<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 chain Guardian Early Learning Group has recently leased two properties in inner-city Melbourne on long-term contracts in deals brokered by Colliers International.
In the latest leasing deal, Guardian has secured a major 2,950 sqm site on Hoddle Street in Richmond. The 15-year deal was brokered by Colliers’ Matt Cosgrave and Ash Dean.
“This property, which had been vacant for six years, will now be turned into state-of-the-art childcare centre,” Cosgrave said. 
“It is a sizeable, prominent site which has been approved for use as a childcare facility to help address the growing demand in the area.” 
This deal follows on from Guardian’s commitment at 101 Collins Street in the CBD for a property on 2,186 sqm.
Cosgrave said Colliers International was seeing strong demand for childcare services closer to inner city workplaces. 
“End-of-trip facilities such as showers and bike storage were once rare in an office building – now they are seen as standard inclusions,” he said. “Now lifestyle factors such as childcare and co-working space are becoming an increasingly viable option to attract quality tenants to a building.”
“Businesses are increasingly trying to make it easier for parents who work in the CBD and city fringe locations to drop off and pick up their children on their way to or from work. Not only does this help employees maximise their work day and increase efficiency, it makes their daily lives easier at the same time,” he added.
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prateek24-ezbwHMbNAk

Childcare provider leases vacant Melbourne building for modern facility

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An Italian restaurant and bed &amp; breakfast property in Adelaide Hills is up for sale through private treaty.
Located in historical Kanmantoo in South Australia, the 14 Old Princess Highway property comprises an authentic Italian restaurant seating up to 120 guests, along with two newly established bed and breakfast villas. 
There is also council approval for another five villas and a wedding/function centre for 150 guests. 
Colliers International’s Chet Al and Oliver Totani been appointed to sell the property. 
“Formally the Britannia Hotel, the property was built between 1848 and 1850, and extended around 1863 for operation as a boot maker,” said Al.
“The property is now operated as a tourism and hospitality venue, comprising a 263 sqm restaurant, 109 sqm living area and two bed &amp; breakfast cabins. The Osteria Sanso restaurant was established more than 13 years ago and has now been family owned and operated since day one.”
The property also has a three-bedroom owner’s residence.
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jonathanchancellor-7SQnKwU6yx

Restaurant in idyllic Adelaide Hills goes to market 

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The Adelaide office market has about 1.6 million square metre of lettable space.
The CBD precinct, bound by North, West, South and East Terrace, accommodates nearly 1.4 million square metres of office space and is the sixth largest CBD office market in Australia, according to Savills' CBD Office Market Briefing for the second quarter of 2016.
Outside of the CBD, lettable office space is classified as Fringe and is predominantly B and C grade office accommodation. 
In the 12 months to June 2016, Savills identified approximately 90,000 square metres of leasing activity in the central Adelaide office market, including Adelaide CBD and Fringe areas. Although this an increase on activity levels 12 months prior, it is close to the five year average of approximately 87,000 square metres.
The majority of these leases (approximately 60 percent of the volume identified leased) were in the Adelaide Core precinct. Around 60 percent of the deals reported in the 12 months to June 2016 period were new tenants, while approximately 37 percent were renewals, with the balance sub-lease and pre-commitment deals. Of the 90,000 square metres identified leased in central Adelaide in the 12 months to June 2016, the ‘Government and Community’ dominated activity by volume of space leased. However, the ‘Property and Business Services’ sector had the greatest number of transactions.
A selection of recent leasing transactions is displayed in the tables below.
<a href="/images/2016/07/22/Adelaide-CBD%20office%20lease.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/22/Adelaide-CBD%20office%20lease.png" alt="">
Savills’ Adelaide Lease Expiry Report analyses a database of lettable floor space in the CBD and fringe office markets. As at the June 2016 report, it is estimated that an average of 105,000 square metres of leased space in the CBD will come up for renewal each year for the next three years.
Around 40 percent of this space is leased by the ‘Government &amp; Community’ sector and Industry’ sector, one of Adelaide’s largest occupiers, however, more than 50 percent of space due for expiry over the next three years is a combination of the ‘Property &amp; Business services’, ‘Mining &amp; Utilities &amp; Industry’ and ‘Finance and Insurance’ sectors.
<a href="/images/2016/07/22/Adelaide-CBD%20office%20graphic.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/22/Adelaide-CBD%20office%20graphic.png" alt="">
In the short-term there is likely to be ongoing demand from tenants seeking to rationalise existing space, as well as from those seeking expand or upgrade into new space. A number of firms have sought to rationalise space requirements through relocation strategies, including the consolidation of separate tenancies to increase business continuity and lower costs. Others firms have upgraded and taken on expansion space.
The largest example of this includes the Department of Water and Natural Resources who has consolidated staff from two sites, including Chesser House at 91-97 King William Street and 1 Richmond Road, Keswick, into one tenancy at 81-95 Waymouth Street. The building had previously been occupied by the Australian Taxation Office before they relocated to their new premises in 2013. An internal upgrade was completed recently. The State Government will occupy the top five floors, with the balance, some 6,000 square metres, seeking prospective tenants.
Bupa has taken one floor in the new 50 Flinders Street development to consolidate offices.
The Administrative Appeals Tribunal (Government) has committed to lease two floors at 1 King William Street in a rationalisation strategy, reducing space requirements by about 500 square metres in the move. UniSuper has also leased a part-floor in 1 King William Street, understood to be slightly larger than their premises in 80 King William Street.
In a more recent deal, Hudson has relocated from 75 Hindmarsh Square to 101 Pirie Street, similarly rationalising about 500 square metres in the move.
Morgan Stanley has also relocated, moving from 115 Grenfell Street to 2 King William Street recently, although only reduced space requirements by about 100 square metres.
As at June 2016, net face rents in Adelaide CBD typically range from $395 to $460 per square metre per annum for Premium Grade, $330 to $410 per square metre per annum for A Grade and $265 to $335 per square metre per annum for B Grade. In Adelaide’s Fringe, as at June 2016, net face rents typically range from $330 to $355 per square metre per annum for A Grade and $270 to $300 per square metre for B Grade. Since Q2 2015 incentives have been stable and net effective rental levels are showing signs of growth, albeit at low levels.
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Adelaide CBD is the sixth largest CBD office market in Australia: Savills

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Investors splashed nearly $18 billion on Australian office property in the 12 months to June -- up almost 35 percent on the five-year average -- with foreign investors taking the lion’s share in CBDs, according to Savills Australia’s latest research.
Office sales in Australia have seen year-on-year growth since 2012 and the trend is likely to continue because of Australia’s safe haven status and high yields, says Savills. 
Sydney had the most transactions by value at $4.6 billion, or 47 percent of CBD office sales nationally, while Melbourne led on the number of deals at 28. 
The $17.9 billion total, comprising $9.8 billion worth of CBD office transactions and $8.1 billion worth of non-CBD transactions, was up $4.6 billion on the $13.3 billion, five year average, with the sale of 253 properties, also up on the five year average of 234.
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Savills national head of Research, Tony Crabb said “there is no reason to believe we won’t see the upward trend continue given the current global economic and political status quo”. 
He added that off-shore investors further stamped their footprint in the Australian office market with $8.6 billion of the total sales (48 percent) and 68 percent of CBD purchases - $6.6 billion – from 44 transactions. 
Foreign investors also figured prominently in non-CBD sales purchasing 25 percent of the stock sold for $1.9 billion.
<a href="/images/2016/07/29/CBD%20sales%20pie.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/29/CBD%20sales%20pie.jpg" alt="">
Crabb said market yields averaged 6.15 percent for CBD premium grade buildings, 6.9 percent for CBD A grade buildings, and 8.3 percent for CBD B grade office buildings while yields averaged 7.28 percent for CBD fringe A grade buildings and 8.3 percent for CBD fringe B grade buildings.
Savills director, Cross Border &amp; Capital Transactions, Ben Azar, said Australia would continue to see massive foreign investment. 
“In an extremely low interest rate environment with global capital starved for yield, Australia is seen as a transparent secure market with some of the highest yields in the world. Sydney and Melbourne, especially, are seen as global gateway cities offering very good lease terms and strong covenants.
“As long as Australia’s economic and political environment remains stable, any turbulence in the US, UK and Europe will mean more offshore capital will be attracted to Australia because of its safe haven status, transparent market practices and growth potential,’’ Azar said.
Further yield compression expected
He said with interest rates forecast to stay lower for longer and with a huge amount of capital chasing very few opportunities, he expected further yield compression and for bond-like property yields to remain very tight. 
“As long as interest rates and bond yields are low or dropping, the scope for further yield compression is real. The thirst for yield will drive money into property and simple demand and supply laws will mean yields must compress,’’ Azar said. 
He said while Sydney and Melbourne remained investor favourites, the cities like Brisbane, Adelaide and Perth are also gaining importance as investors chase yield.
Azar said rapidly improving leasing fundamentals, especially in Sydney, meant the income side was set for vast improvement allowing scope for more aggressive pricing from vendors and potentially driving further investment demand.
 
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Australian office sales hit $18 billion in year to June; offshore buyers take 68 percent of CBD sales: Savills 

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<div>CoreLogic's home value index for July will show that Sydney's prices have blazed 5.6 percent higher over the last quarter and a rip-snorting 10.3 percent in 2016 to date. </div>
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<div class="separator">And interest rates to fall further? Interesting times. </div>
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<div>Credit growth slows</div>
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<div>The Reserve Bank (RBA) has an inflation target of 2 to 3 percent, and the latest figures this week showed that inflation is running well below that level, and the softest inflation result in 17 years.</div>
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<div>On Friday the RBA released its Financial Aggregates figures for the month of June which showed total credit growth slowing.</div>
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<div>Investor credit growth - denoted by the red line below - has more than halved to an annual pace of just 5 percent now, while personal credit growth remains weak, and business credit went backwards in the month. </div>
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 <div>All up annual credit growth slowed to 6.2 percent, with broad money growth a little slower at 6 percent.</div>
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 Business...as usual <div>Unfortunately business credit growth printed negative in June, taking the annual result back to 6.6 percent, a disappointing reading which might point towards a cut in interest rates. </div>
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 Banks and housing <div> </div>
<div>While growth in term deposits remains understandably weak, other deposits with banks continue to surge at a very strong double digit pace. </div>
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<img src="/images/2016/08/01/RBA3.jpg" alt=""> <div>In the housing market investor credit growth slowed to 5 percent, now tracking at just half the arbitrary "speed limit" imposed by APRA. </div>
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<div>Naturally banks and lenders have been pushing owner-occupier loans, but even here growth slow by a tiny fraction from 7.73 to 7.72 percent, having notched a 70-month high in May. </div>
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 <div>Total housing credit growth of 6.7 percent is now well below the 7.5 percent rate hit in November last year, which will provide some comfort that macro-prudential measures are doing what they were designed to do.</div>
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<div>The wrap</div>
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<div>Overall, while nobody seems quite so sure any more what the split of credit relates to, total credit of $2.57 trillion is now growing at a slower pace of 6.2 percent, down from 6.7 percent in October last year. </div>
 <div class="separator"><a href="/images/2016/08/01/RBA6.jpg" target="_blank">Click to enlarge</a></div>
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 <div>Another factor in this week's interest rate decision was that US real GDP printed at an annual pace of just 1.2 percent in Q2 2016, meaning that the US Federal Reserve won't be hiking rates soon. The Aussie dollar jumped to 76 US cents, and will probably jump higher again if interest rates are not cut on Tuesday. Bookies and financial markets are leaning towards an interest rate cut in Tuesday to a record low of 1.50 percent. </div>
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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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Brace for record low rates: Pete Wargent

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Choices abound for investors or owner occupiers looking to use their ‘lazy $500,000’ in property in Queensland’s Whitsundays.
Property valuation firm Herron Todd White analyse the choices in their July 2016 residential market report: 
“You can purchase land and build your new home or you can purchase a modern dwelling that has four-bedrooms and two-bathrooms with a double garage.”
“You can even throw in a shed or a pool in the suburbs of Jubilee Pocket or Cannonvale.
“You can buy a renovator’s delight in Airlie with no views within walking distance of the heart of Airlie. 
“If views are more your thing, you can purchase a 1990s high set with ocean and distant island views in Cannonvale and also Jubilee Pocket. 
“You can move out to the country with the little rural residential areas just on the outskirts and get yourself a 1990 to 2000 dwelling on one to two hectares. 
“How about purchasing yourself a modern unit with ocean and island views and use as a permanent or holiday rental?”
The middle level for the Whitsundays is $550,000, with entry level upgraders along with out of town investors. There is an 8% to 10% gross return on investments. 
Investors again are spoilt for choice depending on their investment requirements: 
• Dwellings with a view or land for capital growth 
• A new dwelling which will benefit from full depreciation and tax benefits. 
The Whitsundays has remained stable over the past year. 
Propery Observer found a recent sale at <a href="https://www.realestate.com.au/property-house-qld-jubilee+pocket-122360038">13 Wahoo Court, Jubilee Pocket, Qld 4802</a>. This four-bedroom house sold for $420,000.
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Whitsundays offers wide property choices for a lazy ‘half-a-million’: HTW

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Property markets in Queensland’s Rockhampton and surrounding areas have softened over the past 12 months and possibly present some of the best opportunities in years, say valuation firm Herron Todd White in their July 2016 residential market report which takes a look at properties in the sub-$500,000 range.
“While not the best news for potential sellers, owner occupiers and investors will get more bang for their buck than ever. As always though, buyer beware!” say HTW.
An investor looking to park $500,000 in Rockhampton would be weighing up a modern (say five to 10 year old) four-bedroom, two-bathroom home in the northern suburb of Norman Gardens which would fetch a rental between $450 and $500 per week against an older three- or four-bedroom Queenslander, gable style home on the Range on the southside. Both styles of home would appeal to owner-occupiers and investors alike and are desirable suburbs providing good amenity and proximity to schools and the CBD. Investors would be looking at a gross yield of 4.5 percent to 5 percent. 
There are plenty of options in the early $300,000s up to $400,000 in the suburbs of Berserker and Kawana in north Rockhampton where you will find some well-presented three- and four-bedroom homes achieving yields of 4 percent to 5 percent. 
“Doing your research is key in these areas. Vacancy rates have been on the increase over the past 12 months. While still 5.5 percent to 5.7 percent, this is a steady increase from the lows seen in the golden years of the mining and gas boom.” 
Potential buyers should be wary of outer areas of Rockhampton such as Gracemere and Mount Morgan where supply has well and truly exceeded demand. Vacancy rates have been on the rise over the past 12 months and are now sitting at around 8.5 percent. The number of days on the market has also increased significantly. 
The Palaszczuk government’s announcement to increase the First Home Owner’s Grant from $15,000 to $20,000 for newly constructed homes (valued less than $750,000) for the next 12 months is likely to result in some increase in construction activity in the area and will provide a lifeline for some of our struggling tradesmen. However, it also has the potential to detrimentally impact vacancy rates with increased stock in the long term. 
Capital growth is unlikely in the short to medium term in the Rockhampton region. Despite record low interest rates there is still a lot of uncertainty in the camp particularly around job security. It appears there is little joy on the horizon to drive the market in any forward direction. We anticipate rents will remain at. There is likely to be a lot of fence sitting as punters wait for the dust to settle from the outcome of the federal election. 
As an illustration of the property market under $500,000, Property Observer found a two-bedroom apartment at <a href="https://www.realestate.com.au/property-apartment-qld-rockhampton+city-121324446" target="_blank">402/6 Victoria Parade, Rockhampton City</a> that sold recently for $443,500.
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Soft Rockhampton property market ripe for buyers in $500,000 range: HTW 

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Echuca in Victoria is the closest settlement on the Murray River to Melbourne, and valuation firm Herron Todd White take a look at properties in the sub-$500,000 in their July 2016 residential market report. 
“The lazy half a million buys a very good standard residence on a standard block in most of Echuca and Moama and those shopping around are even likely to find ancillary improvements such as a pool and sheds depending on how much quality they are prepared to trade off,” says the HTW report.
While the rental market has been a little slow, whether this is seasonal or a consequence of building supply coming on line to cater for tighter rental markets over the past 12 months is hard to tell though the market typically tightens up coming into spring when new people are coming to town and are on the hunt for reasonable accommodation. 
The median price of houses in Echuca is $300,000 while it is $278,000 for units, according to CoreLogic RP Data.
Property Observer looked up recent sales around the median price and found a three-bedroom, two-bathroom house at <a href="https://www.realestate.com.au/property-house-vic-echuca-122854394" target="_blank">7 Illawarra Drive, Echuca, Vic 3564</a> which was bought for $317,000, according to RP Data.
 
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Victoria's Echuca offers good value for money in sub-$500,000 property category: HTW

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The Central Coast region has plenty to offer for both owner-occupiers and investors looking to buy at around the $500,000 mark, say valuation firm Herron Todd White in their July 2016 residential market report, which examines properties under and around half-a-million dollars.
“The northern end of the region probably offers more value for money if a more modern style of home is needed. Think of Blue Haven, Hamlyn Terrace and even the odd property in Woongarrah,” says the HTW report.
These are all close to the M1 Freeway and $500,000 will secure a single level, three- or four-bedroom brick and tile home with double garage on an average size land parcel. 
Similarly close to the freeway is Mardi, in some ways the unsung hero of the region where a similar buy-in will secure a good 3- or 4- bedroom home close to the rail station and a regional level shopping centre. 
The days of cheap buys are almost behind us in the older areas of Budgewoi, Halekulani, Buff Point and San Remo, but $500,000 still buys a lot in these areas and the rental returns work well for the investor. 
Toward the middle section of the region but closer to the water are the suburbs of Bateau Bay, The Entrance and Long Jetty. These locations all offer something different. Only the quick or those on a real estate agent’s database are likely to secure a $500,000 buy in Bateau Bay, but they do come up occasionally. It will probably entail an older dwelling with some work required, but Bateau is one for the astute to be aware of. When looking at The Entrance, a spend of $500,000 gets a two- or three-bedroom unit with at least lake views and often an ocean view. Just be diligent with checking the repairs register though as some of the unit complexes here are at the age where repairs are needed and requests for sinking fund top ups can be hefty at times. Ouch! 
“Killarney Vale and Berkeley Vale are good, solid suburbs with equally good facilities and a good vibe for younger people and families. $500,000 buys are becoming limited, but are still around and it is our recommendation to look here. Expect an older dwelling with 3-bedrooms and room to improve. “
As we move down the coast toward the southern end, buys at around the $500,000 mark become harder. They are still available, but just harder to find and we are reminded of the importance of getting onto the buyer’s database of a few agents to receive information on these properties as early as possible. 
If the famous Terrigal is on the radar, then there will be a little disappointment here if $500,000 is the limit but there are still buys at around this amount - usually an older unit or small unit. Even the price of vacant land is nearing $500,000 in Terrigal, if you can find a vacant parcel that is. 
So to for the fabulous Peninsula locations of Umina Beach, Ettalong Beach, Woy Woy and Booker Bay. 
“In years gone by, almost everyone had old aunts, uncles or grandparents at Umina, but those days are nearly gone as the prices being achieved are getting beyond this and sadly, $500,000 buys are becoming rare.
“Our records show the odd buy at this level, but these are mostly for older villas or houses which are not to be ignored in terms of value, but the point being made here is that the market is limited at around $500,000.”
Best buys for around $500,000 on the southern end of the coast include Narara, Niagara Park and Wyoming. These are good locations which are close to services and schools. With the recent strong market, these areas have come into their own and we are seeing cashed up singles, young families, renovators etc moving in. Investors are also well advised to look carefully at these areas. 
“We don’t see much future infrastructure improvements likely in the immediate area, but the Gosford City Centre is very close by and notwithstanding we are in full federal election mode with a new promise made every day, there is action aplenty here in the short term with or without the election.”
Kariong has for some been the go to area for affordability. It is a gateway suburb which adjoins the freeway to Sydney. Prices in Kariong have jumped and it is becoming harder to secure a sub-$500,000 purchase, but they are still around for those quick enough and again, we recommend getting onto the database of the local real estate agent. Expect to find a reasonably good three-bedroom home or tidy villa for $500,000 which may suit the investor. 
As an example of a recently sold sub-$500,000 property, Property Observer found a four-bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-blue+haven-122982990" target="_blank">71 Kawana Avenue, Blue Haven, NSW 2262</a> which traded hands for $476,000.
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NSW Central Coast has plenty of property options under $500,000: HTW

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The most interesting fact revealed by a St George Bank survey of first-home buyers was buried in the small print of the media statement.
The survey of 1,000 first-home buyers across Australia indicated that 26 percent of respondents said they had to make compromises to buy their first homes. Half of those had to compromise on location while 46 percent had to compromise on price.
I was amazed that only a quarter of FHBs felt they had to make compromises to achieve home ownership. I would have expected it to be close to 100 percent.
When I bought my first home over 30 years ago, I had to make a range of compromises, especially on location and the quality of the house I was buying. But it seems most first-home buyers today don’t feel they had to make concessions on location or price, according to this survey at least.
Media would have us believe that the Great Australian Dream is near dead. Journalists continue to support that notion by quoting the discredited ABS data on borrowers identified as first-home buyers, even though the ABS has issued statements admitting it is under-counting them.
This is because only borrowers with a government grant are identified as first-home buyers and grants are no longer available to first-time buyers of existing homes, which severely reduces the numbers identified as first-home buyers.
The figures also ignore first-time buyers who buy an investment property as a first purchase while continuing to rent their homes – the so-called rentvestors, who are a rising force in Australian real estate.
Other more credible research sources, such as the NAB quarterly Residential Property Survey, indicate that a third of sales of new properties across Australia, and 27% 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 buyers of buyers of established homes who are first-timers aren’t counted in the ABS figures, but media regularly quotes the bureau’s figures as an indication that first-home buyers are priced out of the market.
Housing affordability and home ownership have become so politically charged in Australia that it’s impossible to have a calm and rational debate about it.
Even the so-called research is tainted by political objectives, so that almost nothing published is believable. The annual Demographia report clearly sets out to achieve a pre-determined result – that all of Australia is deemed unaffordable – and achieves this by arbitrarily setting the “median multiple” bar ridiculously low, so that a house costing $305,000 is described as unaffordable to someone earning $100,000 a year.
The recent HILDA report was a biased document which had its headline written before the research was conducted. The reported claim by Professor Roger Wilkins that “a whole generation of adults would never own a home” was over the top and not supported by the evidence in the report. 
We continue to have high home ownership rates by world standards, although they are lower than they were 15 years ago, according to this report. Home ownership rates include almost 70 percent in Western Australia, 68 percent in South Australia and 66 percent in Victoria – although given the political tone of the report and its publicity campaign, I’m don’t feel confident believing any of its figures.
Other reports are tainted by suspect data. The longstanding HIA’s quarterly Affordability Report, which has a long track record of telling it like it is, found affordability (as an average across the nation) improved in the March Quarter but deteriorated in the June Quarter. 
The weakness in this report is that it relies on CoreLogic for its price data, which recorded a significant rebound in Sydney prices in the June Quarter – a result that has been starkly contradicted by figures from other major sources, including Domain and SQM Research.
But, taking the latest Affordability Report at face value, it found there had been a worsening of affordability quarter-on-quarter in some jurisdictions (including Sydney, Melbourne, Brisbane and Adelaide) but improvements in affordability in others (such as Perth, Hobart, Tasmania, regional NSW, regional Victoria, regional South Australia and regional WA).
Taking a longer-term view, affordability is the best it’s been in regional Australia at any time in the past five years. We can say the same thing about many individual areas of the nation (including Western Australia, Tasmania and the Northern Territory), though clearly not about Sydney or Melbourne.
The current affordability level in Sydney and NSW is better than it was five years ago, but not as good as it was four years ago before the Sydney boom got under way. In Victoria, affordability in the March Quarter was the best it’s been in five years, but then it dropped in June Quarter, caused by the reliance on CoreLogic figures, which differ from several other sources.
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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