living unveils Middle Park apartment development

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

DVB Projects to launch second Broadbeach apartment tower as demolition commences

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

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

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

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

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

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

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

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Childcare operator Greenwood Early Education Centres is set to open 180 childcare spaces across two centres in Central Park's urban village in Sydney's Chippendale.
The first centre will be located within the DUO towers located on Broadway, the second centre will be located within Wonderland an O’Connor and Wellington Streets, and is scheduled to open in late 2018. 
Both will have the capacity for 90 children.
Frasers Property will oversee the design and fit out the two childcare centres with SJB Architecture. Development Applications are to be lodged for the two centres later this year.
Mick Caddy, Central Park’s project director said the addition of two major childcare centres will see the delivery of a significant masterplan commitment for the precinct, providing significant amenity for residents, commercial tenants and locals alike.
“Frasers Property and Sekisui House are delighted to be delivering two new Greenwood Early Education Centres at Central Park which will be a welcomed new amenity to residents as well the wider inner-city community.
“Providing 180 childcare spaces across two centres, Central Park will be host to one of the city’s most significant childcare hubs within the Sydney CBD.
“Families living in and around Central Park or parents working in Chippendale will have the convenience of being able to place their children in childcare within the locality in which they live – meeting the demands of busy, professional parents.”
Sam Benjamin, managing director of Greenwood Early Education Centres said Greenwood recognises the importance of language development and physical activity for young children.
"As such, their centres incorporate extra-curricular activities including yoga, gardening, music, sport, art, well-being and pre-kinder programs featuring numeracy and literary concepts."
For more information click <a href="https://www.centralparksydney.com" target="_blank">here</a>.
 
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jonathanchancellor-7SQnKwU6yx

Greenwood Childcare to open two new centres at Central Park

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A shopping centre at Helensvale near Surfers Paradise has sold for $9.85 million to a private investor on a tight yield of 6.7 percent through Savills.
Monterey Keys Shopping Village’s tenants include a mix of food, service and medical stores, including an IGA Supermarket and Jetts Fitness outlet.
The sale was brokered by Peter Tyson and Jon Tyson of Savills Retail Investments following an expressions of interest campaign. 
Located at 175 Monterey Keys Drive at Helensvale, the single-level centre comprises two buildings set on a 9,961 sqm site, with the current gross lettable area of nearly 2,000 square metres representing a low site cover of circa 20 percent.
“This sale continues a strong run of retail sales on the Gold Coast and highlights the increasing demand from investors seeking yield in a low interest rate environment,” said Tyson.
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Gold Coast convenience centre sells for $9.85 million on tight yield

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<div>After years of under-building from about 2005 forth in Sydney, between July 2012 and April 2016 a vastly improved 163,500 dwelling approvals have been recorded for the Greater Sydney region (inclusive of the Central Coast and the Blue Mountains) and the Illawarra.</div>
<div> </div>
<div>As Australia's densest capital city, Sydney approvals today are mostly of the attached or dwelling multi-unit type. </div>
<a href="/images/2016/08/16/A1.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/16/A1.jpg" alt=""> 
<div class="separator"> </div>
<div> </div>
<div>There has been report after report concerned with the record number of units and apartments under construction.</div>
<div> </div>
<div>Yet to date vacancy rates have barely budged at the city level, and apartment rents have kept rising. Bottleneck
</div>
<div> </div>
<div>The reason for this - and indeed the reason that so many dwellings are under construction - as I've looked at previously <a href="https://petewargent.blogspot.co.uk/2016/07/making-sense-of-australias-super-duper" target="_blank">here</a>, is that multi-unit dwellings generally take considerably longer to proceed from approval, to commencement, and then to completion (perhaps up to several years from start to finish) than detached houses on greenfield sites, at typically just a matter of months. </div>
<div>As a result, over the year to April 2016, after accounting for demolitions there were just 11,937 net detached dwelling completions, and 18,370 multi-unit dwellings. </div>
<div> </div>
<div>Not only has this rate of net completions after accounting for demolitions not been making up for the years of under-building, it has barely even been keeping pace with current annual Greater Sydney population growth of an estimated 83,500 per annum. This is particularly so given that so many small apartments are being built, typically housing only two persons (not to mention those apartments left vacant by offshore investors), contributing to a mismatch of supply increasingly characterised by a surfeit of high rise apartment stock. It's worth noting that this completions data doesn't easily capture the addition of granny flats, but the point still stands - completions in Sydney just haven't been that high...to date.</div>
<div> </div>
<div><a href="/images/2016/08/16/A3.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2016/08/16/A3.jpg" alt=""></div>
 
<div>From July 2012 to April 2016, after accounting for demolitions, there were net dwelling completions of only 101,300, just 62 percent of the number of dwelling approvals over the same time period. </div>
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<div>The population of Greater Sydney increased by somewhere in the region of 307,000 heads over that time, so it's a little wonder that population growth has been absorbing new supply.</div>
<div> </div>
<div>This dynamic is finally about to change, though, as the record pipeline of new apartments under construction begins to come online, although the industry being stretched to full capacity will inevitably see construction costs rising henceforth. </div>
<div>Local Government Authorities (LGAs)</div>
<div> </div>
<div>At the LGA level we can see that up to April 2016 there have been few regions that have really been hammering out unduly high net dwelling completions. </div>
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<div>However, looking at the LGA dwelling approvals figures split out by financial year helps to identify the areas at risk of emerging oversupply (as well as certain upmarket localities such as Manly, Mosman, and Woollahra, where the total stock of dwellings has remained all but fixed). 
</div>
<div>The City of Sydney LGA covers a large central area of 25 square kilometres and comprises a great many hugely popular suburbs, and in that context its 13,700 approvals from July 2012 represent relatively slim pickings. </div>
<div> </div>
<div>However, the volume of dwelling approvals - especially for apartments - in certain other areas is abnormally high in historical terms, in turn suggesting an elevated level of risk: Blacktown, Parramatta, the Hills District, Liverpool, and to some extent Camden and Ryde. The Canada Bay approvals figures don't really capture the volume of building that has already taken place at Wentworth Point and some surrounding suburbs.</div>
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 Case study: Parra
<div class="separator">I don't quite have the space here (read: can't be bothered) to discuss apartment supply in detail across every Sydney LGA, but a quick look at the Parramatta data is instructive. </div>
<div class="separator"> </div>
<div class="separator">Parramatta has seen several years of abnormally high apartment approvals figures, yet until relatively recently net dwelling completions had not lifted too dramatically.</div>
<div class="separator"> </div>
<div class="separator">This rapidly changed in September 2015 as a slew of new projects began to come onstream, and there is plenty more to come in the pipeline, with yet another 3,339 multi-unit dwellings approved over the 12 months to April 2016. Wow-wee!</div>
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<div>I took a drive around Parramatta a fortnight or so ago, and the amount of building still underway is really quite eye-popping. </div>
<div> </div>
<div>This may result in valuation challenges at settlement for off-the-plan apartment purchases, rising vacancy rates, declining rents, and widespread instances of weak capital growth over the coming years (by which, of course, I mean negative).</div>
<div>
 Caveat emptor! Regular readers may recall I spent a joy-filled afternoon driving around looking at a number of apartment construction hotspots recently, and I wrote a bit about it. 
</div>
<div>
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>. 
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.
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Sydney's construction pipeline: Pete Wargent

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A gymnasium/office space fully leased to a well-known fitness chain in Melbourne’s inner north retail strip of Brunswick has sold at auction for $1.65 million. well above the reserve price. 
The buyer was a Melbourne-based private investor who made the purchase for a tight yield of 3.68 percent. It was put on the market for the first time in 60 years.
The 41-43 Weston Street property comprises a two-level, 650 square metre building including a ground floor, a gymnasium and first floor offices spanning 140 square metres on a site zoned Industrial 3. It is opposite Barkly Square Shopping Centre.
The selling agents were Teska Carson's George Takis and Tom Maule.
The property is on a five-year lease to Doherty’s Gym at a current rental of $60,832 per annum net with 4 per cent annual increases, said a media release. It drew more than 100 enquiries, said Takis.
"Brunswick is one of Melbourne’s most popular retail strips with an array of fashion boutiques, cafes, bars and restaurants," said Takis.
"The precinct is further underpinned by the Barkly Square Shopping Centre with national retailers including Coles, Woolworths, Kmart, McDonalds and JB Hi-Fi.’’
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Melbourne property leased to fitness chain sells for $1.65 million

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A service station and car wash in Marsden, south of Brisbane, has been sold for $4.49 million to a Melbourne-based investor through Ray White Commercial.
The Freedom Service Station site at 502 Browns Plains Road is leased for $313,000 per annum, and the yield worked out to almost 7 per cent.
It was sold through an offer to purchase campaign and the deal was struck by Tony Grbcic of Ray White Commercial.
“The location was seen as a big attraction to many buyers as well as the fact it is next door to a recently developed Woolworths supermarket,” Grbcic said.
The service station is on a land area of 7,181 sqm with frontage to Browns Plans Road.
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Freedom service station site near Brisbane sold for $4.49 million

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A food operator has agreed terms on a new lease at South Yarra in Melbourne’s inner east in a deal brokered by Teska Carson.
The 134 Toorak Road property spans 200 square metre and was let out at $150,000 per annum net, or $750 a square metre, on a five-year term. 
The retail space is part of Her Majesty’s Apartments development on the corner of Toorak Road and Davis Avenue.
The leasing agent was Tom Maule. The media release said it was a well-known food operator without revealing the name. 
“The location is well established and well known for its dining and fashion boutiques attracting clientele from all parts of Melbourne,’’ Maule said.
He said the tightly held retail precinct had one of the lowest vacancy rates of any retail strip in Melbourne at around 6 percent.  
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Food operator takes lease in Melbourne’s inner east

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The Australian hotel sector recorded deals worth nearly $500 million in the first quarter of 2016 and will continue to grow through the year despite the recent strength in the Australian dollar, says new research. 
Appetite for domestic travel will remain firm and the higher dollar will not be enough of a dampener to discourage overseas visitors travelling to Australia, says real estate firm CBRE’s Q1 Australia Hotels MarketView. 
Cairns and the Gold Coast are expected to remain the star performers of the Australian hotel market after double digit growth in revenue per available room (RevPar) for the year to March 31, 2016.
RevPAR was 15.3 percent for Cairns and 11.3 percent for the Gold Coast in the year to March as a result of record international and domestic travel numbers. 
But not all major markets grew at the same pace, with an increasing divergence between the performance between the resource impacted cities of Perth and Darwin, the major business hubs of Sydney and Melbourne, and the outperforming hospitality markets in Queensland, says the report.
“The mining hubs of Perth and Darwin continue to suffer from the downturn, with Darwin being particularly hard hit due to increased supply levels,” said CBRE Hotels’ research manager Benjamin Martin-Henry. 
“Melbourne is in a state of transition, with occupancy rates increasing but average daily rates (ADR) having fallen, resulting in a drop in RevPAR. Sydney is also in a period of transition, with a slight decrease in occupancy results, although this is likely to be temporary as visitor demand remains strong.”
<a href="/images/2016/08/12/Occupancy%20and%20ADR%20change.png" target="_blank">Click to enlarge</a>
 <img src="/images/2016/08/12/Occupancy%20and%20ADR%20change.png" alt="">
 
The report also highlights that Canberra and Hobart have started the year on a positive note, with Hobart benefitting from substantial increases in tourist numbers.
 
However, the country’s key leisure markets in Queensland have been the real standouts.
 
“The Gold Coast and Cairns continue to outperform the rest of the country, posting the highest RevPAR growth rates for any major markets," Martin- Henry said.
 
CBRE Hotels’ Hayley Manvell added that with a lack of new accommodation coming onto the market in both Cairns and the Gold Coast, demand was expected to outstrip supply in the short to medium term.
 
“Investors are likely to be keeping a close eye on these markets and will look to pick up any assets that come up for sale and benefit from the growth in these regions,” Manvell said.
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 <img src="/images/2016/08/12/Hotel%20sales%20YTD.png" alt="">
 
Overall transaction volumes in 2015 surpassed expectations – and this momentum has carried into 2016, says the research.
 
Major deals included the purchase of the Vibe Hotel, Sydney, by Singapore’s Far East Organisation for $90 million and the Crowne Plaza Terrigal on the NSW Central Coast trading hands for $58 million, being bought by a venture between the Laundy and Karedis families.
<a href="/images/2016/08/12/Key%20deals.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/12/Key%20deals.png" alt="">
 
CBRE national director Wayne Bunz said it remained to be seen whether the slowdown in the Chinese economy and recent gains in the Australian dollar would impact overseas buyer interest.
 
However, he noted that CBRE’s latest Asia Pacific Investor Intentions survey had shown that investors were more likely than ever before to purchase hotel assets.
 
“In our 2015 Investors Intentions survey, just 1% of investors indicated they would be purchasing hotel assets that year. Fast forward 12 months and that interest has jumped to 14 percent, with hotels now ranking as the third most sought after asset class behind office and logistics,” Bunz said.
 
“One of the ongoing constraints will be the lack of purchasable stock and, with high levels of competition pushing up already high prices in Sydney and Melbourne, investors are expected to increasingly focus on opportunities in regional areas.”
 
Bunz added that investors still perceived the Australian hotel sector to be a long term growth play and this was underpinning buyers’ willingness to pay premiums to secure high quality assets.
 
“This is compressing investment yields further, with this trend set to continue over the remainder of 2016,” Bunz said.
 
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Buyer appetite to remain strong in Australian hotel market in 2016: CBRE 

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A freestanding shop and dwelling at Seaford on Melbourne’s south-eastern bayside will go under the hammer on August 25 with price expectations of more than $800,000.
The 290 Seaford Road property comprises a solid brick shop and double storey, three bedroom, dwelling totaling 250 square metres. It is located within Belvedere Park Shopping Centre on the intersection of Frankston-Dandenong Road and Seaford Road. 
Teska Carson’s George Takis and Gideon Marcus are marketing the property.
The retail and residential components have the potential for separate tenancies.
Belvedere Park Shopping Centre comprises about 20 specialty retailers anchored by an IGA supermarket. 
“With interest rates low and returns from other asset classes somewhat less attractive recently we are seeing the smaller investor and self-managed super funds enter the market in much higher numbers and it’s properties such as this that have been prominent in sales results,’’ Marcus said.
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Shop and dwelling up for auction in Melbourne's Seaford

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Clearance rate for commercial auctions improved for the week ending August 5 from the previous week, according to the latest Commercial Market update from CoreLogic RP Data. 
 
Preliminary results show an improving clearance rate over the week ending August 5, at 63.4 percent across 41 results, compared to the previous week when 58.6 percent of the 58 auctions were sold.
 
Over the corresponding week last year, 67.9 percent of the 84 auctions were sold. There were 167 reported auctions over the past four weeks, with 97 successful results. Of these 97 sales, 77 have been reported with a sale price, totalling approximately $207.93 million.
 
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The table below indicates National Auction Clearance Rate figures.
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Clearance rates at commercial auctions up for week ending August 5: CoreLogic RP Data

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A corner site with long-term leases to a drive-thru McDonald’s and a 7-Eleven on the Gold Coast Highway at Palm Beach on the Gold Coast is up for sale through Savills.
The retail property was developed in 2001 and is being offered for sale for the first time, according to a media release.  
The 3,011 sqm corner site is at the traffic light controlled intersection of 19th Avenue, the major east-west intersection at Palm Beach and provides exposure to more than 34,000 passing vehicles daily.
The selling agents are Jon Tyson and Michael Harcourt of Savills.
Tyson said both McDonald’s and 7-Eleven have fully occupied the site since it was first developed and are secured on long-term net leases with fixed annual rental increases.
“This is a premium retail investment opportunity with outstanding exposure that is 100% leased to dual national anchor tenants,” said Tyson.
Palm Beach is located on the southern Gold Coast, nearly 14 km south of Surfers Paradise.
The site also has potential for future development, said Harcourt.
“The site is zoned Medium Density Residential under the Gold Coast City Council Plan, which allows for future development up to 29 metres in height.”
The expressions of interest campaign closes on September 14.
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