Parnell Developments is the latest to seek significant uplift through the NSW Government's Housing Delivery Authority on a Strathfield site previously approved for a much smaller apartment development.

Parnell has sought approval for a 32-storey mixed use tower across&nbsp;<a href="https://www.apartments.com.au/new-apartments/7-lyons-street-strathfield-nsw-2135">3-7 Lyons Street and 18 Parnell Street</a>, a&nbsp;1,857 sqm site around 400 metres from Strathfield Station. The building would yield 160 apartments, 15 per cent of which will be dedicated affordable as per the government mandate for buildings seeking additional uplift.

Approved previously was a nine-storey building back in 2022 with just over 30 apartments. That approval came prior to the project being&nbsp;progressively reconsidered as planning policy shifted toward greater density around transport hubs.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="c5af5281-a643-4eb2-b8c4-0081b59c04c7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.16.48%E2%80%AFAM.png?VersionId=37bd3mI7rHNpThOV_75VO8xsGFwWOi1u" />

Turner has designed the latest building that would replace&nbsp;existing detached homes across the four lots.

The apartment mix comprises 22 one-bedroom apartments, 107 two-bedroom and two-bedroom-plus configurations, and 31 apartments with three or more bedrooms. The scheme also includes 203 car spaces across six basement levels and 58 bicycle spaces.

The proposal has been designed around a three-storey podium addressing Lyons Street, with the tower rising above and stepping toward its upper levels.

Turner said the podium was deliberately scaled to respond to the existing street, while the taller element has been designed as part of the emerging skyline anticipated around Strathfield Town Centre and the wider Homebush transport-oriented development precinct.

The Lyons Street frontage would have a more active, pedestrian-focused character, incorporating the commercial tenancy, landscaping and a brick-framed podium with an awning.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="14b20874-b8c3-4ac7-bc03-92be9a69fb78" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.48%E2%80%AFAM.png?VersionId=av.9TxtqIRTC6v3PkSuu1rL9rreWoe2h" />

Parnell Street, which faces the railway corridor, has been given a different architectural treatment, with double-height breeze blocks, landscaping and communal areas used to soften the interface with the rail infrastructure.

The tower itself uses curved and recessed facade elements, with wave-like indentations across the northern elevation breaking the building into three vertical forms.

A palette of grey concrete, brick and breeze blocks is complemented by clay and terracotta accents, while the upper tower adopts a lighter expression through articulated slab edges, vertical fins and recessed glazing.

Residents would have access to 467 sqm of communal open space spread across three levels. The ground floor would accommodate the more active resident areas, including barbecue and group gathering spaces and an internal communal room capable of being used for working from home.

A more passive viewing deck is proposed at level three, overlooking the ground-level landscaping and neighbouring tennis courts, while a rooftop "sunset deck" at level 30 would provide another social and relaxation space.

<img alt="Parnell" data-entity-type="file" data-entity-uuid="c3dce401-a80f-4682-8471-4caa01180880" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.34%E2%80%AFAM.png?VersionId=Xyo8JVqbOhSJXNy6Ih.1cHL.O6i0bGR." />

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Strathfield has been earmarked for substantial change through the Strathfield Town Centre planning work and the nearby Homebush TOD precinct.

Turner's report says the project has been designed to act as a transition between the existing low and mid-rise development surrounding the site and the taller built form expected to emerge across the town centre.

The proposal is being assessed as State Significant Development under the HDA pathway, alongside the concurrent request to amend the Burwood Local Environmental Plan.

Joel Robinson

First look: New apartment tower pitched for Strathfield Town Centre precinct

An $18 million penthouse has hit the market in Main Beach as construction tops out on La Mer, the $155 million apartment development rising just metres from the beach.

Spanning around 600 sqm across the top two levels of the 29-storey tower on Main Beach Parade, the four-bedroom penthouse is one of the latest eight-figure residences to test the upper end of the Gold Coast apartment market.

Its launch comes amid continued activity at the very top of the market, following the $30 million off-the-plan sale of a Burleigh Heads penthouse earlier this year, which surpassed the Gold Coast's previous $24 million apartment record set in 2023.

The <a href="https://www.apartments.com.au/new-apartments/la-mer-main-beach-3580-main-beach-parade-main-beach-qld-4217">La Mer penthouse</a> has been designed as a private residence in the sky, with 360-degree views spanning the ocean, Broadwater, hinterland and Gold Coast skyline.

[smartcode_project:default project_id=95606 project_image_fid=378731]

All four bedrooms have ensuites, while the ocean-facing master retreat occupies around half of the upper level and includes its own lounge, private balcony, two walk-in wardrobes and an oversized ensuite with a freestanding stone bath positioned to take in the views.

The residence also features a kitchen designed to accommodate a private chef, a 3.6-metre island bench, expansive butler's pantry, wine cellar and integrated bar.

[smartcode_project:default project_id=95606 project_image_fid=378732]

A rooftop pool and substantial outdoor entertaining area with its own kitchen sit above the residence, while a grand staircase connects the two internal levels. The penthouse also has its own express lift.

OTP Group Director James Elliott, who is marketing La Mer, said the penthouse was expected to appeal to high-net-worth buyers seeking either a permanent Main Beach residence or Gold Coast holiday home.

“The La Mer penthouse represents exceptional value, considering its quality design, size, privacy and location, not to mention the 360-degree views capturing the beach and Gold Coast Broadwater,” Elliott said.

“We’re anticipating interest from high-net-worth individuals and couples seeking a residence or holiday home in the sought-after village enclave of Main Beach, taking advantage of the unprecedented growth underway in the area and neighbouring The Spit.”

[smartcode_project:default project_id=95606 project_image_fid=378736]

La Mer is being developed by developer-builder ODUS and Nazero, in partnership with funder Metrics Credit Partners.

ODUS Director Byron Sakha said topping out the tower had provided the opportunity to release the project's most significant residence.

“We’ve worked with internationally-recognised studio Sici Design on the penthouse interiors, with a focus on ensuring it isn’t luxury for luxury’s sake. Every element has been thoughtfully designed to enhance quality of life for those who call it home,” Sakha said.

“The views are the hero of virtually every space, but we’ve given equal attention to the fittings and finishes, so every detail exudes elegance and refinement.”

Sici Design Founder and Director Maria Papadopoulos said the extensive views became an integral part of the interior design rather than simply something the residence was designed around.

“The views weren't something we designed around, they became part of the design itself, with the true luxury of La Mer in its feeling of peace, calm and wellbeing,” Papadopoulos said.

“Luxury isn't defined by how something looks, but how it makes you feel, and we believe a luxurious home should be beautiful to live in, not stressful to maintain.”

The interiors combine Austral Dream Dolomite natural stone and travertine with timber flooring and a restrained coastal palette.

[smartcode_project:default project_id=95606 project_image_fid=378734]

Designed by Plus Studio, La Mer is one of the more boutique additions to the rapidly changing Main Beach apartment market.

The tower comprises just 24 full-floor, three-bedroom plus multipurpose room apartments below the two-level penthouse, giving the project a considerably lower density than many of the larger towers being developed across the Gold Coast.

Residents will have access to a pool and spa, gym, sauna, barbecue facilities, private sun lounges, yoga lawn and outdoor beach shower.

The penthouse has been released as part of the final collection of residences at La Mer, with remaining apartments priced from $4.3 million.

Construction is expected to complete later this year, with a fully furnished display apartment now open on level four.

[smartcode_project_cta:default project_id=95606]

ODUS releases $18 million penthouse crowning La Mer Main Beach

<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

By the time S&amp;S Projects began planning <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia</a>, the developer already had three Rainbow Bay projects from which to draw.

Flow, Awaken and Esprit had given <a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a> experience developing in the southern Gold Coast enclave, as well as buyer feedback that could be carried into its fourth project, a boutique collection of 38 residences at 271 Boundary Street.

“We have experienced a lot of success in this location and as this was our fourth building we had taken all of the learnings and buyer feedback from previous projects to arrive at a design and apartment mix that we believe had captured all of that experience and remained a true S&amp;S Project in its design and amenity,” the developer said.

That experience has translated into a collection of two, three, four and five-bedroom residences including two penthouses positioned on an elevated corner in Rainbow Bay, where the site opens to multiple coastal view corridors and the area's distinctive north-facing bay.

[smartcode_project:default project_id=140491 project_image_fid=284542]

S&amp;S Projects says the Boundary Street site took years to assemble, having previously comprised six units, a house and a duplex. The developer worked individually with the existing owners to bring the properties together after an earlier attempt to sell the site had been complicated by the number of parties involved.

“We are constantly looking for properties that meet our brand standards of location, views, and sites that are rare with unique aspects that we can develop to maximise the lifestyle of residents who live in our buildings,” S&amp;S Projects said.

The Boundary Street site gave <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a> a different set of conditions to work with.&nbsp;

“Our design brief was to design a building that took advantage of its unique elevated corner siting offering a range of spectacular view corridor opportunities,” Cottee Parker said.

“The design had to reinforce the strong brand pillars of S&amp;S which are quality, luxury and superior resident amenity.”

[smartcode_project:default project_id=140491 project_image_fid=284543]

Cottee Parker responded with a sculptural floorplate and strong horizontal banding, with continuous balconies and landscaped planters wrapping the building. Operable screens along the balcony edges allow residents to manage light and shade while creating an additional layer of pattern across the facade.

The tower rises above a heavily landscaped podium incorporating the entry lobby and recreational level, while the broader architectural expression takes cues from Rainbow Bay's coastal environment through its organic forms and light material palette.

Cottee Parker says the design has also been developed to complement S&amp;S Projects’ three previous Rainbow Bay developments while retaining its own architectural identity.

Inside, the residences continue that coastal response through two interior schemes centred on warm timbers and neutral tones, alongside patterned natural stone and fluted detailing.

Floor-to-ceiling sliding glass doors connect open-plan living areas to wraparound balconies, while natural stone is used across benchtops, splashbacks and bathroom walls. Specifications also include light-washed timber flooring, gas fireplaces, integrated bar and wine fridges, freestanding stone baths and 100 per cent wool carpet.

[smartcode_project:default project_id=140491 project_image_fid=284559]

Cottee Parker Director Sandra Brown said the intention was to create an architectural response closely connected to its surroundings.

“Imagine architecture that breathes with the rhythm of nature, where every curve and line flows seamlessly – creating spaces that dance with the elements, where sunlight kisses every surface and the gentle sea breeze fills every space,” Brown said.

The lessons S&amp;S Projects carried into Radia also extend to its resident amenity, with a substantial collection of shared facilities planned for just 38 residences.

A dedicated Residents Club will include a lap pool and spa, gymnasium, ice bath, sauna, steam room and hot rocks sauna. A residents' lounge, private dining room, outdoor dining and barbecue area and business centre are also planned, along with storage and dedicated surfboard and beach lockers.

S&amp;S Projects Founding Director Paul Gedoun said the facilities were also designed around the project's Rainbow Bay setting.

“Each amenity is designed to capitalise on the lifestyle of Rainbow Bay, ensuring residents can enjoy the relaxed coastal experience the enclave is famous for,” Gedoun said.

[smartcode_project:default project_id=140491 project_image_fid=284555]

<a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a> says purchasers to date have predominantly included local downsizers, interstate lifestyle investors and families, alongside a strong contingent of repeat S&amp;S purchasers.&nbsp;

According to the project sales team, feedback has centred on the natural stone and joinery, generous floorplans, natural light and the ability for residences to capture views in multiple directions. The completed Flow, Awaken and Esprit developments have also provided prospective purchasers with an existing reference point for S&amp;S Projects' delivery in Rainbow Bay.

There has also been interest from high-profile surfers and people connected to the surf community, with the elevated building providing outlooks towards several of the area's recognised surf breaks.

Radia continues S&amp;S Projects' concentration of development in a tightly held part of the southern Gold Coast, close to Rainbow Bay Beach, Snapper Rocks, Duranbah Beach, Greenmount Beach and the Tweed River. The neighbourhood also includes a growing collection of hospitality venues, while Coolangatta Airport provides connections beyond the southern Gold Coast.

Hutchinson Builders is now delivering Radia, continuing the project from early works privately funded by S&amp;S Projects. The $250 million development is expected to reach completion in the third quarter of 2027.

“With our history in Rainbow Bay, we have been fortunate to be heavily involved in how the development landscape has unfolded and this project slides into the property landscape comfortably and will feel like it was always there,” the developer said.

[smartcode_project_cta:default project_id=140491]

How three Rainbow Bay projects shaped S&S Projects' fourth, Radia

Nearly 40 years after <a href="https://www.apartments.com.au/developers/sheida-group">The Sheida Group</a> began working on the northern Gold Coast, the family-owned developer is continuing its involvement in Hope Island with Marina Point Apartments, where apartment scale has been a central part of the development.

Across the 235-apartment waterfront community, the developer has prioritised larger floorplans, substantial open space and marina access, responding to a purchaser base that has predominantly comprised local owner-occupiers and downsizers moving from larger homes.

"Having already delivered Anchorage nearby, we also understood this particular market and how people live here," developer Rick Sheida said.

"<a href="https://www.apartments.com.au/new-apartments/marina-point-apartments-hope-island-66-view-line-terrace-hope-island-qld-4212">Marina Point&nbsp;Apartments</a> gave us the opportunity to build on those lessons and create the next evolution of our work in Hope Island."

[smartcode_project:default project_id=136992 project_image_fid=293151]

The Sheida Group acquired the Marina Point land around 2018. Its appeal, Sheida says, went beyond having a waterfront address.

"What attracted us was not simply that the site was waterfront, but the way it meets the water," he said.

"It sits at the junction of broad waterways, creating long sightlines, changing views and a sense of movement throughout the day. Its shape also allowed us to orient the buildings outward, improve privacy between residences and make better use of natural light and breezes."

The buildings have subsequently been positioned around the perimeter of the site, allowing most apartments to take in water views while others look across the resort amenity or hinterland. Once all four buildings are complete, approximately one hectare of the site is expected to remain as open space.

The waterfront also provides the potential for up to 50 marina berths, with berths ranging from 15 to 24 metres and options designed to accommodate wider vessels including catamarans. Access from the marina to the Gold Coast Seaway is bridge-free.

[smartcode_project:default project_id=136992 project_image_fid=293149]

The developer says purchasers to date have predominantly been owner-occupiers and downsizers from <a href="https://www.apartments.com.au/new-apartments/marina-point-apartments-hope-island-66-view-line-terrace-hope-island-qld-4212">Hope Island</a> and elsewhere on the Gold Coast, generally aged between 45 and 70. Many have sold larger family homes or properties requiring significant upkeep.

That purchaser profile informed a design brief centred on retaining the space and functionality of a larger home within an apartment format.

"Many of our buyers are coming from large, well-appointed homes in Sanctuary Cove and the surrounding area," the project team said.

"They are accustomed to generous spaces and thoughtful design, so it was important that the apartments delivered the same sense of comfort and functionality.

"Every room needed to feel well proportioned, every space needed a clear purpose and nothing could feel compromised."

Residences range from 139 sqm through to 319 sqm penthouses, with two car spaces provided to apartments and three to penthouses. Minimum 2.7-metre ceilings, floor-to-ceiling glazing, entertainer's kitchens with butler's pantries, substantial storage and balconies ranging from 18 sqm to 37 sqm further reflect the emphasis on space.

One purchaser from Sanctuary Cove has taken the concept further, combining two of Marina Point's largest apartments to create a 552 sqm residence with raked ceilings reaching up to 4.5 metres.

[smartcode_project:default project_id=136992 project_image_fid=293155]

With Building 1 now complete, the developer is also seeing its original design assumptions tested against purchaser feedback.

Three completed display residences allow prospective purchasers to compare apartment sizes, layouts, finishes and outlooks in person. The sales team says one of the most consistent responses has been to the scale of the apartments, with visitors describing them as feeling more like homes than conventional apartments.

The first stage of resident amenity is also operational, including a 25-metre heated lap pool, Technogym-equipped gym, infrared sauna, golf simulator and yoga room. Future facilities are set to include a resort-style pool and spa, waterfront barbecue area and a residents' lounge with a library, fireplace, pool table, kitchen and bar.

Rather than treating the four buildings independently, the design brief called for a complete waterfront neighbourhood, balancing private residences with landscaping, open space, marina access and shared amenity.

[smartcode_project:default project_id=136992 project_image_fid=293152]

For Sheida, Marina Point Apartments is ultimately an extension of the developer's longer-term involvement in Hope Island and its view of how the suburb is evolving.

"We were equally interested in the long-term future of Hope Island," he said.

"Its position between Brisbane and the central Gold Coast gives residents access to both, while improving transport connections are making the northern Gold Coast increasingly attractive as a permanent place to live."

Hope Island Marketplace is 1.3 kilometres from Marina Point, while Sanctuary Cove and Paradise Point are within six kilometres. Links Hope Island, The Pines and The Palms golf courses are also nearby, and the new Hope Island train station is under construction around five kilometres from the development.

Building 2 is under construction, with completion scheduled for 2027.

[smartcode_project_cta:default project_id=136992]

Marina Point Apartments continues The Sheida Group's 40-year Hope Island story

Brisbane

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Oversupply is slated to effect the Brisbane apartment with price growth for 2017 predicted between -4 to zero percent, according to HSBC.
Paul Bloxham, HSBC senior economist said there will be limited effect on the detached house market due to the lack of substitutability. 
"A key difference for the Brisbane market, when compared with Melbourne, is that housing price growth has been far more limited than in Melbourne, which could limit the scope for significant price falls," he said.
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jonathanchancellor-7SQnKwU6yx

Apartment oversupply to drive Brisbane prices: Paul Bloxham's 2017 forecast

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Australia’s richest woman Gina Rinehart didn't get to offload her redundant Brisbane riverfront property.
The 61 Sutton St, Chelmer home had been listed with Place Graceville agent Peter May for weekend auction.
The advertisement for the two level luxury four-bedroom home now states it is for sale, with no disclosed asking price.
Set 7km to the CBD, the architecturally designed home has floor to ceiling glass.
Ms Rinehart’s Wingfield Avenue Pty Ltd bought the property in March 2010 for $3.175 million. It’s previously been rented out for $2000 per week in 2012.
Rinehart spent a record setting Brisbane price elsewhere on the river.
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jchancellor-FAypfDUnLy

Gina Rinehart's Chelmer listing still for sale

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Brisbane’s Everton Plaza has been earmarked for a major renovation after being sold for $27,700,000.
Brisbane-based private investors acquired the neighbourhood centre, which is situated in the inner city suburb of Everton Park.
CBRE’s Queensland retail investments team of Michael Hedger and Joe Tynan negotiated the deal following a competitive expressions of interest campaign.
The campaign attracted over 94 enquiries, both locally and offshore, with 11 formal offers to purchase tabled.
“Along with experienced retail property development firm, Reds Group, the new owners plan to reposition the Centre and to invest significant capital to turn the 1969 built centre into a popular retailing destination that supports the strong demographics within the Main Trade Area (MTA),” he said.
The well-established neighbourhood centre is anchored by a Coles supermarket and includes two mini-majors and 30 specialty retailers. Key tenants include the Everton Park Medical Centre, Fernwood Fitness, Australia Post, BWS, ANZ and Chemmart Everton Park.
Based on the current net income, the sale was struck at a yield of 7.1 percent.
“Buyers were attracted by the centre’s prominent location and affluent MTA, with household income being approximately 14 percent higher than the Brisbane metropolitan average,” he said.
“While the low cost of debt remains available, we will continue to see a gradual firming of yields, especially with centre’s that offer a significant value uplift with repositioning options.
Situated 9km north-west of the CBD, the property has a gross lettable area of 7,198sqm and is situated on a large inner city landholding of 17,504sqm, providing parking for 230 cars on grade.
It benefits from frontage to two major arterials - Stafford and South Pine Road - and is in close proximity to multiple transport links.
Reds Group spokesperson Bronwyn Timms said the focal point of the redevelopment of Everton Plaza would be a new casual laneway dining precinct known as Park Lane.
“The development is the vision of Reds Group, who has experience in delivering retail centres locally and nationally, including intimate food and beverage precincts,” she said.
“A key attraction for the buyer group was the centre’s strong inner city demographic which has been supported by the interest to date from some of Brisbane’s well known A-grade food &amp; beverage retailers.”
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j.ballantyne1990-6AQqhLzZaK

Investors go shopping with $27 million acquisition in Everton Park

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St Vincent’s Health Australia have committed to a 902 square metre office on level three at 25 Montpelier Road in Bowen Hills after signing a five year lease.
They have occupied the fully fitted out space in early November.
St Vincent’s Health Australia is the nation’s largest Catholic not-for-profit health and aged care provider.
It owns facilities across Australia that include public and private hospitals, aged care facilities and co-located research institutes.
“St Vincent’s are currently owner occupiers in the building directly opposite the road, and we approached them to see if they required bigger premises,” said Bo Veivers, national director of office leasing at Colliers International who negotiated the lease at $520 per square metre gross.
“They are expanding and originally were looking for additional office space of 300 square metres to 400 square metres in size, but given the fully fitted out opportunity at 25 Montpelier, they ended up taking the entire third floor, and 12 car spaces.”
According to Veivers the opportunities for good quality A Grade buildings in the popular Gasworks precinct are drying up, with office space also fully leased.
“25 Montpelier Road is a modern 7,600 square metre A Grade building that was completed in 2011 and offers one of the largest floor plates in the city fringe,” he said. “The building currently has about 30% space available for lease, half of which is fully fitted out.”
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St Vincent’s Health Australia expands office footprint in Brisbane

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One of Brisbane oldest heritage homes, Silverwells North has sold for $4.675 million through Sothebys.
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Silverwells North, located at Kangaroo Point, was built in the 1860s for Sydney merchant Joseph Thompson.
The new owners are a local couple.
Set at 261 Main St, the semi-detached brick building was extensively restored by Waterford Properties in 2008.
Interior design group John Croft Design recently posted on <a href="https://www.instagram.com/p/BL8BvU8BnxO/?taken-by=johncroftdesign&amp;hl=en" target="_blank">Instagram </a>saying “Our clients have just purchased this beautiful historic property, we are very excited to be involved in making it their new home.”
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Silverwells North, Brisbane sold

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Construction of a major new 787 bed development in Brisbane by student accommodation provider Scape has officially commenced.
Construction company Hindmarsh has been appointed to construct the circa $95 million Vulture Street project.
The development will be ready for student occupation in 2018.
Hindmarsh anticipates that around 2,000 workers will be engaged over the duration of the project.
Scape Brisbane has been designed to have a campus feel with a range of communal areas and additional facilities including quiet study areas, relaxed lounges, a gym and other inspiring spaces.
It is located within easy reach of several universities.
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Construction of Brisbane student accomodation Scape commences

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Sales activity in the Brisbane retail world is starting to slow with stock generally being very tightly held, according to Herron Todd White’s (HTW) latest report.
The property advisory firm says that sellers cannot easily replace their investments with equivalent yields in any other asset class.
Yields for neighbourhood centres have continued to tighten throughout the course of 2016, however, there is now a perception that we are approaching the top, primarily due to the tightening market for funding which is now requiring greater levels of equity.
The overwhelming demand for well leased retail stock in the sub $5 million market has created a seller’s market with buyers often cascading from one sales campaign to the next.
When they miss out on the first property the urgency to buy the next can be very strong.
Most activity remains in the convenience and neighbourhood sectors, but even there the quantum of transactions is slowing.
It is also now timely to pause and reflect on the quantum of capital growth that has occurred in these markets over the past three years.
A good recent example is the sale of the Sandstone Point IGA anchored centre which recently sold for $10.395 million showing a yield of 7.04%.
This property sold three years earlier for some $8.25 million and showed capital growth of 26% over that period. This is reasonably reflective of the neighbourhood and convenience centre markets generally.
More broadly, yields for well leased neighbourhood centres in strong locations are now well entrenched in the low 6% yield range.
Service stations are also hot at the present time.
The Caltex complex at Northlakes was recently contracted at a yield of 5.13%, showing a staggering 48% capital growth over a three year period since its previous purchase.
Whilst demand is likely to remain strong, we consider that the market is nearing the peak with the likelihood of yields bottoming out over the next six to 12 months.
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Lack of stock slowing Brisbane retail sales activity: HTW

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The lights are on at Pradella's Light+Co. apartments in West End, as the first residents move in following completion of the dual tower project.
Light+Co. has been developed on the iconic riverside site of the old South Brisbane Gas and Light Company.
It was built in 1885 to deliver gas lighting to Brisbane's rapidly expanding population.
The two towers – Illuminate and Radiance – will house 228 one, two and three bedroom apartments with some remaining for sale priced from $420,000.
Located on Montague Road, Pradella director, Kim Pradella, says the completion of Light+Co. was the culmination of a 18 month construction program
Light+Co. is located at 321 Montague Road West End, less than 2kms to the Brisbane CBD. For more information, please visit <a href="https://www.lightandcoapartments.com.au" target="_blank">lightandcoapartments.com.au</a>
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First Brisbane residents move into Pradella's Light+Co. apartments

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 A fully-leased modern convenience centre in a high profile location in Brisbane’s northern growth corridor has been sold for $5.044 million.
The Anzac Avenue Retail Centre is 25 kilometre north of the Brisbane CBD.
Savills agents Jon Tyson and Michael Harcourt sold the centre to a Sydney-based private investor on a 6.94% yield.
The marketing campaign generated more than 200 investor enquiries and 10 expressions of interest.
The 2008-built Anzac Avenue Retail Centre at 1646 Anzac Avenue occupies a 3,349 square metre site and features a total floor area of 584 square metres, incorporating a dynamic mix of national and chain brand tenants including Nando’s, Sunshine Kebabs, Pizza Temptations and Baskin Robbins.
The centre also provides ground level car parking for 40 vehicles.
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Sydney investor secures Brisbane retail asset

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The Brisbane tourism region continues to be challenged by supply additions outstripping demand growth and occupancy levels falling, according to Colliers’ latest hotel report.
The vast majority of transactions have taken place in the leisure destinations of the Gold Coast, Cairns and the Whitsundays.
The largest transactions have been the $80 million sale of the Hotel Grand Chancellor in Surfers Paradise to Challenger on behalf of an offshore investor and the Surfers Paradise Marriott Resort and Spa for $70 million, also to an offshore investor.
According to STR, the resort markets of the Gold Coast and Cairns/Tropical North Queensland continue to benefit from the lower Australian dollar, which is rebounding after the tough trading conditions experienced following the global financial crisis and the high dollar during the mining boom periods.
These destinations are experiencing renewed growth in both domestic and international travellers.
Cairns, in particular, continues to record high occupancies at 83.3% year to date to August 2016, up 5.4% compared with the same period of 2015.
Occupancy on the Gold Coast is similarly up year to date, by 3.7% to 72.2%. Stronger occupancy levels have allowed hotels to lift room rates, with Cairns demonstrating growth of 7.2% and the Gold Coast 5.2% over the year to date period.
These conditions have allowed both markets to achieve the highest RevPAR growth rates over the period in major markets throughout the country at 13.0% for Cairns and 9.1% for the Gold Coast.
Brisbane, in contrast, continues to be challenged by supply growth outstripping demand, with occupancy levels down 1.9% to 70.8% in the year to date.
Room rates continue to come under pressure falling by 6.6% over the period as the new hotels compete aggressively for customers.
As a result RevPAR levels are down 8.4% for the first eight months of the year compared to the same time last year. Source: STR
Many regional markets which had exposure to the mining, gas and the associated infrastructure boom continue to feel the contraction in demand with occupancy and room rates declining.
The Destination Brisbane Consortium (Echo Entertainment Group, Far East Consortium and Chow Tai Fook Enterprises) continue to progress the Queens Wharf Integrated resort development. This project is proposed to include a new casino, retail, residential apartments and approximately 1,100 hotel rooms.
Demolition works on the state government site are anticipated to commence early next year following the relocation of government office on the site to the new 1 William Street tower which is nearing completion.
On the Gold Coast, preparations for the Commonwealth Games in 2018 are progressing, including the construction of sporting facilities and the athlete’s village. Gold Coast Airport has commenced stage one redevelopment works which includes site works, new aircraft parking stands and terminal redevelopment, which is due to be completed in 2017.
The second stage of the Gold Coast Light Rail will connect the existing light rail system at Southport to the heavy rail at Helensvale, construction commenced in July 2016 and is due for completion in early 2018.
"We are aware of 15 further new hotel developments proposed for Brisbane between late 2016 and 2018 (2,760 rooms), and approximately 1,100 additional rooms in 2021 within the Queens Wharf Development," the report stated.
"Over the period from 2013 to 2018 the Brisbane market is forecast to have an addition to supply of over 6,700 rooms, or an increase of over 50%. With new supply continuing to outstrip demand growth, we expect market occupancy levels to continue to come under pressure before bottoming out in 2018-2019. The vast majority of the new room stock is located in the Brisbane CBD and fringe, which is having a greater impact on specific localities," the report stated.
Meriton recently opened a 208 suite serviced apartment operation within a larger mixed use complex at Southport on the Gold Coast. A further two new hotel projects are also under construction (Jewel 300 rooms and the Jupiter’s Casino 80 suite expansion) which are expected to open by 2018.
Jupiter’s has also released a masterplan for its casino precinct to potentially include a further five hotel and/or apartment buildings, including a 700 room hotel and apartment tower.
A number of other hotels are also being proposed for the Gold Coast as either part of larger mixed use developments or as additions to existing complementary facilities, which could lead to additional room stock in the medium term.
The renewed construction of high rise residential apartments on the Gold Coast is also likely to lead to new strata title serviced apartment stock.
There is limited new supply entering the Cairns market apart from the expansion of existing properties given the disparity between current values and replacement cost.
The proposed Aquis Great Barrier Reef Integrated Resort Development has been significantly scaled back and no longer includes a casino component. Timing for the revised proposed hotel, villa and apartment development remains unclear.
<a href="/images/2016/11/03/Queensland%20major%20transactions.jpg" target="_blank">Click to enlarge</a>
 <img src="/images/2016/11/03/Queensland%20major%20transactions.jpg" alt="">
Demand for major assets has primarily come from Asian based investors and operators, including Singapore, Hong Kong, China and Malaysia. Domestic demand also exists for select and smaller properties that are appropriately priced.
"Trading conditions have softened in the Brisbane market and future supply increases are expected to reduce market occupancy levels and moderate average room rate prospects for the next two to three years," the report stated. 
"We anticipate that the new hotels will gain their fair market share, which will in turn put pressure on value levels, particularly for older and lower grade stock, and will be more pronounced in certain localities. Capital markets, however, appear to be taking a medium to longer term view to asset performance for better quality stock."
<a href="/images/2016/11/03/Brisbane%20airport%20arrivals.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/03/Brisbane%20airport%20arrivals.jpg" alt="">
Leisure destinations have typically seen an improvement in demand, trading conditions and value levels.
Hotel pricing on the Gold Coast, particularly at the four star level has seen significant growth over the past two years, with purchasers picking up assets at below replacement cost with a view to future revenue and profitability growth.
Supported by a lower Australian dollar and with minimal supply forecast in the short to medium term, value levels in Cairns are expected to continue to show growth, with some evidence of yield tightening emerging.
<a href="/images/2016/11/03/Cairns%20airport%20arrivals.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/03/Cairns%20airport%20arrivals.jpg" alt="">
Many of the challenged regional markets have experienced a decline in profitability and value levels, with an increasing number of properties being placed on the market under instructions from mortgagees.
This is likely to limit the pricing of property in these markets until the number of distressed assets diminishes or visitor demand improves.
The Brisbane market continues to be reasonably tightly held, with owners taking a wait and see approach to the impact of future supply.
Some owners of lower quality stock, however, may take the opportunity to divest for redevelopment rather than re-invest.
As revenue and profitability continues to be impacted at an individual asset level, some owners may be more motivated to transact if debt servicing becomes an issue.
<a href="/images/2016/11/03/CBD%20white%20collar.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/03/CBD%20white%20collar.jpg" alt="">
Similar to last year, the majority of transactional activity has been within leisure markets.
Colliers expect longer term owners will continue to consider potential exit strategies in these markets as conditions provide potential trading upside and new buyers emerge.
However, given the significant number of transactions over the past two years the number of owners in this position is significantly reduced.
Activity within regional markets is expected to continue to where trading conditions are favourable and demand proves sustainable.
<a href="/images/2016/11/03/Brisbane%20accomodation.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/03/Brisbane%20accomodation.jpg" alt="">
The Property Council Office market report recorded a substantial increase in the total vacancy rate in the Brisbane CBD from 14.6% to 16.9% in the first half of 2016. However, this was primarily due to the significant net increase in supply of 104,000 square metres, or 4.8%, outstripping increased total occupied floor space of 2.3%. Significantly, this is the first increase in occupied floor space in the CBD since the first half of 2013.
The market will continue to be impacted by the completion of the 1 William Street development, to be occupied by various state government departments, and the subsequent demolition of a number of government office buildings on the Queens Wharf site.
It is expected that the vacancy rate will remain stable in the short term until absorption and withdrawals lead to a decline in the medium term. Colliers Edge is expecting the vacancy rate to peak around 17.5% in January of 2017.
The increasing vacancy levels in the office market over recent years provide insight into the softening corporate hotel demand over this period.
The lower Australian dollar and forecast continued increase in inbound business is expected to support leisure market trading conditions, and as a result capital values and transaction activity.
The Brisbane trading market is expected to continue to be challenged over the next two to three years by the amount of new supply and the perceived impact by purchasers on trading levels.
Transactional activity is expected to continue to be light, however, some owner’s may test market appetite over this period as the supply cycle draws to a close, or are forced to, due to cash flow issues.
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