<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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In the latest run of retail sales in regional Queensland, Gympie’s Southside Town Centre neighbourhood shopping centre has sold for $28.3 million.
Unlisted public company AHC Ltd sold the centre to a private investor on a passing yield of 6.53%.
Southside Town Centre is positioned on a two-hectare site at 1 Woolgar Road at Southside, about two kilometres from Gympie CBD.
The shopping centre, which opened in December 2011, is anchored by Woolworths spread over 3,102 square metres and supported by a discount variety store and 12 specialty tenants including a medical centre and pharmacy.
The site also includes a freestanding Caltex Service Station and Star-Mart, with prospects for a future fast food outlet on an adjacent undeveloped pad site.
The property is underpinned by a 20-year lease to Woolworths until 2031, and over 50 percent of the total rental income is from Woolworths and Caltex.
There is parking for 343 vehicles.
The property was marketed by Peter and Jon Tyson of Savills via an expressions of interest campaign that attracted over 150 buyer enquiries. 
Shopping centre investments, supported by major anchor supermarket tenants, in regional locations are in demand as investors look beyond the suburban Brisbane market for both opportunities and yield, said Peter Tyson.
“The sale of the Southside Town Centre continues this trend and highlights the growing demand for well-established and strongly performing retail assets in regional centres such as Gympie,” he said.
Savills recently sold the Banora Central Shopping Centre, south of the Gold Coast, for $19 million to a private investor at a passing yield of approximately 6.49%.
The 13,340sq m site on the corner of Leisure Drive and Fraser Drive at Banora Point, was built in 2007 and features a Coles supermarket, three specialty shops, one kiosk and two ATMs and extensive partly covered grade-level parking. 
Jon Tyson of Savills said with only four specialty tenants, the asset offered strong income security and little or no leasing risk.
"This feature, coupled with a low management requirement, was of particular appeal to investors," he said.
"It was this income security and ease of management that set the centre apart from other assets."
 
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j.ballantyne1990-6AQqhLzZaK

Savills sell Queensland's Gympie shopping centre for $28.3 million

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Turkish investment trust Nurol REIT has chosen Raine &amp; Horne Dubai as its lead agency to market an extensive AED 3 billion (AUD $1.12 billion) Turkish real estate portfolio to Gulf Cooperation Council (GCC) states.
Nurol REIT is a US$25 billion (A$34.76 billion) business conglomerate, and is significantly involved in Dubai’s Jumeirah Park and Jumeirah Village Triangle, and Saadiyat Island in Abu Dhabi.
The property portfolio, located in Istanbul, Turkey, includes Nurol Life, a luxury residential apartment tower in the heart of the city and a mixed-use community Nurol Park close to Ataturk Airport.
Nurol Park is classified as prime Istanbul real estate and comprises two commercial buildings, eight residential towers and a hotel.
The third asset, Nurol Tower, is located next to Istanbul Court and comprises affordable residential and office properties. 
“The decision to appoint Raine &amp; Horne Dubai as the lead agency makes plenty of sense, as a large chunk of Turkish real estate sold to foreign buyers is purchased by GCC investors,” said Angus Raine, executive chairman, Raine &amp; Horne.
Since the liberalisation of the foreign investment laws in Turkey in 2012, GCC investment in the country's property sector has risen by 500%, while the Gulf states account for nearly a quarter of the foreign buyers, at 24%, according to Dubai-based property research firm, REIDIN.
“High capital growth and great investment propositions, combined with a raft of important future infrastructure projects and secure legislation and regulation, means Turkey is a key market for property investors, and our buyers in the Gulf are demonstrating their confidence in Istanbul's healthy property market," said Sanjay Chimnani, Joint Managing Director of Raine &amp; Horne Dubai.
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Raine & Horne to market Turkish property portfolio to GCC

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The NSW government is selling eight properties in Sydney and major regional cities through Burgess Rawson auction on December 8.
All are on long leases of 5 plus 5 plus years with the tenant paying all outgoings.
The rental increase is a fixed 3%.
Net incomes range from $23,445 per annum to $335,760 per annum.
The properties are at Bathurst (Robin Hill), Cessnock, Deniliquin, Grafton, Mittagong (Welby), Penrith, Unanderra (Wollongong) and Tweed Heads.
Service NSW, and the remnants of the RTA are the typical tenants.
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NSW government selling eight properties through Burgess Rawson auction

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Two adjacent properties in Melbourne's Hawthorn East, placed on the market together, fetched $1,770,000 at auction, equating to more than $4,600 per square metre.
The properties at <a href="https://www.realcommercial.com.au/property-land+development-vic-hawthorn+east-501745514" target="_blank">5 &amp; 7 Redfern Road</a> comprise a total site area of 384.2 square metres, creating a larger site for future development.
The buyer, a local developer, intends to develop the site into a boutique residential apartment project, subject to planning approval. The site is zoned Commercial 1.
The property, which features two titles and a rear 6.4 metre wide carriageway access, is close to shopping areas, cafes and railway station.
Ian Angelico and Jarrod Moran of CVA Property Consultants sold the property along with the Melbourne Commercial Group.
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Melbourne's Hawthorn East site fetches $1.77 million at auction

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Australian companies could increase their workforce potential by utilising their real estate assets, says a JLL report.
The report, Australian CRE (Corporate Real Estate) Survey – Getting the Strategy Right, identifies opportunities for real estate teams working in corporate Australia to shift their focus from real estate metrics to business performance goals.
“It is being recognised that a big factor of business success is the workplace, which contributes to talent attraction and retention and productivity," said Tony Wyllie, JLL’s Australian head of corporate solutions integrated portfolio services.
“Our latest JLL survey has found that when it comes to the expectations that are placed on internal teams managing real estate in corporate companies, they continue to walk a tightrope between delivering cost savings for the business and creating value from real estate assets owned by the company.
“There’s a real opportunity for these real estate teams to shift the conversation from cost to business strategy, focusing on outcomes like productivity that will create real value for the organisation,” he said.
The survey found that 88% of respondents reported productivity gains are still behind achieved predominantly by cost savings, but workplace improvements also rated highly in the survey, with 72% of respondents saying productivity gains had been made this way.
JLL’s third report on Global Corporate Real Estate Trends tracks insights from 544 CRE executives in 36 countries. The report shares the views of real estate teams operating in corporate Australia.
The major shifts in CRE sentiment since the last JLL global survey in 2012 are:
<ul>
<li>The CRE mandate is stronger than 3 years ago – 26% rated it much stronger and 40% said it was stronger</li>
<li>
Over the past 2 years, the majority of CRE (56%) say that their strategy has been more cost driven compared with 42% who say it has been more value driven
</li>
<li>77% of respondents said that over the past 2 years, productivity had become a more important goal for the CRE team.</li>
</ul>
The last three biennial global surveys conducted since 2010 indicate a clear focus on cost for corporate real estate teams at the expense of allowing these teams to create value beyond just financial savings.
“Internal real estate teams need to move from being a technical specialist to being a trusted advisor," Wyllie said.
“For corporate real estate teams to elevate their role away from just a cost focus, they need to expose what they have traditionally held as their organisation’s ‘strategically sensitive’ functions around portfolio strategy to service providers and shift their own focus on the pinnacle levels of strategy such as stakeholder management and integration with the key supporting business functions of HR, IT and finance.
“The results from JLL’s latest survey show that the demands from the C-suite (CEO’s, COO’s, CFO’s) are growing, not slowing.
“Since the GFC, companies have been honing in on what is typically either their second or third largest cost base – their real estate or office footprint.
“Not only has the C-suite continued to demand cost savings from real estate but their expectation is for corporate real estate teams to deliver on both the value and cost side of the real estate equation.
“That’s why corporate real estate teams are still walking a tightrope,” said Wyllie.
The report identifies opportunities for corporate real estate teams to shift their focus and increase their visibility in managing a company’s real estate assets. The survey found the CRE mandate to do this was stronger than 3 years ago – 26% said it was ‘much stronger’ and 40% said it was ‘stronger’.
“While the survey showed that the majority of CRE executives believe they can elevate their function through delivering cost savings (35%) and have spent the past two years with a strategy focused on cost savings, this succeeds in garnering support from the business, but leaves a lot of value on the table that companies could be using to maximise the performance of the business,” said Wyllie.
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JLL survey suggests real estate teams in Australian companies should shift focus to business strategy 

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A boutique site in Melbourne CBD with an approved permit for a 34-level apartment tower comprising 89 apartments is up for sale.
The site at <a href="https://www.realcommercial.com.au/property-land+development-vic-melbourne-501727429" target="_blank">9-11 Exploration Lane</a> has a land area of 168 square metres.
The site has a fully approved permit for a project designed by architect Rothe Lowman.
It is listed by agents Nick Peden and Clinton Baxter of Savills.
The East End CBD location is close to Melbourne Central train station.
"This offering is one of the best to hit the market for many years," Nick Peden said.
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Exploration Lane, Melbourne CBD site with permit for 34-level tower up for sale

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Charter Hall’s Core Plus Industrial Fund (CPIF) has bought an industrial land holding near the Port of Brisbane in an off-market deal for $6 million, adding to its existing holdings on Lytton Road at Hemmant.
The 1517 Lytton Road, Hemmant property is spread over 17,766 square metres and is a General Industry zoned site within the Trade Coast precinct.   
The site had historically been used as part of the overall Inghams chicken facility and most recently as a transport yard.
Selling agent Shaw Harrison of Savills leased out the vacant yards and split the site into smaller tenancies, occupied by hardstand and transport depot tenants. The total current income of $520,000 represents a yield of 8.66% which includes a rental guarantee for the vacant yard.
Harrison said the acquisition of 1517 Lytton Road “adds the final piece of the puzzle” following Charter Hall’s previous acquisitions of neighbouring properties, 1510 Lytton Road in 2014 and 80 Canberra Street in 2012. The latest brings its total holding to more than 12 hectares of future developable land backed by a weighted average lease expiry of around 14 years with some medium-term development upside.
“The acquisition is right on strategy in terms of investing in highly land constrained markets within very close proximity to key infrastructure in the Port of Brisbane and Gateway Motorway. It enables us to work closely with, and provide flexibility, in terms of expansion or reconfiguration requirements, for one of our key customers, Inghams,” Charter Hall’s head of industrial Paul Ford said.
CPIF focuses on sourcing properties in the industrial and logistics sectors of major Australian capital cities. The fund was launched in April 2007, raising $350 million in equity commitments, says its website.
Harrison said the fully fenced property with workshops and separate yards provide attractive holding income while the new owner assesses future options.
 “The Trade Coast provides convenient road access direct from the Port to both the north and south of Brisbane via the Gateway Bridge and Motorways and, as such, is a strategic logistics location and busy route for trucks and heavy vehicles. This site will be the next big thing in the Trade Coast precinct,” said Harrison.
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Charter Hall expands Brisbane Trade Coast holdings with $6 million industrial site purchase

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ASIC has remade two class orders that were due to expire in 2016. 
Class Order [CO 00/213] Real estate companies and Class Order [CO 05/1243] Licensing relief for valuations of real estate companies have been remade and consolidated into ASIC Corporations (Real Estate Companies) Instrument 2015/1049.
ASIC Corporations (Real Estate Companies) Instrument 2015/1049 provides relief for vendors, licensed real estate agents and valuers from the licensing and disclosure requirements of the Corporations Act 2001 with respect to real estate companies,
ASIC remade and consolidated the previous class orders without significant change before they sunset in 2016. 
The new instrument will continue the substantive effects of [CO 00/213] and [CO05/1243] with some minor amendments. These minor amendments include:
<ul>
<li>clarifying that the disclosure relief applies to general advice and dealing and the licensing relief applies to general advice only; and</li>
<li>combining the relief provided under [CO 00/213] and [CO 05/1243] into one instrument, giving relief from s707 and 911A(1) and covering vendors, real estate agents and valuers of real estate companies.</li>
</ul>
The repeal of the class orders follows ASIC consultation in August 2015 (refer: <a href="https://www.asic.gov.au/regulatory-resources/find-a-document/consultation-papers/cp-237-remaking-asic-class-orders-on-real-estate-companies-co-00213-and-co-051243/" target="_blank">Consultation Paper 237</a> Remaking ASIC class orders on real estate companies: [CO 00/213] and [CO 05/1243]). Only one submission was received.  This submission supported ASIC’s proposals and no concerns were identified.
ASIC’s policy on real estate companies is set out in Regulatory Guide 67Real Estate Companies (<a href="https://www.asic.gov.au/regulatory-resources/find-a-document/regulatory-guides/rg-67-real-estate-companies/" target="_blank">RG 67</a>), which has also been updated.
Background
Under the Legislative Instruments Act 2003, legislative instruments such as class orders sunset after 10 years unless action is taken to exempt or preserve them. This ensures that legislative instruments like class orders are kept up to date and only remain in force while they are fit for purpose and relevant.
A real estate company is a company formed for the purpose of owning and managing land and buildings. Shares in the real estate company are held by persons who wish to have an exclusive right of occupation and use of a particular area within the land or building owned by the real estate company.  A real estate company is less common than strata title and has historically been used where owners wish to exercise control over occupiers, or where conversion to strata title is not practicable.
The Corporations Act 2001 regulates interests in real estate companies because they involve ownership of shares in a company. Therefore, without relief, vendors of shares in real estate companies, real estate agents who regularly market or sell shares in real estate companies, or valuers who provide valuations of real estate companies would be subject to a regulatory burden that is unnecessary and disproportionate to the need for consumer protection. 
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jchancellor-FAypfDUnLy

ASIC remake real estate companies class orders

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Adelaide's industrial sector has been under a period of consolidation in 2015 and continues to be impacted by a generally weak local economy and reduced activity within the manufacturing sector, claims valuation firm Herron Todd White. 
The HTW report cites that impending closure of General Motors Holden Plant in 2017 in particular is negatively impact upon the local manufacturing industry. 
"The State Government in December 2014 announced grants to assist automotive component manufacturers previously dependent on the car manufacturing industry to diversify into alternate industries such as defence.
"The grants have done little to slow the short term impact of the transition however as at July 2015, the South Australian unemployment rate increased to 8.2% (ABS), being .06% above the May result which represented a 15 year high and well above the national average of 6%.
"By September 2015 this had reduced slightly to 7.7% but South Australia remains the highest State or Territory in the country with Queensland the second highest at 6.3%," the report said.
Adding to the lack of confidence in the South Australian economy and the manufacturing sector in particular, has been the continued debate over the construction of Australian Defence Force submarines, the month in review noted.
"In early 2015 Prime Minister Tony Abbott announced that the circa $50 billion contract is to be decided via a competitive evaluation process with manufacturers from France, Germany and Japan in contention for the contract.
"Submarines have previously been constructed by the Australian Submarine Corporation (ASC) within its $120 million facility in Osborne.
"In September 2015 the Government confirmed that all three potential offshore manufacturers would include local construction in satisfying the contract."
The report said the detail remains unclear and the evaluation process for the tender is not expected to conclude until the end of 2015.
It also added that in light of the above economic climate, industrial sales activity has continued to be subdued with the most activity occurring within the $3 million to sub $5 million markets which are dominated by owner- occupiers and private investors.
"There are reports that institutional investors are continuing to show interest in Super Prime asset classes within South Australia due to the higher than national average returns on offer.
"However this is not yet translating into a shift in market sentiment in the lower sub markets."
In general investment activity has been weak with prime rents and values either reducing or holding, the HTW report states.
"Falling construction rate has meant a limit in the availability of prime asset classes and reduced rental returns makes the construction of new buildings less viable.
"The impact has therefore seen a continued divide between prime and secondary stock which may be facing obsolescence issues in the current market."
The report concludes by indicating that the supermarket company Aldi is going against the trend however and is due to open its' first stores in early 2016.
The Regency Park distribution centre is also nearing completion which began construction in late 2014 comprising nearly 33,000 square metres of office warehouse accommodation at a reported cost of $70 million. 
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jrobinson-rf4aSBido9

Adelaide industrial property continues to be impacted by a weak local economy: HTW

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When it comes to the question of who pays the mortgage interest, the answer is that New South Wales and Victoria do: well over half of the national interest payable in fact.
<a href="/images/2015/11/25/Interest%20Payable.jpg" target="_blank">Click to enlarge</a>
 <img src="/images/2015/11/25/Interest%20Payable.jpg" alt="">
<div>While this might seem surprising, in fact the share of interest paid by the largest two states has declined over the past two decades.</div>
<div> </div>
<div>The reason for this has been the expansion of both the population and mortgage sizes in Queensland (its share of the mortgage interest pie increasing from 15%to 19%) and Western Australia (its share increasing from 9 to 13%).</div>
<div> </div>
<div>The changes elsewhere have been negligible when viewed from the national level.</div>
<div> </div>
<div>Despite the Australian population having increased by well over 1 million persons (or about 4.7%) over the past three years, total interest payable has declined by nearly 22% thanks to the slashing of interest rates.</div>
<div> </div>
<div>
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>. 
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.
</div>
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