Longstanding Gold Coast and Canberra developer <a href="https://www.apartments.com.au/developers/morris-property-group">Morris Property Group</a> is continuing to roll on with its Glitter Strip apartment pipeline, seeking to return to Mermaid Beach with a new 68-apartment development.

Morris, founded by Barry Morris in 1978 and one of the Gold Coast’s most prolific apartment developers over the past two decades, has filed plans for a 12-storey mixed-use building at <a href="https://www.apartments.com.au/new-apartments/36-seabeach-avenue-mermaid-beach-qld-4218">34-36 Seabeach Avenue</a>, on the prized eastern side of the Gold Coast Highway.

The 1,227 sqm site occupies a prominent corner position at Seabeach Avenue and the Gold Coast Highway, opposite the Mermaid Plaza retail and office precinct and around 140 metres walking distance from the future Mermaid Beach South light rail station.

<a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser &amp; Partners</a> has designed the project, which will comprise 68 apartments across a mix of 48 two-bedroom and 20 three-bedroom residences.

The building will rise 12 storeys, reaching a maximum height of 36 metres, with the apartments accounting for a total of 156 bedrooms. The development application also seeks approval for short-term accommodation across the 68 apartments, while two office tenancies are proposed at ground level.

The plans show 108 car spaces across the development, with parking accommodated at ground level and within a three-level basement accessed from Seabeach Avenue.

<img alt="Seabeach Avenue and the Gold Coast Highway" data-entity-type="file" data-entity-uuid="c2175c99-12fd-4a3c-9be1-89bbf258a90d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-20%20at%202.59.41%E2%80%AFPM_0.png?VersionId=iNLzWcE6gaAE76rafhEXfHve.4g4Se0p" />

Resident amenity will be concentrated on level two, where Fraser &amp; Partners has designed a recreation deck with a swimming pool, 90 sqm pool terrace, outdoor barbecue area and gym.

The broader communal offering will also incorporate landscaped spaces, with the planning documents noting the amenity has been designed to provide areas for recreation, social interaction and outdoor living.

The proposal would continue the transformation of the Gold Coast Highway corridor through Mermaid Beach ahead of the arrival of the light rail.

The site is zoned Neighbourhood Centre and sits within the Mermaid Beach/Broadbeach Light Rail Corridor neighbourhood plan. While the prescribed building height is 24 metres, the site is identified within an Urban Neighbourhood context providing for a 50 per cent height uplift to 36 metres.

Planning documents describe the stretch of the Gold Coast Highway between Broadbeach and Nobby Beach as increasingly characterised by medium and high-rise development, with the proposed Morris tower joining projects including Ventura, The Alfred, Oceans and Otto.

<img alt="Seabeach Avenue and the Gold Coast Highway" data-entity-type="file" data-entity-uuid="911f193f-e381-4a55-be08-58be87fcf978" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-20%20at%202.59.48%E2%80%AFPM.png?VersionId=oxVvLJaY.SOXEdXrIcogfyEXDfvCmmpM" />

The development would mark Morris Property Group's latest investment in Mermaid Beach, where it has already delivered two apartment projects.

Otto, at 1 Bondi Avenue on the western side of the Gold Coast Highway, comprises 70 apartments across nine storeys. The project was completed in 2019 and includes a residents' gym, recreation deck and swimming pool.

Morris also developed Oceans at 46 Ocean Street, a nine-storey, 70-apartment build-to-rent development completed in 2019. Oceans was the group's first build-to-rent project and incorporates commercial space at ground level.

The two existing Morris projects sit further north along the same Gold Coast Highway corridor as the proposed Seabeach Avenue development. Fraser &amp; Partners' planning analysis specifically identifies both Otto and Oceans among the established built-form precedents surrounding the site.

<img alt="Seabeach Avenue and the Gold Coast Highway" data-entity-type="file" data-entity-uuid="14925119-7b71-4812-8149-340317512c7c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-20%20at%203.00.15%E2%80%AFPM.png?VersionId=aEJqYuw_nTCjcin17BSD0piB1EFotTlj" />

Mermaid Beach represents only part of Morris' considerable Gold Coast footprint.

The family-owned developer has been particularly active in neighbouring Broadbeach, delivering projects including Sierra Grand, Eclipse, Synergy, Qube, Koko, Opus and Malo, while its current pipeline includes Maison and the two-tower Crest development.

Further south, Morris has also developed a string of projects in Burleigh Heads, including Element, Boardwalk and Sandbar, while Essentia expanded its footprint north into Surfers Paradise.

The Seabeach Avenue application has been lodged by PMM Broadbeach Pty Ltd and seeks a development permit for a Material Change of Use for multiple dwellings, short-term accommodation and office uses. Zone Planning Group prepared the planning application, with Fraser &amp; Partners commissioned as architect.

The project comes as the developer continues to expand its Gold Coast pipeline while retaining a significant presence in Canberra. Morris now has more than $2.5 billion of development in its national pipeline and has delivered more than 7,000 homes during its near five-decade history

Joel Robinson

First look: Morris Property Group returns to Mermaid Beach with new Seabeach Avenue apartment development

<a data-saferedirecturl="https://www.google.com/url?q=https://www.apartments.com.au/developers/fortis&amp;source=gmail&amp;ust=1787272340808000&amp;usg=AOvVaw3hvFB2uWTRfEyEcpTSnnK9" href="https://www.apartments.com.au/developers/fortis" target="_blank">Fortis</a>&nbsp;is continuing its stronghold on Sydn​ey’s eastern suburbs apartment market, launching&nbsp;in September&nbsp;its latest boutique&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://www.apartments.com.au/developments/double-bay-nsw-2028&amp;source=gmail&amp;ust=1787272340808000&amp;usg=AOvVaw0GI5S9-wNeiLUnM-d1uYkw" href="https://www.apartments.com.au/developments/double-bay-nsw-2028" target="_blank">Double Bay</a>&nbsp;development,&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://www.apartments.com.au/new-apartments/55-william-double-bay-55-william-street-double-bay-nsw-2028&amp;source=gmail&amp;ust=1787272340808000&amp;usg=AOvVaw2YNouJQcFjiTTgVHbgDLA-" href="https://www.apartments.com.au/new-apartments/55-william-double-bay-55-william-street-double-bay-nsw-2028" target="_blank">55 William</a>.

55 William presents&nbsp;just eight north-facing&nbsp;two-bedroom, three-bedroom and full-floor&nbsp;residences to the market, priced from $4.5 million.

The upcoming launch comes just weeks after Fortis secured approval for the $80 million development, its third eastern suburbs approval in two months. Construction is already underway, with completion targeted for 2028.

[smartcode_project:default project_id=152579 project_image_fid=376250]

55 William adds to a growing concentration of Fortis projects in and around Double Bay, a market the developer has become increasingly active in over recent years.

Fortis previously completed the nine-residence Marmont on New South Head Road, while it is currently developing a mixed-use residential and retail project at 12 Cross Street. Its wider Double Bay footprint also extends into commercial and retail development.

The developer's broader Sydney residential pipeline is particularly concentrated across the eastern suburbs, with projects spanning Doub​le Bay, Ro​se Bay, Wo​ollahra, Dar​ling Point, Poi​nt Piper and Eli​zabeth Bay.

[smartcode_project:default project_id=152579 project_image_fid=376253]

At 55 William, Fortis has again turned to MHN Design Union, the architecture practice behind several of its eastern suburbs projects, while London-based 1508 London has been appointed to handle the interiors and Wyer &amp; Co the landscaping.

The six-level building will comprise a combination of two and three-bedroom apartments, including a garden residence, full-floor apartments, a sub-penthouse and penthouse. Each residence will have secure basement parking and private outdoor space.

A rooftop terrace for all residents, along with select apartments, enjoys views across Double Bay Harbour and toward the Sydney skyline.

Ceiling heights will reach up to three metres&nbsp;in select residences, while the kitchens will feature natural stone and integrated Gaggenau appliances.

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The boutique nature of the project reflects the type of stock Fortis has increasingly targeted across Sydney's eastern suburbs, where larger apartments and smaller buildings are being pitched primarily toward local owner-occupiers and downsizers.

Fortis Group General Manager Ed Eve said the developer continues to see demand from buyers wanting to remain in the eastern suburbs but move into newer, lower-maintenance housing.

“We're seeing continued demand from local owner-occupiers and downsizers looking for high-quality homes that allow them to remain in the eastern suburbs, close to the lifestyle and community they know,” Eve said.

55 William is also one of the early projects to respond directly to the NSW Government's Low and Mid-Rise Housing reforms. Fortis had previously secured approval for just two townhouses on the 599 sqm site before revising the scheme to eight apartments following the planning changes.

Situated one street back from Double Bay's water's edge, the project enjoys an enviable harbourside setting within walking distance of Double Bay Village and the ferry wharf.

[smartcode_project:default project_id=152579 project_image_fid=376252]

Fortis has increasingly made the eastern suburbs a major focus of its Sydney pipeline. Beyond Double Bay, it recently completed the 14-residence Piper in Point Piper and has projects underway or planned across Rose Bay, Woollahra and Darling Point.

The developer recently secured approval for Verano in Rose Bay, a six-level development comprising 21 two, three and four-bedroom apartments, also designed by MHNDU.

55 William&nbsp;is soon to be release to the market with VIP appointments commencing early September,&nbsp;with residences priced from $4.5 million.

[smartcode_project_cta:default project_id=152579]

Fortis continues eastern suburbs push with 55 William launch

UAE-based developer Arada has unveiled plans for a $2 billion twin-tower apartment development in Broadbeach, marking its first move into Queensland as it continues its rapid expansion across Australia.

Arada will develop 952 apartments across two towers on a prominent site opposite the Gold Coast Convention and Exhibition Centre, with the project targeted for completion ahead of the Brisbane 2032 Olympic and Paralympic Games.

The project represents Arada's largest commitment to the Australian market since arriving in the country in 2024 and significantly expands a local pipeline that has now grown to eight projects and more than 5,000 homes.

It will also be the first major Queensland project delivered by Roberts Co since the tier-one contractor was acquired by Arada Group in 2025.

Plus Studio has designed the Broadbeach development, which will comprise one, two and three-bedroom apartments across two towers connected by a landscaped podium.

A significant resident amenity offering will include lagoon and lap pools, a gym, sauna and steam room, alongside a mist room, infrared room and salt scrub facilities. Communal terraces, private dining areas, a library, residents' lounge and work-from-home spaces are also planned. Around 1,200 sqm of retail and hospitality space will occupy the ground floor.

The site puts Arada in one of the Gold Coast's most active apartment markets, directly opposite the convention centre and within walking distance of Pacific Fair, The Star Gold Coast and Broadbeach's dining and retail precinct.

It also has immediate access to the Gold Coast light rail network and sits just a few blocks from the beach.

Arada Group Chief Executive Ahmed Alkhoshaibi said Broadbeach represented an opportunity for the developer to expand beyond its initial NSW pipeline.

“Broadbeach is a world-class address that gives us the canvas to create a community of exceptional design and lifestyle quality that genuinely enriches the daily lives of the people who call it home,” Alkhoshaibi said.

“This is our first development outside New South Wales, and it reflects our growing ambition to grow in key urban markets around the country.”

Alkhoshaibi said bringing Roberts Co into the project would give Arada greater control over the development and construction process.

“Delivering this project through Roberts Co, our own tier-one construction business, means we can bring the quality, pace and accountability that our buyers expect.”

The move into Broadbeach comes as Arada accelerates its Australian expansion following its entry into the market two years ago. The developer has assembled a pipeline of eight projects comprising more than 5,000 homes, while the acquisition of Roberts Co last year gave the group its own Australian construction capability.

Globally, Arada has a development portfolio valued at $50 billion comprising more than 55,000 homes across the UAE, United Kingdom and Australia.

The Gold Coast is emerging as the next major market for the developer, with strong population growth and infrastructure spending ahead of the 2032 Games continuing to underpin significant apartment development across the coastal strip.

Arada plots $2 billion Broadbeach towers in major Queensland move

Sydney’s downsizer market is changing, with a growing cohort of buyers prioritising the right home over simply finding a smaller one.

Coronation Property Head of Sales Cam Porter says the traditional idea of downsizing does not necessarily reflect what many buyers are now looking for, particularly those moving from established family homes across Sydney.

Instead, he says they are increasingly becoming “right-sizers”, seeking lower-maintenance homes without sacrificing the space, amenity or quality they have become accustomed to.

“We are increasingly seeing buyers who are not motivated by the idea of simply moving into a smaller property,” Porter says.

“They are right-sizers. They want a home that is easier to manage and better connected, but they still expect generosity, quality and a floorplan that supports the way they live.”

It is a subtle but important distinction in a market where apartment developers are increasingly targeting established owner-occupiers.

[smartcode_project:default project_id=135149 project_image_fid=377495]

For many of these buyers, moving from a house to an apartment is not driven by a desire to dramatically reduce their living space. Instead, the appeal is in removing some of the maintenance associated with a larger home while retaining generous living areas, storage and enough flexibility to accommodate family and friends.

Coronation’s sales team is seeing buyers place particular importance on natural light, practical storage and additional rooms that can be used as guest bedrooms, home offices or secondary living spaces.

Kitchens and dining areas are also playing an increasingly important role, particularly for buyers who regularly entertain or have children and grandchildren visit.

[smartcode_project:default project_id=135149 project_image_fid=377494]

“These buyers still want their home to feel generous,” Porter says.

“They may want less maintenance, but they are not looking for less life.”

The challenge for the broader housing market is providing enough of the right stock to encourage that move.

While much of the discussion around Sydney’s housing shortage has centred on the number of homes being delivered, Porter says the diversity of those homes is equally important.

Older homeowners can remain in large family houses for longer when they cannot find an appropriate alternative in the neighbourhoods where they have built their lives.

“The decision is rarely as simple as wanting fewer bedrooms,” Porter says.

“People are weighing up their connection to a neighbourhood, the space they need for family, the quality of the home and whether it will continue to work for them over the long term.”

It also has implications beyond the downsizer market. Providing suitable apartments for smaller households can free up established houses for families who need the additional bedrooms and land, creating greater movement through the housing market.

<h2>Lillian targets the next stage of apartment buyer</h2>

It is a buyer Coronation is targeting at <a href="https://www.apartments.com.au/new-apartments/lillian-erskineville-9-metters-street-erskineville-nsw-2043">Lillian</a>, its new collection of apartments, terraces and penthouses at Erskineville Village.

Designed by Silvester Fuller, Lillian has been shaped around larger living spaces, natural light and flexible floorplans, alongside landscaped areas, wellness amenity and communal spaces for residents.

The development will form part of Coronation’s broader Erskineville Village precinct, which will combine new homes with green space, retail, hospitality and new pedestrian connections.

[smartcode_project:default project_id=135149 project_image_fid=377688]

McPherson Park will sit at the centre of the precinct, creating a significant new green space alongside the project’s retail and hospitality offering.

For Porter, the opportunity is to give buyers another housing option without forcing them to leave the part of Sydney they already know.

“People should be able to change the type of home they live in without having to change their entire life,” he says.

“For many buyers, Lillian offers the opportunity to remain connected to the Inner West and the city, while gaining access to a more convenient, walkable and considered way of living.”

[smartcode_project:default project_id=135149 project_image_fid=377687]

Coronation will explore the changing <a href="https://lillianresidences.com.au/news/lillian-x-space-x-downsizers-event-27-august/">right-sizer market at an event on August 27</a>, bringing together experts across property, design and lifestyle.

Held in partnership with SPACE, Poliform and Downsizer.com.au, the event will include a property market outlook from economist Michael Blythe alongside discussion around the considerations facing buyers planning their next move.

Attendees will also be able to learn more about the residences and amenity planned at Lillian Erskineville.

[smartcode_project_cta:default project_id=135149]

From downsizing to right-sizing: What Sydney buyers want from their next home

Family-owned builder and developer <a href="https://www.apartments.com.au/developers/omaya">Omaya</a> is bringing its 27-storey The Maybelle development to market, with the 229-apartment tower rising alongside Ismay Reserve near North Strathfield.

<a href="https://www.apartments.com.au/new-apartments/the-maybelle-21-parramatta-road-homebush-nsw-2140">The Maybelle</a> will comprise one, two and three-bedroom apartments, with its height providing elevated outlooks towards the Sydney skyline and Harbour Bridge, while other residences will look across neighbouring Ismay Reserve.

Designed by <a href="https://www.apartments.com.au/architects/squillace-architects">Squillace Architects</a>, the tower combines its parkside setting with proximity to the established retail, dining and transport amenity around North Strathfield.

[smartcode_project:default project_id=134873 project_image_fid=376196]

Residences will feature open-plan living spaces and a choice of two interior schemes, while communal amenity is spread across two elevated levels of the building.

Level 8 will be home to the Garden Pavilion, a full-floor resident space incorporating communal entertaining and breakout areas, seating and recreation spaces. Further up the tower, a landscaped Sky Terrace on Level 14 will provide another communal area with panoramic views towards the Harbour Bridge and Sydney skyline.

At ground level, the development sits directly alongside Ismay Reserve, where lawns, walking paths, children's play areas, picnic spaces and recreational facilities extend the green space available immediately around the project.

[smartcode_project:default project_id=134873 project_image_fid=376194]

The Maybelle is also within walking distance of North Strathfield and the Bakehouse Quarter, which provides a mix of cafés, restaurants, shops and everyday services.

Existing rail and bus services provide connections across Sydney, while the future North Strathfield Metro and access to the M4 will add to the transport options available around the precinct. Walking and cycling routes also extend via Powells Creek towards Sydney Olympic Park and its sporting, entertainment and parkland precincts.

Families are also well positioned for access to a broad selection of established schools and education options across Strathfield and the surrounding Inner West.

[smartcode_project:default project_id=134873 project_image_fid=376181]

Omaya has operated in Sydney for more than 35 years, managing projects from acquisition and design through to construction and delivery. The family-owned company is both developer and builder of The Maybelle.

Apartments start from $560,000, with the development protected by 10-year Latent Defects Insurance.

Construction is well underway, with completion expected by the end of 2026 and move-in anticipated from Q1 2027.

[smartcode_project_cta:default project_id=134873]

The Maybelle brings 27-storey parkside tower to market near North Strathfield

Brisbane

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Brisbane’s inner-city vacancy rate dropped to 4.4 percent in the March quarter, with regional Queensland also showing strong improvement, according to new data from the REIQ.
Antonia Mercorella, REIQ CEO said it is the normal cyclical nature of property – demand builds to a point where pressure triggers the increase of supply.
“The 2016 Census revealed that Queensland has moved from about 30 per cent of our population renting to about 50 per cent now renting and we can conclude that rental accommodation will always be in demand,” she said.
“Then supply starts to build and keeps going until we see that that demand has been met. Typically, supply will briefly outstrip demand before easing back and then demand will start to build again and so the cycle goes.”
<a href="https://www.propertyobserver.com.au/images/2017/05/10/rsz_rates1final.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/05/10/rsz_rates1final.png" alt="">
In the Brisbane LGA ,the 5-20km ring, vacancies tightened from 3.3 percent to 3.1 percent.
In Greater Brisbane, across Ipswich, Logan and Moreton Bay vacancies all tightened.
Antonia Mercorella said the housing market in regional Queensland is closely tied to these two industries and we can see that workers are being attracted back to these cities with the tightening of vacancy rate figures.
<a href="https://www.propertyobserver.com.au/images/2017/05/10/rsz_rates2.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/05/10/rsz_rates2.png" alt="">
Gladstone was the star performer in the March quarter data, falling 3.5 percentage points to 6.4 percent, its lowest vacancy rate since June quarter 2015.
Mackay fell 1.5 percentage points from 7.9 percent to 6.4 percent, its lowest level since September 2013.
Townsville fell 0.2 percentage points to 6.2 percent, the lowest vacancy rate since March 2016.
Toowoomba moved from 2.8 percent to 2.9 percent.
Pine Rivers at Moreton Bay is the tightest rental market in the state at 1.3 percent.
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Brisbane’s March quarter inner-city vacancy rate at 4.4 percent

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ASIC has noted the decision of the Commonwealth Director of Public Prosecutions (CDPP) to discontinue the prosecution of mortgage broker, Ms Jenny Mao.
Ms Mao was charged with giving documents to a lender that were materially misleading.
The prosecution had been listed for a summary trial in April 2017.
On 20 March 2017, the CDPP sought to adjourn the summary trial order to allow a key and overseas-based prosecution witness to attend to give evidence.
The Court refused to adjourn the hearing.
On 10 May 2017, the CDPP formally offered no evidence on the charge and the charge was dismissed by the Southport Magistrates' Court.
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Former Brisbane mortgage broker goes free

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Brisbane apartment builder CMF Projects has called in administrators in what could be early signs of a cooling market
Seeming renforcing earlier warnings by the RBA about an oversupply of apartments, CMF is the biggest collapse after the recent building spree. 
According to the builder's website, it has constructed major projects for residential developers, commercial and retail developers as well as a number of government contracts, the Australian Financial Review reported.
Its residential book shows it has completed medium rise apartment projects including the Mowbray Apartments, ARIA group's AUSTIN Apartments, Kyabra Street Newstead, Artisan South Brisbane and Vine South Brisbane.
The company and its directors Greg Campbell and Cameron Fidler could not be reached when contacted, the AFR reported.
According to ASIC filings, David Clout and Patricia Talty from David Clout and Associates were appointed as administrators on Wednesday.
It is not known why the builder has had administrators appointed, however some builders have been under pressure with high construction costs and a sudden pull back in new apartment project plans.
Apartment approvals slipped to 110,401 for the 12 months to March this year - the lowest since May 2015, when they stood at 109,141 according to the ABS.
In Queensland, apartment approvals fell 29 per cent in the month of March.
The Reserve Bank of Australia had noted of concerns on the apartment market, warning a flood of new apartments could come onto the market in certain areas, pushing down prices and causing heavy losses for developers.
The decline has been driven by tighter financing from banks, stricter rules on both foreign and domestic investors, and rising costs.
Changing fundamentals in the Brisbane market have also seen the city's inner-ring vacancy rate rise to a new high of 4.4 per cent, following a year in which the city saw a record number of new apartments settled.
Growth in vacancy in the March quarter, from 3.6 per cent in the three months to December, reflected supply outstripping demand according to Real Estate Institute of Queensland chief executive Antonia Mercorella.
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Brisbane builder CMF Projects goes into administration

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A heritage-listed CSR Sugar Refinery Building, New Farm has been listed for sale in Brisbane. 
The two-story penthouse at <a href="https://www.raywhite.com/qld/new-farm/1636067/?lang=en#property-description-tab" target="_blank">2531/32 Refinery Parade</a> is situated 4km from the Brisbane CBD, offering views of the Story Bridge, local CBD and the Woolstores, as well as direct river walk access.
The 310 sqm apartment includes features such as a full-sized wine fridge, marble island bench, breakfast bar, custom cabinetry, and a range of stainless steel Miele appliances.
Owners Sarah and David Allen have lived in the apartment for the last four years and are looking to downsize after all three of their children left home.
Ray White Paddington agent Max Hadgelias indicated the owners were looking for interest around the $4 million mark.
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Brisbane's CSR Sugar Refinery penthouse listed for sale

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British expats Brian Ames, who was a director of Harrods Management, and wife, Dr Diane Ames have listed their Brisbane penthouse to return to England.
They paid $4.5 million for the designer New Farm apartment in the Freshwater development in 2014.
A towering glassed grand foyer frames the Grey Street apartment's entry.
Further floor to ceiling glass allows for internal Brisbane river views, while a 34 metre balcony runs along the riverside. Spanning 468 sqm, the three bedroom, three bathroom apartment features a reading room, a large glass walled home office and a temperature controlled wine cellar. Ray White Albion agent David Treloar has the offering.
At Harrods Management Brian was tasked to look after national and international VIP's, working with many celebrities and royals.
This article first appeared in The Weekend Australian Mansion Australia section.
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Brian Ames lists Brisbane penthouse

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Real estate investment trust Propertylink Group (ASX:PLG) said it has acquired an office building in Brisbane for $145 million, in partnership with Goldman Sachs.
The transaction for the commercial office building at 50 Ann Street reflects a core market yield of 8.18%. 
The acquisition was undertaken via an expansion of the Propertylink Enhanced Partnership (PEP) mandate with a 25% co-investment by Propertylink, the company said in an ASX announcement.
The property comprises a 25 storey building with a total lettable area of 25,519 sqm set on a 2,198 sqm site.
It has a prominent corner location within the tightly held northern ‘legal precinct’ of the Brisbane CBD.
The property is fully leased to the Queensland state government with a remaining lease term of 3.5 years. 
Propertylink’s head of Property, Peter McDonald said the deal reflected that Brisbane’s commercial market was showing signs of recovery and experiencing a turnaround in demand. 
Brisbane’s CBD has reported its eighth consecutive quarter of positive net absorption, with increased demand and limited supply expected to drive rental growth over the coming years, Propertylink said.
“The purchase of 50 Ann Street reflects Propertylink’s disciplined approach to the acquisition of assets, based on ground up fundamentals where there is capacity for us to execute our strong asset and property management skills to reposition these assets for core institutional ownership,” said McDonald. 
The team of Propertylink and Goldman Sachs now have transactions valued at more than $1 billion now after the latest acquisition.
Settlement of 50 Ann Street is expected in May.
“This acquisition is another key step in executing the growth of our investment management platform, bringing funds under management to $1.2 billion,” said Propertylink CEO Stuart Dawes.
Propertylink now has office assets valued at more than $725 million, of which 76% are located in Sydney.  
It said assets under management in relation to the expanded PEP mandate will increase to $293 million following completion of the Ann Street purchase. 
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A-REIT Propertylink acquires Brisbane office tower for $145 million

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Online property agency iBuyNew has launched an apartment complex off-the-plan, situated close to Brisbane’s CBD at West End and monikered The One.
The building at <a href="https://theonewestend.com.au/" target="_blank">89 Victoria Street</a> is offering 61 contemporary one and two bedroom apartments, within range of cafes, restaurants, bars, shopping and recreational spaces.
A price guide of $396,000-$429,000 will land homebuyers and investors a 51 sqm one bedroom apartment, whilst $570,000-$710,000 will command a two bedroom apartment ranging in size from 70-92 sqm.
“The One West End offers lifestyle and luxury in a quiet corner of lively West End,” commented iBuyNew CEO, Alex Caraco.
“Buyers can choose from 16 individual floor plans - ensuring the home you choose is the perfect fit for your particular urban lifestyle,” he said.
iBuyNew is also offering incentives to direct customers, including no stamp duty charges and free legal fees for all buyers, while first time buyers can alternatively receive a $15,000 rebate on settlement if their purchase is below $500,000.
Investors can take advantage of an 8.0 percent rental guarantee for the first year and 5.0 percent for years two and three. Body corporate charges for owner occupiers are waived for the first year.
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iBuyNew launches apartment complex with stamp duty incentives

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A report by PRDnationwide has delivered a positive verdict on the impact the 2018 Commonwealth Games will have upon the Gold Coast Property Market, with an estimated $2 billion to be injected into the local economy.
To be hosted in sporting venues across Brisbane, Townsville and Cairns, the report found the Commonwealth Games will continue the trend of median price growth established by its predecessors, including the 2000 Sydney Olympic Games and 2006 Melbourne Commonwealth Games.
Indeed, the growing Gold Coast property market has already experienced positive spill-over effects from the announcement of the event. Between 2015 and 2016, both houses and units in the Gold Coast region have recorded an increase in their median prices of 6.3% and 5.3% respectively.
<a href="https://www.propertyobserver.com.au/images/2017/04/19/Commonwealth.png" target="_blank">Click to enlarge</a>
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Average vendor discounting has also tightened to -2.6% for houses and -3.5% for units. This indicates an increasingly competitive market, whereby buyers are willing to pay closer to the first list asking price to secure their ideal property.
Commenting on the findings, PRDnationwide QLD franchise director Greg Braithwaite, said that the Sydney Olympic Games had demonstrated its far-reaching benefits for property markets in cities around Australia.
“The Sydney Olympic Games positively influenced the Brisbane property market, due to an event being held in Brisbane,” he said. “It is expected that the Games will also have a positive impact on the property market of other cities.”
The Queensland Government and Gold Coast City Council has delivered 30,000 new jobs during the construction phase of the games, for projects worth $320 million, with a further $160million allocated to major road upgrades.
Newly constructed sports centres in both Carrara and Coomera will open their doors by the year’s end, as will a new velodrome in Chandler and a $14.5 million hockey facility in Labrador. Meanwhile, large investment in the upgrading Gold Coast rail is designed to reduce crowding, increase passenger numbers and provide better connection to other areas of Gold Coast and Brisbane.
Not only has median prices risen over the past two years, but the rental market is also being impacted by a surge in demand. Brisbane suburb Ashmore is reporting the lowest vacancy rate the area has historically seen, with similar market conditions in Robina.
The report forecasted the Commonwealth Games will boost the Gold Coast’s tourism industry, which will follow on directly to the property sector as a result of the games and 24 months after.
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Brisbane property market enjoys Commonwealth Games investment

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A bespoke four-bedroom sky home located in the Brisbane suburb of New Farm has just sold for $6.150 million.
Situated at 10/70 Bowen Terrace, its Darwin-based owner Brooke David purchased two apartments to create the the sky home, which was designed over 12 months by architect Justin O’Neill. 
The 670 sqm residence featured four-bathrooms, and was considered to be "next-level luxury" by Ray White New Farm duo Matt Lancashire and Christine Rudolph, who brokered the sale.
The luxury master bathroom centred around its bathtub, which was positioned under a magnetised crystal halo of lights, and enabled a view over the Story Bridge through the floor-to-ceiling glass walls.
“It was a home, yes it was definitely a sky home. I wanted a Manhattan-style apartment to take advantage of that view,” David said of the property.
“The bathroom really was huge and I had always planned to stay in Brisbane every second week but in the end I was only getting to Brisbane for three days of every month, so it was madness to keep it,” said the semi-retired owner.
"I’m sad to let it go but I’m happy it’s sold. It didn’t realty take that long in the end to sell.”
The sale was coordinated between Ray White New Farm along with Place Estate Agents duo Damian and Sarah Hackett.
"We ran an amazing campaign national campaign and we secured this buyer together in a sign of great coordination between some of Brisbane’s best leading agents," Lancashire said.
"Homes like this two-level luxurious apartment are in high-demand. It's as big as a prestige residence but without the maintenance," he said.
"We have many high net worth clients looking for very similar properties around Brisbane." 
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Luxury sky home in Brisbane sells for $6.15 million

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Brisbane, Darwin and Perth were the capital cities to record a median house price falls over the March quarter, according to Domain.
Brisbane house prices have recorded the largest quarterly drop since September 2011.
The latest data from Domain’s State of the Market Report calculated a fall of 1.4 per cent for houses.
Annual growth is still positive, at 3.4 per cent, the slowest growth rate recorded in Brisbane since 2013.
Unit prices fell 3.8 per cent to $376,000, the biggest drop since 2000.
Domain Group chief economist Andrew Wilson told Domain Brisbane always starts the year in "snooze mode" and it builds strength through the year
But Dr Wilson forecast units in Brisbane were continuing their downward slide and would potentially flatten out after 12 months.
Perth’s median house price has had its lowest rate of annual decline in around two years.
Figures for the March quarter have revealed Perth house prices fell 1.8 per cent to $561,000, reflecting a 3 per cent annual decrease in median price.
Perth unit prices were down 5.1% annually, to $368,000.
Darwin unit prices fell by 16.1% to $395,473 for the quarter, reflecting 18% for the year. House prices were however up in Darwin by 2.9% during the quarter, but are down by 3.3% annually.
In Melbourne apartment prices are soaring, with the price growth in the first three months of the year surging 4.6 percent.
 
 
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