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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Nundah Central, located on Sandgate Road in Brisbane’s inner north, has sold for $4,425,000 in an off-market transaction to a Western Australian investor. 
The site has an area of 1,639 sqm with an office and retail net lettable area of 554 sqm and 491 sqm, respectively.
The tenant profile of Nundah Central includes a strong history of occupancy with several tenants being long-term occupiers of the building; the tenant mix includes Max Employment Solutions, KC Pysch, Worth Real Estate, Jam Café, Siam Sensations, The White Bungalow and Lotus Wellbeing.
The sale reflected a yield of 7.27% and a strong result for the vendor, a locally based private syndicate.   JLL’s Sam Byrne and Christian Sandstrom were behind the deal.
“Competition for quality commercial assets in southern markets, particularly Sydney and Melbourne, is exceptionally strong at the moment, resulting in an increased interest in Brisbane from investors” said Sam Byrne.    
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Nundah Central sold in off-market deal as investors look to Brisbane for retail opportunities

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Property fund manager ISPT’s Green Square South Tower in Brisbane’s Fortitude Valley is on the market and is expected to sell for around $200 million.
The 18,000 sqm A Grade tower is located at 505 St Pauls Terrace and is fully leased to the Brisbane City Council until 2027. 
The tower is expected to attract interest from both domestic and offshore investors.
ISPT bought into the development in 2005 and forward funded, as part of a four-property deal with Leighton Properties, which included the neighbouring building Green Square North Tower and two buildings at Civic in Canberra.
The listing agents are Colliers International's Tom Barr, Don Mackenzie and John Marasco.
Barr said the move to sell Green Square South Tower, which is part of ISPT’s Core Fund managed by Mark Bassett, at this point makes sense.  
“At the time they acquired this asset ISPT were underweight in Brisbane, with only one asset at 100 Creek Street, and were locked out of the market due to lack of suitable stock being traded," he said.
According to Barr, ISPT has received unsolicited interest in the asset over the past six months.
Tony McCormack, head of Capital Transactions at ISPT, said, “Fundamentally, Green Square South Tower is being sold to recycle the capital.”
 
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ISPT’s Brisbane tower on the market, could fetch around $200 million

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A property leased to burger franchise Grill’d on Clarendon St South Melbourne has sold at auction for $3.36 million.
The retail outlet at 278 Clarendon Street, South Melbourne, is a two-level building wholly leased to Grill’d on a new 7 and 7-year deal that sold through Fitzroys agents Andrew Hewett and David Bourke.
Hewett said Clarendon Street has recently seen a resurgence in service retail and fashion sectors and has long been a hub for popular eateries.
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Clarendon St Melbourne burger franchise sold at auction

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The former Underdale &amp; Airport Bowling Club site in Adelaide has been bought by a private developer for $2.975 million after an expression of interest campaign.
The developer plans to turn the 189 Holbrooks Road, Underdale site into a retirement village, said selling agent David Ente of Raine &amp; Horne Commercial SA.
The Underdale &amp; Airport Bowling Club was established after the First World War when members were gifted land by a local winery. 
The property came onto the market recently following a merger between The Underdale &amp; Airport Bowling Club and nearby Hindmarsh Bowling Club. The merged club is now known as Torrensville Bowling Club.
“The Underdale site is now surplus to the merged club’s requirements, but unlike the famous movie <a href="https://www.imdb.com/title/tt0291832/" target="_blank">Crackerjack</a>, starring Mick Molloy, which tackled bowling club closures, Torrensville Bowling Club will use the sale proceeds to build Adelaide’s first all-weather green at its Torrensville site,” said Ente.
“The Underdale property could also have been utilised for an aged care facility or childcare centre subject to the usual consents.”
The property is close to the Adelaide CBD, airport and shopping precincts. 
The existing clubrooms are nearly 485 square metres and the former bowling club is within the City of West Torrens and is zoned as Residential Policy Area 21. 
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Adelaide bowling club lands crackerjack $2.975 million sale

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Industrial sites in Brisbane’s inner north are hot picks, as indicated by the results from two recent sales. 
The first site at 31-37 Bunya Street, Eagle Farm, (above) sold for $850,000 plus GST. At 1,618 sqm, the sale represents a land rate of $525 per sqm.
The site offers nearly 310 sqm of warehouse/storage space and features a demountable office and amenities block. The site was acquired by the owner of the adjacent block, who plans to utilise the General Industry B zoning for future development.
The second sale at 235 Robinson Road, Geebung sold for $1.4 million. A 3,408 sqm vacant corner site, it has the potential to accommodate a number of retail, wholesale and industrial businesses.
CBRE’s Dan Munnich and Nick Witheriff brokered the sale of the two sites.
Munnich said both sites sold well above the reserve, demonstrating the strong demand for industrial sites.
“Both auction campaigns attracted over 20 enquiries, with approximately eight registered bidders present on each auction day," added Witheriff.
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Two industrial sites in Brisbane sell above reserve at auction 

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A tenanted industrial site with future development upside at Noosaville on the Sunshine Coast has fetched $948,000 through Ray White.
The property on two titles at 5 Production Street was sold to a Brisbane-based investor for a yield of 11 percent.
The 4,096 square metre site has a 1,010 square metre tenanted building.
It is currently leased for a rental of nearly $105,850 per annum with a five-year lease expiring in 2019.
“There is the ability to approximately double the shed space subject to council approval. The site is on two titles and underutilised in terms of under-roof area,” said selling agent John Petralia of Ray White Commercial Noosa and Sunshine Coast North.
“It was a great result as the property was originally listed for sale via an offers to purchase campaign before it was decided to go to auction.”
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Tenanted Noosaville industrial site sold at auction for $948,000

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Perth’s hotel market is expected to see a surge in development over the next five years, with a tranche of five-star hotels slated over the coming years including the Ritz Carlton, Como, Sheraton, Intercontinental and the Westin. 
Very recently, the Diploma Group has committed to one of the city’s newest projects – signing the contracts for the $42 million sale of Quest Adelaide Terrace (upon completion of the project). 
Located in Perth’s CBD, the latest Quest development at 176 Adelaide Terrace will comprise a 19-level building at the rear of the 903 sqm site. 
The entry to the tower is via a quaint heritage listed, freestanding, stone church building, which has been refurbished to provide a new reception office.
The 4.5 star hotel will comprise 98 apartments, 130 keys, a conference room, gymnasium, guest laundry and onsite car bays. 
CBRE Hotels’ David Kennedy said developments such as this are raising the bar in Perth’s accommodation sector. 
“Perth’s landscape is rapidly evolving, with projects such as Elizabeth Quay, Perth CityLink, Perth Cultural Centre, Cathedral Square and the Burswood Stadium, elevating Perth to a global city status,” Kennedy said. 
“While office and retail continue to feel the brunt of the mining investment slowdown, the hotel sector is still the best performer in Perth’s commercial market at present. Predictions of an economic rebound over the next five years will support a revival in local tourism."
“This commitment from Diploma Group is another sign of growing confidence in the market, with investors compelled by the opportunities a young and growing Perth hotel market has to offer.” 
The new Quest Adelaide Terrace is surrounded by a number of existing high-rise residential towers, office buildings and several major hotels.
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Perth seeing surge in hotel sector, with Diploma's Adelaide Terrace deal

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GUEST OBSERVER
With low interest rates, combined with strong house prices and tighter residential investor lending conditions, lenders are urging investors to consider adding a commercial property to their real estate portfolios.
If you’re new to commercial real estate, the good news is that you can still rent out the property just like a house or apartment. And better still, you receive a rental income in return. In fact, as a general rule of thumb, the rental yields for commercial property investments may vary between 6 percent and 12 percent.
This wide variation can be attributed to whether it’s a retail, industrial or office space, the build quality and location of the asset, its environmental rating and so on.
Other important differences with residential real estate include the fact the tenant of a commercial property is called a “lessee”<a href="https://www.investopedia.com/terms/l/lessee.asp">,</a> and the leases generally run for longer periods of time – usually several years. The trouble is that when a commercial lessee decides to move on, finding a replacement business to take up the lease can be a little more time-consuming than finding a residential tenant.
Also, Goods and Services Tax (GST) applies to a commercial property. If you buy a commercial premises, such as a shop or factory, you may be eligible to claim a credit for the GST included in the purchase price.
You may also be able to claim GST on other expenses that relate to buying the property – such as the GST included in solicitors’ fees and ongoing running expenses, according to Australian Taxation Office. So be sure to keep your records and paperwork up to date.
In addition, any commercial properties used in the running of a business are subject to capital gains tax (CGT). You’re also generally liable for GST on the sale price and can claim GST credits on related purchases.
Angus Raine is executive chairman, <a href="https://www.raineandhorne.com.au/" target="_blank">Raine &amp; Horne</a>.
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What is involved in investing in a commercial property? Angus Raine

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Kaybank Plaza, a five-level office building in Southport on the Gold Coast, has been snapped up for $5.8 million by a local investor just days after auction.
The building at 33 Scarborough Street sits on 1,591 sqm of land and also has a two-level basement with parking for 80 cars.  
The selling agent was James Crawford of Colliers International and Ed Howard.
Crawford said the building was sold almost vacant on an initial yield of 0.5 per cent and at a building rate of $2,105/sqm based on an NLA of 2,755 sqm.
The property has potential for multiple uses under the Southport Priority Development Area zoning such as medical and education, said Howard. It is also close to Southport light rail station.
“The new buyer is a local investor who is reviewing various opportunities for the building but will likely reposition the building with a major refurbishment,” he said.
“The office leasing market has continued to improve with vacancy rates at their lowest level in eight years. The options for companies seeking 500 sqm tenancies or larger are pretty slim.”
The building was originally developed by former Gold Coast businessman and developer Katranski who built Kay Plaza and the adjoining Kay House in the late 1980’s.
The transaction follows a string of recent Southport CBD office building sales including Bankwest Business Centre sold by James Crawford late last year for $8.3 million and the recent sales of Bartercard House at 121 Scarborough Street, Southport for $11.6 million and the Connaught Centre at 26 Marine Parade Southport for $9.7 million.
“With a strengthening leasing market and no new supply of office in the local market, buyer demand is expected to remain strong,” said Crawford.
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Southport CBD building snapped up for $5.8 million 

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A tenanted commercial property in Australia’s cotton capital Wee Waa in New South Wales has fetched $830,000 at a Burgess Rawson auction.
The vendor tenant, Landmark, is owned by Agrium Group, a retail supplier of agribusiness products and services with revenue of US $16 billion in 2014.
Landmark has 400 locations across Australia.
The <a href="https://www.burgessrawson.com.au/2P1116#.VrC6-seO6t8" target="_blank">70 Boolcarrol Road</a> property is on a secure five-year lease from June 2012 with further options till 2027.
Net income from the 9,560 sqm corner site is nearly $93,999 pa + GST. The lessee pays all statutory outgoings, as per lease.
The property recently underwent upgrades to the tune of $400,000.
Wee Waa is one of Australia’s biggest agricultural hubs situated in the rich Lower Namoi Valley agricultural heartland.
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