<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>
East Coast industrial vacancies have risen for the first time in a year, driven by a 6.2 percent increase in Melbourne, although Sydney and Brisbane recorded small declines over the quarter, according to the latest Industrial Vacancy Analysis research report by Knight Frank.
The total industrial vacancy on the East Coast currently sits at 2.19 million square metres, with a 2.3 per cent increase recorded over the past quarter. However, total vacancy fell by 8.3 percent over the past year, with Sydney driving this result, down a staggering 39 per cent over the year to April 2016.
Sydney was the standout market over the past year, recording a two per cent fall in vacancy over the past quarter to 482,820 square metres, said Knight Frank’s Group director of Research &amp; Consulting, Matt Whitby. 
Over the past year, however, vacancies have fallen from a peak of 807,485 square metres in January 2015.
“Sydney has seen a steady upward trend in leasing deal volumes, resulting in above-average stock take up for the past nine consecutive quarters. This is a result of a number of factors, including increased economic activity, particularly in the household goods and construction sectors, and high demand in the Sydney area due to the development of key infrastructure projects. However it is also due to large institutional owners moving tenants among portfolio assets,” he said.
Brisbane recorded a fall in vacancy for the third consecutive quarter, down by nine per cent since the recent peak in mid-2015, taking the total to 636,288 square metres. “Despite the recent improvement, the vacancy remains 51 per cent above the long-term average and tenant demand is still patchy. However, the vacancy level within existing assets should continue to decrease with tenants having the opportunity to upgrade their accommodation at lease end on competitive terms.”
“The Melbourne market continued its recent steady growth in vacancies, with a 6.2 per cent increase recorded over the past quarter to over a million square metres now available (1,074,788 square metres). This increase was dominated by prime stock (up 16 per cent), as secondary vacancy actually fell by two per cent over the quarter,” Whitby said. 
According to Whitby, although the level of vacant industrial space across the Australian East Coast market rose modestly over the past quarter, both prime and secondary vacancy fell over the past year, down by seven percent and nine percent respectively.
“Despite prime stock being highly in demand by industrial occupiers, given it is new and able to be tailored to individual businesses’ needs, the proportion of prime stock available now outweighs secondary stock across the East Coast.
“The key factors are due to current market conditions – cost-conscious occupiers are looking towards secondary stock. In addition, the emergence of new stock on the market has driven up availability.”
According to Whitby, “As at April 2016, the proportion of total vacancies made up of prime stock is now 53 per cent of East Coast industrial vacancies, up from 45 percent two years ago, and 37 percent three years ago.”
Whitby said that the preference in the market for prime space is clear to see, with 59 percent of take-up recorded being within prime accommodation over the 12 months to April 2016. The greatest bias to prime absorption was seen within the Sydney and Brisbane markets where 71 percent and 60 percent respectively of the annual take-up was prime space. In Melbourne, prime space accounted for only 48 per cent of take-up over the 12 months to April 2016.
Knight Frank’s head of Industrial, Greg Russell, said that following a softer pipeline of speculative stock over the past year, the April quarter saw the level of speculative stock available increase by 12 percent across the Australian East Coast market. 
“The interesting statistic this quarter, is that the level of speculative stock under construction has jumped 17 percent over the past quarter and more than doubled over the past year, from 53,500 square metres to 108,000 square metres currently, however, the speculative space completed but remaining vacant fell 31 per cent over the past year to 113,719 square metres.” 
“This has been predominantly driven by an increase in take-up for completed speculative product, coupled with new speculative commencements, as confidence returns in the markets, particularly in Sydney.
“The major institutional developers still have a healthy pipeline for further speculative development, and it will only take a few commitments to really see the speculative construction levels spike later this year and into 2017.”
Russell added that while the level of larger vacant options has been increasing in Melbourne, they have fallen in Sydney and Brisbane. The general trend towards upgrading accommodation by tenants means that prime, larger options will continue to attract solid demand and hence take-up. In Sydney, there are only eight prime opportunities above 10,000 square metres (down from 15 a year ago), while 23 over 10,000 square metres exist in Melbourne (up from 14 options a year ago), and there are 11 prime vacancies above 8,000 square metres in Brisbane (compared to 11 a year ago).
<a href="/images/2016/05/16/Screen%20Shot%202016-05-16%20at%2011.07.43%20AM.png" target="_blank">Click to enlarge</a>
 <img src="/images/2016/05/16/Screen%20Shot%202016-05-16%20at%2011.07.43%20AM.png" alt="" width="690" height="418">
Brisbane
In Brisbane’s industrial sector (3,000 sqm+), total vacant space during the first quarter of 2016 fell by slightly to 636,288 square metres, but was down 6.4 per cent from a year ago (680,151 square metres).
Knight Frank’s joint head of Industrial Queensland, Mark Clifford and Chris Wright said, “The pre-lease market has been quite active and has contributed to the slow reduction in the vacancy levels. A flight to quality is evident and will continue whilst aggressive leasing deals are on offer.
“Pre-committed new construction is expected to provide further backfill vacant space over the course of 2016 with Beaumont Tiles, Couriers Please, Lindsay Bros Transport and OI all expected to make significant relocations during the year.
“We believe a series of imminent commitments will provide a solid boost to the leasing market. Tenants 6,000 square metres plus with a sufficient lead time will continue to be attracted to new construction as the low yield environment for long WALE assets supports construction at relatively lower rental levels."
Sydney
In Sydney’s industrial sector (5,000 sqm+), solid leasing activity has underpinned a decline in total vacant space, reducing 1.9 per cent during the first quarter of 2016 to 482,820 sqm.
Tim Armstrong, head of Industrial, NSW said, “Sydney’s industrial vacancies are now at a series low, which was the result of above average gross take up which measured 190,337m² over the past quarter, 35 per cent above the series average.
“Recent leasing demand has been primarily driven by 3PL groups as businesses continue to outsource logistic functions; however, there have been increased enquiry levels from pharmaceutical/medical operators in recent months.”
In terms of location, the Outer West continues to underpin leasing demand, accounting for 44 per cent of gross take-up over the first quarter of 2016 as four 10,000 sqm+ options were leased. However, a number of large backfill leasing options are starting to come back onto the market including the DHL backfill space at 227 Walters Road, Arndell Park which will partly offset above average leasing demand.
“While a number of speculative developments have been added to vacant stock levels over the past quarter, the reality is they aren’t remaining vacant for too long. In the first quarter of 2016, 25,442 sqm of under construction speculative stock was leased, highlighting the drive for operational efficiencies and demand for modern stock. Currently, unleased speculative stock measures 59,602 sqm, all of which is under construction with no vacant completed speculative stock available," said Armstrong.
“The generally positive outlook for the NSW economy is expected to see a continuation of solid leasing activity, particularly as there are a number of large briefs in the market which should crystallise into gross absorption throughout 2016,” said Armstrong.
<a href="/images/2016/05/16/Screen%20Shot%202016-05-16%20at%2011.10.18%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/05/16/Screen%20Shot%202016-05-16%20at%2011.10.18%20AM.png" alt="" width="720" height="481">
Melbourne
Knight Frank’s senior director, head of Industrial Victoria, Gab Pascuzzi, said the impact of the upcoming closure of the automotive manufacturing and supply industry will start to come into fruition at the end of 2016. “To date this has had minimal impact on the industrial market, however we anticipate this will put increased pressure on vacancy rates across traditional industrial locations in 2017; predominantly across lower-grade secondary stock.
“Over the past 12 months, we have seen an increase in pre-commitment activity across Melbourne. Given the shortage of prime existing options in the market combined with increased tenant demand, we anticipate prime backfill space from the likes of Target and The Reject shop coming to the market later this year will be will be absorbed quickly.”
According to Pascuzzi, “The south-east region recorded the highest level of leasing activity since Q1 2010, totalling 70,995 square metres. However, we are seeing pressure in the market with a lack of large existing options notably in the West, with just two vacant stock options above 20,000 square metres.”
<a href="/images/2016/05/16/Screen%20Shot%202016-05-16%20at%2011.12.47%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/05/16/Screen%20Shot%202016-05-16%20at%2011.12.47%20AM.png" alt="" width="760" height="504">
Perth
In Perth’s industrial sector (2,000sqm+), vacant industrial space in Perth increased by 16 per cent over the past quarter to 647,746 square metres, a series high.
Knight Frank’s senior director, head of Industrial WA, Jarrad Grierson, said Perth’s industrial market continued to be affected by the slowdown in the resources sector and relatively low market confidence with escalating levels of vacant space in the market.
“The Perth industrial market has a high correlation with the resources sector where companies are currently sitting idle or downsizing, triggering downward pressure on rental rates. Some businesses are taking advantage of the softer market conditions and looking to upgrade into better quality accommodation in a better location.
“Vacancy in secondary-grade buildings increased by 22 per cent over the past quarter and almost doubled over the past year and now accounts for 76 per cent of total stock. This is in stark contrast to the prime market, where vacancy was unchanged over the past quarter and actually fell by 24 per cent over the year.
“There continues to be a demand for sublease space in the market as these properties offer competitive rents and incentives in order to replace tenants. Activity in the market is also evident from pre-leasing activity that has occurred in the last 12-24 months.
“The market had 200,000 square metres of newly developed pre-lease space come on line, including a 42,000 square metres warehouse pre-leased to K-Mart in Jandakot in February. Moving forward this will continue to impact the level of backfill space once occupiers relocate into new industrial space,” concluded Grierson. 
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East Coast industrial vacancies rise for the first time in a year: Knight Frank

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GUEST OBSERVER
The NSW case of Spuds Surf Chatswood Pty Ltd v PT Ltd <a name="x__ftnref1" href="https://outlook.office.com/owa/projection.aspx#x__ftn1" title=""></a>has considered whether a tenant can claim damages or rent relief when a shopping centre landlord has interfered with the tenant’s trade from its premises. 
The case considers principles which are relevant to landlords and tenants of shopping centres in both NSW and the ACT.   What happened? 
Spuds Surf Chatswood Pty Ltd (‘Spuds’) leased three shops in a prime area of Westfield Shoppingtown Chatswood, Sydney from PT Ltd (‘the Landlord’). Spuds, who had leased shops 415 and 416 since 1999, took a new lease of shops 415 and 416 as well as shop 417 (‘the Premises’) in July 2002 (‘the Lease’).   At the time of entering into the Lease, Spuds raised concerns about the sightlines to the Premises being obstructed by kiosks and requested a clause protecting its interests be included in the Lease. The Landlord did not agree to this request.   Between November 2002 and February 2005, the Landlord entered into leases of three new kiosks which were positioned in the walkway in front of the Premises. For each of the kiosks, the Landlord approved signage which exceeded the maximum height restrictions imposed by the fitout guidelines for the centre. Spuds conveyed to the Landlord its concerns about the contravention of the guidelines and the affect that would have on the sightlines to the Premises. 
However, the Landlord refused to grant rent relief. In January 2005, the Landlord amended the fitout guidelines for the centre so that, from the date of amendment, the signage for each of the kiosks became compliant with the amended guidelines. Spuds’ sales revenue declined and consequently it took action against the Landlord. The Landlord also took action against Spuds for rent arrears.   Unconscionable conduct 
Under the relevant leasing legislation in NSW and the ACT a party to a lease must not engage in unconscionable conduct.<a name="x__ftnref2" href="https://outlook.office.com/owa/projection.aspx#x__ftn2" title=""></a> In the initial decision between Spuds and the Landlord, <a name="x__ftnref3" href="https://outlook.office.com/owa/projection.aspx#x__ftn3" title=""></a>it was held that the Landlord had engaged in unconscionable conduct by: 
<ul>
<li>approving kiosk signage that exceeded the height restrictions imposed by the fitout guidelines </li>
<li>failing to notify Spuds of approval and installation of the non-compliant signage </li>
<li>using unfair tactics by relying on the greatly liberalised version of the guidelines amended in January 2005 to ensure artificial compliance with the height restrictions and </li>
<li>utilising the Landlord’s superior bargaining position to block any attempt by Spuds to obtain acknowledgement of the Landlord’s error and its true impact on Spuds.  </li>
</ul>
The Landlord’s conduct was described by the court as highly unethical and had a sufficient degree of moral tainting for the court to find that the Landlord had engaged in unconscionable conduct. <a name="x__ftnref4" href="https://outlook.office.com/owa/projection.aspx#x__ftn4" title=""></a>   Was the tenant entitled to damages? 
The question to be decided in the most recent case was whether Spuds was entitled to damages for loss of profits and lost value of business due to the Landlord’s unconscionable conduct.   The court found that Spuds failed to show that the Landlord’s unconscionable conduct had an immediate and continuing impact on the revenue generated at the Premises. The court noted that Spuds’ sales revenue did not begin to decline until a substantial time after the erection of each the kiosks. Further, evidence suggested that other factors may have contributed to a decline in Spuds profits. Accordingly, Spuds was not entitled to damages.   However, the court noted that damages were not the only remedy available to Spuds. It also considered equitable remedies and found that Spuds was entitled to rent relief as the Landlord had been enriched, at the expense of Spuds, by its unconscionable conduct. Although this was a win for Spuds, the rent relief granted by the court was less than the rent arrears.   What are the implications? 
Landlords 
When landlords of shopping centres are erecting kiosks or other similar free standing mall tenancies they should keep in mind that it may be considered unconscionable conduct if they approve signage or other components of the kiosk which are not in compliance with fitout guidelines and which may obstruct the sightlines of other tenants.   Tenants 
Tenants considering whether to pursue a landlord for damages for unconscionable conduct should be aware that, in order to receive an award for damages, a tenant must be able to show the conduct had an immediate and continuing impact on the tenant’s business. A general decrease in profits over time is not enough to establish a claim for damages, especially if there are other factors to consider.   What should landlords do?
It is best practice to ensure that all approvals are given in accordance with fitout guidelines. It is not sufficient for a landlord to subsequently amend its fitout guidelines in an attempt to avoid a complaint by another tenant. However, there may be other options available to a landlord. For example, the court suggested that if the Landlord had granted Spuds rent relief, then the court may not have found that the Landlord engaged in unconscionable conduct. 
Landlords should consider offering new signage or other promotional activities to an existing tenant who may be impacted by a new kiosk, in order to minimise the effect of the new kiosk on that tenant’s business. 
<div>
<div id="x_ftn4">Christine Murray is Partner, Meyer Vandenberg Lawyers and can be contacted <a href="mailto:Christine.Murray@MVLawyers.com.au" target="_blank">here</a>.</div>
<div>
 Jennifer Jaeschke is Senior Lawyer and can be contacted <a href="mailto:Jennifer.Jaeschke@MVLawyers.com.au" target="_blank">here</a>.</div>
</div>
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Rent relief and shopping centre landlords: Meyer Vandenberg

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Industrial property transactions are rising in Perth, going by a number of off-market deals in warehouse properties in the city’s industrial locations, according to Savills.
A recent transaction involved the off-market sale of a warehouse/office property in Kewdale for $8.5 million, brokered by James Condon and Matthew Hopkins of Savills.
The property at 172 Kewdale Rd comprises a 4,000sq m warehouse plus 660sqm of office on a 12,148sqm site.
It was purchased by an owner-occupier, with existing tenant Tytec Pty Ltd vacating mid-2017.
“After a decade of Perth’s core industrial properties being tightly held, the market is now seeing prime core properties being unlocked with owner-occupiers and investors back in the market looking for opportunities,” Condon said.
“Savills has seen recent examples of this totalling over $40 million worth of industrial properties being sold in the first quarter of 2016. The low interest rate environment being well below investment yields has seen the owner-occupiers actively looking for opportunities in Perth core industrial market.”
Savills' latest Perth Industrial research briefing for Q1 shows a total of $715 million worth of industrial property transactions in Perth in the 12 months to March 2016, up from $437 million in the previous year. The reported volume and value of Perth industrial property transactions, above $20 million, is the highest in a decade, according to Savills research.
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Off-market industrial sales picking up in Perth: Savills

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Beaumont Tiles has opened a 13,000 sqm tile distribution centre at Rochedale in Brisbane’s south.
Beaumont has a 19-year lease on the Goodman’s Rochedale Motorway Estate (1 Brickworks Place), an industrial precinct. The facility is 60 percent larger than Beaumont's sites at Archerfield. The new facilities allow the retailer to run 16 hours a day.
The state-of-the-art 13,287 sqm head office and warehouse employs 75 people and will service Beaumont’s network of 28 stores in Queensland and stores and customers in northern NSW, said a media release.
The Rochdale opening is part of a $20 million dollar investment into Queensland by Beaumont. The retailer also recently launched its new 730 sqm design studio in Montpelier Road, Fortitude Valley.
Beaumont Tiles managing director Bob Beaumont said the company had increased its national footprint by 25 percent in Queensland in the last five years and he expected turnover to increase to $100 million a year from $60 million in five years.
“We’ve designed the facility to suit our unique needs for stock holding and to vastly improve our heavy-vehicle and customer traffic management. This means customers can get what they want, when they want it and we can maintain market leading price points,” Beaumont said.
The Rochedale centre takes Beaumont's national distribution centre holdings to 50,000 sqm across Sydney, Melbourne, Brisbane and Adelaide with the same footprint again in its 106-store network.
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Beaumont Tiles opens new distribution centre in Brisbane

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A fully refurbished Frankston aged-care facility has recently sold for $5.05 million, as buyers actively target this sector to meet the needs of Australia’s ageing population.
The 45-bed facility at 382-384 Nepean Highway was offered to the market with vacant possession through an expressions of interest campaign. It has a landholding of 3,759 sqm.
CBRE’s Josh Twelftree, Scott Orchard and Josh Rutman negotiated the sale.
Twelftree said the property was snapped up by an owner occupier. 
“The opportunity to acquire an aged care asset was a key selling factor, with investors gaining confidence in the sector due to the projected future growth of Australia's elderly population – with individuals over 65 years predicted to increase from 2.5 million in 2002 to 4.2 million in 2021,” said Twelftree.
Australia currently has about 2,800 residential aged care facilities providing care to more than 160,000 elderly people. Over the next 10 years, the number of residents is projected to reach more than 250,000.
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Aged-care facility in Melbourne's Frankston fetches $5.05 million

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A heritage building in Melbourne's Oakleigh has sold for $1.5 million to a local investor in a deal brokered by CBRE.
Located at 1527 Dandenong Road, the 369 sqm corner property was originally occupied by ES&amp;A Bank, built during the inter-war period.
The building’s red-brick façade and original bank vault was impacted with a heritage overlay, affecting the development potential of the corner site.
The sale price represented a land rate of $4,065 per sqm. The property is zoned commercial 1. 
The selling agents were CBRE’s Ed Wright, Sandro Peluso and Chao Zhang. 
“Despite the site’s development restrictions given the heritage building and lack of permits, the campaign still received strong interest due to the current investor confidence in the Melbourne market,” said Zhang.
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Heritage building in Melbourne's Oakleigh sells for $1.5 million

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After we find a development site for our client, one of the most important processes is to negotiate not only the purchase price, but the terms of the purchase.
Terms are the conditions you want to use when purchasing the property - and using terms can help put you in a powerful negotiating position.
As a property developer, one of the first terms we always negotiate is an extended settlement. Property Bloom wants to ‘buy’ as much time as possible to get as much done before our client settles on the land. Once settlement takes place holding costs come into play in the way of interest payments on their loan. 
We will often achieve a twelve week settlement and permission from the vendor to lodge a DA during the settlement period.  So after exchange, we swing into action and order a contour survey, within a few days this is with our builder and they are working on plans and the Development Application (DA) preparation. We can have a DA lodged with council within a few weeks of exchange and then we manage council as best we can to try and have the DA Consent before or as our client is settling on the land.
Another key term is a low deposit, for the very same reason as a long settlement, to minimize holding costs.  Most sales contracts will ask for a ten percent deposit, we have been able to achieve a five thousand or even a one thousand dollar deposit.
 A quick calculation based on purchasing a development site say at $250,000 and paying a ten percent deposit or $25,000 will cost $146 a month in interest over a three month settlement period based on 5.5% interest rate. Yet a $1,000 deposit over the same period and interest rate will cost just $4.58 a month so we can save about $424 over the settlement period – every little bit helps. You can also save on stamp duty if you apply for the NSW Government New Home Grant which offers a $5,000 to offset stamp duty if buying land to build on or a brand new or off the plan property, check it out:  <a href="https://www.osr.nsw.gov.au/grants/nhg/about">https://www.osr.nsw.gov.au/grants/nhg/about</a>
Another term Property Bloom usually throws into the negotiation process is to waive the Cooling Off period. When you buy a residential property in NSW, there is a 5 business-day cooling-off period after you exchange contracts. During this period, you may get out of the contract as long as you give a written notice. A cooling-off period does not apply if you buy a property at auction or exchange contracts on the same day as the auction after it is passed in.
However, you can waive the cooling-off period by giving the vendor a ‘66W certificate’. This is a certificate that meets the requirements of section 66W of the Conveyancing Act 1919. The certificate needs to be signed by your solicitor or conveyancer. It is also possible to reduce or extend the cooling-off period by written agreement with the vendor. 
By the time our client is ready to exchange, we have done all our checks and research and our client has an unconditional loan approval, so there is really is no reason to ‘cool off’ as our client has committed to the project weeks before. To waive the cooling off period adds weight to your offer and gives the vendor piece of mind that there won’t be a last minute change of heart.
We will always make offers subject to pest and building inspections (if there is a house on the land) and to conditional loan approval (which our clients have up to a level even before we make an offer).
Another term we may use is to release the deposit to the vendor once exchange has taken place. We usually save this one as a final tool to leverage the sale depending on the vendor’s situation. We will gauge this from the selling agent.
You can also offer the vendor two or three different purchase prices at the same time - each with different terms.  We may offer a higher price but with a longer settlement period and ask for access to the property during the settlement period to start renovations.  We’ll include a lower offer but with a fast settlement – as long as we are sure that our client does have fast access to finance. This gives the vendor options or choices which empowers them. 
The vendor may not quite be ready to move out of their home so you can offer them a rent free period or reduced market rent to sweeten the deal.
Maybe there is a lot of rubbish lying around the property and if your plan is to renovate or demolish the house, you can tell them that you’ll remove the rubbish at your cost, anything like this that makes their life easier and the sale process quicker will help you so be creative and think about how you can meet the needs of the vendor.
After the offer is accepted then you can also negotiate on the terms in the Contract of Sale. Many of the terms in the sales contract will be standard, which means that they’ve been in use for a long time and are fair to both seller and buyer. Your solicitor will check the clauses of the contract to make sure they do suit you and if not, they will ask for changes to be made.
In order to cut the best deal on your property purchase, be creative with your terms and if you show sympathy to the vendor then this may give you the edge over other buyers.  
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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Turn up the terms: Jo Chivers

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A Sunshine West childcare centre is on the market with expectations in the mid-$3 million range as demand from investors for the secure lease profiles on offer in the sector is seeing yields tighten.
The 2 David Drive property comprises a purpose-built centre, with a 703 square metre building licensed for 93 places.
The 2,216 square metre site is leased to ASX-listed operator G8 Education and includes outdoor playing areas. 
G8 Education Limited is a national operator with more than 450 child care centres. It has a 10-year lease expiring November 2018 with two five-year options at $198,061 per annum. 
According to marketing agents, Savills’ Julian Heatherich and James Lockwood, the property will test the market in a strong education precinct comprising eight primary schools and five secondary schools.
Lockwood said the sheer number of investors clamouring for a piece of the childcare centre action had seen yields fall continuously over the last 18 months, with yields in Melbourne now as low as 3.89 per cent.
"What has worked so well for childcare centres, apart from the obvious growth industry aspect, are the secure lease profiles, usually to national operators, and the prime, main street, locations,’’ Lockwood said.
 
 
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Childcare centre in Melbourne's Sunshine West on the market

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Auction activity has eased slightly this week, with 1,824 capital city auctions held, down from 2,230 last week and also lower relative to the same week last year when 2,232 residential homes were taken to auction.
The preliminary clearance rate across the combined capital cities strengthened slightly this week, from 67.7 percent the previous week to 68.9 percent. One year ago, along with the higher volume of auctions, the clearance rate was also stronger at 77.5 percent.
<a href="/images/2016/05/16/20160516-Capital-city-1.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/05/16/20160516-Capital-city-1.png" alt="">
After Melbourne was host to 1,404 auctions over the final week in April, and 1,150 last week, the number of Melbourne auctions this week has fallen to 859. The clearance rate, on the other hand, has remained relatively steady, with preliminary results showing 70.6 per cent of Melbourne auctions clearing this week, compared to 73.2 per cent last week. At the same time last year, 78.3 per cent of Melbourne auctions were successful. The busiest Melbourne sub-region this week was the Inner region, with 160 auctions and a preliminary clearance rate of 76.3 per cent. In terms of clearance rates, the most successful sub-region this week was the West region (80.3 per cent).
<a href="/images/2016/05/16/Screen%20Shot%202016-05-16%20at%2011.38.34%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/05/16/Screen%20Shot%202016-05-16%20at%2011.38.34%20AM.png" alt="">
Preliminary results for Sydney show a 75.6 percent clearance rate across 517 results this week. Over the week there were 614 Sydney homes taken to auction, down from 676 last week and significantly lower relative to last year (885). Sydney’s clearance rate last week was lower in comparison, at 71.8 per cent, while one year ago it was 85.0 percent. Across the individual regions of Sydney there was some varied performance this week with clearance rates ranging from as high as 93.1 percent in Ryde and as low as 26.3 percent in the Outer South West region where just 22 auctions were held.
<a href="/images/2016/05/16/Screen%20Shot%202016-05-16%20at%2011.34.02%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/05/16/Screen%20Shot%202016-05-16%20at%2011.34.02%20AM.png" alt="">
Brisbane had 153 auctions last week, down from 195 the previous week, which was the busiest for the city in seven weeks. The preliminary clearance rate rose to 51.2 per cent from 41.2 percent the previous week, while last year half of the 136 homes taken to auction were sold. Across the Gold Coast, 34 results have been reported so far with a preliminary clearance of 41.2 per cent.
<a href="/images/2016/05/16/20160516-Brisbane.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/05/16/20160516-Brisbane.png" alt="">
The preliminary clearance rate for Adelaide this week is 67.9 per cent, up from 59.8 per cent last week and also higher than one year ago (63.8 per cent). Despite the fall in auction activity on an aggregate level, there were more auctions in Adelaide this week (100) compared with last week (94). One year ago, 106 Adelaide auctions were held.
<a href="/images/2016/05/16/20160516-Adelaide.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/05/16/20160516-Adelaide.png" alt="">
Across Perth, 41 auctions were held this week with 20.0 per cent selling, based on the 15 reported results. Last week showed 23.5 per cent of auctions were sold and 41.9 per cent last year, noting that the cities clearance rate tends to move around a fair bit on a week-on-week basis.
Canberra’s preliminary clearance rate was 58.6 this week, compared to 54.3 per cent last week and 70.3 per cent at the same time last year.  Auction volumes were relatively steady over the week, at 49 compared to 50 over the previous week.
In Tasmania 8 auctions were held over the week and of the 7 reported results, 2 sales have been recorded. 
 
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Preliminary clearance rate edges higher, to 68.9 percent from 67.7 percent last week: CoreLogic RP Data's Shana Miller

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The retail component of the Aqua development in Sydney's Bondi Junction is for sale by public expressions of interest closing June 10.
Real estate developer Qualitas has appointed Cushman &amp; Wakefield to sell the 241 – 245 Oxford Street property.
The residential component of the development included 129 units that were released in May 2014 and were sold within four hours.
The retail investment opportunity will be sold 100% leased with a Weighted Average Lease Expiry (WALE) by income of over nine years. The development is due for completion by September 2016.
“An investment opportunity in the tightly held Bondi Junction retail market is unique, particularly in a location adjacent to one of the strongest performing Westfield Shopping Centres in Australia. As a result, we expect strong interest from local high net worth private investors as well as offshore purchasers," said Cushman &amp; Wakefield’s senior director of Retail Investments, Sashi Makkapati.
Makkapati and Cushman &amp; Wakefield’s Billy Dent are handling the marketing of the property.
Qualitas has agreed leasing terms with Neil Perry’s Burger Project and Damat &amp; Tween, a European fashion label that will be open their flagship Sydney store.
 
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