Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

Commercial Property

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The current Coronavirus pandemic is anticipated to have a substantial and lasting impact on Sydney's commercial property market, according to the latest report from valuation firm Herron Todd White.
The firm found that, while the precise impact on the industrial market was hard to gauge at this time, many businesses were struggling to sustain themselves and pay rent.
“On the other hand, freight and logistics businesses are seeing huge demand, with many currently thriving,” the April Month-in-Review report added.
“The logistics market was already in high demand prior to the current Coronavirus pandemic, driven by a lack of supply and increases in demand.”
“We expect the logistics market to continue to perform well, particularly later in 2020 and early 2021. Our general view is that industrial assets have been fairly stable in recent years, both locally and globally, and we do not expect that sentiment to change significantly despite the economic conditions.”
The firm anticipated that industrial assets will hold or, should there be a broader decline, sustain their value better than other asset classes.
“Well-positioned, investment-grade assets such as high quality logistics premises are likely to continue to perform well relative to other sectors of the market, although we caution that we do expect there to be fewer buyers.”
The report also found that there was growing optimism about the future of local manufacturing, which is anticipated to result in an increase in demand for factory premises.
There has been significantly increased discussion throughout this Coronavirus pandemic about Australia’s reliance on international manufacturing and the fragile nature of an economy so reliant on external input.
Local manufacturing is therefore tipped to see significant growth in the wake of the pandemic as Australians’ demand for local products increases.
The primary market concern posed by the report was that “mum and dad investors” and small business are facing existential economic challenges.
“We anticipate that this sector of the market may experience some decline in values over the coming months as a result of decreased demand and a reduction in rental returns.”
“We also consider it likely that the closure of restaurants, pubs and other food related businesses will continue to have an effect on the industrial market, particularly for food and beverage warehousing and distribution.”
“Across the industrial market, we have seen many marketing campaigns withdrawn, with vendors opting to wait out the current crisis. This trend is likely to continue until confidence returns to the market.”
“Like most commercial assets in Sydney, we have concern about the ability of some tenants to make their rental payments in full and the general lack of demand for rental properties. We anticipate that it will be some time before this returns to normal and we expect to see longer than usual lease up periods.”
The firm concluded that there were both opportunities and challenges arising out of the new economic situation, however suggested that it is too early to anticipate the depth or breadth of the impact to the industrial market across Sydney.
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How Sydney’s commercial market has fared during the coronavirus pandemic: HTW 

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Limited signs of distress in commercial property so far: REA's Nerida Conisbee

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RBA board members noted that conditions in commercial property markets were deteriorating.
This followed several years of commercial property price growth in excess of growth in rents.
Prior to the COVID-19 outbreak, parts of the retail property market were facing challenging conditions owing to weak consumer spending and heightened competition.
Following the outbreak, some retail tenants had been seeking suspensions in rent payments or large rent reductions.
Members noted that the risks in commercial property markets warranted close monitoring.
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j.ballantyne1990-6AQqhLzZaK

Commercial property markets deteriorating: RBA

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A prized major infill site at Glen Waverley in Melbourne’s east has been sold for $23 million.
The 583 Ferntree Gully Road property comprises a 16,470 square metre site zoned General Residential with 161 metres street frontage.
Located between the Monash Freeway and Springvale Road and opposite Brandon Park Shopping Centre, the property is currently utilised as an early childhood education centre.
The child education centre is run by the vendor the not-for-profit, bestchance Child Family Care, which will continue to provide childcare services from the retained portion of the site.
CBRE Director Investments, Mark Wizel managed the expressions of interest campaign with Julian White and Chao Zhang in conjunction with Vinci Carbone Property.
According to Mr Wizel, the result was not a surprise despite COVID-19 concerns.
"What we do know is that there is a significantly large group of developers looking at new opportunities – the strong response to the  campaign bore that out – with the knowledge that underlying fundamentals including population growth will ultimately drive demand for new product. 
"The key here was a site with enormous development potential in one of Melbourne’s most dynamic residential growth zones which has seen an extraordinary 16 per cent growth in the median house and unit price over the 12 months to February,’’ Mr Wizel said.
Mr Wizel said while the commercial property market was likely to continue to see asset sales even in the depths of the global health crisis.  
Due to a confidentially clause the developer’s name could not be disclosed.
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Glen Waverley site sells for $23 million

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The Melbourne headquarters of US-based home products company Tupperware have hit the market, after nearly 60 years of company ownership.
Located at 19-21 Brenock Park Drive, the property comprises 23,500 square metres of corporate office and warehouse space.
It was purpose-built for Tupperware as a manufacturing facility in 1961.
The 59,300 square metre corner site, zoned Industrial 1 and Special Use, has more than 520 metres of street frontage.
Located in the foothills of the Dandenong Ranges, the site is 29 kilometres east of the Melbourne CBD.
According to Dawkins Occhiuto Director, Chris Jones, who is marketing the property with Andrew Dawkins and Walter Occhiuto, the property represents one of the last remaining large-scale industrial redevelopment opportunities in the local region.
“The property provides an exceptional work-life setting, and, having functioned as a corporate headquarters for decades, it is perfectly suited for continued corporate occupation", Jones said.
"It also offers exceptional potential as an immediate redevelopment prospect.
"The possibilities are almost endless including full or partial owner-occupation, passive investment, subdivision of existing improvements, or business park development."
The expressions of interest campaign closes March 19.
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Tupperware company's Melbourne headquarters listed for sale 

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The former site of the Kiandra Residential Care facility, in the Adelaide suburb of Prospect, has been listed for sale.
The property at 20 Alpha Road sits on 4,606 sqm, with a 58 metre frontage to Alpha Road. 
It features a single-storey residential care facility that was fully operational until February 2020, configured to accommodate a combination of single and shared rooms for 50 residents. 
Also included is a communal dining room and lounge, nurse’s stations, kitchen, laundry, extensive staff offices and meeting spaces, consulting rooms and clinical spaces, together with on-site loading and car parking spaces for staff and visitors. 
Justin Hazell and Alistair Mackie, from Colliers International, listed the property.
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Prospect's Kiandra residential care site listed for sale

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A major commercial property in Glen Iris is set to change hands for the first time in more than 30 years.
The two-storey office building resides on a 4,305 square metre block, and has 3,383 square metres of non-lettable area.
It also features 102 onsite car parking spaces.
It is 100% leased to seven tenants on a one-year contract, with a net-income of approximately $795,000 per annum.
Interest from investors, developers and owner-occupiers is expected in excess of $30 million.
The property is for sale by expressions of interest, which close on March 26.
Peter Bremner and Daniel Wolman of Colliers International, in conjunction with Alexander Robertson’s Kristian Peatling and Warwick Bramich, have been appointed to sell the asset at 173 Bourke Road, around 10km from Melbourne’s CBD.
 
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Glen Iris commercial property listed for sale

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The MAB Corporation is now selling offices in their Yarraberg Workspaces - A yet-to-be-built six-storey commercial strata development in Richmond. 
Located just 4km from Melbourne’s CBD, the project on Blazey Street was was designed by award winning Plus Architecture, with landscaping by Tract Consultants. 
It will include five floors of office space, with ground level retail, secure basement parking and a rooftop terrace. 
“This is a unique opportuntity to provide premium and innovative strata office product in a pocket of Richmond undergoing rapid transformation. Yarraberg Workspaces offers a level of quality and creative workplace design not currently seen in this part of Richmond,” said MAB General Manager Commercial, Mike Martin. 
The company will start construction on the $40 million project late this year, with completion set for 2021.
 
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Richmond's Yarraberg Workspaces come onto market

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A warehouse in Sydney’s west has sold for $6.5 million at auction, surpassing its reserve by $800,000.
17 Lisbon Street, in Fairfield East, was purchased by a private investor.
It comprises a freestanding 1,070 square metre warehouse on a concreted site area of 5,574 square metres.
CBRE’s Elijah Shakir and John Tsoutsa managed the campaign and sold the site with a 12-month lease-back to Carways Pty Ltd at an annual net rental of $280,000+GST.
“The listing offered an array of options to developers, investors and owner-occupiers,” Mr Tsoutsa said.
“Bidding at the auction was incredibly competitive and resulted in the property selling for $800,000 above its reserve.”
In October of last year a commercial property on Seville Street, in Fairfield East, sold for a suburb record of $8.1 million.
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Western Sydney commercial site in Fairfield East exceeds reserve by almost $1m

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An investor from Melbourne has paid $1.785 million, on a 3.8 per cent yield, for a multi-tenancy retail and residential investment, in the Melbourne suburb of Carnegie.
According to selling agents, Teska Carson’s George Takis and Commercial Bureau Real Estate’s Gideon Marcus, four parties from a 50 plus crowd contributed to the auction. 
“There was no doubt that this property was going to sell right from the outset as the bidders quickly bid and counter bid, one after the other, quickly reaching the reserve and selling on a  very tight yield for this area,” Mr Takis said. 
Located at 115 Koornang Road, the property comprises a 220 square metre, two storey, building including a ground floor retail tenancy, a rear ground floor, one bedroom apartment, and a first-floor, two bedroom apartment. 
The three tenants contribute to a combined net annual income of $67,860. 
The building sits on a 307 square metre site, zoned Commercial 1, with nearly seven metres frontage to Koornang Road and rear access via Neerim Road to on-site parking. There is additional public parking accessed via Kokaribb Road.
“The property offered a great opportunity to break into that highly regarded and tightly-held market in an area which will continue to see strong capital growth on the back of continued residential and commercial development,’’ Mr Marcus concluded. 
The vendor was a Melbourne based investor.
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Commercial Property

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