<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

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</main>

Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

Adelaide

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A selection of New York-inspired “sky loft” apartments have been released to the market within the $100 million Kodo development in the Adelaide CBD.
Australian building company Watpac commenced construction of Kodo earlier this year and anticipates completing works by the end of next year.
Believed to be the highest loft-style apartments in the city, the nine new sky lofts will be situated in the tower of the 30-storey development.
The highest sky loft will be on level 27.
All of the double-storey sky lofts feature two bedrooms, two bathrooms and two balconies providing uninterrupted views to the Adelaide Hills.
They also each include a separate laundry, powder room, extensive storage and modern kitchen with Miele appliances.
Steve Wise, CEO of developer Flagship Property Holdings, said Kodo has developed the sky loft apartments with world-class architect Woods Bagot in direct response to market demand.
“We had a terrific response to our loft apartments on the podium (situated on level four of Kodo at the base of the main tower), which are now all sold but continue to be an attractive floorplan for potential purchasers looking for something larger and unique,” he said.
“Woods Bagot’s design of the building has allowed us to replicate this experience higher up the tower as sky lofts.
“Lofts are especially popular in cities like New York but they’re a rare find in Adelaide, so we’re anticipating these apartments will generate plenty of interest, particularly among people looking to downsize and move into the city.
“Characterised by their open plan and access to natural light, these new sky lofts also offer exceptional views of the beautiful Adelaide Hills, which will no doubt be a key selling point for buyers too.”
<img src="https://www.urban.com.au/images/2017/06/09/Kodo%20-%20Peter%20Miglis%20from%20Woods%20Bagot.png" alt="">
Wise said prices for the new sky lofts start from $760,000.
Located on Angas Street near Victoria Square, Kodo includes a four-level podium from ground level which will incorporate car parking, bicycle parks and residential apartments.
On the top floor of the podium, an exclusive resident sky garden will be established, with landscaped entertaining and recreation areas, as well as surrounding apartments with mezzanine floors and generous private terraces.
Additional one, two and three bedroom apartments will then rise up another 26 levels, featuring sweeping views towards the Adelaide Hills and coastline.
The Kodo sales suite at 33 Angas Street in the city, directly adjacent the construction site, is open from Tuesday to Saturday between 11am and 3pm.
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j.ballantyne1990-6AQqhLzZaK

Kodo releases Adelaide’s highest loft apartments

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BRW Rich Lister Shaun Bonétt’s Precision Group is selling a 50 per cent stake worth a $400 million in two prized CBD retail assets.
He is divesting the stakes from Adelaide Central Plaza in Adelaide and MacArthur Central in Brisbane, which has iPhone-maker Apple’s largest store in Australia.
Bonett appointed JLL’s head of Retail Investments – Australasia, Simon Rooney, for the stake sale.
According to JLL Research, both the shopping centres are in a select group of just 12 Australian CBD shopping centres of more than 15,000 square metres in size nationally.
Bonétt founded the Precision Group in 1994. It has owned Adelaide Central Plaza since its development in 2000 and MacArthur Central for the past 10 years.
His team, headed by ex-Westfield and Woolworths senior executive Trevor Dill, has developed the centres. Along with Apple, the mall has a Woolworths supermarket and Big W. The 15,085-square-metre centre has 39 specialty shops.
The 27,801-square-metre Adelaide Central Plaza is a luxury shopping complex, anchored by a strong-performing 22,922 sq m David Jones department store, plus a Tiffany &amp; Co and Pandora and 44 specialty shops.
The centre also has the potential for further development of a residential tower above it.
Rooney said the plaza was at the centre of Adelaide's "super-prime" retail precinct, positioned to attract international retailers.
"Investors remain very attracted to major Australian CBD retail assets for their defensive nature and strong-income-growth, value-add profile," Rooney said.
"The drivers of CBD retail trade continue to remain strong and are being fuelled by booming international tourism and the steady inflow of international retailers.
"There is now significant potential for owners to capitalise on this increasing demand for limited prime CBD retail space from new and existing international retailers, each trying to establish and grow in the Australian market."
As for the Brisbane asset, Rooney said that MacArthur Central would benefit from a surge in population as apartment supply in inner-Brisbane is expected to peak in 2021 with the opening of Australia largest casino resort and a dramatic increase in the amount of student accommodation.
"Growth in the resident population will further broaden the demand for different retail categories, such as groceries, household goods and services," he said.
“The upswing in tourism in Queensland will drive demand for discretionary retail such as fashion and food and beverage.” 
According to Tourism Research Australia, international tourist arrivals to Queensland grew by 9.7% in FY16.
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jonathanchancellor-7SQnKwU6yx

BRW Rich Lister Shaun Bonett to sell off $400 million stake in CBD retail assets

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In Adelaide, 7.1 percent of houses and 10.5 percent of units resold over the December 2016 quarter transacted below their previous purchase price, according to CoreLogic's recent Pain and Gain report.
The property data firm says that the proportion of loss-making resales trended lower over the quarter for units.
<a href="https://www.propertyobserver.com.au/images/2017/04/21/Screen%20Shot%202017-04-21%20at%2010.24.28%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/21/Screen%20Shot%202017-04-21%20at%2010.24.28%20am.jpg" alt="">
The council areas with the highest proportion of loss-making resales over the quarter were: Mallala (100 percent only 1 sale), Playford (18.3 percent) and Gawler (12.7 percent).
The Prospect and Walkerville council regions each had no resales at a loss over the quarter.
<a href="https://www.propertyobserver.com.au/images/2017/04/21/Screen%20Shot%202017-04-21%20at%2010.24.50%20am.jpg" target="_blank">Click to enlarge</a>
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Playford and Gawler lead Adelaide's loss-making suburbs: CoreLogic

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The industrial market has been flat for several years and the effect has been a sporadic performance by the entry-level market at best, according to valuation firm Herron Todd White’s May update. 
The General Motors Holden (GMH) car manufacturer is set to shut the doors of its Elizabeth plant in October 2017, ending 60 years of construction in Australia. 
This decision by GMH following the federal government’s policy shift to no longer support the industry as well as the problems facing almost all forms of general manufacturing in South Australia are having flow-on effects through the broader economy. 
One positive has been the securing of defence construction contracts. After the completion of the Air Warfare Destroyer (AWD) construction contract, the Future Frigates programme will commence in 2020 with an estimated spend of circa $35 billion. 
Following this in 2022 is the Future Submarine project, comprising 12 submarines at a spend of circa $50 billion. The projects are expected to provide over 2,000 jobs. 
In addition, the South Australian government has significantly increased its expenditure on infrastructure projects, add HTW.
In 2015/16 the budget was $1.8 billion which has increased to $2.2 billion in 2017/18. 
The projects are: 
• Darlington Upgrade 
• Anzac Highway to Darlington 
• River Torrens to Anzac Highway 
• Regency Park to Torrens Road 
• South Road Expressway 
• Northern Connector 
The combined effect of the defence contracts and the infrastructure expenditure is going some way to soften the blow but the fallout to the South Australian economy has been harsh. 
Some analysts are reporting recovering demand for blue-chip investment assets with strong long-term lease covenants but this is not having an impact on entry-level demand. 
The demand within precincts such as Wingfield, Dry Creek and Cavan in the north and Edwardstown, St Marys, North Plympton and Lonsdale in the south is far more tied to locally based demand and supply issues. 
The low interest rate environment is making renting less attractive but the subdued market conditions coupled with low interest rates are making selling equally unattractive. Agents are reporting that owners are reluctant to sell due to the absence of alternative opportunities in a generally flat market. The result is low transaction numbers and few opportunities. 
The climate is tough for first time investors in the industrial arena. The opportunities are few and far between but the secret may lie in buildings that have flexible alternate use opportunities. 
“While you will have to accommodate conversion cost and heavily incentivised leasing arrangements in your pricing, the result may be revitalising an otherwise economically obsolete property,” says HTW.
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Holden closure, manufacturing slowdown hitting Adelaide economy: HTW 

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Contraction has been the underlying theme in Adelaide’s office market in the past 12 months and the large vacancies created by multi-national tenants have caused a ripple effect down into the below $10 million market, according to valuation firm Herron Todd White’s latest April update.
Not surprisingly, Adelaide is at the bottom of the market cycle in HTW’s commercial property clock for offices.
Over the past 12 to 24 months, the downturn in business activity throughout South Australia has created vacancies with the likes of Santos, BHP and Telstra all contracting their tenancies into smaller, compact areas. 
Investment activity within prime assets that provide secure lease covenants and long WALEs is expected to remain strong over the next 12 months. 
“Similarly, we don’t anticipate there being a significant change to the risk-averse pricing of lesser quality assets being 30% to 40% below prime assets,” say HTW.
However, the construction phase in the CBD office market is coming to an end. There are a few major projects due to in the short to medium term: 
<ul>
<li>
<a href="https://www.realcommercial.com.au/property-offices-sa-adelaide-501486447" target="_blank">Frome Flinders office building</a> is now finished and part occupied by Grant Thornton. </li>
</ul>
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/21/HTWAdelaide.jpg" alt="">
<ul>
<li>113-115 King William Street, Adelaide’s sixth tallest building at 25 levels and 5,799 square metres.  </li>
</ul>
The completion of these building has contributed to the increase in Adelaide total vacancy to 16.2% from 15.4% in January 2017. 
There are analysts reporting that the contraction of space has slowed and with the limited planned addition of space, that vacancy will contract over the next 12 months. 
When you break down the vacancy rate, the majority sits in lower grades. 
<a href="https://www.propertyobserver.com.au/images/2017/04/21/AdelaideMktSummary.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/04/21/AdelaideMktSummary.png" alt=""> 
 <img src="https://www.urban.com.au/images/2017/04/21/AdelaideOfficeGrade.png" alt="">
“We consider that a period of rejuvenation will begin, however this is unlikely to result in significant new office space in the short term. As it starts it will take lower grade buildings off the market and place downward pressure on the vacancy rate,” say HTW.
There also exists the possibility of buildings being converted to residential accommodation. A number of residential developments will soon be competed which will increase the number of units in the market. The depth of this unit market may be tested and likely to delay future conversion of any obsolete office buildings. 
There is however a sense that the period of high vacancy may be beginning to end, concludes HTW.
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Adelaide office market undergoing contraction: HTW

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Investment activity in Adelaide has reached new high as vacancy falls in suburban markets, according to Colliers International’s latest Metro Office report.
“There is strong demand for office assets from investors, with a record $103.87 million ($5 million+) worth of office transactions recorded in 2016," it said.
This was the highest level of investment in metro markets on record.
The largest sale was the GP plus Clinic, 16 Playford Blvd, Elizabeth, which sold for $42 million in November 2016.
This building had a 13.8 year lease term remaining and sold on a yield of 5.8 percent to Australian AREIT.
"Prime quality assets with long lease terms are in high demand across all office markets which has resulted in a tightening in yields for the suburban markets,” the report stated.
<a href="https://www.propertyobserver.com.au/images/2017/05/02/Screen%20Shot%202017-05-02%20at%202.04.41%20pm.jpg" target="_blank">Click to enlarge</a>
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Colliers says that the Adelaide office market is still offering investors higher returns than some other office markets and this is driving demand.
“It is the lack of stock being offered to the market which is likely to restrict sales volumes going into 2017. New supply in the Fringe market remains limited, with most of the supply which has been added over the last 12 months being stock which has been withdrawn, refurbished and then offered back to the market."
The most recent refurbishment completed was 8 Greenhill Road, Wayville which was completed in late 2016, the report said.
This has contributed to an increase in vacancy to 11.3 percent as at January, says Colliers.
“Also contributing to the increase in vacancy is the move of Grant Thornton into the Adelaide CBD market, which resulted in -1,260 sqm of net absorption in the last six months.
This brought total annual net absorption for the fringe market to -8,126 sqm as at January 2017.
Rents in the fringe eased over the last 12 months, with Grade A effective rents falling by 4.8 percent.
This was mainly due to an easing of the top end of rents in the fringe market.
Incentives have however remained stable with a wide range of 15 to 25 percent.
There are two buildings currently under refurbishment and due to be completed in the third quarter of 2017.
These are 127-128 Greenhill Road and 100 Greenhill Road, which will add 2,742 sqm to the Fringe market and is likely to result in an increase in vacancy in the second half of 2017, said the report.
<a href="https://www.propertyobserver.com.au/images/2017/05/02/Screen%20Shot%202017-05-02%20at%202.04.49%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/05/02/Screen%20Shot%202017-05-02%20at%202.04.49%20pm.jpg" alt="">
The fringe market has seen 8,433 sqm of withdrawals over the last two years, but most of these buildings have been refurbished rather than redeveloped.
“There has been a change in the parking restrictions along Greenhill Road, with clearways in place until 10 am and then from 3 pm. This restricts client parking and is likely to restrict demand in the future.
"Several of the buildings in the fringe market do not have disability access and therefore the first and above levels can be more difficult to lease."
When most of these buildings were built in the 1980s, there was one space allocated per 25 sqm, however, now the ratios demanded are more likely to be one space to 12 to 15 sqm, the report said.
This area has also been rezoned to allow for higher building heights and mixed use including residential.
Colliers expects that over the next five years the fringe market will see more withdrawals.
“Over the next five years we expect the Fringe market to see more withdrawals which will see new developments with a change of use. With vacancy forecast to increase for 12.7 percent over the next 12 months it is likely that rental growth in the fringe market will be limited over the next 12 months."
Incentives are expected to remain stable within the current range of 15 to 25 percent, it said.
The suburban market has seen vacancy tighten to 6.5 percent.
This is down from 7.7 percent in September 2016.
All markets saw a fall in vacancy, with the east seeing vacancy fall to 4.8 percent and the south to 1.8 percent.
New supply in the suburban market remains restrained.
The only major construction is the Port Centre at Port Adelaide.
This 3,238 sqm building is currently under construction and is due to complete in 2018.
This building is fully committed to Australian Customs on completion, said the report.
<a href="https://www.propertyobserver.com.au/images/2017/05/02/Screen%20Shot%202017-05-02%20at%202.04.59%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/05/02/Screen%20Shot%202017-05-02%20at%202.04.59%20pm.jpg" alt="">
There are several smaller projects in the pipeline, but most are seeking pre-commitment prior to construction commencing.
Colliers says that the suburban market is very much needs based and therefore tends to have lower vacancy as there is limited speculative development in this market.
“Rental growth in the suburban market has remained stable over the last 12 months with a rental range of $265 to $335 per sqm net. Incentives have also remained stable, within a range of 15 to 25 percent."
With vacancy falling it is more likely that incentives may begin to fall which will lead to growth in net effective rents, said the report.
An example would be 1284 South Road, Tonsley (above) which has been leased.
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Adelaide office investment at new high: Colliers

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A developer is offering apartments with free stamp duty till June 30 in Adelaide.
East End Apartments, located at 293 Pirie Street, are positioned with the CBD and come with all the lifestyle benefits of living in the city, according to the description on their website.
Located on the edge of Rymill Park, the apartments are close to the food and wine mecca of Rundle Street. The are close to venues of all the festive events and activities that Adelaide enjoys and is known for on the world map – Clipsal 500, Adelaide Fringe and so much more, it says. The development is also close to schools and universities.
A partnership project from developers Wellstone and Regional Pacific Capital (RPC), East End offers 145 apartments in combinations of one bedroom, two bedroom and three bedrooms with or without car parking. 
Prices start from $379,000 for a two-bedroom, one bathroom apartment and go up to $599,000 for a three-bedroom, two bathroom apartment.
East End Apartments were also named in the national top 10 of most clicked-on apartments, according to a post on www.realestate.com.au.
Colliers International, which is marketing the project, said the free stamp duty offer is for apartments at or below level 8.
Not just that, the ad says there are rental guarantees on some apartments.
The campaign says rental yields are expected to go up to 6.11 percent in the years to come as Pirie Street evolves.
The marketing for East End Apartments is by Colliers’ Nick Pelvay and James Polacek.
The project is expected to be completed by 2018 end.
 
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Adelaide's East End development offers free stamp duty on apartments

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Major construction work has commenced on the first phase of West Franklin, an urban regeneration project located in the West End part of Adelaide’s CBD.
The work is being carried out by Built Environs, who were awarded the $90 million contract earlier this year by global property development company Greaton. Hundreds of construction jobs will be generated during stage one, with over seventy subcontracting firms employed.
Situated on the corner of Franklin, Elizabeth and Morphett Streets, the new West Franklin precinct comprises 560 apartments and penthouses spread across four towers.
Residential facilities include a 20 metre wet edge lap pool, gym, spa, sauna, resident dining and lounge rooms, sky park with BBQ facilities and landscaped gardens, resident cinema, golf simulator and roof top bar showcasing views of Adelaide CBD, the ocean and Adelaide Hills.
“Greaton is helping stimulate the Adelaide economy by bringing this landmark project to life and creating hundreds of local jobs. West Franklin is located in an area that has been dormant for many years. The sheer size of this project will help activate this entire precinct,” commented Nicho Teng, managing director of Greaton.
“We are creating a new affordable urban lifestyle in West End that has never been seen before. West Franklin is expected to become an iconic lifestyle destination that the West End community will be very proud to call home,” he said.
West Franklin apartments have been pitched at the affordable luxury market to appeal to a broad cross section of purchasers, with over 70 per cent of stage one already sold. Local Adelaide architects Brown Falconer were chosen to lead the exterior design and interior fit-out.
Due to be completed early 2019, the first stage of West Franklin features 272 residential apartments spread across two towers. They both share a common podium comprising 1,100 sqm of retail on the ground level, resident facilities and car parking.
“The commencement of work on site is an important milestone for both Greaton and Built Environs,” added Daryl Young, Built Environs managing director.
“After the design finalisation phase and procurement of our key sub contracts it is exciting to see action on site,” he said.
For more information, <a href="https://www.westfranklin.com.au" target="_blank">click here</a>.
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Construction starts on $300 million West Franklin development

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Retail throughout metropolitan Adelaide has not shown any significant growth for several years, according to Herron Todd White’s latest report.
The property valuation firm says that retail trade figures published by Australian Bureau of Statistics (ABS) show retail turnover for South Australia have been at growth per quarter of below 1.5 percent since December 2014 2.4 percent growth, which was the highest quarter of growth since March 2008.
This is consistent with the national trend.
"This poor retail performance is not expected to change in the short term, with the low interest rate environment and rising house prices being offset by weak wage growth and continued softening in the labour market.
The sustainability of many businesses is challenged when retail trade continues to be this poor.
As a result, rent growth has stabilised, however in some sectors, reduced significantly. Vacancy is up and incentive use is increasing," the report stated.
Retail strip shopping has continued to show decline with cafés the best performing use.
In particular, rural retail tenancies are being negatively affected by contractions meaning that there is no demand for a commercial use.
"In some cases, within smaller towns, unless these shops can be converted to a residential use there is almost no demand.
Key locations such as The Parade Norwood, O’Connell Street North Adelaide and Jetty Road Glenelg, which are the premium suburban retail streets, remain at values out of reach to owner- occupiers, and with declining rentals they are less attractive to risk sensitive investors.
Even Rundle Mall, at the heart of the Adelaide CBD is experiencing vacancies," the report advised.
Shopping centre rents are also reported to be decreasing even within otherwise well performing centres.
This is resulting in numerous tenants being retained in ‘Holding Over’.
"Hold Over rents typically include penalty rates which may be considered better than a vacancy to the managers, this will take time to be absorbed," the report stated.
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Adelaide retail market shown no growth for several years: HTW

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Adelaide’s popular Publishers Hotel is up for grabs, generating interest from developers, hotel operators and investors in a market devoid of large-scale development opportunities.
On a 2,112 sq m dual corner site at <a href="https://www.commercialrealestate.com.au/property/108-112-franklin-street-adelaide-sa-5000-2013504127" target="_blank">108-112 Franklin Street</a>, the CBD pub comprises a boutique front bar, contemporary restaurant, modern kitchen, 600 sq m function room, offices and storage space.
Colliers International’s Alistair Mackie and Paul van Reesema are marketing the property until offers close May 11.
“This property represents an excellent opportunity to acquire a strategic mixed-use development site with adaptive improvements and hotel licences,” Mackie said.
“In the immediate term, options exist to acquire the freehold only or continue operating the hotel and, in the longer term, incorporate this valuable asset into a mixed-use high-rise development,” Van Reesema said.
“Further down the track, developers, hotel operators or speculators can develop the property to its full potential and reap the benefits of owning a large CBD site located only 350 metres from Adelaide Central Market.”
Mackie said the current improvements provided a gross building area of about 3,650sqm.
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“The elongated shape of the site provides developers the ability to stage high-rise developments up to 17 levels,” he said.
The site is in a rapidly evolving growth precinct of the city, which has undergone significant gentrification during the past five years, including the completion of Quest on Franklin’s serviced apartments, PWC headquarters and Vision On Morphett high-rise apartments.
“It is anticipated that increased population within the area will complement and enhance the range of opportunities and experiences provided in Adelaide, thereby boosting its lifestyle and tourism potential,” Mackie said.
On offer is the freehold site and improvements, together with the hotel leasehold.
Buyers may elect to acquire both or can choose to exclude the hotel leasehold.
The option exists for the vendor to leaseback the hotel for a short period to assist the purchaser during the transitioning phase.
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