Family-owned builder and developer <a href="https://www.apartments.com.au/developers/omaya">Omaya</a> is bringing its 27-storey The Maybelle development to market, with the 229-apartment tower rising alongside Ismay Reserve near North Strathfield.

<a href="https://www.apartments.com.au/new-apartments/the-maybelle-21-parramatta-road-homebush-nsw-2140">The Maybelle</a> will comprise one, two and three-bedroom apartments, with its height providing elevated outlooks towards the Sydney skyline and Harbour Bridge, while other residences will look across neighbouring Ismay Reserve.

Designed by <a href="https://www.apartments.com.au/architects/squillace-architects">Squillace Architects</a>, the tower combines its parkside setting with proximity to the established retail, dining and transport amenity around North Strathfield.

[smartcode_project:default project_id=134873 project_image_fid=376196]

Residences will feature open-plan living spaces and a choice of two interior schemes, while communal amenity is spread across two elevated levels of the building.

Level 8 will be home to the Garden Pavilion, a full-floor resident space incorporating communal entertaining and breakout areas, seating and recreation spaces. Further up the tower, a landscaped Sky Terrace on Level 14 will provide another communal area with panoramic views towards the Harbour Bridge and Sydney skyline.

At ground level, the development sits directly alongside Ismay Reserve, where lawns, walking paths, children's play areas, picnic spaces and recreational facilities extend the green space available immediately around the project.

[smartcode_project:default project_id=134873 project_image_fid=376194]

The Maybelle is also within walking distance of North Strathfield and the Bakehouse Quarter, which provides a mix of cafés, restaurants, shops and everyday services.

Existing rail and bus services provide connections across Sydney, while the future North Strathfield Metro and access to the M4 will add to the transport options available around the precinct. Walking and cycling routes also extend via Powells Creek towards Sydney Olympic Park and its sporting, entertainment and parkland precincts.

Families are also well positioned for access to a broad selection of established schools and education options across Strathfield and the surrounding Inner West.

[smartcode_project:default project_id=134873 project_image_fid=376181]

Omaya has operated in Sydney for more than 35 years, managing projects from acquisition and design through to construction and delivery. The family-owned company is both developer and builder of The Maybelle.

Apartments start from $560,000, with the development protected by 10-year Latent Defects Insurance.

Construction is well underway, with completion expected by the end of 2026 and move-in anticipated from Q1 2027.

[smartcode_project_cta:default project_id=134873]

Joel Robinson

The Maybelle brings 27-storey parkside tower to market near North Strathfield

Melbourne developer <a href="https://www.apartments.com.au/developers/pdg-corporation">PDG</a> has unveiled its vision for the former Water Tank Site in Ivanhoe, which would see it transformed into a thriving residential neighbourhood, complete with a 2000 sqm public park.&nbsp;

Delivered in partnership with <a href="https://www.apartments.com.au/developers/development-victoria">Development Victoria</a>, the proposal would transform the prominent corner of Bell Street and Upper Heidelberg Road into a connected community comprising two residential buildings, generous public open space and shared amenities.&nbsp;

The vision includes 287 one, two and three-bedroom apartments, with a minimum of 10 per cent allocated to affordable housing, alongside a 2,000-square-metre publicly accessible park featuring a children's playground, activity lawn, indigenous planting, timber climbing logs, seating areas and a rock gathering circle.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/dko-architecture">DKO Architecture</a>, the proposal draws on the site's industrial heritage, using a robust architectural language that references the former water tank through expressive structural elements and durable, self-finished materials.&nbsp;

Extensive landscaping has been woven throughout the development, creating a living landscape that strengthens connections to nature while responding sensitively to the surrounding neighbourhood. Two residential buildings ranging from three to 12 storeys are linked by a landscaped forecourt, creating a welcoming arrival experience and improving pedestrian connections through the site.&nbsp;

Residents would also enjoy more than 1,000 square metres of communal open space, including barbecue and dining facilities, vegetable gardens, landscaped seating pavilions and a dedicated coworking space.&nbsp;

PDG Founder and Managing Director Vince Giuliano said the vision reflected an opportunity to transform one of Ivanhoe's most recognisable sites into a place that balanced housing, community and landscape.&nbsp;

"This is an opportunity to reimagine an important site and create a neighbourhood that delivers lasting benefits for Ivanhoe," Giuliano said.&nbsp;

"We're creating much more than new homes. The vision brings together affordable housing, quality architecture, meaningful public open space and shared places that encourage people to connect, while respecting the site's history and its place within the local community."&nbsp;

Development Victoria’s Executive General Manager Precincts, Niall Cunningham, said the application is an important step for the government-owned site.&nbsp;

“This is about delivering more homes in a well-connected location, along with public open space that the Ivanhoe community will benefit from for years to come,” Cunningham said.&nbsp;

PDG was selected as development partner in late 2025 following a competitive tender process.&nbsp;

A planning submission for the project is currently being progressed through the Victorian Government's Development Facilitation Program, with positive early engagement from both Banyule Council and the Department of Transport and Planning.

PDG unveils plans to transform landmark Ivanhoe Water Tank Site

Shane Wilkinson's <a href="https://www.apartments.com.au/developers/pace-development-group">Pace Development Group</a> has lodged plans for a major residential precinct on the former Presentation College site in Windsor, with an eight-building masterplan ultimately rising to 10 storeys.

The proposal at <a href="https://www.apartments.com.au/new-apartments/167-dandenong-road-windsor-vic-3181">167–187 Dandenong Road</a> spans a substantial 19,027 sqm site and is being progressed across six stages, with the first residential stages comprising 170 homes across four buildings designed by <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a>.

Stage Two will deliver the bulk of the initial housing, with Building A comprising 81 apartments and Building B 49 apartments, both rising to six storeys.

Stage Three will deliver a further 40 homes. The heritage Nagel Building, identified as Building C, will be converted to 12 dwellings, while a new five-storey Building D will comprise 28 apartments at the Hornby Street and Dandenong Road corner.

The 170 homes across Stages Two and Three will include a mix of one, two and three-bedroom apartments, including townhouse-style dwellings.<img alt="First look: Pace plans landscaped housing precinct on former Windsor school site" data-entity-type="file" data-entity-uuid="83c56e3e-dfb9-4e12-b172-c3f18513ec32" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_9.png?VersionId=xRcRpSZsxX.UX_NDDGcRZktw7HVrzx7u" />

&nbsp;

The longer-term masterplan points to considerably greater density across the site.

Indicative plans show Building E accommodating around 80 dwellings across up to 10 storeys, while Building F is earmarked for around 120 dwellings and also up to 10 storeys. Building G is planned to range between four and 10 storeys, however its apartment yield is yet to be determined. That means the masterplan currently identifies at least 370 dwellings across Buildings A to F before any apartments within Building G are counted.

Across the 1.9-hectare site, that represents an indicative density of at least 194 dwellings per hectare, with the final figure to increase once the yield of Building G is established.

Pace is pursuing the project through the Victorian Government's Development Facilitation Program, with Urbis lodging a combined Section 96A planning scheme amendment and planning application on behalf of the developer, which secured the site earlier this year.

The application seeks detailed approval for Stages One, Two and Three, alongside approval of the broader masterplan framework that will guide the later residential stages. Stage One will see an existing heritage building adaptively reused for a wellness and fitness-related facility, while the broader precinct will retain several significant heritage buildings and established trees as part of the redevelopment.

A minimum 10 per cent affordable housing contribution is proposed across both the initial residential stages and the later masterplan stages, delivered through a discounted rental model.

The project comes immediately after a major change to the site's planning controls.

The site was rezoned to the Housing Choice and Transport Zone through Planning Scheme Amendment GC285, gazetted on July 22, 2026, and now sits within the inner catchment of the Windsor Station precinct under the State Government's Train and Tram Zone Activity Centres Program.

While the new controls identify large sites within the inner catchment for buildings of up to six storeys, Pace's masterplan pushes height to 10 storeys in parts of the site, with the taller buildings concentrated toward the centre and along the Sandringham railway corridor.

Lower-scale built form is proposed toward the site's more sensitive residential and heritage edges, with Buildings A and B generally stepping from three storeys at their interfaces to six storeys at upper levels.

Cera Stribley's masterplan breaks the development into a collection of separate buildings rather than a continuous built form, with landscaped spaces, new pedestrian links and a new publicly accessible road forming part of the precinct.

The planning report says the development will create new pedestrian connections to Elm Place and along the railway corridor, as well as a new publicly accessible road linking Elm Place with Dandenong Road. The proposed buildings will occupy around 54 per cent of the site, leaving a substantial portion available for landscaping, communal areas and permeable surfaces.

Urbis said the scale of the project reflected the site's strategic location close to Windsor Station, tram services and the Chapel Street Activity Centre, with the former school campus identified as a significant opportunity to increase housing supply on an underutilised inner-Melbourne site.

&nbsp;

First look: Pace plans landscaped housing precinct on former Windsor school site

<a href="https://www.apartments.com.au/developers/jl-place">JL PLACE</a>'s Veil Brighton is approaching its final months of construction, with the nine-townhouse development at 17 Rooding Street expected to complete in December 2026.

The milestone is bringing the boutique project closer to becoming a finished part of the <a href="https://www.apartments.com.au/developments/brighton-vic-3186">Brighton</a> streetscape, with much of Brighton's everyday amenity within a short walk.

Palace Cinema, Coles Supermarket and North Brighton Station are all around five minutes on foot from <a href="https://www.apartments.com.au/new-townhouses/veil-brighton-17-rooding-street-brighton-vic-3186">Veil</a>, alongside numerous cafés, restaurants and bars. The station provides a direct rail connection toward Melbourne's CBD, while Bay Street and the wider Brighton retail and dining network add to the range of services accessible without relying on a car for every trip.

"The location was fundamental to the project. Brighton is an established suburb where many buyers already have strong connections to the area and want to remain close to the people, places and amenities that form part of their everyday life," the developer said.

"Veil sits in a highly walkable part of Brighton, with a Walk Score of 90/100."

For buyers looking to right-size within Bayside, that level of walkability adds to the appeal of a more manageable way of living. Everyday shopping, dining, entertainment and public transport can be accessed without relying on the car for every trip, while residents remain connected to the places and routines that make Brighton familiar. It allows buyers to simplify day-to-day life without giving up the convenience, amenity and connections they already value.

[smartcode_project:default project_id=7877 project_image_fid=355754]

As completion approaches, the architecture, landscaping and material palette are progressively becoming visible on site, giving prospective purchasers a clearer view of the finished development beyond its plans and renders.

Veil comprises nine townhouses, predominantly three-bedroom homes with between 2.5 and 3.5 bathrooms, two car spaces and, depending on the residence, study areas and private outdoor space. Selected homes include a bedroom on the ground floor.

Veil occupies a middle ground between detached housing and apartment living, retaining private gardens, storage and secure parking within a more manageable residential format.

<a href="https://www.apartments.com.au/architects/schmidt-pang-architects">Schmidt &amp; Pang</a> designed the architecture around natural light, ventilation, privacy and practical use of space. From Rooding Street, the façade has been composed to read as a cohesive residential building rather than nine individual townhouses, with landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick Landscape Architects</a> integrated throughout the site.

Inside, natural stone, oak flooring, integrated joinery and brushed nickel finishes establish a restrained material palette, while kitchens include Miele appliances and substantial storage such as pantries. Walk-in robes and dedicated study spaces have also been incorporated across the collection.

[smartcode_project:default project_id=7877 project_image_fid=355852]

The project team said the planning of the homes has been informed by how the spaces function for both daily routines and larger gatherings.

"Our new homes owners at Veil have enjoyed the attention to detail in creating efficient layouts that use every space well. Hosting Christmas lunch and large family gatherings is an ease when care is taken to consider how people really live and entertain."

Private landscaped gardens extend the living spaces outdoors, while secure basement parking and bicycle parking are provided below. The homes have also been designed to achieve a 7-star energy rating, supported by double glazing, high-quality insulation, natural ventilation, LED lighting, water tanks and water-efficient fittings. Each residence is backed by a 10-year building guarantee.

Veil is being built by <a href="https://www.apartments.com.au/builders/jeniton">Jeniton</a>.&nbsp;Limited-time stamp duty savings are also currently available on selected purchases at Veil, adding another consideration as the project moves toward completion.

[smartcode_project_cta:default project_id=7877]

Veil Brighton nears completion in one of the suburb's most walkable pockets

<a href="https://www.apartments.com.au/developers/mosaic-property-group">Mosaic Property Group</a> has recorded 134 sales worth just over $400 million in two months of pre-release activity at The Riversdale, as the developer brings its $750 million South Brisbane riverfront project to the broader market.

The sales represent more than 60 per cent of the project's 213 apartments, with Mosaic reporting the majority of purchasers have been local owner-occupiers and downsizers.

<a href="https://www.apartments.com.au/new-apartments/the-riversdale-by-mosaic-south-brisbane-91-montague-road-south-brisbane-qld-4101">The Riversdale</a> will rise 39 storeys from its north-facing site at 91 Montague Road, delivering a mix of two, three and four-bedroom apartments alongside a collection of Mosaic's premium Masterpiece Series Sky Homes.

[smartcode_project:default project_id=151614 project_image_fid=371872]

The early buyer response comes ahead of the wider evolution of the northern end of Montague Road, where The Riversdale will be one of the first major residential projects delivered within an emerging riverfront precinct.

Directly adjoining the development is a planned 7.1-hectare mixed-use precinct, set to introduce new residences, parkland and public realm along the river's edge. The Riversdale's position directly on the Brisbane River gives it a relationship with the waterfront that Mosaic says cannot be replicated by future buildings within the precinct.

The site is also the result of a years-long pursuit by Mosaic. The developer first earmarked the <a href="https://www.apartments.com.au/developments/south-brisbane-qld-4101">South Brisbane</a> property in 2018, reflecting what Founder and Managing Director Brook Monahan has described as a deliberately patient approach to acquiring development sites.

[smartcode_project:default project_id=151614 project_image_fid=372083]

"We aren't opportunistic," Monahan previously told Apartments.com.au.

"Every site purchase is carefully considered. As seen with Kangaroo Point and South Brisbane, it can take years to eventuate. There are sites we're looking at now that we may not secure for several years."

Designed in collaboration with <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau Proberts</a>, The Riversdale has been shaped around the qualities of the riverfront site, with apartments oriented to capture northern light and uninterrupted Brisbane River views.

Generous floorplans and expansive balconies extend the living spaces towards the river, while natural materials and a restrained interior palette have been selected with longevity in mind.

[smartcode_project:default project_id=151614 project_image_fid=371890]

Residents will have access to a level of amenity more commonly associated with world-class hotels and private members' clubs, with almost 3,000 sqm dedicated to wellness, connection, recreation and everyday convenience.

At ground level is a business lounge, private meeting rooms and dedicated workspaces. Mid-tower is a wellness sanctuary featuring magnesium hot and cold plunge pools, sauna, steam room, infrared therapy facilities, a Pilates and yoga studio, and a commercial-grade gymnasium.

Crowning The Riversdale is a rooftop featuring a 35-metre swimming pool with lap lane and spa, outdoor dining and seating terraces, firepit lounges and views of the city, river and Mount Coot-tha.

A private members' club-inspired retreat offers private dining rooms, a whisky lounge, media rooms and immersive entertainment experiences. Completing the amenity offering are two hotel-style guest suites and a resident-exclusive electric vehicle fleet and car-share program.

[smartcode_project:default project_id=151614 project_image_fid=371877]

The Riversdale sits at the northern end of Montague Road between South Bank and West End, around 1.3 kilometres from the Brisbane CBD, providing access to the city's major cultural, dining and recreation precincts.

It becomes Mosaic's largest Brisbane project to date and adds to a pipeline already under construction across the city.

In Brisbane, the developer is currently delivering The Bedford and The Carter at Kangaroo Point, both of which are approaching sell-out, with a further four projects being delivered on the Gold Coast. Mosaic has completed more than $2 billion in projects since 2012 and has a further development pipeline exceeding $2 billion across South East Queensland.

Early works are underway at The Riversdale, which will be delivered by Mosaic's in-house construction division. Completion is anticipated in late 2029, with remaining apartments priced from $1.98 million.

[smartcode_project_cta:default project_id=151614]

Mosaic records more than $400m in two months at South Brisbane's The Riversdale

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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Australia's biggest diversified property group, Stockland saw its first-half underlying profit rise 8.5% to $290 million.
It was growth in its residential business that was described as the standout performer in the first half, Stockland managing director and CEO, Mark Steinert told investors today.
Click to open in new window: 
<a href="/images/2015/02/11/stockland-feb-11-one.jpg" target="_blank"><img src="/images/2015/02/11/stockland-feb-11-one.jpg" alt=""></a>
Residential was up 72.8% on 1H14. 
The other Stockland businesses, including commercial, retirement living and and retail, profits were harder to come by.
Retirement living achieved operating profit growth of 5.8% on 1H14. Commercial property comparable operating profit was up 4.7%. 
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Logistics and business parks portfolio had 21.9% profit growth on 1H14. 
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"Our Commercial Property business remains a key driver of our group’s success. 
"On a comparable basis we achieved operating profit growth of 4.7% across the portfolio, with 3.3% in retail, 5.7% in logistics and business parks and 7.8% in office, reflecting our strong focus on property fundamentals," Mark Steinert said.
 
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jchancellor-FAypfDUnLy

Commercial profits up, but Stockland residential the half year standout

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Purchases of agricultural land of over $15 million will now be subject to Foreign Investment Review Board (FIRB) scrutiny, the Prime Minister Tony Abbott announced today. The Australian Taxation Office will conduct a stocktake to provide the register of foreign agricultural landholdings in Australia.
The new $15 million screening threshold will apply to the cumulative value of agricultural land owned by the foreign investor, including the purposed purchase.
"This is not saying that we don't want foreign investment," Abbott said.
"We do want foreign investment but it's got to be the right investment, the right investment that serves our purposes.”
The Commonwealth government is delivering on its commitment from the last election for scrutiny of foreign purchases of agricultural land being moved from $252 million to $15 million from 1 March 2015.
The Government will also establish a foreign ownership register of agricultural land to strengthen reporting requirements and provide a clear picture of foreign investment in Australia’s agricultural sector.
From 1 July 2015 the Australian Tax Office (ATO) will start collecting information on all new foreign investment in agricultural land regardless of value.
The government will continue to work with state and territory governments so that the ATO register will use land title transfer information.
 
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Abbott announces $15 million rural property acquisition FIRB threshold

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Ray White Hotels has listed the ground floor strata title commercial investment in the iconic Gazebo building, Elizabeth Bay. 
It is leased to Keystone Group, trading as Gazebo Wine Garden. It opened in 2005.
Investors have been advised it ecures $250,000 + GST (gross) per annum on a lease ending October 2038 (including option periods).
<a href="https://raywhitehotels.com.au/properties/12-elizabeth-bay-road-elizabeth-bay/" target="_blank">The premises</a> outlook over the Fitzroy Gardens Park.
Agent Blake Edwards says it is located in an "upmarket trendy inner city location with strong underlying financial demographics".
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Gazebo Wine Garden strata premises at Elizabeth Bay up for sale

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Melbourne's longtime Leonard Joel auction rooms at South Yarra has been sold to a Melbourne investor/developer.
The 3,105 square metre freehold site at 333 Malvern Road fetched $8 million.
 A $320,000 per annum lease with art auctioneer John Albrecht runs until June 2017 with subsequent renewal options.
The remainder of the corner site is zoned for potential residential use 
It sold through Russell Meerkin of Kliger Wood on behalf of Warren Joel and family 
The auction business was founded by Warren Joel’s grandfather Leonard in 1919.
The direct Joel family involvement in the auction business concluded some years ago when operation of the auction business passed to John Albrecht.
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Leonard Joel's South Yarra auction rooms sold

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NAB's Commercial Property Index has fallen four points to -2 in the fourth quarter of 2014.
<img src="/images/2015/02/11/nab-feb-11-one.jpg" alt="">
Source: NAB
The weakest sentiment among the four sectors monitored: office, retail, industrial and CBD hotels, was recorded in the office sector, where the index has slipped from -8 to -10 between quarter three of 2014 and quarter four. However, respondents did expect some improvement next quarter while remaining in the negative, with sentiment regarding the next quarter at -3.
But the biggest drop in sentiment was seen for CBD hotels, where sentiment dropped from 45 in quarter three to -8 points in quarter four.
NAB noted that forward expectations have been reduced in all sectors except for industrial. For the next 12 months, confidence is highest for retail sectors and industrial, with "office clearly lagging". However, positive returns are expected in all four commercial markets in the next one to two years, despite reduced capital growth expectations.
Rents fell in all four markets in quarter four, according to NAB, with industrial and retail rents falling at the slowest rate. Oversupply was seen to be hurting the office sector, where high vacancies were seen and rents decreased to -1.3%.
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jrichardson-uRX5hFdKfN

NAB commercial property index in negative as confidence falls

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Bernie Fraser, the chairman of the non-major bank, ME Bank has stepped down from his position after 15 years.
Fraser joined ME Bank in April 2000, when the the six year organisation was operating as a securitised mortgage provider. 
The former Governor of the Reserve Bank of Australia oversaw ME Bank’s acquisition of a full banking licence in 2001.
Fraser is being replaced by current director, Garry Weaven, as the chairman.
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Bernie Fraser departs ME Bank after 15 years

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Port Melbourne's former Circus Oz site has reputedly been sold for $4.95 million.
The 40 Bay Street site became its Port Melbourne headquarters about 20 years ago.
The site features the 1912 Port Melbourne Naval Drill Hall, one of the first major buildings constructed for the newly formed Royal Australian Navy, which adjoins the former 1862 Sandridge Post Office.
<a href="https://www.onmydoorstep.com.au/heritage-listing/4937/naval-drill-hall-and-former-post-office" target="_blank">The heritage report says the naval drill hall</a> is a fine example of Edwardian Free Classical architecture distinguished by an assured handling of massing and materials using rough stone plinths, shaped and plain red bricks, and dressed sandstone in the English Arts and Crafts tradition.
The circus relocated to a Skills Victoria site at 35 Johnston Street, Collingwood.
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Circus Oz Port Melbourne site sold

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Foreign investors were behind 32% of Australian office property purchases in the 12 months to December 2014, according to a new report.
<img src="/images/2015/02/11/chart-feb-11-one.png" alt="">
Savills' World Office Yield Spectrum report detailed who was behind Australian office property purchases in 2014.
The report also noted the return of institutional investors to the market.
"Having been sidelined for several years due to issues surrounding their balance sheet and their units trading at a discount to NTA, the A-REITS are back and buying again," the report stated.
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jake-cSmGT7VXVf

Foreign investors behind a third of 2014 Australian office purchases: Savills

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The directors of BWP Management Limited, the responsible entity for the BWP Trust have announced the acquisition of a completed Bunnings Warehouse in Maribyrnong, Melbourne, Victoria, from Bunnings Group Limited.
The number of Bunnings Warehouses owned by the trust is 80 and the total number of properties in the portfolio is 83.
In June 2001, the trust acquired 3.4 hectares of land for $7.1 million, on which a Bunnings Warehouse has since been developed and opened in mid-2013. The trust has been receiving rental income of 8% on the purchase price of the land since that time.
As part of the acquisition of the site, Bunnings was required to undertake remediation of contamination associated with the property, to the satisfaction of all relevant authorities, which has been achieved.
In agreeing to acquire the completed Bunnings Warehouse development, the Trust will pay Bunnings a development fee of $31.98 million, representing a total consideration of $39.075 million for the completed development, supported by an independent valuation at a 6.50% capitalisation rate.
Settlement of the development is expected to occur on 13 February 2015 for the property located at the corner of Williamson Road and Rosamond Road, adjacent to the Highpoint Shopping Centre, in the suburb of Maribyrnong, approximately eight kilometres north-west of the Melbourne central business district.
It is a Bunnings Warehouse with a total retail area of 17,551 square metres and approximately 407 car parking spaces on the site.
The commencing annual rental income of the property is $2.54 million, with Bunnings leasing the property for an initial fixed term of 12 years and a further five optional terms of six years each, at Bunnings’ election.
Under the lease, the rent increases by a fixed three% per annum. At the end of the initial term and at the exercise of each option by Bunnings the rent is subject to a market rent review, having regard to the rents paid at comparable properties. The market rent reviews for the property are subject to a 10% ‘cap and collar’, meaning that the rent cannot rise or fall by more than 10% of the preceding year’s rent.
Managing director, Michael Wedgwood, said the transaction provides a good opportunity to further enhance the quality of the trust’s property portfolio, by adding a very well located large format store, which we expect to meet Bunnings’ requirements in the area, for a number of years.
BWP Trust reported a 14.6% increase to $49.1 million in distributable profit for the first half.
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BWP Trust secures 80th Bunnings store

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GUEST OBSERVATION
The national CBD office market is off to a strong start in 2015 on the back of a busy 2014 which saw demand for space on the rise.
While the national vacancy rate has risen slightly to 11.2% from the 10.6% recorded at the last count in August last year, the shift is minimal and we expect it to remain business as usual within Australia’s business community going forward in 2015.
We are coming off the back of a strong finish to 2014, with enquiry levels and leasing deal volumes on the rise. According to Colliers International data, enquiry for the December 2014 quarter was up 75% compared to the December 2013 quarter. The greatest demand was for space 3,000sq m and above, with this market up a record 173% on the December 2013 quarter.
For the full calendar year, Australian business enquired about 2,256,814 square metres of office space in 2014 compared to 1,813,540 square metres of office space in 2013, a national increase of 24%, pointing to improving business confidence.
Looking further afield, our Colliers International counterparts in the US are reporting positive signs of growth which reflect an increase in confidence that will flow on to Australian markets. Job growth drove office demand in both the U.S. and Canada through the first three quarters of
2014 and the outlook for 2015 is for a continuation of this growth.
Employment grew year on year in both countries, with the US on track to create the most jobs in 2014 since 1999. Office employment surpassed 30 million jobs for the first time in September 2014 and now stands about 727,000 positions more than the pre-recession peak in July 2007.
Our colleagues expect the economic recovery to continue at a similar pace through 2015. IHS Global Insight projects an addition of nearly 2.5 million jobs in 2014, increasing slightly to nearly 2.6 million jobs in 2015. This would amount to four consecutive years of net job gains exceeding 2 million — the longest such stretch since the 1997-2000 period. This is great news from a global economic perspective and for our local office markets, given the strong influence of US markets on the rest of the world.
The economic outlook for Australia for 2015 is also promising.
We concur with Deloitte Access Economics’ forecast for continued growth in white collar employment in the years ahead, which is good news for Australia’s office markets.
<img src="/images/2015/02/05/colliers-feb-5-one.png" alt=""> 
White collar employment forecasts indicate that business services and financial services will show strong demand for office space over 1,000 square metres, pointing to strong short term demand for larger, open plan workplace environments and less decentralisation of employees occurring.
Tenants returning to CBD markets was an emerging trend in 2014, and is anticipated to continue as corporates seek central locations, close to amenities to house their administration staff.
According to Deloitte Access Economics’ respected White Collar Employment forecasts, the top five growing office sectors that will lead tenant demand nationally in 2015 will be business services, IT&amp;T, financial services, health and accommodation services.
Based on the net growth in jobs for these sectors, of between 10,000 to 14,000 employees, over 150,000 square meters of space will be required to meet space demand.”
Simon Hunt is managing director of office leasing at <a href="https://www.colliers.com.au/" target="_blank">Colliers International</a>.
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