National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more internation and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

Joel Robinson

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

First look: Aqualand joins St Leonards apartment party

<section data-scroll-anchor="false" data-testid="conversation-turn-5" data-turn="user" data-turn-id="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" data-turn-id-container="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" dir="auto">Time &amp; Place’s plans to transform the former David Jones factory building in Surry Hills into a mixed-use residential precinct have gone on exhibition through the NSW Government’s In-fill Affordable Housing pathway.</section>

<section data-scroll-anchor="false" data-testid="conversation-turn-6" data-turn="assistant" data-turn-id="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" data-turn-id-container="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" dir="auto">
The Marlborough House proposal, lodged for the <a href="https://www.apartments.com.au/new-apartments/marlborough-house-47-97-marlborough-street-surry-hills-nsw-2010">47-97 Marlborough Street</a> site, would see the adaptive reuse of the heritage-listed warehouse building alongside the construction of new residential additions and a separate apartment building on the northern portion of the site.

The proposal seeks approval for 172 apartments across three buildings, including 15 per cent affordable housing managed by a community housing provider for at least 15 years from occupation.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="5d1d3c2a-bf13-47d6-a335-7c01102cdee1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.36%E2%80%AFAM.png?VersionId=cjMYrbR.BLUlWH4dar0RVDDo0bG.u2YT" />

Interior view from the Northern Building Penthouse overlooking the park

&nbsp;

The redevelopment is planned for the prominent 3,413 sqm site bounded by Marlborough Street, Goodlet Street and Lansdowne Street, directly opposite Eddie Ward Park and around 200 metres from the Surry Hills light rail stop.

Time &amp; Place acquired the former David Jones building in 2024, marking the first time the property had changed hands in around 50 years.

Designed by Wardle, the proposal centres around the adaptive reuse of the former David Jones factory, originally constructed between 1913 and 1935 in the Inter-War Chicagoesque architectural style.

Wardle noted in its Architectural Design Report that the building “occupies a significant place in the industrial and cultural history of Surry Hills” and at its peak was “the largest department store manufacturing facility in Australia, employing over 800 people and fuelling the growth of Sydney’s fashion and retail industries.”

The practice said the project positions itself “not as an isolated intervention, but as a contributor to the civic, social, and architectural grain of the precinct.”

The proposal would deliver 75 apartments within the retained southern heritage building, 59 apartments within the central addition, and a further 38 apartments within the new northern building fronting Lansdowne Street.

Planning documents show the scheme would comprise a mix of heritage apartments, new-build apartments, townhouses and penthouses.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="57758518-40a3-4b83-958c-d06e96a2cffa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.42%E2%80%AFAM.png?VersionId=VerlX9ST5xgBi8.1_YRsqdWTJeT6ygjs" />Interior View of the Heritage Building Apartment

The development would also include a ground-floor retail tenancy on the corner of Marlborough and Lansdowne streets, rooftop communal open space, a landscaped pedestrian link along the western edge of the site, and basement parking accessed from Lansdowne Street via a car stacker system.

&nbsp;

The scheme emerged from a competitive design process run by Urbis, with Wardle ultimately selected as the winning architect ahead of FJC Studio, TZG, Architectus and Wilkinson Eyre.

The Design Integrity Panel later described several aspects of the Wardle scheme as fundamental to the project, including “the stepped character of the new addition to the north of the site”, the landscaped western pedestrian link, and the “garden arrival” experience separating the original Marlborough House from the heritage addition.

Wardle’s design heavily references the site’s industrial and heritage history, while also responding to the surrounding Surry Hills streetscape.

The Architectural Design Report describes Surry Hills as “a finely grained neighbourhood with beautiful and expressive brickworks throughout the suburb,” with the proposal introducing a material palette intended to sit comfortably alongside the existing warehouse fabric and neighbouring terraces.

The report also outlines the project’s relationship with Eddie Ward Park and the broader landscape context of the area.

“Marlborough House occupies a site of deep cultural memory and the neighbouring Eddie Ward Park is of local ecological significance, where natural systems, topography, and stories have long shaped human experience,” Wardle noted in the report.

The architects said the proposal sought to “rebind built form to Country” through landscape, materiality and the adaptive reuse of the heritage structure.

<img alt="Marlborough House" data-entity-type="file" data-entity-uuid="9ae3f2f9-c85f-477a-a6f8-b43f6cb97c41" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.53%E2%80%AFAM.png?VersionId=B.qUCLqRvJOR.n9CvYcTpaknIX9LuqKZ" />

The project is also being progressed under the NSW Government’s in-fill affordable housing provisions, allowing developments that include affordable housing to access additional height and floor space incentives.

Under the plans, 2,593 sqm of the project’s floor space would be dedicated to affordable housing, slightly exceeding the required 15 per cent threshold.

In its Design Excellence Strategy, Urbis said the project aimed to “sensitively adapt and enhance the heritage-listed building on site through alterations and additions that preserve its historical significance” while delivering “high-quality market and infill affordable housing development in Surry Hills.”

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in&nbsp;<a href="https://www.apartments.com.au/developments/south-melbourne-vic-3205">South Melbourne</a>, and have future projects, <a href="https://www.apartments.com.au/new-apartments/the-wilmot-173-burke-road-28-hope-street-glen-iris-vic-3146">The Wilmot</a>&nbsp;in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>, the redevelopment of the Northcote Plaza, and another tower in South Melbourne.

The developer broke into Sydney just a few years ago with Two Tides in Manly. They have another project nearby, which is at the ultra-luxury end of the market on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach.

It is also continuing to work through the <a href="https://www.apartments.com.au/news/nsw/first-look-time-place-settles-on-design-for-the-chimes-potts-point-redevelopment">redevelopment of The Chimes building</a> on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as a project on <a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Mosman's Redan Street</a>.
</section>

First look: Time & Place unveils Marlborough House redevelopment designs for former David Jones warehouse in Surry Hills

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

Commercial

<html><body>
US, Singaporean and Chinese investors dominated Australia’s offshore commercial property investment market in 2014 spending nearly 71% of the more than $5 billion in foreign investment in Australia, according to Savills Australia.
The total, comprising more than $4 billion worth of office transactions, $399 million worth of industrial transactions and $519 million worth of retail property transactions, continues the trend of above average spending following the record $5.9 billion invested in the year to June 2014. 
Nearly 82% of the 2014 money <a href="/expert-insights/investing/foreign-investors-behind-a-third-of-2014-australian-office-purchases-savills">was spent on office property</a>.
Savills’ national head of research, Tony Crabb, said collectively Asian countries accounted for more inward investment than all other foreign buyers at $2.7 billion including China $1.13 billion, Singapore $1.16 billion and Malaysia $243 million.
He said the foreign play accounted for 22% of the more than $24 billion worth of commercial property transacted nationally in the 12 months to December.
Savills’ managing director – cross border investments, Paul Craig, said all indications were that Australia could see another $5 billion plus year given the fall in the value of the Australian dollar, Australia’s low interest rates, and the relaxation of investment restrictions flowing from Australia’s new Free Trade Agreement with China.
"There seems little doubt that the lower Australian dollar will further encourage the very significant level of foreign investment we have seen over the last few years. In addition there is ample reason to suggest that Chinese investment in Australia may reach another level following changes to investment rules discussed in the FTA," Craig said before today's threshold announcement aimed at agricultural land
"While we are yet to see  the detail it seems clear that rules governing private Chinese investment will encourage even greater levels of investment and that could mean the continuation of what has been a white-hot foreign investment market in Australia in recent times.’’
</body></html>

jchancellor-FAypfDUnLy

Savills expects $5 billion boost in foreign commercial property investment

<html><body>
Ray White Hotels has listed the ground floor strata title commercial investment in the iconic Gazebo building, Elizabeth Bay. 
It is leased to Keystone Group, trading as Gazebo Wine Garden. It opened in 2005.
Investors have been advised it ecures $250,000 + GST (gross) per annum on a lease ending October 2038 (including option periods).
<a href="https://raywhitehotels.com.au/properties/12-elizabeth-bay-road-elizabeth-bay/" target="_blank">The premises</a> outlook over the Fitzroy Gardens Park.
Agent Blake Edwards says it is located in an "upmarket trendy inner city location with strong underlying financial demographics".
</body></html>

Gazebo Wine Garden strata premises at Elizabeth Bay up for sale

<html><body>
Melbourne's longtime Leonard Joel auction rooms at South Yarra has been sold to a Melbourne investor/developer.
The 3,105 square metre freehold site at 333 Malvern Road fetched $8 million.
 A $320,000 per annum lease with art auctioneer John Albrecht runs until June 2017 with subsequent renewal options.
The remainder of the corner site is zoned for potential residential use 
It sold through Russell Meerkin of Kliger Wood on behalf of Warren Joel and family 
The auction business was founded by Warren Joel’s grandfather Leonard in 1919.
The direct Joel family involvement in the auction business concluded some years ago when operation of the auction business passed to John Albrecht.
</body></html>

Leonard Joel's South Yarra auction rooms sold

<html><body>
Port Melbourne's former Circus Oz site has reputedly been sold for $4.95 million.
The 40 Bay Street site became its Port Melbourne headquarters about 20 years ago.
The site features the 1912 Port Melbourne Naval Drill Hall, one of the first major buildings constructed for the newly formed Royal Australian Navy, which adjoins the former 1862 Sandridge Post Office.
<a href="https://www.onmydoorstep.com.au/heritage-listing/4937/naval-drill-hall-and-former-post-office" target="_blank">The heritage report says the naval drill hall</a> is a fine example of Edwardian Free Classical architecture distinguished by an assured handling of massing and materials using rough stone plinths, shaped and plain red bricks, and dressed sandstone in the English Arts and Crafts tradition.
The circus relocated to a Skills Victoria site at 35 Johnston Street, Collingwood.
</body></html>

Circus Oz Port Melbourne site sold

<html><body>
The Wyllie Group and Charter Hall have sold the Abbotsford headquarters of Carlton &amp; United Breweries.
The Chinese investment company Hengyi has paid more than $20 million for the office building and warehouses next to CUB's nine-hectare brewery on Yarra River.
The curved five-storey office building at 2-6 Southampton Crescent, built in 1928 for Kodak.
The acquisition includes a vacant warehouse at 36 Bond Street and warehouses at 10-32 Duke Street. The buildings were part of a portfolio sale and leaseback deal struck in 2007.
Charter Hall and the Wyllie Group paid $41 million for 10 properties on two hectares around the Abbotsford brewery.
After the sale of parts of the portfolio, the Wyllie Group paid $18.3 million in 2009 to become the sole owner of the remaining properties.
The transaction was negotiated by agents Dawkins Occhiuto and Vinci Carbone
Hengyi will re-lease the space when CUB moves out.
The area has a special zoning underpinned by the Abbotsford brewery. Although CUB has stressed it has no plans to close the brewery, its eventual closure will lead to a rezoning of the area and redevelopment of the surrounding buildings.
Hengyi has paid more than $20 million for the office building and warehouses next to CUB's nine-hectare brewery on Yarra River.
The curved five-storey office building at 2-6 Southampton Crescent, built in 1928 for Kodak, returns $2.2 million a year in rent.
The acquisition includes a vacant warehouse at 36 Bond Street and another complex of warehouses at 10-32 Duke Street, which is on 2,404 square metres and returns $516,286 a year.
Their leases expire in December 2017. The buildings were part of a portfolio sale and leaseback deal struck in 2007.
Charter Hall and the Wyllie Group paid $41 million for 10 properties on two hectares around the Abbotsford brewery.
After the sale of parts of the portfolio, the Wyllie Group paid $18.3 million in 2009 to become the sole owner of the remaining properties.
The transaction was negotiated by agents Dawkins Occhiuto and Vinci Carbone, who confirmed the sale but declined more information.
The high yielding investment is expected to be a long-term hold for Hengyi, which will re-lease the space when CUB moves out.
The area has a special zoning underpinned by the Abbotsford brewery. Although CUB has stressed it has no plans to close the brewery, its eventual closure will lead to a rezoning of the area and redevelopment of the surrounding buildings.
The transaction was negotiated by agents Dawkins Occhiuto and Vinci Carbone, who confirmed the sale but declined more information.
</body></html>

CUB's Abbotsford headquarters sold to Chinese investment group

<html><body>
The Wenona School has purchased another North Sydney property, highlighting the expansionary ways of private schools in pricey neighbourhoods.
The 81 Ridge Street cottage cost $2.15 million.
The double fronted Federation is on a 409 square metre block opposite North Sydney Oval.
The school's previous big property acquisition was when they purchased the Independent Theatre, at 269 Miller Street, <a href="/news">North Sydney</a>, from the Australian Elizabethan Theatre Trust for $4.97 million in 2013.
It also bought 263 Miller Street in 2012 for $2.65 million.
Wenona has been an independent, non-denominational day and boarding school since 1886.
</body></html>

Wenona Schools buys up more of North Sydney

<html><body>
NAME: Anton Lawrence <img src="/images/2015/01/28/anton-lawrence.jpg" alt="" align="right">
POSITION: Senior Consultant
COMPANY: Atchison Consultants
OFFICE LOCATION: Melbourne
How long have you been in the industry?
26 years.
What's happening in the area you specialise in?
I specialise in helping property fund managers and other related fund managers build their businesses. It's an exciting time with many new players post the GFC and a large number of foreign entities wishing to participate in the Australian market.
Describe the most interesting commercial property you have worked on?
A shopping centre in Chicago which was having issues with a frozen river nearby that was causing the land (and by extension the walls of the centre) to buckle. Being able to view the problem while standing on the ice in the middle of the river provided an interesting perspective.
What are the ingredients to being successful in your job?
Having integrity and being honest in everything you do. Following through for your client. Your name always precedes you.
What aspects of your role do you enjoy the most?
Face to face communication. Technology is making this skill a challenge for some people.
Where would you invest a spare $750,000?
Anywhere but Australian residential property. I don't know when it will undergo a major correction but it will.
Which football team do you support?
I'm a rugby nut and was born in New Zealand. The All Blacks.
What's your favourite app or techno gadget?
I'm pretty boring. Most apps revolve around international news websites.
How do you use social media?
Very sparingly. As mentioned earlier I prefer face to face communication.
You can't read someone's body language too well on Twitter...
</body></html>

po-LsXgBTHBmX

In Profile: Atchison Consultants' senior consultant, Anton Lawrence

<html><body>
Guest observation
Every year for the last 11 years, we have sent a letter to the leaders within our top 20 clients predicting key trends in the year ahead, and reviewing those from last year’s letter. So here is an edited version.
In our letter last year, we forecast that:
In 2014, our economy would be funded via shoppers’ shopping.  For houses, and things to go in houses. For cars made cheaper by the normalising of our prices with the rest of the world, and the exit of government subsidised manufacturing. Clothes prices would drop as new global retailers launch on day 1 with cross-channel retailing, allowing Australians from Melbourne to Mildura, Sydney to Sawtell, Brisbane to Bundaberg to buy goods in or outside a store.
We also opined that:
Our productivity gains would be driven by lower interest rates and a lower dollar, our cost of living dropping, and new jobs being created by new retailers.
Looking back over the year, much of the forecast was accurate, though we still have much more to do to create a more productive Australia.
As we enter our 12th year of predictions, 2015 is proving a tough one to predict. Whilst the US, UK and New Zealand have all been through transformational change since 2008, delivering more flexible and nimble economies, creating new jobs in old and new sectors, our own pace of economic and social change has been glacial.
So in 2015 we face the full impact of the loss of the ecosystem of our car manufacturing industry, plus a slowing in the mining sector. Our lower dollar and low interest rates will help our omni-channel retailers to compete against global omni-channel retailers, creating jobs in the retail sector. Our tourism industry will grow aided by our weaker dollar keeping cautious Australians at home and increased confidence and spend amongst European, North American and Asian travellers, creating jobs in hospitality and tourism services.
Once again, but this time with a very weak tail wind, our lucky country should grow, for the 24th consecutive year.
Kevin Moore is a retail expert and the chairman of <a href="https://crossmark.com.au/">Crossmark Asia Pacific Holdings</a>.
</body></html>

A weak tail wind to temper Australia’s strong growth in 2015

<html><body>
The ANZ Bank premises at Puckle Street, Moonee Ponds has been sold for $7.475 million.
It last sold for $2.6 million in 2004.
<div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
The <a href="https://www.realcommercial.com.au/property-retail-vic-moonee+ponds-501362547" target="_blank">corner property</a> has a land area of 510 square metres.
The existing lease to ANZ Banking Group Limited is for 10 years with five-year options. The sale price represented a 5.7% yield of the rental of $430,207.44 per annum as at February, 2015.
 
</div>
</div>
</div>
</div>
</body></html>

Moonee Ponds ANZ bank $7.475m sale

<html><body>
Monash University has expanded its Parkville holdings.
<a href="Knight%20Frank%20Commercial%20Sales%20is%20pleased%20to%20offer%20an%20exceptionally%20rare%20opportunity%20to%20acquire%20this%20magnificent%20property%20on%20the%20fringe%20of%20the%20Melbourne%20CBD,%20within%20the%20tightly%20held%20university/hospital%20precinct.%20%20Key%20features%20of%20this%20strategic%20acquisition%20include:%20%20%E2%80%A2%20Outstanding%20site%20of%202,428%20sqm*%20with%20dual%20street%20frontages%20%20%20%E2%80%A2%20Existing%20improvements%20provide%20a%20high%20quality%20office%20building%20of%201,859%20sqm*%20over%20two%20levels%20+%2038%20car%20parks%20%20%E2%80%A2%20Highly%20coveted%20location%20just%20minutes%20from%20the%20Melbourne%20CBD,%20surrounded%20by%20protected%20parklands%20and%20in%20very%20close%20proximity%20to%20major%20universities%20and%20hospitals%20%20%E2%80%A2%20Prized%20opportunity%20for%20developers,%20owner-occupiers%20and%20land%20bank%20investors%20%20%20*approx.%20%20%20Land%20Area%20:%202428%20sqm%20%20Floor%20Area%20:%201859%20sqm%20-%20See%20more%20at:%20http:/search.knightfrank.com.au/1561447#sthash.h88nHa3c.dpuf" target="_blank">The office bloc</a>k on 2,428 square metres cost $10.9 million.
The office building at <a href="https://www.realcommercial.com.au/property-offices-vic-parkville-500164131" target="_blank">407 Royal Parade</a> has 1,859 square metres over two levels with 38 car parks.
Monash University also has a <a href="/news">Parkville</a> campus at 381 Royal Parade, home to the Monash Institute of Pharmaceutical Sciences.
Knight Frank marketed 407 as a prized opportunity for developers, owner-occupiers and land bank investors. 
It last sold for $6 million in 1989.
Another site in Parkville's tree-lined Royal Parade, The Parade Inn motel, on 3221 square metres at <a href="https://www.realcommercial.com.au/property-land+development-vic-parkville-501252367" target="_blank">535-541 Royal Parade</a>, sold last year at $12.5 million (pictured below).
<img src="/images/2015/01/28/parkville2.jpg" alt="">
The University of Melbourne paid the Salvation Army $26 million for a 4500-square-metre landholding at 303-305 Royal Parade.
 
</body></html>

Commercial

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Commercial

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News