<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

&nbsp;

The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

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The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
</section>

Joel Robinson

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;

The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.

The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.

As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.

<img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" />

The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.

An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;

The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.

The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;

It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.

Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.

“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.

“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;

Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.

“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.

“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”

Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

CBRE

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A race for space is underway in Sydney’s office market, with limited supply and strengthening tenant demand pushing rental growth to a two decade high.
CBRE’s new Australian Office MarketView report highlights that Sydney’s CBD office market is on track to record its third consecutive quarter of growth and its strongest year in more than two decades.
In the three months to September 2016, prime rents lifted by 2%, while secondary rents increased by 8.3% - putting Sydney on track to match or exceed rental growth pre-GFC and its highest level of rental growth in more than 20 years.
CBRE advisory and transactions – office, regional director, Andrew Tracey, said Sydney CBD remained Australia’s most competitive office market – as demonstrated by the strong gains in rental growth year on year.
“The Sydney CBD remains fiercely competitive, underpinned by a real shortage of quality A and B grade alternatives and strong rental growth,” Tracey said.
“The fact that Sydney remains tightly held due to redevelopment of assets into alternative uses also continues to support rental growth.”
The report shows Melbourne was the only other office market nationally to record growth during the quarter, with prime rents lifting 0.5% in the period and 4.2% year to date in the Victorian capital. Meanwhile, secondary rents grew by 1.2% and 3.5% in the same time frame.
Tracey said Melbourne’s office market had witnessed rental growth off the back of strong employment levels and space absorption of 121,291 square metres in 2015.
“Rental growth in Melbourne has been assisted by withdrawal and sale of non-core secondary assets for future residential development site use and real growth in business,” Tracey said.
“This is combined with the attractiveness of continued relative rental affordability compared to alternative markets, with the city seeing the highest annual net absorption average nationally over the past 10 years.”
Vacancy rates in Melbourne’s office CBD currently sit at 7.0%, however this is expected to rise to 8.0% by the end of 2016 with the completion of new supply.
CBRE's associate director - research, Felice Spark, said vacancy was expected to contract however off the back of strong tenant demand.
“Looking ahead, Melbourne is forecast to see healthy levels of demand in the medium term, which will see vacancy ease to sub 6% by 2019. This in turn will see a continued outlook of rental growth,” Spark said.
The report highlights that almost four years of yield compression has pushed Sydney’s CBRE office yields to a historical, pre-GFC low – with potential to fall further.
In Q3, Sydney CBD core prime office yields reached a nine-year low of 5.2%, while secondary yields are 20 basis points off their pre-GFC low of 5.9%. 
<ul>
<li>Sydney</li>
</ul>
Sydney’s investment fundamentals remain compelling, with vacancy currently at 5.6% and expected to fall to 3.3% by 2018.
In tandem, prime growth is running at a 23% annual rate, which will further underpin growth in the market.
Spark said the strong rent growth could provide another leg to yield compression in Sydney.
“This, however, may be tempered by the mood in global property markets should interest rates tighten in the US and other countries over the course of the next year,” she said.
<ul>
<li>Melbourne</li>
</ul>
Despite falling vacancy in Melbourne’s CBD office market over the past six months, vacancy is expected to rise to 8% over the remainder of the year – driven by the completion of 110,000 square metres at Walker Corporation’s Collins Square development in Docklands.
With only 8,000 square metres of new supply due in the second half of 2017, vacancy is expected to return to circa 7% levels by the second half of 2017.
Further yield compression was witnessed in Q3, with prime yields now sitting at an indicative 5.6% and secondary yields at 6.2%.
Spark said there was growing sentiment among investors that yields were likely to stay lower for longer.
“Buyers who had previously held off purchasing under the assumption that we were at the peak of the cycle are re-emerging,” she explained.
<ul>
<li>Brisbane</li>
</ul>
Brisbane’s CBD office market is showing some signs of improvement, with net absorption returning to positive take-up in the six months to June this year.
This activity has been largely driven by state government expansion, a modest number of tenant relocations from the near city to the CBD and the steady filling of backfill space created by tenant moves to 480 Queen Street.
Yields remain firm off the back of strong demand from offshore investors for prime assets. The looming sales of Green Square South Tower and 324 Queen Street are expected to highlight the ongoing influence of offshore capital in the market.
<ul>
<li>Perth</li>
</ul>
A shift is underway in Perth’s office leasing market, with a rise in the number of tenants relocating from fringe and suburban locations – something not seen since before the mining boom.
While rents continued to decline over the quarter, the rate of contraction appears to be slowing.
Prime rents fell just 0.4% during the quarter, while secondary rents fell 1.2% during the same period. By comparison, incentives remained unchanged at 47.5%.
Office vacancy increased from 16.6% to 21.8% in the 12 months to June 2016.
Spark expects the second half of 2016 represents the peak of the vacancy cycle.
“A positive for Perth’s CBD office market is that the major supply shock has now passed,” Spark explained.
<ul>
<li>Adelaide</li>
</ul>
Challenging demand conditions, as well as the completion of two major office refurbishments, saw office vacancy rise to 15.8% in July 2016 – the highest level in 15 years.
Rising vacancy has underpinned a decline in rents, with prime rates down 5.1% year on year and secondary rents down 4.4%.
Spark said despite the softer occupier conditions, investor demand for assets remained strong.
“Over the past 12 months, prime yields have sharpened to 7.2%, while secondary yields remained steady at 8.9%,” she said. “The past several years have seen greater yield compression for prime grade stock as investors seek out higher performing assets which carry lower vacancy risk.”
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j.ballantyne1990-6AQqhLzZaK

Sydney CBD office market hits 20 year rental growth high: CBRE

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The South Melbourne ANZ branch premises have sold under the hammer for $5.7 million.
It is the latest in a series of properties owned by superannuation funds to be offered to the market.
CBRE managed the sale campaign for the 307 Clarendon Street property, which is leased to ANZ for a two-year term.
The auction for the 469sqm freehold property attracted a crowd of more than 100 people, with a total of 32 bids received from a pool of local and offshore investors.
Mr James said the sale highlighted a recent flurry of movement from investors looking to divest properties purchased through superannuation funds. 
This is ahead of tax changes to be introduced next year.
“Some 28% of properties we have listed in November and December are owned by superannuation funds.
"This is with a number of these owners receiving advice that there could be significant tax implications should they continue to hold these assets in their super post June 30 next year,” Mr James said.
“We have started to list properties under these circumstances for the start of 2017, and anticipate seeing further stock coming onto the market all the way through to June, should the new regulation be passed.”
Mr Hage said the strong sale result, which translated to a yield of 3.5 percent, further evidenced the ongoing demand for quality leased assets in premium locations.
“This asset represented an outstanding investment opportunity, given its attractive tenancy profile and prominent position in South Melbourne,” Mr Hage said.
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SMSF commercial property owners exiting the market ahead of tax changes

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The ASX listed Lantern Hotel Group is offering Botany’s Waterworks Hotel for sale.
Daniel Dragicevich and Sam Handy of CBRE Hotels have been appointed, timed to capitalise on the current bullish market conditions.
The Waterworks Hotel was ranked 198th for gaming revenue in OLGR’s recent September quarter TOP 200 report.
The hotel comes with rare 24-hour liquor licence with 3-hour gaming shutdown in one of Sydney’s strongest gaming LGA’s, with surrounding pubs ranked 54th, 70th and 87th in the TOP 200 report.
The hotel has been achieving an average weekly gaming turnover of $784,528 and a net profit of $65,658 over the past 19 weeks. 
Only six of its 26 gaming machines are currently outdoor and there has been recent DA approval for a new alfresco gaming room.
There is also scope to increase the number of machines to the full complement of 30.
The Waterworks Hotel is located on a prominent 902sqm site within the main retail and commercial heart of Botany.
The site offers future redevelopment potential for residential apartments and short term accommodation underpinned by its B2 – local centre zoning, 14m height approval and generous 2:1 FSR.
Offers are due by December 13.
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Lantern Group's Waterworks Botany hotel hits the market

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A transport and logistics facility in Perth’s airport commercial precinct is up for lease.
The property at 56B Fawcett Crescent comprises a brand new warehouse/office facility totalling 2,321 square metre and a secure 3,000 square metre yard.
CBRE’s Warick Irving, who is leasing the property on behalf of Perth Airport, said the property represented an opportunity to secure a presence in one of Perth’s leading industrial hubs.
“Located within the Airport South Business Park, this property offers a modern facility catering specifically to the transport/logistics and warehousing sectors,” Irving said.
“The property benefits from direct exposure to the recently upgraded Tonkin Highway and access to major transportation linkages including Tonkin Highway, Leach Highway, Roe Highway, Kewdale Road and Orrong Road.”
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Industrial lease opportunity in Perth's airport precinct

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Several senior directors of real estate services firm CBRE have quit the estate agency, according to reports featured in the Australian Financial Review.
The paper's Street Talk column advised the directors are joining recently departed CBRE veteran Richard Butler to start a new business. 
It advised four members of the capital markets team, including national Director Josh Cullen, senior director Steve Kearney, associate director Mark Hansen and analyst and senior associate director Claire Zouroudis had departed CBRE.
"They left the building at lunchtime on Monday and did not return," the AFR advised.
Though naturally none of the players returned any calls to the paper. 
Josh Cullen who joined CBRE in 2001 and was the national head of CBRE’s Capital markets team remains on <a href="https://www.cbre.com.au/people-and-offices/josh-cullen" target="_blank">the staff website</a>.
He was last in the news when in May Charter Hall Group and Morgan Stanley Real Estate Investing finalised a deal to buy Sydney landmark One Shelley Street from Brookfield Property Partners for $525 million, which ranked among the city’s largest. It is Macquarie Group's building on King Street Wharf.
CBRE's senior managing director, international investments, Rick Butler, who has reportedly left the firm after 26 years, is also still listed on the <a href="https://www.cbre.com.au/people-and-offices/Richard-Butler" target="_blank">staff website</a><a href="https://www.afr.com/real-estate/top-real-estate-negotiator-rick-butler-to-leave-cbre-20160627-gpsrbq#ixzz4QdStXfel">.</a>
As CBRE's lead conduit to offshore capital, Butler was involved in more than $10 billion worth of sales including Central Plaza in Brisbane, Aurora Place in Sydney and the Southern Cross Precinct in Melbourne.
Richard first joined CBRE in 1989 as Director, City Sales, then in 1995 was appointed Director, Asian Marketing (Eastern Seaboard Offices). 
At the time of his earlier departure, CBRE advised the then AFR editor, Robert Harley that it "looked forward to having an ongoing relationship with Rick, who will continue to provide expert consultancy services to CBRE in the future.” 
Today it issued a statement saying "CBRE has the strongest Capital Markets platform, both globally and in the Pacific, and we remain committed to investing in our team to ensure that our clients can reap the benefits of our international reach, broad service offering and local networks and capabilities."
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jchancellor-FAypfDUnLy

Turmoil at CBRE in wake of veteran Rick Butler's departure?

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The home of Port Pirie’s only Hungry Jacks outlet is being offered to the market.
CBRE has been appointed to sell the 2,967 square metre landholding at <a href="https://www.realcommercial.com.au/property-retail-sa-port+pirie-502177686" target="_blank">32 Main Road, Port Pirie</a>.
It comprises of a single story 187 square metre retail fast-food outlet leased to the Possingham Family Pty Ltd as a franchisee for Hungry Jacks
Positioned along the main thoroughfare into the Port Pirie township, the property is currently leased on a 15-year term, with two five-year options available, for an annual net income of approximately $193,000.
CBRE’s Ben Heritage advised there were 12 years remaining on the initial 15-year lease.
“Surrounded by a number of well-known national retailers including Supercheap Auto and McDonald’s, this property is strategically positioned on one of the city’s most popular retail strips – a factor which is expected to attract strong investor interest during the sales campaign,” Heritage said.
The property is being offered via auction on December 8.
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Port Pirie Hungry Jacks for sale

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An office in the Melbourne CBD is for sale.
The office at 412 Queen Street has light from three sides.
The 343 square metre space offers a vacant position with a fully self-contained office, including comprehensive fit-out, bathrooms, kitchen, reception area, direct street access, balcony and outdoor area with potential future residential conversion.
<a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-502152814" target="_blank">The property</a> has been marketed as suitable for SMSF purchase.
It has three secure basement car spaces.
Expressions of interest close November 24 through CBRE.
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Melbourne CBD office for sale on Queen Street

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Asian investors have spent $8.2 billion on Australian hotel acquisitions over the past eight years.
They have been stealing the march on their domestic rivals according to CBRE Hotels’ research that shows that domestic purchasers spent just $3.2 billion on Australian hotel property over the same period.
The data is highlighted in CBRE’s latest Australian Hotels MarketView, which points to a substantial increase in transaction volumes in Q3 2016 after a subdued first half.
<img src="/images/2016/11/11/Untitled1.jpg" alt="">
CBRE Hotels national director Wayne Bunz said over $600 million in hotels had transacted in Q3 with all but $50 million having been acquired by Asian buyers.
“For the ninth year in a row, Asian investors are set to be the dominant players in the Australian hotel market,” Bunz said.
“Multi-disciplined Asian capital has long been drawn to Australia’s attractive yields, steady growth, transparent political/legal framework and liquidity and that interest shows no signs of abating, with Australia increasingly viewed as a safe haven for Asia Pacific capital.”
CBRE’s MarketView highlights that the majority of transactions in Q3 took placed in regional locations, with tropical North Queensland seeing the most activity.
This includes notable transactions such as the Novotel Oasis in Cairns, which sold to Shakespeare Property Group for $48 million, and the Rydges Esplanade Cairns, which sold for $40 million to Mulpha Group.
Bunz said the high level of buyer activity had led to a noticeable change in the yield spread for regional hotels.
“Owners are now able to receive a premium from potential buyers who wish to break into these markets,” he said, adding that high construction costs meant buying was the most financially viable option for entering regional locations.
Nationally, CBRE Hotel has a further $200 million in assets in due diligence, with the majority of the deals involving offshore buyers.
CBRE Hotels Research Manager, Benjamin Martin-Henry, said a key attraction for offshore investors was the current strength in the Australian hotel market, with occupancy rates, average daily rates and revenue per available room having all increased in the year September 2016 according to the latest figures from STR.
“The leisure markets continue to be the best performing cities across the country, with Cairns, the Gold Coast and Hobart posting strong performance growth over the past year,” Martin-Henry said.
“Sydney has also showed strong growth across all indicators and continues to be the strongest ‘non-leisure’ market.”
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Asian buyers check in to Australian hotel sector with $8.2bn in deals 

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An offshore purchaser has paid $13 million for an approved townhouse development site in Lindfield.
Setting a new record for Sydney’s Ku-Ring Gai council area, the sale came after 180 enquiries and 24 offers to CBRE's Danny Shi and Aaron McLean.
Based on the approval for 16, three-bedroom townhouses, the sale price translates to a record rate of $812,500 per townhouse site.
“There is still huge demand for townhouse development sites on Sydney’s north shore, particularly from offshore buyers,” Mr Shi said, adding that 20 of the 24 offers had been from Chinese groups.
“Developers perceive townhouses to be lower risk than apartment product, particularly in markets such as Lindfield, which have low levels of new supply.”
Situated at 18 – 20 Bent Street, the site has a total area of 2,719sqm and presently accommodates two residential dwellings.
Mr Shi said there have been limited quality townhouse offerings in recent times, despite the underlying demographics supporting this type of product.
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Offshore $13 million Lindfield townhouse development site sets new record

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Titan Recruitment has leased office space at London House in the Perth CBD.
Located at 216 St Georges Terrace, the 315 square metre office was leased with a turnkey fit out delivered by the lessor, WA property group Hawaiian.
The space comprises high quality sit/stand electric workstations, new staff breakout areas, reception and several interview/meeting rooms.
CBRE’s Lachlan Lewis negotiated the six-year lease for a commencing net rental in the range of $515 per square metre.
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