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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The landmark Hotel Bondi building has been sold almost 45 years after being bought by the publican Cyril Maloney.
John Musca, the JLL Hotels &amp; Hospitality Group said the buyer was a private local hotel group, <a href="https://www.theshout.com.au/2014/10/15/article/Hotel-Bondi-sold-in-hotly-contested-campaign/SJGYDYQMIE" target="_blank">the industry website The Shout reported</a>. 
There were 14 bids for the beachside hotel from around the globe. Subsequent reports the buyer was the son of the late publican proprietor, Kim Maloney whose stable of eight hotels, include the Starbar on George Street, the Shark Hotel in the central business district.
The publican beat 14 groups including neighbouring developer Capit.El, according to the Australian Financial Review.
No sale price has been given for the property which had $45 million hopes on its July listing. It comes with 30 gaming machines, a bottle shop, 37 hotel rooms and ­car parking spaces.
“Bidders included local and offshore developers, accommodation hoteliers, publicans and domestic and overseas high net worth investors,” said Mr Musca.
Six parties, having bid $40 million plus, were shortlisted for final negotiations.
"The executors were extremely happy with the range of bids received which provided comfort that the market was exhausted at all levels, and John Musca's professional and rigorous management of the process, and finalisation of a transaction, was exceptional," Karel Wheen, the executor noted
Built in 1919, the historic landmark had been owned by the family of<a href="/expert-insights/investing/hotel-bondi-listed-by-the-maloney-family-after-44-years"> late publican Cyril Maloney</a>.
Hotel sales have enjoyed a strong run in recent times.
Last month <a href="/expert-insights/investing/laundy-short-partnership-secure-iconic-mona-vale-northies-pubs">t</a><a href="/expert-insights/investing/laundy-short-partnership-secure-iconic-mona-vale-northies-pubs">he Laundy/Short partnership</a> purchased both the Mona Vale Hotel on Sydney's northern beaches and Northies at Cronulla for a combined price of around $57 million.
The two landmark Sydney establishments, Northies and the Mona Vale Hotel, were offered by the Fernwood Hotel Group Pty Ltd.
The latest challenge is the relisting of the freehold of the <a href="/news/double-bays-golden-sheaf-hotel-returns-to-market-as-freehold-only">Golden Sheaf Hotel</a> at Double Bay which has been listed for sale with offers due 6 November.
The Golden Sheaf Hotel occupies a strategic underdeveloped site area totaling 1,669 square metres.
JLL and CBRE Hotels have been appointed on the property which is being offered subject to leaseback to the hotel and hospitality group, Solotel.
Solotel's portfolio includes the Clock Hotel in Surry Hills, which was mistakening credited to Maloney in the initial report by Property Observer.
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jchancellor-FAypfDUnLy

Cheers! Maloney's Hotel Bondi sold to local familiar buyer

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Equiset's Lorenz Grollo has sold the Makers Mark building at 464-466 Collins Street for $25 million to Jeff Xu's Golden Age Group.
The 483 square metre site with <a href="https://www.commercialrealestate.com.au/property/7847269/commerical%20lease/vic/melbourne/offices,%20retail/" target="_blank">an 11-metre Collins Street frontage</a> cost $10.5 million in March 2013. After a development approval, involving adjoining air space entitlements, it was listed with supposed $30 million hopes.
Golden Age intends to revise the project, constructing a 280-apartment project designed by Bates Smart, to be called Collins House, above the historic three storey facade near the corner of William Street.
It is a much traded retail property with roller coaster sales having sold previously for $7.15 in 2005 on a yield of 5.25% through Knight Frank's Clinton Baxter; $3.5 million in 2004; $3.8 million in 2001; $1.75 million in 1998 and at $2.5 million in 2005.
Grollo has told the Australian Financial Review he plans to undertake a $100 million revamp of the nearby Melbourne landmark, Rialto Towers, with co-investor, Kuwaiti-controlled St Martins Property.
It is planned to add 9,000 square metres of retail space in the ­forecourt and refurbishing the towers which his father Rino built with brother Bruno Grollo. 
When the brothers divided the company in 2000, the Rialto stake stayed with Lorenz’s side of the family.
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Jeff Xu buys Makers Mark on Collins Street

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After eight years ownership, the unlisted property fund manager, ISPT, has sold its 37-hectare Werribee development parcel in Melbourne’s outer south-west for $25 million.
It was bought by the local developer, Dacland Group, led by John Dwyer.
The three adjoining sites come with a permit in place for 500 dwellings.
Robbie Demian of Oliver Hume Real Estate told the Australian Financial Review it was a record price per hectare for the City of Wyndham market.
Wyndham ranked as the second most expensive growth corridor land market this year.
It has a net median lot price of $218,000.
House and land packages start from $347,000, according to Oliver Hume.
The Wyndham Growth Corridor is one of the fastest growing regions of ­Melbourne with its population forecast to reach 200,000 by 2031.
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Dacland adds to Werribee land subdivsion sites

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The third quarter 2014 statistics for Australia’s national office markets have been released by JLL, and it appears that it’s a largely positive story, with net absorption at a positive of 19,800 square metres over the quarter and the national CBD office market vacancy rate holding steady at 12.4%.
Over 2014, business conditions did improve as job advertisements trended higher, explains JLL national director of research Andrew Ballantyne.
“However, the start of the 2014/15 financial year appears to have been the catalyst for increased tenant enquiry and activity,” said Ballantyne.
A third successive quarter of positive net absorption was recorded for Sydney, at 15,100 square metres, with Melbourne also leading the recovery.
Other markets have been less positive, with resource-dependent Brisbane and Perth recorded negative absorption over the quarter and increasing vacancy rates.
However, Sydney’s recovery isn’t being led by the traditional large office space occupants, the legal firms and finance companies.
Instead, it’s technology and related firms expanding, explains JLL head of office leasing New South Wales and Australia Tim O’Connor. In particular, North Sydney is exposed to these businesses.
“Sydney is following the same trend as east coast US office markets – technology firms are expanding, upgrading and locating themselves in core locations alongside traditional users including investment banks. LinkedIn has committed to relocate to 1 Martin Place and will occupy space in the same building as Macquarie,” said O’Connor.
Despite this, incentives remain high at 30% in Sydney CBD.
“Tenants have had the luxury of time in the Sydney CBD over the past three years. We only have to see a few instances of tenants being unable to secure their first choice of accommodation before two things happen – the first is that decision making timeframes begin to reduce and the second is there will be downward pressure on incentives,” he said.
Meanwhile, Melbourne is undergoing a round of centralisation.
“Viva Energy and Pragmatic Training both committed to CBD space over the quarter. The acquisition of office stock with residential conversion potential in St Kilda Road will support further centralisation over the next two to three years,” he said.
<img src="/images/2014/10/15/ev.owa.jpg" alt="">
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jduke-EHk3XBmHkn

Start of new financial year the “catalyst” for increase office enquiry: JLL

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Guest observation
At 14.7%, the Brisbane CBD vacancy rate has never been this high.
It is the highest in Australia except for the Gold Coast at 15.0%.
<ul>
<li>A further 191,000 sqm is being built 2014-16</li>
<li>The largest project is 1 William Street</li>
</ul>
The math:
<ul>
<li>Now vacant: 321,000 sqm</li>
<li>Being added: 191,000 sqm</li>
<li>Total: 512,000 sqm</li>
<li>Average demand per annum: 40,000 sqm            = Supply for 12 years</li>
</ul>
Brisbane Office Market
Currently there are some 400 office suites available for lease in the Fringe area, compared with 320 in the CBD and almost 3,300 in greater Brisbane.
The office market has been hit by the worst demand shock in 30 years. It will take time to replace the lost demand from the public sector and coal and LNG industries.
Lower rents and population growth will eventually restore the market.
Brisbane Industrial Market
Last year was the strongest year for sales numbers in five years, with 377 sales in total.
The Gateway region north and south of Brisbane River account for almost a quarter of all sales and include most of the higher value properties.
Outside of Gateway, the South accounts for 36% of all sales by number.
Linda Phillips is the national research manager of Propell National Valuers.
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Brisbane CBD vacancy rate hits new high

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The ­Australian Centre for Photography on Sydney’s Oxford Street has been sold for $5,035,000.
The centre will lease back the premises for the time being with the site has potential for development.
The 5.9% yield was secured by Miron Solomons, of Colliers International.
 “Yields of this level have not been seen on Oxford Street in several years, indicating a resurgence of the area,” he told Fairfax Media.
The 663-square metre building has been the home of the Australian Centre of Photography for 33 years.
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Paddington retail secures 5.9% yield with Australian Centre for Photography sale

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The latest NAB Residential Property Index for the third quarter of 2014 was unchanged overall. But it seems some capital cities are doing far better than others with the increasing presence of foreign buyers an the emerging theme.
NAB Group chief economist Alan Oster said while the overall index remained unchanged, Queensland has now overtaken Victoria as the strongest state, and South Australia and the Northern Territory were the big improvers.
While the outlook for national house prices in the next two years improved across the country, rental growth is expected to be subdued and heading backwards in all states except South Australia and Northern Territory.
NAB Economics’ analysis expects house price increases to be more modest in coming months, as a result of rising unemployment, sluggish household income growth, affordability issues and cost of living pressures.
"We are forecasting average house price growth of around 4% through the year to September 2015 and 2% through the year to September 2016," said Oster.
"Brisbane and Sydney are expected to lead the market in the next year, followed by Melbourne and Adelaide, with Perth lagging."
With sentiment continuing to fall in Western Australia, now at an all time low, there was also a recorded significant pick up in foreign buying activity for new property, particularly in Victoria, with predictions that it will continue. Foreign buyers account for one in six purchasers across the country, and one in four in Victoria.
"Foreign buyers accounted for 16.8% of total demand for new property in Q3, or about one in six of all buyers, with this share tipped to rise to 17.3% over the next year. Foreign buyers were more active in all states, but especially in Victoria where they accounted for an estimated 24.8% of total demand, or on in four all new property sales," said Oster.
The biggest constraint on new housing developments across the country continued to be housing affordability. Meanwhile, employment security remained the biggest impediment to buying an established home.
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Brisbane and Sydney to lead 2015, but growth to lag: NAB

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The Westpac Melbourne Institute House Price Expectations Index has recorded fragmented confidence around housing, according to Westpac chief economist Bill Evans.
The “whether now is good time to buy a dwelling” index increased by 2.3%, despite remaining 12.4% below its level one year ago and 18.5% below its level two years ago.
“The change in the index over the last year has varied markedly across states. In NSW the index has been steady whereas it has fallen by 27% in Victoria and 17% in Queensland,” said Evans.
Meanwhile, the House Price Expectations Index fell by 11.2% in October, now 12.8% below its level of a year ago.
“We are seeing some caution emerge around the outlook for house prices,” said Evans.
The proportion of those expecting house prices to rise took a sharp drop from 66% to 53.8%.
Overall, the Westpac Melbourne Institute Index of Consumer Sentiment increased by 0.9% to October, at 94.8.
“This is the eighth consecutive month that the index has printed below 100, indicating that pessimists have outnumbered optimists for eight consecutive months. That had followed sixteen months where the index had registered above 100 on all but one occasion,” said Evans.
“The current reading for the index is 1.2% below the average for those eight months indicating that while the index seems to be “stuck” in a pessimistic range there is no sign, at this stage, of ongoing deterioration.”
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Fewer expecting house prices to rise, but more keen to buy: Westpac Melbourne Institute

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A Kings Cross terrace with 10 bedrooms and 10 bathrooms has been relisted by McGrath Estate Agents, with its front façade repainted since initially sold last month.
The property sold recently for $2 million when more than $1.8 million was being sought by the <a href="https://www.mcgrath.com.au/buy/house-potts-point-nsw-2011/241590/?searchID=43511206" target="_blank">agent Peter Starr</a>.
The buyer has spotted another investment opportunity, so have put the property up for sale after a splash of beige paint on its façade. Its former black exterior is pictured below. 
<img class="img-responsive" src="/images/phocagallery/2014/07/potts-point-july-22/potts%20point_0000_1.jpg.jpg" alt="Pre-auction $2 million deal for Kings Cross 'special' offering">
Last month Property Observer reported Martindale sold for <a href="/expert-insights/investing/pre-auction-2-million-deal-for-kings-cross-special-offering">$2 million pre-auction</a> through McGrath Estate Agents with a distinctive black facade at 52 Kellett Street features an insightful floor plan indicating (pictured below) the purposeful layout.
The property at 52 Kellett Street features an insightful floor plan indicating (pictured below) the purposeful layout. 
Click to open in new window:
<a href="https://propertyobserver.com.au/images/2014/07/22/potts-point-july-22-floor-plan.gif" target="_blank"><img src="/images/2014/07/22/potts-point-july-22-floor-plan.gif" alt=""></a>
It featured in the 1999 SMH report by the investigative duo Kate McClymont and Andrew Clennell entitled, "Our Brothel Barons".
At the time it reportedly traded as Classique, a brothel whose advertising once boasted of a speciality in lesbian double acts. It has more recently traded as Studio 52, Star 52, Antonio’s Angels and Secret Desire. The rates have been at around $120 for 30 minutes.
The building, which has been marketed as in Potts Point, was listed previously in 2011, 2012 and 2013 without success.
It last traded at $2.1 million in 2006 when bought by ETC Australias Group Pty Ltd. Its earlier sales were $1.5 million in 2004 and at $1.38 million in 1999.
The premises were for sale, not the business.
There is no registered lease, with no rental income advisory given in <a href="https://www.mcgrath.com.au/buy/house-potts-point-nsw-2011/228008/?searchID=41071082" target="_blank" style="line-height: 1.3em;">the first McGrath marketing</a>.
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Same 10 bedroom, 10 bathroom Kings Cross re-offering

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A pick up in Queensland is being widely predicted, and SQM Research’s Louis Christopher expects 4% to 7% price rises for 2015.
However, there are still a number of properties in the state with strongly discounted homes.
Here are SQM Research’s top five vendor discounted properties in Queensland.
<a href="https://www.domain.com.au/property/for-sale/townhouse/qld/morayfield/?adid=2011132763" target="_blank">15/35 Kenneth Street, Morayfield</a>
<img src="/images/2014/10/15/d1.jpg" alt="">
Type: Townhouse
Current asking price: $239,000
Initial asking price: $340,000
Discount: 30%
Days on market: 169
<a href="https://www.homesales.com.au/buy/19-aminya-street/hs562185.aspx" target="_blank">19 Aminya, Coochiemudlo Island</a>
<img src="/images/2014/10/15/d2.jpg" alt="">
Type: House
Current asking price: $329,000
Initial asking price: $465,000
Discount: 29%
Days on market: 1,462
<a href="https://www.domain.com.au/property/for-sale/house/qld/west-end/?adid=2010559610" target="_blank">8 Stagpole Street, West End</a>
<img src="/images/2014/10/15/d3.jpg" alt="">
Type: House
Current asking price: $850,000
Initial asking price: $1,200,000
Discount: 29%
Days on market: 455
<a href="https://www.propertyobserver.com.au/https://www.raineandhorne.com.au/rural/properties/18022" target="_blank">87 Coondooropa Drive, Macleay Island</a>
<img src="/images/2014/10/15/d4.jpg" alt="">
Current asking price: $489,000
Initial asking price: $689,000
Discount: 29%
Days on market: 1,757
<a href="https://www.domain.com.au/property/for-sale/house/qld/narangba/?adid=2011192941" target="_blank">713 Old Gympie Road, Narangba</a>
<img src="/images/2014/10/15/d5.jpg" alt="">
Type: Land
Current asking price: $319,000
Initial asking price: $449,000
Discount: 29%
Days on market: 134
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