Sydney developer <a href="https://www.apartments.com.au/developers/odus">ODUS Property Group</a> is continuing to expand its local Gold Coast development pipeline, filing plans for a new 40-storey tower in the Southport CBD.

Odus, which bought two luxury Main Beach projects, now La Mer and Le Reve, to make its move into the booming Gold Coast apartment market, has secured its third site. But it is tweaking the plans for a previously proposed 50-storey skyscraper, now seeking to deliver 40 storeys.

The project, dubbed <a href="https://www.apartments.com.au/new-apartments/80-marine-parade-74-80-marine-parade-southport-qld-4215">80 Marine Parade</a>, sits on a prime&nbsp;2,032 sqm amalgamated corner site at 74–80 Marine Parade and 4 Welch Street, across the road from the Gold Coast Aquatic Centre. It will have unobstructed, never-to-be-built-out views to the east given its position opposite the Broadbwater Parklands.&nbsp;

The plans are for 316 apartments, ground-floor retail, and resort-style resident amenities. The project sits within Precinct 1 (Central Business District) of the Southport Priority Development Area, where high-density residential and commercial development is actively encouraged.

BGD, ran by Bayden Goddard and the architecture firm behind Le Reve, has revised the original concept plans, substantially reworking the built form. Basement parking has been replaced by an expanded podium designed to improve functionality while reducing the tower's overall visual impact.&nbsp;&nbsp;

<img alt="First look: Odus Property Group plots landmark 40-storey tower for Southport's Broadwater gateway" data-entity-type="file" data-entity-uuid="0f13d065-2cf5-45ec-aa17-1a03754d93d8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Southport%20da%202.png?VersionId=.9QS2n7kBc_U3PyaI247uOyNSXIqnXSE" />

The tower rises above the eight-storey landscaped podium with a distinctive architectural language defined by sweeping arches, integrated greenery, bronze-toned glazing, and a sculptural rooftop crown.

The development will comprise 104 one-bedroom apartments, 208 two-bedroom apartments, and four four-bedroom penthouses across levels 9 to 36. Apartments are designed to accommodate both permanent residents and short-term accommodation within the same building.

A double-height lobby and reception will anchor the ground floor alongside a 23 sqm food and drink outlet, activating the Marine Parade frontage.

Parking will be accommodated within the podium, providing 288 vehicle spaces and 74 bicycle spaces, accessed from Welch Street.

<img alt="First look: Odus Property Group plots landmark 40-storey tower for Southport's Broadwater gateway" data-entity-type="file" data-entity-uuid="d7528b91-2c47-4094-98b3-5eecbacc0041" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Southport%20da%20podium.png?VersionId=efF5oWs4T9PDvxJwJEDHu5kSQ5eE3IBy" />

Residents will have access to an extensive suite of amenities spread across multiple levels. A podium recreation deck will include a swimming pool, spas, sauna, steam room, cinema, residents' lounge and children's games room, while a second wellness level near the top of the building will feature a gym, co-working spaces, reading room, dining areas and communal kitchen. Extensive podium landscaping wraps the building to soften the built form and strengthen its interface with the surrounding streetscape.

The planning report notes the project responds directly to Southport's ongoing urban transformation.

"Consistent with much of Southport, the surrounding area is undergoing significant transition, with many older low-rise developments progressively being redeveloped for higher-intensity urban outcomes, as envisaged within Precinct 1."

It also states that the proposal "will contribute to a defined and legible eastern gateway to the Southport CBD, reinforcing the area's high-density urban character while maintaining a strong visual connection to the adjoining public open space network."

<img alt="First look: Odus Property Group plots landmark 40-storey tower for Southport's Broadwater gateway" data-entity-type="file" data-entity-uuid="0b9fdebd-4b35-400b-a287-6bd1cdbcdb1b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Southport%20da.png?VersionId=4LG35XR5mfir7jvG2TShtQx.utMLYBxu" />

Located opposite the Broadwater Parklands, the site enjoys immediate access to the Gold Coast Aquatic Centre, Australia Fair Shopping Centre, TAFE Queensland Southport campus, the G:link light rail corridor and Southport's established commercial precinct. The location places future residents within one of the Gold Coast's fastest-evolving mixed-use centres, where numerous high-rise residential projects are reshaping the CBD skyline.

Odus is headed by development professionals Byron Sakha, Jarrod Younan and Sebastian Younan. The Younans also head family-owned builder Nazero Constructions, established in the 1960s.

They are currently delivering La Mer, 24 luxury apartments on Main Beach Parade, and Le&nbsp;Rêve, on the same street but on the prized beachfront side of the sought-after strip.

Joel Robinson

ODUS plans landmark 40-storey tower for Southport's Broadwater gateway

A boutique collection of just 10 residences could become the catalyst for the next phase of renewal along the southern end of Surfers Paradise Boulevard, with new plans laid for a mixed-use tower designed to transform a long-vacant site.

The proposal for <a href="https://www.apartments.com.au/new-apartments/3098-surfers-paradise-boulevard-surfers-paradise-qld-4217">3098 Surfers Paradise Boulevard</a> has been conceived as more than a standalone residential project. Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, the development aims to spark the revitalisation of what the design team describes as the "South Boulevard" precinct, creating an active streetscape with retail uses at ground level beneath a collection of full-floor luxury residences.

The application, by PR Property Holdings, an entity directed by the Brisbane-based Ryan and Petrovic families, seeks approval for a 17-storey, 62.2-metre mixed-use development on a compact 427 sqm site between Surfers Paradise Boulevard and Appel Street.

The project will comprise just 10 apartments, including eight full-floor residences and two duplex apartments, positioned above a two-level retail podium. Three podium parking levels will accommodate 26 vehicle spaces, while a recreation deck is proposed on Level 4.

<img alt="First look: PR Property Holdings plans boutique apartment tower to kickstart Surfers Paradise's 'South Boulevard' revival" data-entity-type="file" data-entity-uuid="46cfa37d-5051-4449-8d8e-6724f8ca0d59" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_8.png?VersionId=e7UkeV1eTZAC2lXhdq72E3jpUbwiFD2t" />

Rather than pursuing apartment volume, the proposal focuses on large-format homes with a slender tower form intended to maximise outlooks while limiting visual bulk.

BDA Architecture said the proposal has been designed to become an urban renewal catalyst for the precinct.

"The ambition of 3098 Surfer's Paradise is that it provides the catalyst for incremental infill redevelopment and upgrade of what is coined the 'South Boulevarde' of Surfers Paradise which connects to the beating heart of Cavill Avenue."

The architects added: "An incremental approach to development that provides quality ground plane interface, human scale design, integrated subtropical landscape and semipublic permeable frontage can over time entirely upgrade a precinct."

The architecture adopts soft curves, articulated balconies and a slender tower profile rising from a human-scaled podium. The design report describes the project as delivering "bespoke residences of enduring distinction, sculpted with precision and quiet sophistication," with a focus on timeless coastal architecture.

The application also includes retail tenancies addressing Surfers Paradise Boulevard, reinforcing the site's role as an active mixed-use destination rather than a purely residential address. The planning report states the combination of the podium, landscaping and active frontage is intended to strengthen the pedestrian experience while contributing to the evolving character of the boulevard.

The site occupies a prominent position in the southern section of Surfers Paradise, directly opposite the G:link light rail corridor and within walking distance of Surfers Paradise Beach, Cavill Avenue, the Nerang River and Bruce Bishop Car Park. It is currently vacant, having previously accommodated a single-storey commercial building that was demolished in 2022. The planning report notes the surrounding area is characterised by a mix of commercial buildings and residential towers, with unlimited building height provisions applying under the Centre Zone.

The proposal also replaces an earlier 2022 approval for a restaurant and bar on the site, instead introducing a permanent mixed-use development that combines retail activation with boutique residential living.

Boutique apartment tower to "kickstart" Surfers Paradise's 'South Boulevard' revival

One of Hervey Bay's best-known waterfront landmarks could undergo its biggest transformation in decades, with plans lodged to redevelop the Hervey Bay Hotel &amp; Resort into a four-tower mixed-use precinct combining apartments, retirement living, a new hotel, wellness facilities, retail and an expanded hospitality offering.

The proposal seeks approval to redevelop the 8,981 sqm site at 249 Esplanade, Pialba, transforming much of the existing 1980s-era hotel and resort into a staged masterplanned precinct while retaining the Hervey Bay Hotel as its centrepiece.

Rather than a conventional apartment project, the proposal has been designed as four distinct towers delivered across four stages, each with a different role within the precinct.

<img alt="First look: Four-tower transformation planned for iconic Hervey Bay Hotel site" data-entity-type="file" data-entity-uuid="89db2163-cdf2-484e-90a0-9804ece86a31" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Pialba%20da%201.png?VersionId=JsYhCwLtFk2p72uhjPQBqQ57.vWoIPeB" />

The largest hospitality component sits within Stage Two, which combines a refurbished tavern, sports bar, gaming lounge, bottle shop, lobby café and wellness facilities beneath a new 52-room hotel and 55 apartments, including 30 dual-key residences. The tower rises 14 levels above the Esplanade and includes gym, spa and wellness facilities together with more than 260 car spaces.

Stage One introduces a retirement living component comprising 69 retirement apartments alongside communal facilities, while Stage Three delivers 59 apartments overlooking the Esplanade. Stage Four includes a retail tenancy at ground level with a further 45 apartments above. Collectively, the masterplan provides 228 apartments across the four towers in addition to the new hotel accommodation.

Urban Planet Town Planning Consultants, acting on behalf of Herbay Pty Ltd, says the redevelopment builds on the long-standing role of the hotel within the Fraser Coast community.

"The Hervey Bay Hotel is an iconic use (notwithstanding the current format) and the retention for this facility in the community as an effective and successful business will advance the goals of the Planning Scheme," the town planner noted in its planning documents.

<img alt="First look: Four-tower transformation planned for iconic Hervey Bay Hotel site" data-entity-type="file" data-entity-uuid="cca3617b-693f-40e2-8fa3-f609c2c95d00" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Pialba%20da%202.png?VersionId=8.hhkMuikoiLvoD6ei655Pj9mTKob4xV" />

The planning report argues the redevelopment responds to demand for greater housing diversity, additional tourism accommodation and expanded hospitality offerings within Hervey Bay's established urban area, rather than continued greenfield expansion.

"The delivery of contemporary services in the form of hotels, dining opportunities and short-term accommodation will be the cornerstone of the proposed development and does have a significant community outcome in the retention and expansion of existing services."

The masterplan has been prepared by <a href="https://www.apartments.com.au/architects/oge-group-architects">OGE Group Architects</a> and features three basement parking levels beneath towers rising to around 14 storeys, creating one of the largest integrated mixed-use developments proposed for the Fraser Coast. The design also incorporates gym and wellness facilities, communal recreation areas, retail space and new landscaped public interfaces across the four street frontages.

The site occupies a prominent waterfront block bounded by the Charlton Esplanade, Thomas Street, Watson Street and George Street, immediately opposite the foreshore and within walking distance of Hervey Bay's city centre, Wetside Water Park and surrounding commercial precinct. The existing Hervey Bay Hotel &amp; Resort currently occupies the site, with buildings dating largely from the 1980s.

First look: Four-tower transformation planned for iconic Hervey Bay Hotel site

The transformation of the Gold Coast’s CBD of <a href="https://www.apartments.com.au/developments/southport-qld-4215">Southport</a> is underway with the official commencement of one of the area’s first ‘next generation’ towers, the $200 million Maris residences.

More than 250 onsite and offsite workers will deliver the project being delivered by Malaysian company <a href="https://www.apartments.com.au/developers/mrcb">MRCB International</a> and its build partner, <a href="https://www.apartments.com.au/builders/binah-constructions">Binah</a>.

The start of construction by Binah follows an exceptionally strong sales campaign, with more than 90 per cent of apartments sold since its market launch less than a year ago.

The project has attracted predominantly local buyers and downsizers, many of whom who live and work in the CBD or the nearby Health and Knowledge precinct.

[smartcode_project:default project_id=134403 project_image_fid=372756]

The commencement of construction was marked by an official sod turning ceremony on site today (Friday, August 7).

MRCB International CEO Ravi Krishnan said MRCB was delighted to be playing a part in the transformation of the Southport precinct.

“We’re very aware of the importance of Southport as the CBD hub of the Gold Coast and the need for high-quality residential facilities for locals who live and work in the area,” said Krishnan.

"Across Southeast Queensland, new apartment supply remains constrained, particularly in established precincts with infrastructure and amenity already in place. Projects like Maris are increasingly critical in meeting that demand, especially on the Gold Coast and in the city's CBD precinct."

&nbsp;

[smartcode_project:default project_id=134403 project_image_fid=350661]

Binah's Managing Director Khalil Hafza said the company was delighted to be constructing Maris in its first foray into the Gold Coast market.

“Binah has been in Queensland for some time but we are very pleased to be given the opportunity to construct a project of such magnitude on the Gold Coast,"&nbsp;Hafza said.

“Some 250 on and off-site tradespeople and consultants will work on Maris over the course of the next two years bringing significant economic benefits to the Gold Coast community.”

Maris will deliver 192 residences across 20 levels. The project forms part of an Australian and New Zealand development pipeline by MRCB now exceeding $1.6 billion in gross development value, alongside a growing portfolio of projects globally.

The company also commenced construction on its $600 million 26 Vista residences in Surfers Paradise last year, following strong sales momentum, with over 70% of residences sold.

[smartcode_project:default project_id=134403 project_image_fid=372760]

Positioned next to the Broadwater in the Southport CBD, Maris will sit directly opposite the Broadwater Parklands light rail station and within easy reach of retail, dining and lifestyle precincts, placing residents at the centre of one of the Gold Coast's most connected and rapidly maturing urban centres.

Maris will offer a full suite of resort-style residential amenities, including a pool, gym and sauna, along with a rooftop level featuring decks, lounges and dining and yoga areas that command sweeping views across the Broadwater and out to the ocean.

Construction at Maris is anticipated to be completed in 2029.

[smartcode_project_cta:default project_id=134403]

MRCB and Binah mark start of construction on $200m Maris Residences in Gold Coast CBD

To say Frank Licastro is keen on Wyandra Street, the small 400m strip that straddles Teneriffe and Newstead, would be an understatement.

Licastro, who runs Frank Developments, first jumped onto the street with <a href="https://www.apartments.com.au/new-apartments/ducale-teneriffe-33-wyandra-street-teneriffe-qld-4005">Ducale Teneriffe</a>, just 26 apartments at 33 Wyandra Street.

With those apartments heading towards construction completion later this year, Frank went again just a few doors down with the recent launch of <a href="https://www.apartments.com.au/new-apartments/murano-teneriffe-37-wyandra-street-new-farm-qld-4005">Murano House</a>, a further collection of 41 apartments at 37 Wyandra Street.

Now Licastro is planning his third building on the strip.

Frank Developments has submitted plans to Brisbane City Council for a considerably larger 147-apartment project across an amalgamated 1,928 sqm site at <a href="https://www.apartments.com.au/new-apartments/22-40-wyandra-street-teneriffe-qld-4005">22-40 Wyandra Street</a>, which also runs through to Wyatt Street.

The Cavill Architects-designed proposal, on the opposite side of the street to Ducale and Munro House, will rise to 22 storeys at its tallest point, stepping down towards Wyandra Street as the building transitions between the higher-density Newstead skyline and the lower-scale character of Teneriffe.

<img alt="Frank" data-entity-type="file" data-entity-uuid="fe60dd88-c9f1-495c-b918-ddfd5dbae504" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-17%20at%207.57.08%E2%80%AFAM.png?VersionId=0cxIChr_1aSNoE3K3VbVl8qNyENf4a90" />

The plans comprise just two one-bedroom apartments, with the project overwhelmingly geared towards larger apartments. There will be 80 two-bedroom apartments, 58 three-bedders, six four-bedroom apartments and a single five-bedroom residence.

The apartment mix continues the owner-occupier focus Frank has pursued across its recent inner-Brisbane developments.

There will be 222 resident car spaces and seven visitor spaces across four basement levels, along with 166 bicycle spaces.

Cavill has approached the architecture as a transition between two very different parts of inner Brisbane.

The site effectively sits on the dividing line between Newstead's high-density mixed-use precinct and Teneriffe's medium-density residential area, something that has heavily influenced the massing of the building.

Rather than presenting as a single 22-storey tower, the building steps up from a 13-storey form towards Wyandra Street to its taller 22-storey element towards Wyatt Street and Newstead. The design documents describe the taller component as the "backdrop massing", with the lower form creating the transition towards Teneriffe.

The architecture itself also changes as it rises.

At the lower levels, Cavill has drawn from Teneriffe's heritage buildings and the tuff stone found below ground, before shifting towards a more contemporary Newstead-inspired tower expression with continuous balconies higher up.

<img alt="Frank 2" data-entity-type="file" data-entity-uuid="3c6953c7-f65c-4ca5-bba0-08c1782b72af" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-17%20at%207.56.33%E2%80%AFAM.png?VersionId=NxHPok5FY.omKhxPVqVWIN9ONqfoQV53" />

Frank is also proposing a significant amount of resident amenity throughout the building rather than concentrating everything on one recreation level.

Amenity terraces are proposed at levels 13 and 16, before another major rooftop terrace at the top of the building. The plans show a pool terrace and landscaped outdoor spaces, with shaded outdoor rooms, tree planting and protected "City Rooms" incorporated into the shared areas.

At street level, the project will also seek to open up the connection between Wyandra and Wyatt streets.

A currently constrained pedestrian laneway along the northern boundary would be expanded, while a double-height "City Room" would be created on Wyandra Street. A separate two-storey outdoor arcade would run through the site from Wyandra Street to Wyatt Street.

The ground floor plans also show food and beverage tenancy space alongside the residential lobby, lounge, office and landscaped public areas.

Cavill says the intention is to create a more generous and heavily landscaped Wyandra Street frontage, with weather protection and public spaces designed to encourage people to spend time at street level.

Frank has been busy across Brisbane and the Gold Coast in recent years, with two ultra-luxury projects under construction in Surfers Paradise, as well as several projects in the pipeline across New Farm and Hamilton in Brisbane.

&nbsp;

First look: Frank Developments triples down on Teneriffe's Wyandra Street

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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Australand has announced a Thursday morning update on acceptances regarding Frasers bid which have now reached 32%.
Frasers Centrepoint Limited offer to acquire Australand was just over halfway there, with the prior announcement when there was 24 hours to go.
At 6.30 pm Wednesday, offer acceptances received totalled 28.65%. 
<a href="/expert-insights/investing/frasers-australand-takeover-bid-still-short-as-deadline-draws-closer">Acceptances of more than 50% of all Australand securities must be received by 7pm</a> Thursday, or the offer will lapse.
Unofficially Frasers controlled 43% of Australand’s register and should surge over 50% by 4pm on Thursday afternoon, the Australian Financial Review Street Talk column suggested late morning.
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jchancellor-FAypfDUnLy

Frasers' Australand takeover acceptances pass halfway with 24 hours to go

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A second New South Wales UNIQLO store has been announced, this time for the Macquarie Centre. It follows their May announcement that their first Sydney store will be in Pitt Street Mall.
The Macquarie Centre, North Ryde store, which will be 1,514 square metres, looks to take advantage of the current $440 million redevelopment of the centre that will house 130 stores.
UNIQLO’s store will include their apparel, including their spring/summer 2014 collection, including men’s, women’s, children and baby wear.
They have recently announced the opening of their second Victorian store, in Chadstone Shopping Centre. Both this, and the Pitt Street Mall store, will open in late-2014.
Their first Australian store was opened in April at Emporium Melbourne.
Shoichi Miyasaka CEO of UNIQLO Australia said that growing the brand in Australia is important.
UNIQLO opened their first store in Singapore in 2009, Malaysia and Taiwan in 2010, Thailand in 2011, the Philippines in 2012 and Indonesia in 2013.
Most recently, <a href="/expert-insights/investing/h-ms-first-sydney-store-set-for-a-16-october-opening-at-macquarie-centre-north-ryde">H&amp;M also announced that they would be opening their first Sydney store</a> in the Macquarie Centre.
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jduke-EHk3XBmHkn

UNIQLO to open Macquarie Centre store later this year

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GUEST OBSERVATION
What is proposed? 
The proposal is an exemption from unnecessary real estate agent licensing requirements, and other regulation, for agents managing on behalf of ‘large professional commercial property owners’, including those agents managing for ‘related entity’ property owners (e.g. AMP’s shopping centre management arm managing on behalf of AMP-owned shopping centres).
Why shouldn’t these agents hold a real estate agents license? 
The real estate agents license is exclusively oriented to residential real estate and teaches the holder nothing about commercial property work. Large commercial property owners (such as Dexus, AMP Capital Investors and Stockland) understand fully the risks involved in commercial real estate transactions.
They do not need the protection of Parliament in their business affairs. All this does is add unnecessary costs.
Why not have a special license for commercial property? 
There is no need for a licence. Because the present license is irrelevant, large professional commercial property owners have instigated their own intensive on the job, and off the job, training for their staff.
The Property Council Academy also provides specialised professional development courses. The training of commercial property staff in Australia is admired around the world.
Will this have a major impact on commercial property? 
No. This will affect fewer than 1% of commercial property buildings and more than 96% of commercial building sales will be unaffected.
If it has such a limited impact, why bother doing anything? 
This is a major cost for commercial property owners since they have to send staff off to gain an unnecessary qualification and provide staff cover for them while they are doing so.
It also hamstrings them in making efficient staffing arrangements. This also means taxpayers’ money is being spent unnecessarily administering and enforcing this regulation.
What effect will it have on tenants? 
None. Retail tenants are protected by retail tenancy legislation (such as the Retail Leases Act) and this reform is supported by the major retailer associations. It has never previously been claimed that the estate agents legislation was a protection for tenants.
Are any other States doing this?  
Yes. The Queensland has already legislated for these exemptions in its new Property Occupations Act which is expected to begin operation in September.
The government said this was a major initiative to reduce business costs in Queensland. The Victorian government has also announced it will do the same, following a recommendation from its independent Red Tape Commissioner. 
Will this have any implications for home owners and home buyers? 
None. This does not affect residential real estate.
Will this have adverse implications for small and medium sized commercial real estate agencies? 
No. This will only benefit large commercial property owners. These do not use small commercial real estate agencies for their management. Those large commercial property owners who do use large third-party managers (such as JLL, Savills) will still opt to use those agencies because they bring professionalism and experience.
Why did State Governments require regulation and licensing of these large commercial property owners in the first place? 
This was regulation by historical accident. The original legislation was in existence prior to the rise of the professional commercial property industry in Australia and before the founding of companies such as Westfield (now Scentre Group) and Stockland. Because an agency relationship existed between these companies and their managers (even when the manager was a ‘related entity’) they were ‘caught’ by the legislation.
If this removal of regulation so minor, why are the Real Estate Institutes opposing it? 
Not all REIs are opposing. The REI Queensland supported the exemptions, although it specified a minimum threshold for defining a ‘large commercial property owner’. We agree with their minimum.
The attitude of the REINSW and REIV is puzzling since it will have such a limited impact. We have been told privately by some of their officials that they fear this will be the ‘thin end of the wedge’, leading to the removal of all licensing requirements for commercial property agents. They fear this will lead to more competition in the industry. This should not be a consideration for governments.
Is there a precedent for removing a portion of an industry from regulation? 
Yes. It is common for Parliaments to decide that there are entities that are large enough, and commercially sophisticated, to look after themselves in commercial transactions.
For example large retailers (those whose floor space is more than 1,000 square metres or whose rent exceeds a certain threshold) do not get the protection of the Retail Leases Act.
Parliaments decided that retailers such as Coles and Woolworths do not need the protections of this legislation, which was to be confined to ‘small retailers’. This is the same.
Companies as large as AMP and Lend Lease do not need to be protected in business dealings with their managers.
Is this being rushed through? 
No. Debate on this issue has been going on for more than 10 years. The ‘related entity’ exemption has been recommended (twice) by the NSW Independent Pricing and Regulatory Tribunal (IPART) and by the independent Review of the NSW Property Stock and Business Agents Act. 
Both the ‘related entity’ and ‘large property owner’ exemptions were recommended in the Regulatory Impact Statement on the proposed national license for real estate agents. Both exemptions were recommended in Queensland by the Red Tape Reduction Review of the Property Agents and Motor Dealers Act, which led to the exemptions being legislated in Queensland (see Q.6). 
Milton Cockburn is an adviser to Shopping Centre Council of Australia.
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Why real estate agent licensing requirements for large commerical property owners are unnecessary 

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Prices for corporate car spaces outside of Melbourne CBDs have doubled as supply dwindles, according to Savills.
The Quarter Times Melbourne Office report from Savills Australia recorded that car spaces in the suburbs, notably within the inner east and south-east and CBD fringe, have seen their rent increased by up to 145%.
In some instances, this looks like a $90 per calendar month car space rent in mid-2009 jumping to between $170 to $220.
Meanwhile, the cost of parking in the CBD is up 27%, from $550 as the top monthly rate in mid-2009, to $700 in 2014.
St Kila Road parking remains at the same rate - $240 to $300 per calendar month.
The huge rises in some areas is noted as reflecting the increasing sale and commercial development of smaller infill sites and allotments that had previously been used as cheap car parks, explained Savills Australia Victorian head of research Glenn Lampard.
“Melbourne has some of the fastest growing metropolitan regions in the nation but governments have been slow or unable to provide the necessary public transport infrastructure. That means our roads become clogged with cars looking for a parking space,” Lampard said.
“Consumers that frequent our vibrant inner city retail strips would only be too familiar with this issue over recent years, with a plethora of parking meters going beyond the retail strip, stretching into surrounding streets,” he said.
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Leases jump by up to 145% for car spaces outside Melbourne CBD: Savills

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Industrial property’s total vacancies continues to increase, according to Knight Frank Research, with 2.17 million square metres on the eastern seaboard available.
For perspective, this is 29% higher than Knight Frank recorded 12 months ago in their Industrial Vacancy Analysis.
Much of this vacancy rise has been a result of Melbourne’s market – which has increased by 29%.
Knight Frank national director of Research &amp; Consulting Matt Whitby said that rises have also been seen in Brisbane, and in Sydney, which has stopped an improvement previously being recorded.
“As at July 2014, the Melbourne industrial market continues to account for the highest proportion of east coast industrial vacancies with a 37% share of available space followed by Sydney which accounts for 36% of vacant space and Brisbane accounting for a share of 27%,” said Whitby.
“Although the level of prime grade industrial space across the Australian East Coast market remains marginally lower than secondary accommodation, the gap continues to narrow.”
Whitby also said that firm enquiry is still being seen for sub-2,000 square metre leasing options, and tenants are continuing to upgrade to prime industrial stock.
“This reaffirms the trend, in evidence since late 2013, where companies are increasingly making decisions for the longer term off the back of greater confidence levels, rather than taking short term space within secondary buildings as a hold over measure,” he said.
“With some further speculative supply in addition to several pending vacancies forecast to be added to the vacancy count in the October quarter, the market will be looking to an improvement in leasing absorption to prevent a further increase in the level of available space”.
Total vacancies of prime stock, as of July 2014, is at the highest level since the series began, and accounts for 49% of east coast vacancies, the report explains. This is 34% higher than just two years ago.
However, managing director of industrial Greg Russell said that it’s actually a promising outlook across the east, as tenant requirements begin to pick up.
“Not only is prime available industrial space well above the long term average, but speculative development (both completed and under construction) increased sharply over the past quarter, rising by 56% to total 277,452sqm and now accounts for 13% of all East Coast industrial available space,” said Russell.
Despite this, the pipeline of “speculative development” under construction has almost doubled over the past quarter and is at the highest level since the beginning of the series.
“More options continue to emerge for larger space users in Sydney, with 18 prime opportunities above 10,000sqm (compared to 14 last quarter), while 15 over 10,000sqm exist in Melbourne (down from 16 options), and there are nine prime vacancies above 8,000sqm in Brisbane (compared to eight last quarter),” he said.
In Sydney, CBRE research has suggested that a significant number of new developments will prove a positive for the industrial property market, with their 2014 Industrial MarketView Q2 report suggesting it will be a strong base.
They noted that by the close of 2014, 600,000 square metres of new supply over 5,000 square metres will be added to the market.
CBRE research manager Mark Lafferty has said that the scheduling of the projects would be a positive, but that there is uncertainty around the funding of some projects.
“As a result, the surrounding industrial markets are positioned to benefit from a lift in investor sentiment levels, as well as stronger demand for industrial space,” he said.
“The greatest additions of new supply are in Sydney’s outer west, where 58% of the 2014 supply pipeline is being delivered,” Lafferty said.
“Future supply is being built to best service the growing transport and logistics sector, with a focus on super prime logistics facilities that have sound accessibility to existing and planned transport infrastructure.”
Major projects include the $11.5 billion WestConnex project and the $3 billion FS-M2 tunnel link.
Sydney’s industrial sales activity also saw an uplift, with $395 million selling over the three month period – up 73% from the same quarter in 2013.
See over page for a state-by-state breakdown.
Turn to page three for information about industrial sector yields.
<hr class="system-pagebreak">
KNIGHT FRANK’S BRISBANE, MELBOURNBE, SYDNEY AND PERTH ROUND UP
Brisbane
<ul>
<li>Available space up to new highs over past quarter 
</li>
<li>Above-average take-up of space</li>
</ul>
Knight Frank managing director of industrial Greg Russell:
The take-up indicated that there is been a welcome return to the market of smaller to medium size tenants with ten of the 17 vacancies absorbed over the quarter under 5,000sqm, which is the lifeblood of much of the Brisbane market. At the same time, there is also strong demand at the larger end of the scale, which was dominated by retailing or logistics occupiers who are currently focused on newly built accommodation.
There has been good absorption of both speculatively developed and D&amp;C offerings in recent months, and while this is a positive in terms of demand, the backfill space left by these larger tenants has been a factor in the vacancy increases.
Take-up was strongest in the South and South West markets, as the South saw significant take-up of secondary space and the South West saw solid absorption of prime assets, boosted by speculative construction in the region. Good take-up of speculatively developed space is expected to trigger more commencements in the South West, South and TradeCoast markets.
Sydney
<ul>
<li>Vacant property levels up 12.6% over the past quarter 
</li>
<li>Now at 770,014 square metres total vacant space 
</li>
<li>Increase in available speculative stock</li>
</ul>
Knight Frank managing director of Western Sydney Derek Erwin:
Gross take-up for the quarter to July measured 98,276sqm, which is 17% below the average level since the series began in 2011. Additionally, the absorption figure continues to be boosted by some vacant possession sales to owner occupiers. Absorption of prime stock has outpaced secondary by a factor of two to one over the past 12 months (excluding D&amp;C’s).
Fifty-three per cent of take-up (excluding D&amp;C’s) over the past 12 months has occurred in the Outer West, while additional deal activity in the region has also been achieved in the pre-lease market given land availability. It is noted, however, that land supply is expected to start seeing some of the pre-lease demand move into the North West and South West regions in the short to medium term.
Melbourne
<ul>
<li>Three months to July 2014 saw available industrial space increase by 10% 
</li>
<li>Total of vacant space now at 807,269 square metres 
</li>
<li>This is the highest level in almost five years 
</li>
<li>It’s 38% above the historical average 
</li>
<li>Take up has been stable for the past three quarters 
</li>
<li>Increase in available speculative stock</li>
</ul>
Knight Frank’s state industrial director Gab Pascuzzi:
The second quarter total take-up of 82,107sqm across eight buildings greater than 5,000sqm, remains 41% below the historic average of 138,961sqm. Notably, gross absorption recorded over the quarter was entirely within backfill space.
Speculative space under construction grew by 20,299sqm to reach 61,771sqm, 27% above its long term average. Four out of the seven projects currently under construction are located in the South East, while in contrast there are no speculative developments under construction in the West.
Perth
<ul>
<li>Over the quarter, available industrial space increased by 8% 
</li>
<li>Available space now totals 303,562 square metres 
</li>
<li>An influx of sub-lease space has entered the market, up 42% on last quarter 
</li>
<li>Sub-lease space available totals 69,776 square metres – 23% of the total</li>
</ul>
Knight Frank state industrial director Jarrad Grierson:
A growing number of vacancies has offset relatively strong leasing take-up over the three months to July 2014, as an increasing number of smaller secondary assets become available in the Perth Industrial market.
See over page for information about the leasing environment for the industrial sector.
<hr class="system-pagebreak">
New information from JLL has looked into the currently available yields for investors looking towards industrial property, noting that the stable fundamentals are attractive to many.
According to their quarterly research statistics, transaction volumes are indeed up 35% in the first half of 2014 compared to the same period in 2013, with almost $1.6 billion in industrial sales year-to-date 2014.
Melbourne and Sydney have led the sales activity in the second quarter of 2014. Construction wal also noted to be accelerating, with new supply to get to a record high since 2008 levels, and average rents to remain steady.
JLL head of industrial Michael Fenton said that investment activity is at present very solid, with capital allocation to the industrial sector exceeding available product by five times.
The average sale price in 2014 totals $18.4 million, with a $21 million record per sale set last year.
 “Our expectation is that vendors will increasingly be encouraged by price signals and the depth of capital evident in the market to selectively bring assets to the market to crystalize gains made over recent years or to exit underperforming assets,” said Fenton.
“Buyers remain led by the major and smaller domestic A-REITs and their managed funds, mid-tier boutique funds, syndicators and some high-net worth private investors.”
In the second half of 2014, the expectation is that larger offerings will see offshore interest, and Fenton predicts one or two new entrants without current exposure to Australian property.
Upcoming expectations include the first time that more supply has been completed in Brisbane than Sydney, and the first time since 2006 that Melbourne has overtaken Sydney.
Softer leasing is being experienced in Melbourne and Brisbane for both rental growth and market incentives.
Minimal evidence of rental growth over the past few quarters was recorded, with flat average face rents.
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Industrial property vacancies continue to rise, but overall outlook promising: Knight Frank

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CBD office markets in Australia are still seeing substantial foreign investment interest, with sales to foreign investors recently topping their 10 year record, according to Savills.
Approximately $12.8 billion of office sales, including those outside the CBD, were recorded in the 12 months to June 2014. Foreign buyers were responsible for 39% of the sales - $5 billion, explains Savills national head of research Tony Crabb who compiled the information.
<img src="/images/2014/08/06/savills-aug-6-one.gif" alt="">
During the 12 months, 246 properties were purchased. In the 12 months prior, the total was 199, and the five year average was recorded as 191.
Of $6.8 billion of CBD office transactions nationally, foreign investment totalled 47% of the purchases, or $3.2 billion, with much of the capital coming from Europe and South East Asia, as well as Mainland China.
<img src="/images/2014/08/06/savills-aug-6-two.gif" alt="">
Savills International Investments’ Ben Azar said the results were positive for the market.
“This is a very good sign for the Australian property market and as a result in key markets such as Sydney and Melbourne we anticipate further yield compression particularly in respect to quality long leased landmark assets,” said Azar.
"With such a depth of buying power we expect the off-shore capital to become even more competitive over the balance of 2014," he said.
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Australia’s CBD offices maintain place on foreign investment radar

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The Blue Buddha is a new vegan offering to Melbourne’s café scene.
Officially opened on 27 July, the vegan café is located opposite the Queen Victoria markets.
With a focus on Fairtrade, organic and vegan coffees and food, the store’s fit out also includes recycled materials for their tables, chairs and crockery.
The food includes raw cakes, such as avocado chocolate cake, and a shitake mushroom based vegan bacon.
Located at 30/1 O'Connell Street, North Melbourne, it is a small 44 square metre site now painted with a frontage of a blue Buddha, to match the shop’s title.
<a href="https://sha.com.au/view.php?listing_id=5624" target="_blank">Upstairs is currently available for lease</a> as student accommodation in the Victoria Terrace Apartments development with 15 studio and 12 one-bedroom fully furnished apartments from $280 per week through Student Housing Australia.
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Blue Buddha, vegan café opens in North Melbourne

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A new record land rate for North Melbourne, of $6,358 per square metre, has been set by a Chinese buyer who paid $13.2 million for an office building on the edge of the CBD. This totaled 32% over reserve, according to Savills Australia selling agents Clinton Baxter and Nick Peden.
The property, 13-21 Bedford Street, was owned by Engineers Australia and is currently leased to six tenants totaling 52%.
It is a 2,219 square metre building on 2,079 square metre site. It is zoned mixed use, which has the potential for development of up to 24 metres or approximately eight levels.
It isn’t clear what the buyer intends to do with the site in the long-term, however redevelopment is a clear option. In the short to medium term, the property will be leased.
“The price of $13.2 million reflects a new land value record for North Melbourne of over $6,000 a square metre and is an indication of the immense competition for high quality properties with strong development fundamentals,” said Baxter.
In total, the campaign attracted 125 enquiries and 29 inspections.
There were then 11 expressions of interest, and Peden notes that the top three buyers were off-shore located.
“We have had enormous enquiry from off-shore buyers for similar properties with development potential and so it was no surprise that there was such strong foreign interest in this property,” he said.
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Chinese buyer pays 32% over reserve, a record land rate, for North Melbourne office site

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Investors secured seven NSW offerings of 7-Eleven service stations at auction yesterday, but the average 4.6% yield was tighter than the 6.8% two years ago.
Generating $33.08 million in sales, the top price was $6.01 million for a Lane Cove Road, Macquarie Park, North Ryde property (pictured above), which sold on a net yield of 4.96%.
 The other service stations sold on net yields of between 3.85% in Dee Why and 5.04% in nearby Mona Vale - all with 15-year leases to 7-Eleven.
The 15-year lease terms that commenced between 2010 and 2012, come with three five-year options; guaranteed fixed 4% annual rent increases, with the tenant responsible for all outgoing costs except land tax.
JLL’s John Macree, Leslie Cheng and Dylan McEvoy marketed the properties on behalf of the Withers Barlow Property Trust.
More 7-Eleven service stations, two in South East Queensland and six in Melbourne, will be auctioned this week.
Russell Withers, worth an estimated $665 million according to the recent BRW Rich list, jointly owns the rights to 7-Eleven in Australia with his sister, Beverley Barlow.
Jones Lang LaSalle has been selling the stores in tranches on behalf of 7-Eleven since early 2011.
The stores were purchased as part of 7-Elevens acquisition of 250 retail sites from Mobil Retail in 2010.
In 2011 seven properties in Thomastown, Clifton Hill and Noble Park in Victoria, Blacktown East, West Gosford and Long Jetty in NSW and Robina in Queensland were successfully auctioned by Jones Lang LaSalle with net yields ranging between 7.28% and 7.95%.
The purchasers have been attracted by land rich investment properties in prime locations with secure long-term leases and fixed rental increases.
7-Eleven Stores is the biggest convenience retailer in Australia, operating about 600 stores.
Many of the buyers were self-managed super fund retirees looking for passive cash flow investments, seeing the opportunity as ticking the box for a premium tenant on long-term lease, high underlying land value, rental growth guarantee, and high-profile exposure locations.
The New South Wales 7-Eleven convenience store and service station investments sold:
<ul>
<li>Ashfield, 132 Hume Highway – 1,524 square metres, sold for $4.9 million with a yield of 4.21%</li>
<li>Camperdown, 198 Parramatta Road – 1,107 square metres, sold for $3.65 million with a yield of 4.72%</li>
<li>Dee Why, 940 Pittwater Road – 1,867 square metres, sold for $5.05 million with a yield of 3.85%</li>
<li>Mona Vale, 38 Barrenjoey Road – 1,573 square metres, sold for $4.325 million with a yield of 5.04%</li>
<li>Macquarie Park / North Ryde, 404 Lane Cove Road – 1,716 square metres, sold for $6.01 million with a yield of 4.96%</li>
<li>Sans Souci, 476 Rocky Point Road – 1,538 square metres, sold for $4.55 million with a yield of 4.96%</li>
<li>St Ives, 157 Mona Vale Road – 2,257 square metres, sold for $4.6 million with a yield of 4.94%.</li>
</ul>
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Yields tighten in latest 7-Eleven Sydney service station offering 

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Clothing, jewelry and cruelty-free makeup shop Save Yourself is undergoing a move from the Hardwick Building to a new Brunswick Street address.
Their new address, set to be <a href="https://www.realcommercial.com.au/property-retail-vic-fitzroy-500967639%20%20" target="_blank">284 Brunswick Street, Fitzroy</a>, was up for lease through Fitzroys – Melbourne and has a floor area of 98 square metres. It adjoins the newly opened Stagger Lee’s café, includes rear access and had an advertised rent of $75,000 per annum plus GST and outgoings.
<a href="https://www.saveyourselfboutique.com.au/pages/the-shop" target="_blank">Save Yourself</a>'s opening date is yet to be confirmed, but will retain its focus on local and sustainably made eclectic products.
Formerly known as OKOK, known for hosiery, they officially opened their <a href="https://www.commercialrealestate.com.au/property/2009842498/for-sale/vic/brunswick/retail" target="_blank">Hardwick Building, Sparta Place, 459 Sydney Road store</a> as Save Yourself on 20 September 2012. Their last open day prior to the move was 19 July.
OKOK had held the Shop 16 property on a two year lease, with rent at $18,616 per annum plus GST. The store was 24 square metres plus mezzanine, with outgoings paid by the tenant.
At their Sparta Place residence they’d previously held pop-up bake sales with local Hello You bakery and held The Design Journey exhibition.
Their previous premises are re-let through Red Dot Real Estate.
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