New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

Joel Robinson

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

The long-planned transformation of Brisbane's historic Shafston Estate has taken another major step, with Capella Hotel Group announced as the luxury hospitality partner behind what will become Brisbane's first branded residences.

The project, to be known as Capella Residences Brisbane, is being delivered by Verso Projects at the landmark Kangaroo Point riverfront estate, with completion targeted for 2029.

The announcement follows a series of planning changes to the project over recent years. The site was originally approved in 2023 for a 15-level, 37-apartment development designed by Rothelowman for Burgundy Group before Verso Projects took over the 10,070 sqm riverfront holding and lodged revised plans with Kerry Hill Architects to increase the development to a 25-level tower with 51 apartments.

The latest announcement confirms Capella Hotel Group will bring its branded residential offering to the project, marking just the second Capella Residences development globally after Seoul, and the group's first branded residential project in Australia.

The <a href="https://www.apartments.com.au/new-apartments/23-castlebar-street-kangaroo-point-qld-4169">Castlebar Street development</a> will centre around the restoration of the heritage-listed Shafston House, one of Brisbane's oldest residences, originally constructed in 1851 by Reverend Robert Creyke as a single-storey cottage known as Ravenscott.

<img alt="Capella" data-entity-type="file" data-entity-uuid="2b9f4ce5-638f-4d6b-8082-3ca7e4b75fca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-09%20at%207.20.41%E2%80%AFAM.png?VersionId=f7aeqsW_DzOJI4FymWb3lD8NptSfsP7q" />

Capella said the project aligns with its focus on heritage-led developments, with the Brisbane estate combining the restored historic residence with a new luxury apartment tower and hospitality-inspired resident amenities.

Residents will have access to the Capella Living Room, a concierge-led communal space inspired by the group's luxury hotels, alongside landscaped gardens, six swimming pools, wellness and recreation facilities.

The broader estate will also include two riverfront homes, a six-berth private marina, porte cochère arrival experience, secure basement parking and a new section of public riverwalk along the Brisbane River frontage.

The heritage Postal Depot Building will also be retained and repurposed as a guest house, in line with the revised development plans.

The project represents another evolution for the site, which Kerry Hill Architects previously described as a rare opportunity to restore one of Brisbane's most significant heritage estates while creating a new benchmark for apartment living.

"The Shafston Estate provides a once-in-a-generation opportunity to restore one of Brisbane's finest heritage precincts and to reinstate residential use as a unique site perched on the edge of Kangaroo Point," Kerry Hill Architects said in its Urban Context Report accompanying the planning submission.

"The project will celebrate excellence in sub-tropical residential design, setting a new benchmark for vertical living in Brisbane."

Verso Projects, which now has an $8.5 billion development pipeline spanning more than 6,000 dwellings across apartments, townhouses, retail and commercial projects, said the partnership with Capella would elevate the development beyond a traditional residential project.

"We feel honoured to be restoring Shafston Estate to its former glory, elevating it to new heights of luxury and excellence underpinned by Capella's distinctive service ethos and design philosophy, and making it a standout landmark in Brisbane," Verso Projects CEO Steve Laffey said.

"By partnering with Capella, globally recognised for its refined approach to luxury hospitality and deep respect for cultural and historical context, we will elevate this project beyond a residential offering into a world-class destination."

Capella Hotel Group President Roland Fasel said Brisbane's emergence as a global city made it the right location for the company's Australian residential debut.

"Brisbane is a city on the cusp of something remarkable, and Capella Residences is our commitment to being part of that story," Fasel said.

"The Capella residential experience is more than luxury. It is about a sense of belonging to a place with deep meaning."

Private appointments have now opened for the project, with a display suite expected to open in late 2026 ahead of the planned 2029 completion.

Capella to launch Brisbane's first branded residences at Shafston House, Kangaroo Point

Lewis Land's latest apartment release within its <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan is targeting one of the Gold Coast's fastest-growing buyer groups, with almost a third of apartments at Solis priced below $1 million.

The seven-storey building at Biggera Waters will comprise 91 apartments, including 24 one-bedroom residences starting from $778,000, a price point Lewis Land says is aimed squarely at first home buyers struggling to enter the Gold Coast market.

<img alt="Harbour Shires" data-entity-type="file" data-entity-uuid="e7486e37-22f6-4c92-b212-9b0622070b8f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.34%E2%80%AFAM.png?VersionId=W8MJwJUCf6HkIyl_EVSksnd.QI6MZryY" />

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the developer deliberately allocated a significant proportion of the project to more affordable apartment types.

"First home buyers have been priced out of many parts of the Gold Coast, and we saw a clear opportunity to address this and play our part in a longer-term housing solution," Long said.

"That's why 24 of the 91 apartments being delivered at Solis have been designed and priced for the city's next generation of homeowners, quality one-bedroom apartments, half of which include an additional multipurpose room to maximise space and flexibility.

"This approach places 30 per cent of apartments in Solis under $1 million, and with close proximity to Harbour Town's future light rail extension connecting residents to the city's major employment and knowledge hubs, it's a win for buyers looking to secure their first property."

<img alt="Sores" data-entity-type="file" data-entity-uuid="550526d3-73ba-4710-9739-c5f4294a30ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.29%E2%80%AFAM.png?VersionId=cQQdXHt9wS0UXwZEm5Py5bH_3kAmzyhu" />

Designed by BDA Architecture, Solis will deliver a mix of one, two and three-bedroom apartments, with residences ranging up to 232 sqm. Apartments feature generous balconies and contemporary finishes, while residents will have access to Harbour Shores' lagoon pool, clubhouse, tennis court, gym, yoga studio and sauna.

The focus on first home buyers resonated with purchaser Holly Humphreys, who said she and her boyfriend spent more than a year searching for their first property before shifting their attention from houses to apartments.

"We fell in love with the first house we bid on and got our hopes up, but after repeated knockbacks we learned not to get too attached," Humphreys said.

"We offered at the high end of price guides, but sales kept going even higher. That's where we really struggled and we needed to re-evaluate our budget and our expectations. Standalone houses were off the table, and we pivoted to apartments and townhouses."

Humphreys said it was encouraging to see developers recognising the growing demand from first home buyers.

"There's a growing number of young buyers looking to enter the market earlier because they understand that getting in now can make a real difference as prices continue to rise," she said.

"It's fantastic to see a developer recognise this and then actively take measures to deliver an apartment with us in mind."

Solis is the first development planned within the second stage of the Harbour Shores masterplan, with early works expected to commence in September 2026.

[smartcode_project_cta:default project_id=113271]

Lewis Land targets first home buyers at latest Harbour Shores release, Solis

Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

[smartcode_project:default project_id=114246 project_image_fid=370116]

Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.

"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."

The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.

KOYO penthouse headlines Abadeen's $19.25 million EOFY sales flurry

CBRE

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CBRE staff from 22 offices across Asia Pacific will take part in the ninth annual Walk for a Wish event – the firm’s flagship charity fundraiser. 
Some 2,500 CBRE employees will walk 10 kilometres in their respective cities tomorrow, on Friday, November 16, to raise funds for various charitable organisations. 
Sponsored by Commercial Real Estate, this year’s Pacific event aims to raise $200,000, which will mark $2 million raised for charitable causes in just nine years.
Following the success of last year’s event, which saw Pacific employees raise an outstanding AU$290,000, staff will again be given the opportunity to support a cause of their choice.
CBRE’s President &amp; CEO, Australia &amp; New Zealand, Ray Pittman commented on the firm’s flagship charity event: “Year after year, the CBRE community rallies together and digs deep to support charities and organisations that are making positive change and helping people and our communities thrive.”
“We were overwhelmed by the outstanding efforts of last year’s event – our second highest fundraising total to date – and the generosity displayed by our employees, their families and friends and our key clients. We look forward to building on the success of last year’s event and hitting the $200k target for our ninth Walk for a Wish.” 
Since the event’s inception in 2010, CBRE’s Walk for a Wish event has raised over $AU1.8 million in the Asia Pacific region. 
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j.ballantyne1990-6AQqhLzZaK

CBRE will Walk for a Wish this Friday

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Melbourne’s Mornington Peninsula is emerging as a popular market for CBD investors, with the $5,435,000 sale of a retail property.
CBRE’s Melbourne Strip Retail Investments team, comprising Rorey James, Josh Rutman and Sandro Peluso, negotiated the sale process of 9-13a Main Street via an onsite auction, which attracted a crowd of more than 120.
The property was eventually sold to a Melbourne-based buyer, after attracting over 100 enquiries and offshore team engaging more than 60 foreign investors to the asset, James said.
The property, which comprises a 453 square metre building on a 936 square metre site, was offered at an initial bid of $4.1 million, where it rose quickly to above $5 million before being knocked down to a Melbourne investor for $5,435,000.
The sale result translating to a yield of just 3.5% and a building rate of approximately $12,000 per square metre.
The property comprises two separate titles and is occupied by five separate tenants, including three offices and two local restaurants, Afghan Marco Polo and the Brass Razu wine bar.
The sale of 9-13a Main Street marks CBRE’s sixth transaction on the Morning Peninsula this year, following the sale of two properties along Ocean Beach Road in Sorrento – a waterfront shop in Rye and a hobby farm in Red Hill.
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CBD investors seeking Mornington Peninsula retail property

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A Broome industrial facility leased to a Midalia Steel has come to market through CBRE.
Located at 3 Archer Street, Minyirr, the 800 square metre warehouse/office facility is situated on an 8,122 square metre site. 
It is currently being leased to Midalia Steel, a subsidiary of the parent company Liberty One Steel, on a new 10-year lease with a further three five-year options available. 
CBRE’s Geoff Fraser is managing the sale campaign via offers to purchase. “This is an outstanding leased industrial investment, providing the opportunity to secure a footprint in one of Broome’s strongest industrial precincts, and with the guarantee of fixed income from a renowned operator,” Fraser said.  He added that as it is being leased to a blue-chip tenant for a substantial period.
"The property is expected to attract interest from local, Perth and interstate buyers looking to acquire a secure investment in a growing location.” 
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Opportunity in Broome's growing industrial market 

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The Australian Financial Review Rich Lister Harry Triguboff has sued Fairfax Media complaining the newspaper had gravely injured his character and reputation, and he had suffered hurt and embarrassment, and will continue to suffer loss and damage.
The matter complained of was an article headlined “Developers offer stamp duty discounts as off-the plan apartment sales slow” published last August.
The article quoted managing director of CBRE Residential Projects, David Milton saying "developers who rely heavily on foreign buyers or sell poorer quality stock tend to revert to these tactics.
“Meriton have been selling stock overseas and haven’t focused on the local market and for property developers like Meriton, in order to sell lower quality products, they have to offer discounts,” Milton said.
The article added while Sydney apartment sales had slowed overall compared to the frenzied years of 2003 and 2014 – given higher foreign buyer surcharges and cut in bank lending to investors – David Milton said apartments were still selling at healthy levels, particularly those in good locations and are well developed.
The article included an artist’s impression of a Meriton project in Pagewood and Meriton's Altitude apartments in Parramatta.
Triguboff submitted that the defamatory condition attributed to him is his conduct in running a business that produces low quality products.
He submitted that the "quote in the article from CBRE was the primary part of the article where the allegation of discounting by reason of low quality is made and is clearly capable of being carried."
He submitted that an "allegation that a person who in the business of making something produces something that is low quality is clearly capable of being defamatory."
But Triguboff's claim failed as the article didn't mention him by name but only made critical comments about his company, Meriton.
<div>
Companies with more than 10 employees cannot sue for defamation.
Triguboff's legal team, Ms S Chrysanthou with Mr N Olson assisted by lawyer Mark O'Brien argued that given his name was so synonymous with the Meriton brand, he could reasonably be personally identified as the target of claims about the company.
He cited Matthew Lennartz; Andrew Hope; Tim Franzen; Nichola Malouf; and Walter Gordon as readers who who both read the matter complained of and identified the applicant, Harry Triguboff.
It was submitted by Mr Triguboff that evidence would most likely not be required to establish, for example, that Mr James Packer was identified by a publication which referred to Crown Casino, because of the notoriety of his connection with that business.
Fairfax Media lawyers argued that the pleaded imputations lack the necessary “defamatory sting”, because it was not defamatory of a company or its management to say that a company (and thus effectively, on this alternative argument, Mr Triguboff) produces something of “low quality”.
Fairfax argued that the term used in the article was merely descriptive, and not a statement reflecting adversely on Mr Triguboff’s conduct of his business.
Fairfax was represented by Banki Haddock Fiora, with barristers, Mr A T S Dawson SC with Ms S Jeliba.
</div>
<div>Federal Court Justice Robert Bromwich noted the article suggested that developers such as Meriton sometimes address a slow-down in sales of poorer quality apartments by offering stamp duty discounts.
</div>
<div> </div>
<div>But he ruled that a reference to a company can't be seen as automatically a reference to those who run or own it, "however notorious the fact of that ownership". </div>
<div> </div>
<div>The article had quoted Meriton director of sales James Sialepis saying it was not unusual for developers such as Meriton to offer incentives occasionally and was not an indication that there was a glut of apartments or a potential major correction in prices.</div>
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jonathanchancellor-7SQnKwU6yx

Harry Triguboff sues AFR after CBRE disparaged Meriton apartment stock as "lower quality product"

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The Melbourne City sales team of CBRE has donated $20,000 to support Fremantle Football Club and coach Ross Lyon’s participation in the MND Big Freeze event this weekend at the MCG. 
Mark Wizel, CBRE National Director and head of the sales team, said his team was honoured to make a contribution to fighting MND.
"The apparently unbreakable Neale Daniher has done incredible work in fighting this disease, a disease that sadly took Ross Lyon’s mother some years back," Wizel said. 
"We are absolutely delighted that we can make a contribution in supporting Ross and the Fremantle Football Club in the `Big Freeze’ this weekend with a $20,000 donation." 
He said his team had for some time been admirers of the way in which Ross Lyon coached and mentored his team.
"We have likened a lot of what we do in a corporate sense to the journey that Ross has taken the Freemantle Football Club on over the past few years.
"In particular his teachings and methodology around system and process over outcome have assisted in the development of our younger team members - the average age of which is just 25.8 years - contributing greatly to our success,’’ Wizel said.
Wizel’s 64 strong team has earned a reputation as Australia’s sub $100 million commercial property investment market leader with more than $13 billion in sales since 2009.
Ross Lyon said he was humbled to learn that his relationship with Mark and CBRE had resulted in such a generous donation to Fight MND Big Freeze 4.
"It was quite a humbling experience to be told that the association with CBRE had motivated Mark and his colleagues to personally chip in $20,000 to help support the outstanding work Neale Daniher is doing to find a cure for MND.
“It’s a hideous disease and the way Neale has fought MND is incredible.
“Every day on average at least two Australians die from MND, and my family has had personal experience with the terrible toll the disease has on those affected by it.
"If we can find a cure through contributing and raising some funds – all the AFL coaches are happy to do that.
It’s also a wonderful gesture by Mark and his colleagues at CBRE to get behind Neale and support what he is doing for Fight MND,’’ Lyon said.
 
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jrobinson-rf4aSBido9

CBRE team donates $20,000 to Dockers’ MND cause 

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CBRE has sold the Woolworths Hadfield in Melbourne’s northern suburbs for $11.75 million.
It was the third time in two years the shopping centre has transacted. 
Located on a 5,600sqm site in Melbourne’s inner north, the freestanding Woolworths was first sold by CBRE in 2016 to St Albans-based plumber Emmanuel Zahra for $9.75 million. 
Then in 2017, it was sold for $8.75 million, however, the contract was forfeited. 
The property was purchased recently by a Melbourne investor for $11.75 million – reflecting a yield of 3.5% and profit of $2 million since it last transacted. 
The property, which has a one-year lease remaining to Woolworths, marks the fourth freestanding supermarket sale nationally this year, and the second in Victoria. 
The sale follows the trend of low returns on supermarket investments, with recent transactions including Coles Clayton in VIC for $17.115 million (2.57% yield) and Coles Earlwood in NSW for $28.72 million (4.22% yield). The assets were purchased by a Melbourne and Asian investor respectively. 
Recent supermarket transactions undertaken by CBRE
<table style="width: 468px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td nowrap width="83">
MAJOR TENANT
</td>
<td nowrap width="61">
CITY
</td>
<td nowrap width="42">
STATE
</td>
<td nowrap width="44">
DATE
</td>
<td nowrap width="68">
PRICE
</td>
<td width="71">
INTIAL YIELD
</td>
<td width="42">
GLA  (SQM)
</td>
<td width="57">
$ / SQM
</td>
</tr>
<tr>
<td nowrap width="83">
Coles
</td>
<td nowrap width="61">
Clayton
</td>
<td nowrap width="42">
VIC
</td>
<td width="44">
Mar-18
</td>
<td nowrap width="68">
$17,100,000
</td>
<td nowrap width="71">
2.58%
</td>
<td width="42">
2,852
</td>
<td nowrap width="57">
$5,995
</td>
</tr>
<tr>
<td nowrap width="83">
Woolworths
</td>
<td nowrap width="61">
Smithton
</td>
<td nowrap width="42">
TAS
</td>
<td width="44">
Mar-18
</td>
<td nowrap width="68">
$7,500,000
</td>
<td nowrap width="71">
6.83%
</td>
<td width="42">
2,200
</td>
<td nowrap width="57">
$3,409
</td>
</tr>
<tr>
<td nowrap width="83">
Coles
</td>
<td nowrap width="61">
Earlwood
</td>
<td nowrap width="42">
NSW
</td>
<td width="44">
May-18
</td>
<td nowrap width="68">
$28,720,000
</td>
<td nowrap width="71">
4.22%
</td>
<td width="42">
2,675
</td>
<td nowrap width="57">
$10,736
</td>
</tr>
<tr>
<td nowrap width="83">
Woolworths
</td>
<td nowrap width="61">
Hadfield
</td>
<td nowrap width="42">
VIC
</td>
<td width="44">
May-18
</td>
<td nowrap width="68">
$11,750,000
</td>
<td nowrap width="71">
3.57%
</td>
<td width="42">
2,101
</td>
<td nowrap width="57">
$5,593
</td>
</tr>
<tr>
<td nowrap width="83">
Total
</td>
<td nowrap width="61">
 
</td>
<td nowrap width="42">
 
</td>
<td width="44">
 
</td>
<td nowrap width="68">
$65,070,000
</td>
<td nowrap width="71">
4.30%
</td>
<td width="42">
 
</td>
<td nowrap width="57">
$6,433
</td>
</tr>
</tbody></table>
</body></html>

Woolworths Hadfield sold for third time in two years

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Mere weeks ago Urban covered VCAT's decision to approve <a href="/news/160-whitehorse-roads-approval-pushes-blackburns-apartment-pipeline-toward-1000">development plans for 160 Whitehorse Road</a>.

Blackburn's largest development to date was given the green light after a planning push eventually secured the right to create a mixed-use project across the 8,767 square metre site. As many as 263 apartments are now approved for the development designed by Taouk Architects which was anointed Blackburn Place.

The development though has now been listed for sale with CBRE City Sales handling the process, providing Melbourne developers with the opportunity to nab one of the east's largest approved scheme in recent times. 

With Box Hill coming off the boil (in line with the trending decline of large-scale projects across the city), the Taouk Architects-designed 160 Whitehorse Road does discern itself due to its size and location.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/image29_17.jpg" rel="gallery-all" title="Prospective views. Image: CBRE City Sales"><img alt="" class="image-article-full-width-580px" height="384" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/image29_17.jpg?itok=UYB9gcKs" title="Prospective views. Image: CBRE City Sales" width="580"></a>

<figcaption>Prospective views. Image: CBRE City Sales</figcaption></figure>Initial plans for the site attempted to realise a greater return of apartments, with buildings spanning 14, 10, 10 and 8 storeys as originally submitted. Those plans have been tempered with the VCAT-approved outcome seeing a more modest built form and apartment numbers reduced from 394 to 263.

CBRE note that the site's planning approval includes four buildings between 6 and 8 levels, plus 3,663 square metres of commercial space.

Having sold for $18 million to an Asian-backed developer three years ago, 160 Whitehorse Road's price history has seen steady growth. Previous campaigns saw the site sell for $11.36 million in 2010, $3.25 million in 1986 and $1.3 million in 1980.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/image30_14.jpg" rel="gallery-all" title="160 Whitehorse Road. Image: Taouk Architects"><img alt="" class="image-article-full-width-580px" height="218" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/image30_14.jpg?itok=dW28oq2e" title="160 Whitehorse Road. Image: Taouk Architects" width="580"></a>

<figcaption>160 Whitehorse Road. Image: Taouk Architects</figcaption></figure>The size and staggered delivery schedule of 160 Whitehorse Road is in stark contrast to various other approved permits that have been 'flipped' in Melbourne's east over recent months. Two recent permitted Doncaster sites were a step down in size relative to 160 Whitehorse Road. 

7 Williamsons Road is currently for sale and sees 68 predominantly 2 and 3 bedroom apartments approved within a ClarkeHopkinsClarke-designed building. The 1,064 square metre site is in close proximity to Nicson Property Group's approved hotel scheme for 810 Elgar Road.

That site saw a Kyriacou Architects-designed hotel scheme offered for sale. The 993 square metre site came with approval in place for 102 suites over 8 levels, and if acted upon would become Doncaster Hill's first dedicated hotel.

At the turn of 2018, Mont Albert's 813-823 Whitehorse Road was offered for sale by Doyen Tower Pty Ltd; its 89 apartments are within a crystalline Bruce Henderson Architects-designed 16 level tower.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/image32_16.jpg" rel="gallery-all" title="Mont Albert and Doncaster Hill have provided opportunity during 2018"><img alt="" class="image-article-full-width-580px" height="237" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/image32_16.jpg?itok=mCQaguTl" title="Mont Albert and Doncaster Hill have provided opportunity during 2018" width="580"></a>

<figcaption>Mont Albert and Doncaster Hill have provided opportunity during 2018</figcaption></figure>
</body></html>

silvermb

Melbourne's east throws up a sizeable residential opportunity

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A Bentleigh property owned by the Pellicano family for 30 years is on the market with a permit for 52 apartments.
CBRE agent Mark Wizel, who is marketing the property, said it presented a "fantastic packaged opportunity to the market.’’ 
<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/2018/5/15/277-279%20Centre%20Road.jpg" alt="">
 
The 277-279 Centre Road property comprises a 1564 square metre Commercial 1 zoned allotment with a double storey commercial building of 1276 square metres offering a prominent retail strip frontage of over 33 metres with rear lane access to 36 car spaces.
The property, which is located within the coveted McKinnon Secondary College zone and across the road from an Aldi supermarket, is currently 90 per cent leased to nine tenants at a passing income of $267,000 per annum.  
The approved permit allows for a Rothelowman designed, mix-used development with 52 apartments and two significant ground floor retail spaces over seven levels. 
Wizel said demand for housing in Bentleigh had driven prices past the Melbourne suburban average with a 21 per cent uplift in value over the last 18 months to register a median house price of just over $1.6 million. 
It is expected to fetch more than $8 million in its expressions of interest campaign. 
Wizel said the permit appeared to unlock the best-use potential of the property although the 10-year average occupancy per tenant illustrated the strong and ongoing demand for commercial leases on the strip.
 
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Pellicano family put Bentleigh property on the market

<html><body>
190 St Georges Terrace has retained one of its largest sub-lease tenants, with ATI Solutions signing onto a new direct lease on level five of the office tower.
The technology company previously subleased the 450sqm space following global design and delivery firm Stantec’s departure 2.5 years ago.
CBRE’s Lachlan Lewis negotiated the new three-year lease deal for a rental in the vicinity of $650 per square metre and market level incentive.
<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/2018/5/9/190StGeorgesTce_23.jpg" alt="">
“This was an excellent outcome for the building owners to have what was a large potential vacancy re-leased with nil downtime on rental cashflow,” Lewis said.
“ATI Solutions looked at competing buildings but the lessor’s commitment to deliver the turn key fit out solution and the financial outcome was compelling. 
"The major capital spent recently on the building lobby, glass entry and new end-of-trip were also key drawcards cementing ATI’s decision to stay at 190 St Georges Terrace.” 
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190 St Georges Terrace retains key tenant

<html><body>
CBRE has launched an Australian build-to-rent committee to service the emerging sector of the market. 
It will be led by CBRE’s director of development valuations and advisory, Jozef Dickinson whose committee will provide valuation and advisory work, research, development feasibility and site identification services. 
Joining Dickinson in CBRE’s Australian ruild-to-rent committee are Ken Smith, Simon Cowley, Ben Martin-Henry, Kate Heaney, Ashley Kerfoot, Josh Rutman and Simone Lutz. 
The committee will be supported by CBRE’s US-based multifamily expert Colleen Pentland Lally, executive managing director of investor services Mark Granter and national director of institutional valuations Stephen Thomas. 
Granter said the establishment of a dedicated committee highlighted the firm’s commitment to diversify into new growth areas. 
The launch of this committee follows a successful nine-day build-to-rent campaign undertaken by Pentland Lally across Australia last year. 
CBRE has a multifamily business in several major international markets – completing US$24 billion worth of transactions in the US, £$2.4 billion in the UK and €$1 billion in Germany, in 2017.
Last year in the US, multifamily assets accounted for 32% (US$150 billion) of total commercial property investment in the US – making it the most popular asset class. 
</body></html>

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