Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

Joel Robinson

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

The Gold Coast Planning Committee has supported the preliminary approval for the Benowa Gardens Urban Village project following an extensive community consultation and assessment process.

The proposal will now proceed to a full council vote on June 2.

The application sought approval for a masterplanned urban village on the existing Benowa Gardens Shopping Centre site, combining new housing, retail, dining, health and lifestyle amenities within a walkable, integrated precinct.&nbsp;

The proposed redevelopment includes around 413 apartments integrated above a revitalised mixed-use centre featuring a full-line supermarket of 4,000 sqm, 6,000 sqm of specialty retail and dining space across around 30 retailers, a 7,000 sqm health and wellness precinct, and roughly 9,630 sqm of office and medical suites.&nbsp;

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="fb36ae47-80bc-45f0-9914-31b0c7b6007d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C4%201121%20FI.jpg?VersionId=6mRKk2uU4r67TmTt39DKGUlvFRbTVqWa" />

The broader masterplan also includes very significant traffic and transport improvements, wide pedestrian walkways, upgraded pedestrian and cycle connections, and enhanced public areas designed to create a more connected and walkable community environment.&nbsp;

Centre owner Patrick Lu said the milestone reflected months of detailed planning, technical assessment and ongoing communication with local residents, businesses, schools and stakeholders.

“We appreciate the time, consideration and care Council officers and the Planning Committee have given this proposal throughout the assessment process,” Lu said.

“We also sincerely thank the local community for engaging with us, sharing feedback and participating in the consultation process over many months.

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="32fd1fc3-d0e6-485f-ac57-9916c9bcb818" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C5%201121%20FI_2.jpg?VersionId=fz8qQKDBLQ7MyFRc856Zccfbh9nFwLOe" />

“We understand projects of this scale bring questions and concerns, which is why we have worked hard to listen carefully, provide information transparently and continue refining elements of the proposal where possible.

“Our vision has always been to create a well-designed, community-focused urban village that responds to the changing needs of the Gold Coast, while delivering improved amenity, housing diversity, healthcare access and local lifestyle benefits.

“This proposal is about creating a genuine live-work-play environment where residents can access everyday services, schools, healthcare, dining, shopping and green space within walking distance, while also supporting local jobs and economic activity.”

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="50dfbd04-590e-4fc6-983b-766880947867" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Dining%20Day%20Time%20-%20High%20Resolution.jpg?VersionId=BP7ZoKJ0DdL_8iRkkC8VVx99moICV6kg" />

Lu said the proposal had evolved significantly through consultation and technical review, particularly around traffic, pedestrian and student safety and neighbourhood connectivity.&nbsp;

Melissa Griffin, Director at Urbis, said the recommendation recognised the strategic importance of delivering more housing and services within established urban areas already supported by infrastructure.

“This proposal represents the type of thoughtful, integrated growth that planning frameworks across South-East Queensland are encouraging,” Ms Griffin said.

“The project seeks to place housing, retail, healthcare and employment opportunities together in a highly accessible location close to schools, transport and existing services.

“Importantly, the process has involved significant technical assessment and community engagement to ensure local issues and feedback were properly considered throughout the planning pathway.”

$1 billion Benowa Gardens Urban Village heads to council vote following Planning Committee support

Surfers Paradise is officially set for its first new residential development with a 45-storey skybridge connecting the two towers.

John Camilleri’s Celestino Developments has been given the green light by the Gold Coast City Council to develop its major beachfront precinct across its huge 4,000 sqm oceanfront site at <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">63–79 Garfield Terrace</a>, just five months after its <a href="https://www.apartments.com.au/news/qld/first-look-exclusive-billionaire-winx-breeder-s-bold-two-tower-surfers-paradise-play-with-45th-storey-skybridge">submission in late 2025</a>.

The approved scheme will deliver two towers rising 55 and 48 storeys, connected by a skybridge positioned on level 45 that will house a range of resident-only wellness and entertainment spaces.

In its notice of approval, the Gold Coast City Council said the&nbsp;proposed overall built form has been designed to complement the scale, intensity and protect the adjacent amenity and surrounding streets through the use of varied setbacks, site cover and architectural elements.

<img alt="First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-30%20at%209.53.48%E2%80%AFAM.png?VersionId=ADyPJ_TFbJvSU9wZFOiCBnlPtgF7VWqW" />

Designed by <a href="https://www.apartments.com.au/architects/dbi">DBI</a>, the development will comprise 275 apartments across the two towers, including a mix of two-, three-, and four-bedroom residences, as well as several penthouses. The apartments will sit above a landscaped podium featuring more than 90 metres of beachfront pool frontage, private resident lawns, lounges, and wellness spaces.

DBI said the design draws heavily from the movement and form of the coastal environment, with curving balcony lines and sculpted façades intended to soften the scale of the towers while maximising ocean outlooks and passive shading outcomes.

“The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience,” DBI said in planning documents submitted to the Gold Coast City Council.

The most distinctive element of the approved project is the skybridge linking the two towers at level 45. The elevated communal space is planned to include executive lounges, formal dining areas, wellness facilities, and panoramic ocean-facing outlooks.

“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI said.

At podium level, residents will have access to a suite of resort-style amenities, including resident lounges, private dining rooms, a yoga lawn, gymnasium, plunge pools, and treatment spaces. The beachfront pool has been designed with separate lap, lounge, and children’s areas extending across the width of the site.

The project will also introduce new food and beverage offerings along the Enderley Avenue and Oceanway frontages, contributing additional activation to the beachfront precinct.

First look: Winx billionaire’s beachfront Surfers Paradise apartment development greenlit

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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