<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

<html><body>
A securely leased retail investment in Brighton, Victoria is expected to fetch $2 million.
The shop at 4/10 Church Street is currently leased to hair salon chain Toni &amp; Guy at $92,472 per annum on a five year lease.
It comprises a 122 sqm retail space which forms part of retail and residential complex. There's also five car spaces and two street frontages.
Available through Teska Carson agents George Takis and Michael Ludski, the property is set for September 2 auction.
George said the location of the retail space is key to the sale.
"Church Street is renowned Australia wide for its broad cross section of retail offering which includes Coles and Woolworths, Witchery, Flight Centre, Country Road, Sportsgirl, Nike and the major banks, among many others, along with its intimate village atmosphere."
He said in recent years Brighton had emerged as one of the most sought after bayside residential locations in Melbourne with many new developments contributing to the vibrant local community.
"The area also attracts a large volume of visitors annually captivated by its cosmopolitan feel and the numerous and diverse retail and entertainment precincts, including those located in Church and Bay Streets."
"This combination of factors, along with forecast population growth, offers exceptional potential for businesses and future development in the area,’’ he said. 
 
</body></html>

j.ballantyne1990-6AQqhLzZaK

Sought-after Brighton, Victoria retail asset offers secure lease

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Leasing activity in the Brisbane CBD office market grew nearly 30 percent in the 12 months to June 2016, and the CBD now comprises around 2.27 million square metres of lettable space, according to Savills research.
Two new prime grade office buildings (180 Brisbane and 480 Queen St) were added to the stock recently.
Of the total lettable space, Premium Grade accounts for around 11 percent of office space. A Grade quality offers 41 percent of space and is now the largest category, while B Grade accounts for 36 percent. C and D Grades offer the balance 13 percent.
Savills' CBD Office Market Briefing for the second quarter of 2016 has identified 117,437 square metres of leasing activity (&gt; 500 sq m) in the Brisbane CBD in the 12 months to June 2016, up 27 per cent from a year earlier but down on the five year average (123,357 square metres). The majority of these leases (nearly 60 per cent of space leased) were in the Uptown precinct.
The Brisbane CBD office leasing market looks to have turned a corner with 2016 showing encouraging signs of improved tenant demand. Competitive rents and incentive packages on offer are continuing to attract smaller businesses from the Fringe and Suburban precincts of metropolitan Brisbane.
The Queensland State Government has been quite active in the take up of space in the CBD, which is boosting overall business confidence. With 1 William Street nearing completion some government agencies have started to review their space requirements and taking up addtional space around the CBD.
Overall leasing activity in the Brisbane CBD is trending upwards with direct leases almost double that recorded 12 months ago. Of the 117,437 square metres of leased space, 86 per cent were direct leases, followed by sublease deals accounting for 7 per cent for the year ending June 2016.
Renewals accounted for 6,150 square metres or 5 percent of reported leases for the year.
The competitive rental environment continues to see increased demand for A Grade stock, while secondary stock also continues to attract tenants with a number undergoing refurbishments improving the overall amenity the building. 127 Creek Street is one such example of a B Grade building that has undergone a major refurbishment which included transforming full floors into small suites to accommodate demand from smaller businesses moving to the CBD.
<a href="/images/2016/08/05/BrisbaneCBD.png" target="_blank">Click to enlarge</a>
 <img src="/images/2016/08/05/BrisbaneCBD.png" alt="">
While Deloitte’s predict soft employment growth over 2016, tenant demand from businesses relocating to the CBD will likely contribute to absorption levels.
Latest figures on total absorption will not be available until the Property Council release their Office Market Report in August however Savills Prime Full Floor availability report suggests approximately 32,000 square metres of prime office space has been filled since the start of 2016.
Demand for office space continues to come from varied sources such as child care, health, education and incubator businesses as well as an expanding State Government.
Of the 118,937 square metres leased in Brisbane CBD (&gt;500 sq m) in the last 12 months, the ‘Government &amp; Community’ sector was the dominant sector, leasing 26 percent of the stock, or 31,170 square metres.
<a href="/images/2016/08/05/BrisbaneCBDchart.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/05/BrisbaneCBDchart.png" alt="">
Compared to 12 months ago, the tenant profile of reported leases has changed. The ‘Government &amp; Community’ sector, which has typically held a large share of the market, businesses involved in the ‘Education &amp; Training’, and ‘Healthcare’ sectors are increasing their take up of space in the CBD, while the ‘IT &amp; Communications’ sector is also beginning to show increased activity.
The largest number of transactions however was in the ‘Property &amp; Business services’ sector which recorded 21 transactions.
Of the 31,170 square metres of space leased to the ‘Govt &amp; Community’ sector, 55 per cent was taken by the Queensland State Government.
‘IT &amp; Communication’ recorded 14,242 square metres of leased space for the 12 months ending June. At 12 per cent of total reported leases, this is the highest level of activity in over ten years. Historically, this sector has accounted for less than five per cent of office leasing activity in the Brisbane CBD. SMS Management &amp; Technology are one such firm who secured 1,230 square metres in 259 Queen Street, while Red Hat renewed their space over four levels in 193 North Quay.
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Brisbane CBD office leasing market turns corner, tenant demand improves: Savills

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A local investor has bought an office property in Melbourne’s Richmond for $665,000 at a Teska Carson auction, well above the reserve price.
The 1A Gordon Street building comprises fully-fitted 170 square metre office space on three levels. It is close to Richmond’s retail and entertainment precincts.
Selling agent, Teska Carson’s George Takis, said the marketing campaign got good response from both investors and owner-occupiers, including SMSFs, looking for well-placed investments in the inner eastern suburbs.
The property was sold with vacant possession 
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Boutique office property sells for $665,000 at Melbourne auction

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A land parcel with a Victorian building previously used for medical consultation and close to Epworth Hospital in Melbourne's Richmond is up for auction with expectations of circa $1.5 million.
The 24 Erin Street property will go under the hammer on August 11 through Teska Carson.
It comprises a 175 square metre standalone, single-level, Victorian Italianate building on a 244 square metre site, zoned Neighbourhood Residential Schedule 1.
The property is being marketed by Teska Carson's Matthew Feld and Adrian Boutsakis.
Feld said the property was well suited to its current use as a consulting suite, but given its Neighbourhood Residential Schedule 1 zoning, it had the potential for residential conversion with a maximum five homes at a height of eight metres.
The property is close to public transport, the Yarra River and the Royal Botanic Gardens.
It will be sold with vacant possession.
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Medical rooms close to hospital in inner city Melbourne up for auction

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A private investor has snapped up a new, purpose-built, large format retail (LFR) building in Western Sydney for $14.35 million from Hydrox Nominees on a passing initial yield of 6.47 percent.
The 80 - 82 Mulgoa Road, Penrith property comprises nearly 2,750 sqm of gross lettable area retail (GLAR) and has leading homeware retailer Freedom Furniture as its anchor tenant and a complementary Guzman Y Gomez – both of which are on a 10-year lease term.
The selling agents were James Wilson, Harry Bui and Paul McGlynn of Colliers International.
“This sale reflects the highly competitive nature of Sydney metropolitan retail investments, particularly in the private investor sector (dominated sub-$30 million price point) where there is strong market depth for high profile investments featuring secure long term leases to national covenants,” said Wilson.
The 7,788 sqm site opened in December 2015 and is close to Penrith CBD.
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Large format retail building in Western Sydney fetches $14.35 million

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A showroom/warehouse within Joondalup Business Park in Western Australia's Joondalup is available on lease.
<a href="https://www.rhcommercial.com.au/properties/unit-1-124-winton-road-joondalup-6027-western-australia" target="_blank">Unit 1/ 124 Winton Road</a> has a floor area of 146 sqm, massive signage and exposure and is close to Shenton Road and Joondalup Drive.
The rent is $31,000 p.a. plus variable outgoings + GST.
The listing agent is Matthew Edwards of Raine and Horne.
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Showroom in WA's Joondalup Business Park on lease through Raine & Horne

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The Hunt Hospitality group has added Newcastle’s Duke of Wellington hotel to its growing portfolio of Hunter region properties in a deal valued at around $8.5 million.
The Hunt family are long time hoteliers who currently own the Kent and CBD Hotels in Newcastle.
The Duke of Wellington has been added to their portfolio by way of private sector syndication – in a similar fashion to Maitland’s The Rutherford Hotel, which was acquired earlier this year.
CBRE Hotels negotiated the sale in conjunction with Knight Frank.   
The Duke of Wellington is situated in the Newcastle suburb of New Lambton. Established in 1932 and known by locals as The Duke, the hotel is regarded as one of Newcastle's premier hospitality venues. 
CBRE National Director Daniel Dragicevich said the sale price and yield achieved reflected the strong appetite for non-metro hotel assets, given the limited availability of quality Sydney stock.
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Hunt Hospitality secures another Newcastle pub, The Duke of Wellington

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A securely leased retail property in Melbourne's Surrey Hills is up for sale through Teska Carson with expectations of more than $1 million.
The property, 540 Whitehorse Road, is 210 sqm over two levels on a 217 square metre site.
Tesla Carson's Michael Taylor said the property is currently leased to the Triple King Chinese Restaurant, on a five year term with a five year option at $62,400 per annum.
"Surrey Hills lies within Melbourne’s demographic centre, an area which continues to attract strong residential growth which in turn drives retail and commercial returns," he said.
"The strip has an excellent tenancy history with little to no vacancy and that is a reflection of the strong demand from the surrounding residential catchment."
The property is for sale by expressions of interest closing Wednesday, August 31, at 3pm 
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Surrey Hills Melbourne restaurant up for sale

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Of all the real estate issues regularly mangled by media, probably the most misreported is the one about first-home buyers and affordability.
Reliable information showing good affordability levels (outside of Sydney) are generally ignored in favour of the much-loved “The Great Australian Dream is Dead” storyline.
The numbers of first-home buyers are constantly misreported, despite the ABS warnings about the unreliability of the data and the reasons why FHBs are under-counted. 
More credible information, such as the quarterly surveys by NAB which show strong activity from first-time buyers, are shrugged off because it doesn’t fit the prevailing theme of an affordability crisis.
The growing tendency of first-timers to buy an investment property rather than a home is overlooked as a key factor, because it doesn’t suit that pre-determined headline.
And the whole issue of young adults delaying commitment is ignored as well.
It’s pretty well established that young Australians are making different choices to those of their parents. Their preferences can generally be summarised as a deferral of commitment. Getting married, settling down, having kids and establishing a nest – all that can wait. Priorities these days include lifestyle, career and travel.
There’s lots of research showing this as a major demographic – the young adults who have put off family creation and home ownership until they’ve dealt with the travel bug and indulged other lifestyle priorities.
The latest research on this comes from Westpac, which found that 18 to 35-year-olds — known as Millennials — spent $11.3 billion travelling overseas last year — more than any other age group.
Generation X-ers — aged from 36 to 55 — were the most frugal spending $6.8 billion, followed by Baby Boomers who splashed out $9.8 billion.
Westpac’s Head of Young and Millennial Markets, Ashley Gray, says the decision to prioritise travel over home-buying doesn’t make the age group financially irresponsible.
“They’re very aware of their finances and are prepared to make sacrifices to pursue their passion,” says Gray. “We found that 70 percent of Millennials are saving for eight months before heading overseas on their trip.
“They’re also prepared to make sacrifices while they’re abroad so they’ll walk instead of getting a bus, skip meals and miss out on big tourist attractions.”
Lots of other research in the past couple of years have made similar findings about the different options young Australians are taking, compared to their parents – many of whom were married with kids, a mortgage and a car loan before 30.
But despite that, there’s still a high level of real estate buying activity by first-timers. It’s largely flying under the radar screen because relatively few first-time purchases are newly-built homes (the ones that get counted as first-home buyers by the ABS).
The latest NAB quarterly Residential Property Survey indicates that a third of sales of new properties across Australia, and 27 percent of sales of established properties, are made to first-time buyers (some of which are buying investment properties, rather than a home, as a first purchase).
The 27 percent of buyers of established homes who are first-timers aren’t counted in the ABS figures, because first-home buyers are identified in the lending statistics by their state government grants, which are now available only for newly-built homes.
I think those daily headlines about an affordability crisis, requiring top-level action by political leaders, are inaccurate and misleading. And when you dispassionately examine what the research tells us, comments about a whole generation being priced out of home ownership are rendered ridiculous.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
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Strong market activity from first-time buyers: Terry Ryder

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This week I listened in to a coaching call. It was a prominent company who have been selling their coaching/mentoring program for a while and I was curious to see what they offered.
It took me back to when I started my investment journey 15 years ago. I knew very little about property investing and all the different strategies you can use to grow your wealth.
With the help of hindsight, I reflected on just how I got going on my journey. I reduced it down to three important pieces:
1. Become educated, don’t overdo it and understand risk
After completing my intensive one-year training, I found there was always another course on offer. But I was chomping at the bit to put the things I’d already learnt to use.
I started to invest using one strategy well before my course was finished and ended up repeating it five times before moving onto another strategy. I found each time I completed a property transaction, I learnt more and as this experience built so did the quality of my deals. I found that taking action as quickly as I could, got me into the market faster and I could still study as I went.
But I also saw the opposite happen to others who did my course.  I watched as lots of people got sucked into a ‘vortex’ of needing more and more information before doing anything.
I thought that perhaps these people were worried about risk. Then I worked out, it was actually more of a personality thing. When I searched the thesaurus for the work “risk” this is what came up:
-        Danger
-        Possibility
-        Endanger
-        Chance
What jumps out at you when you read that list? 
The words I see are “possibility” and “chance”.
Property development has a ‘reputation’ for being risky.  Before I started learning about it I also thought it was risky. Why? Because someone had told me that. As I didn’t really know much about it, I held onto this belief.
When I leant more, I changed my belief from seeing development as risky to seeing it as exciting.
If you focus on the risks, you can’t see the opportunity. So I focus on the opportunity.
Over the years, we’ve found a way to derisk the property developments we project manage.
2.  Take massive levels of action
Get ready to work. Action speaks louder than words they say. Action is where you are going to really learn. I think some people underestimate just how much action you need to take to move forward.
Action can start with research then move to analysis then through to inspecting properties and making offers and then to negotiating the purchase and can keep moving into adding value to a property. Whatever your situation, there is always an area you can take action in. If you can’t get a loan, find a finance partner. If you don’t have a deposit, find an equity partner, if you don’t have time or experience, find a project manager.
Do anything but make excuses. There will always be a reason not to take action if you let there be one. This is a classic excuse; “It’s not the right time, the market isn’t good”, believe me, there is always opportunity in the market - you just need to tailor your action to the market.
3.  Refine your process
Practise makes perfect!  Every property development we manage is a little different but our system is almost always the same. With over 100 developments behind us, we’ve refined our process to ensure we get the best from a development project for our clients.
Like when I started out, I repeated my first investment strategy (which wasn’t developing) 5 times before I moved on to another one. The reason I moved on was market conditions changed and so I found a better strategy that would work in all conditions. Property developing or adding value allows us to create equity through the development process. By doing this, we are building in a ‘buffer’ of protection.
Property developing is a very detailed process, there are many steps involved. Each step can be refined and so there’s always opportunity to fast track or fine tune a step which will in turn, impact on the entire process.
So there you have my top 3 tips to getting started on your property development journey. Don’t hesitate, get educated, take massive action, repeat and refine your process. Oh and there is one more…have fun!
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a><a href="https://www.propertybloom.com.au/">.</a>
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