Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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</section>

[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

Brisbane

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A blind chocolatier who closed his store in Brisbane’s CBD, saying the Cross River Rail works had devastated his business has been offered alternative space.
The offer of space in The Barracks precinct came from Fortis Funds Management to Gerrard Gosens, who represented Australia at three Paralympic Games.
The offer, which has yet to be accepted, was revealed by Macquarie Media broadcaster Alan Jones.
Gosen's was a Young Australian of the Year finalist before opening his store Chocolate Moments.
His business has taken a $100,000 hit in earnings this year due to dwindling foot traffic, as businesses were shuttered.
Gerrard broke down in tears as he told Jones about losing everything he’s worked for over the last decade.
The Cross River Rail Delivery Authority has met with Gosens several times and offered $1000 to help with relocation costs.
Gosens says that wouldn’t begin to fix his issues.
Jones acknowledged the Fortis chairman, Edwin Zemancheff.
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j.ballantyne1990-6AQqhLzZaK

Fortis Funds offer The Barracks retail space to Brisbane chocolatier Gerrard Gosens

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The Brisbane CBD office market will benefit from continued growth in Queensland’s economy, according to the latest research from Knight Frank.
Their Brisbane CBD Office Market Overview found the underlying growth story of Brisbane and Queensland remains, with employment in the office-based sectors to show sustained growth, despite economic growth forecasts moderating due to global factors.
Knight Frank Partner Research and Consulting Queensland and report author Jennelle Wilson said, “forecast employment growth is expected to be a standout in 2019 with the Brisbane region to record 25,000-plus more jobs in the core office-based industries, according to Oxford Economics"
“While 2020 is expected to be lower, the coming five years will average 10,500 office based jobs per annum."
The Knight Frank findings showed tenant demand in the Brisbane CBD office market had remained steady with net absorption positive and vacancy decreasing to 11.9%, the lowest level in seven years, and down from 14.6% a year earlier.
Knight Frank Partner and Joint Head of Office Leasing Mark McCann said, the finance and insurance industry accounted for 26% of tenant activity over 2018 and 2019 due to the Suncorp pre-commitment to 80 Ann Street, followed by government and public administration at 22%, and resources and energy at 10%. 
“For the past 12 months both the CBD and fringe markets have recorded positive net absorption, ending the period of one market stealing tenants from the other," he said.
Supply additions in the market through late 2019 and early 2020,  will place a gap on further near-term vacancy falls, with vacancy expected to tick slightly upwards to reach 12.5% in January 2020.
From 2020 onwards the vacancy rate will resume a downward trend.
Ms Wilson said effective rental growth has continued in the Brisbane CBD office market, as vacancy has decreased and demand remains positive, with prime and secondary effective rents growing by 1.2% and 5.6% year-on-year respectively to July 2019.
“The majority of uplift is coming from face rents as incentive erosion has slowed. Tenants are motivated to relocate and upgrade where capital costs are mitigated.”
"Investment volumes in the Brisbane CBD office market are high, sitting at $2.86 billion over the year to September, roughly $1 billion higher than the corresponding period one year earlier ($1.82 billion)," she said.
While sales over 2018 were dominated by offshore buyers, there has been a noticeable decline in the level of direct transactions being undertaken by offshore buyers during 2019, according to the research.
The data shows the balance between domestic and offshore buyers has flipped in the 2019 calendar year to date, with offshore purchasing representing only 17% of transactions, compared with 73% in 2018. 
Yields in Brisbane’s CBD office market have continued to tighten, although the pace of contraction is reducing.
Mr McGrath noted, “Compressing by 23 basis points over the past year, Brisbane CBD yields are starting to move more in line with the Sydney and Melbourne CBDs.” 
“This comes after a period of accelerated yield compression as Brisbane was re-rated by investors," said Mr McGrath.
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Outlook positive for Brisbane's CBD office market: Knight Frank

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In the recent property market dip, the Brisbane City apartment market has remained stagnant.
Since 2014 to present day, the value of an apartment in Brisbane City has fallen $7,500 (seen below).
Time on market for unit's has also increased over 5 years. Its up two weeks, according to the <a href="/developments/brisbane-city-qld-4000">latest data</a>.
<img src="https://www.urban.com.au/images/2019/9/23/Brisbane%20data.JPG" alt="">
As of September 2019 the median apartment price in Millers Point is $492,500.
To learn all you need to know about Millers Point, from median asking rents to household composition, <a href="/developments/brisbane-city-qld-4000">click here</a>. 
As a landlord it is important to check the asking rent trend regularly to ensure you are getting the most value out of your investment.
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What if you bought a Brisbane City unit 5 years ago?

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For a number of years, the performance of the Brisbane office market has been underwhelming, to say the least, and has lagged behind the broader Brisbane commercial markets, according to property valuation firm Herron Todd White.
The valuation firm found, stubbornly high vacancy rates due to constant supply additions and patchy conditions across key industries resulting in an ongoing competitive leasing market and limited rental growth have been key factors as to why the office market has been sluggish virtually since the GFC.
Brisbane is however currently undergoing a major transformation with a number of significant infrastructure projects that have either recently been completed or are currently under construction.
These projects, coupled with the low interest rate environment, are having a positive impact on the CBD and fringe CBD leasing markets and are seeing increasing appetite from investors, both on a private and an institutional level.
Recent vacancy statistics released by the Property Council of Australia (PCA) have indicated that the overall Brisbane CBD vacancy rate compressed further in July 2019 to 11.9%, which is its lowest rate since January 2013. Furthermore, the overall Brisbane fringe CBD market also reduced to 13.8%, its lowest since January 2017.
Vacancies for prime grade CBD accommodation are now below 9% and more tellingly, there is no sub-lease space now available in these properties.
A-grade vacancies in fringe areas have also dropped markedly from 16.7% to 12.7% over the past six months.
The report stated, "given the improving leasing markets, it is likely we will see gross face rents stabilise for prime and A-grade office accommodation in the CBD and fringe CBD."
It also noted, stronger performing precincts such as King Street and Ann Street (Fortitude Valley), Gas Works precinct (Newstead), South Brisbane and the Golden Triangle (Brisbane CBD) are likely to see rental growth over the remainder of the year for modern quality developments.
The HTW valuers said, "we may also (finally!) see incentives start to fall. The positive vibe coming out of Brisbane is now starting to translate into a number of strong investment transactions and the opportunity and appetite for re-positioning underperforming commercial office assets is on the rise."
"The market generally has been active over the past 12 months and selling agents are reporting that demand is also increasing for underperforming, older style office assets that can be re-positioned and re-let."
"The near-term outlook for the Brisbane office market appears positive and it is possible that further yield compression may occur should interest rates decline further."
"Furthermore, the yield spread between Brisbane and its southern counterparts (Sydney and Melbourne) is still significant and the coming infrastructure projects are likely to increase Brisbane’s attraction as an investment destination," they concluded.
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Brisbane office market sees growing investor appetite: HTW Commercial

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The latest figures from the Australian Bureau of Statistics show the value of new loans to investors (excluding refinancing) across Australia jumped by 4.7% in July – the highest monthly gain since September 2016.
On the east side of the country, Canberra led the way with a 22% spike in the value of loans from June to July, followed by Queensland at 8.1%, Victoria at 5.7% and NSW at 2.0%. 
<a href="http://www.switzer.com.au/the-experts/john-mcgrath-property-expert/" target="_blank">John McGrath told Switzer readers</a>, "My best piece of advice for property investors is to buy quality and focus on location and aspect."
"Go for a quality property in a great street, in a desirable neighbourhood, with plenty of amenities such as cafes, shops and public transport. These properties might cost a bit more, but you’ll get better capital gains."
"In terms of locations, I think a good strategy is buying close to new infrastructure. There is so much building going on and this is creating opportunities for investors to capitalise, especially in areas where prices have fallen during the downturn," he added.
He analysed the impact and reasons that investing near the Brisbane Cross River Rail which is starting at the end of 2019, with the aim of opening 2024, may have potential.
Impact: Stretching from Dutton Park to Bowen Hills, the 10.2km line will provide a second river crossing so more trains can run. It will include four new stations and revitalised precincts at Boggo Road, Woolloongabba, Albert Street and Roma Street, with upgrades to existing stations at Dutton Park, Exhibition, Salisbury, Rocklea, Moorooka, Yeerongpilly, Yeronga and Fairfield. 
Opportunity: We tend to see a lift in property values when projects are announced, commenced and completed. Using Woolloongabba as a case study, the median house price sat around $770,000 from 2015 to 2018 but is now starting to grow. It’s $822,000 today, up 7.9% over FY19. The median apartment price has been drifting down since 2015 from $526,500 to $405,000 today.
Prediction: CoreLogic-Moody’s Analytics predicts 1.2% growth in house prices and 9.1% growth for apartments over CY20 and CY21 in Brisbane-South, which incorporates Woolloongabba, Fairfield, Dutton Park and Yeronga.
He also looked at the latest <a href="/expert-insights/investing/melbournes-16-billion-north-east-link-freeway-is-an-investor-opportunity-john-mcgrath">Melbourne</a>, <a href="/news/act/canberra-investors-lead-in-loans-where-should-they-buy-john-mcgrath">Canberra</a> and <a href="/expert-insights/investing/john-mcgrath-suggests-investors-buy-within-10-minutes-of-sydney-metro-north-west-train-stations">Sydney</a> infrastructure developments and the impact they have had and will continue to have.
JOHN MCGRATH is the Founder &amp; Executive Director of McGrath
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jmcgrath-6XcGQCVx3d

Residential property near Brisbane's Cross River Rail pinpointed as investor opportunity: John McGrath

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The Property Industry Foundation (PIF) is seeking in-kind donations to build PIF House Brisbane piece by piece, providing an additional 12 beds for Brisbane’s homeless youth.  
After securing the site, PIF has issued a call to the property industry to help with the provision of supplies for the $2.5 million building project.
The foundation is looking for a variety of donations from appliances and carpet to washroom accessories and wall lining supplies. 
PIF Queensland Chairman Greg Clarke said they were excited to hit the ground running on the new project, but it wouldn’t be possible without the support of the industry.    
“The property industry is well positioned to make a real difference in the lives of homeless young people,” Clarke said.
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New accommodation project announced for the homeless youth of Brisbane

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The Port Office Hotel in Brisbane has reopened its doors after repairing the damage caused in January by a fire.
The pub has been at the corner of Edward and Margaret Streets for 155 years. 
According to the owners, Nick and Meagan Gregorski, the fire started in the kitchen of the dining room and almost consumed the entire building.
The historic hotel currently comprises the Port Office Dining Room for lunch and dinner, the Front Bary, and the Colonial Bar located upstairs. 
Originally called the Shamrock Hotel, the hotel opened its doors in 1864. 
The hotel underwent its first of many renovations in 1876 when it was reconstructed as a two-storey masonry building with verandas, designed by James Cowlishaw and built by contractor Charles Midson.
In 1888, the remodelled hotel contained 15 bedrooms, a drawing room, two bathrooms and four public rooms, and was patronised by workers from nearby shipping, industrial and riverside businesses and political operatives.
It experienced its first major flood in 1893, causing extensive damage which called for more works.
The year 1909 saw a change of licensee to John Chillan Cutbush who renamed it the Port Office Hotel. 
In 1955, the hotel was refurbished again this time under the direction of architect Francis Leo Cullen, including the removal of all the verandas, lacework, canopies and chimneystacks and renovation of the interior fittings. 
In 1974, the great Brisbane Flood hit the city, with the Port Office amongst the many casualties.
The hotel survived to undergo further renovations in the 1980s.
In 1992, the Port Office Hotel was listed on the Queensland Heritage Register.
During the 2011 Brisbane floods, the Port Office Hotel escaped yet another inundation.
Gregorskis bought and refurbished the historic hotel in 2017, turning it into an award-winning gastropub.
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Brisbane heritage pub The Port Office Hotel reopens after fire damage

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The Greater Brisbane industrial market has performed strongly over the last 12 months with prime rents increasing by more than 5%, land rates up by as much as 21%, and yields continuing to tighten, according to independent valuer and advisor m3property’s latest industrial report. 
The Winter 2019 report found supply constraints and strong owner-occupier and design and construct activity, especially in the e-commerce logistics area, had driven land (2000 square metre to 5000 square metre) rates across Greater Brisbane up by as much as 46% over the past three years. 
It found that investment sales, currently at circa $540 million for the first six months of the year, were well-placed to surpass what had been a big year in 2018 with circa $970 million of industrial assets transacted.  
Director of Research (Qld), Casey Robinson, said population growth, e-commerce and infrastructure projects had been key market drivers with the latter potentially playing an even more significant role as the State and Federal Governments sought to fast track some projects. 
“Brisbane’s industrial sector is experiencing boom like conditions and all indications are that the market will continue to perform strongly over the next 12 months as population growth and infrastructure projects drive even greater demand for new buildings,’’ Robinson said. 
“There were 1092 industrial buildings approved in Queensland in the year to May which is up 7.3% year on year. 
“Food manufacturers, transport/logistics operators and consumer product operators, in particular, will be behind a considerable increase in supply completions over the remainder of 2019 with most of it in the Western and M1 Corridors.’’
Robinson said an estimated 300,000 square metres of new supply was mostly pre-committed including new buildings for Coles (66,000 square metres), Australia Post (49,000 square metres) and Rheinmetall (42,000 square metres), all of which are located in the Western Corridor.
<a href="https://www.propertyobserver.com.au/images/2019/8/19/brisbane%20industrial%201.jpg" target="_blank">Click here </a>to enlarge: 
<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/2019/8/19/brisbane%20industrial%201.jpg" alt="">
Low yields here to stay 
Senior Valuer at m3property (Qld) Cameron Hicks said while purchaser demand continued to outweigh investment supply, downward pressure on yields would remain. 
“Demand for industrial assets has been very strong and with population growth and the mooted fast tracking of infrastructure projects, such as the strategically important inland freight rail project, continuing to drive tenant demand, the industrial investment market looks set to maintain its current trajectory,’’ Hicks said.
“That said, with the limited supply of modern buildings in the most sought after precincts, yields are likely to continue to tighten, but we should see some stabilisation towards the end of the year and into 2020.’’
He said the limited supply of land in those same precincts, especially the Australia TradeCoast both north and south of the Brisbane River, along with the trend to modern, efficient premises, would also drive further increases in land values.
<a href="https://www.propertyobserver.com.au/images/2019/8/19/brisbane%20industrial%202.jpg" target="_blank">Click here</a> to enlarge: 
<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/2019/8/19/brisbane%20industrial%202.jpg" alt="">
Hicks said while prime rents were expected to continue to rise, the extent of any rental growth would depend on the ability of tenants to absorb it. 
“Further real rental growth will be tested in cases where recent increases in taxable land values are passed onto tenants, and that seems likely in the majority of cases. This could negatively affect the potential for further real rental growth in the near term,’’ Hicks said. 
Hicks said the importance of the circa $10 billion Melbourne to Brisbane inland freight rail project had been underscored by recent acquisitions along the route including Garda Capital’s purchase of four properties - three of them adjoining the Acacia Ride rail yards - and a prominent Sydney based investor’s acquisition of two large properties also with rail access.  
“The inland freight rail project has already had an impact on the market and will undoubtedly continue to be a catalyst for growth with the potential to impact the entire Brisbane industrial market, especially if the line is extended beyond the Acacia Ridge terminal to the Port of Brisbane. Such an extension would result in improved connection to the Western Corridor and Toowoomba,’’ Hicks said.
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Brisbane industrial market booming with yields tightening: m3property

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The French Beauty Academy has opened their fourth Queensland based campus.
The beauty school agreed to a seven-year lease (with a five-year option) of a 651 square metre space, located at 300 Adelaide Street in the Brisbane CBD.
The academy joins seven other tenants who have relocated to the building since late last year.
“The French Beauty Academy strives to provide a premium experience for our students and staff,” said the organisation’s director of operations, David French.
“300 Adelaide represented an exciting opportunity for the Academy to design and build a state-of-the-art beauty focused training facility.”
Having been recently been renovated, the multipurpose complex provides a complimentary car share service for all of its tenants.
The building also features a Mercedes-Benz Brisbane boutique, Motorwagen café, a hair salon, dining options, and its own art gallery. 
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French Beauty Academy opens new Brisbane campus

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The Brisbane office market remains a target for the global flexible workspace operators with the city already recording approximately 16,000 sqm of commitments across CBD and metro regions in the first half this year., according to Colliers International.
“Major players in this space such as IWG and WeWork are expanding within Brisbane as the competitive rents allow them to make a bigger footprint for less capital expenditure,” said Nick Davies, Associate Director of Tenant Advisory at Colliers International."
“We are also an attractive location given the large number of small businesses operating in Queensland as well as a substantial amount of project related requirements from Engineering and Resources sector."
“Colliers International is forecasting flexible workspace operators to take up approximately 28,250sqm of space in the CBD this year. There are reports of operators that are in the process of negotiating new locations across the CBD and as well as metro locations."
“Despite the lack of available large scale contiguous space, flexible workspace operators are still expected to contribute to the reduction of the city’s vacancy rate through 2019 and well into 2020."
“With a substantial number of new office developments which have been approved or looking for pre-commitment, operators will be looking to take pre-commitment for this space that is due for completion around the late 2021 to late 2022, such as Midtown Centre, 80 Ann Street and 360 Queen Street just to name a few."
“Fortitude Valley has several new projects that are seeking pre-commitment and landlords are willing to provide highly favourable deal terms to secure long-term tenants,” said Mr Davies. 
Simon van Grootel, Development Director Australia at IWG said they are seeing a huge rise in demand for larger scale solutions from 50 – 500 work stations coming through weekly across the country.
“These are forming part of a national strategy for many of our corporate customers who not only value the national and global network we provide, but also need the scale across multiple locations to quickly satisfy the frequent spikes and subsequent reductions in head count space. 
“With Brisbane a key growth city that has matured significantly over the past 5 years, we anticipate that more companies will grow their presence here driven by strong migration and a skilled labour force. Our Spaces brand which is larger footprint offering, demonstrates our confidence in this with new centres opening in Melbourne, Perth and Sydney in the next 6 months with further announcements coming soon.”  
As per Colliers International research statistics collated in February 2019 Brisbane is the Australian capital city with the largest percentage of flexible workspace occupancy of CBD stock at 2.8%.
There are 32 flexible workplace centres across Brisbane CBD totalling 63,104sqm with the average desk cost of $550 per month. 
Brisbane has reached its lowest vacancy in five years, with flexible workspace operators directly contributing to the take up in space.
Flexible workspace transactions have a significant impact on the reported vacancy rate as they account for pure absorption and are not typically leaving behind older tenancies.
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