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.

Joel Robinson

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

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

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 international 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]

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

Commercial

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A new bar is opening in Sydney’s CBD western corridor and it will be the first video-gamed themed small bar in the entire city.
Set to be located at 199 Clarence Street, and close to Baxter Inn, Lobo Plantation, Papa Gede’s and Since I Left You, the premises were leased by Spawn Point through John Skufris from Ray White Commercial for a private owner.
 “199 Clarence Street offered a lower ground whole floor tenancy with its own amenities, the availability of after hour access and was previously leased as storage space,” Skufris said.
“We were informed this is the Sydney CBD's first and only video gaming-themed small bar.”
The site is between Town Hall and Wynyard.
<img src="/images/2014/07/08/dev-plan-july-8-one.jpg" alt="">
Source: City of Sydney 
“The top floor is currently available for lease with an internal staircase to the building's rooftop area,” he said.
The entire building is six-storeys with a sandstone façade, and comes with independent air conditioning and its own amenities. It had been advertised as having the potential for a small bar subject to council approval – which it appears has been successfully achieved.
Spawn Point, founded by IT-professional and Sydney gamer Ben Mudie and Welder and Central Coast gamer Ben Shute, has taken a three year lease at gross rental of $475 per square metre per annum. The space is 88 square metres.
In June they managed to achieve Licensed Premises status from council.
They will have some tables with in-built arcade machines, and will offer cocktails, locally brewed beer on tap and they will also be accepting BITCOIN payments using a QRCode system via smartphones. Consoles include Xbox, Playstation, Game Cube, Nintendo and a number of vintage systems. These include Super Nintendo Entertainment System, Nintendo 64 and the Mega Drive 2.
“The small bar will target a different culture of people rather than the typical bar crowd,” documents submitted to <a href="https://development.cityofsydney.nsw.gov.au/Datasource/DANotifications/1141038_007.pdf" target="_blank">Council explain</a>.
The notes indicate that the bar has a maximum of 39 sitting, with a total of 60 patrons (not including staff) at any one time.
"The closest residential building is Windsor On Kent located at 365 Kent Street that is approximately 100 meters away. The next closest residential building being Broughton House located at 181 Clarence Street that is approximately 160 meters away," it explains. According to an acoustic report they provided, there shouldn't be adverse ambient noise problems noticed by the residents.
Windsor on Kent's two-bedroom apartments sell for around $700,000 to upwards of $900,000. 
"Signage will be put in place advising our patrons to leave in a quiet fashion to avoid any disturbance to residents of the CBD."
<img src="/images/2014/07/08/dev-plan-july-8-two.jpg" alt="">
Source: City of Sydney 
The proposed hours of business operation included Monday to Sunday 0800 to 0100 the next day, with alcohol to be served from 12.01 to 0045, though it's likely the bar will actually open from mid-afternoon onwards.
Casual and full time staff are expected to be hired.
Some renovations were noted as necessary, including to remove existing carpeting, removing a non-structural wall to create a single large room and removing the kitchenette to be replaced with a bar. Floating wood floor over concrete slab will be in place of the carpet. The bathrooms are also undergoing a re-tiling and replacing the vanities.
The lighting will retain the fluorescent that is currently in the building, and will include directional low powering lighting.
The street façade is the only aspect that would cause issues in regards to heritage listing – and no plans have been proposed to alter this. The internals had been previously modernised.
While it’s the first video game bar, and will likely see vast interest, there have been a number of board game bars and cafes around Sydney.
Glebe’s Bar 99 featured traditional boardgames such as Battleship and Trivial Pursuit, while Madam FlingFlong in Newtown featured Yahtzee, Cluedo and Connect Four. Both no longer operate.
Melburnians will be looking on with interest, following Mana Bar, a similar video game offering, which closed in September last year.
<a href="https://www.spawnpoint.com.au/" target="_blank">Spawn Point’s homepage</a> is currently “coming soon”. The name Spawn Point is taken from the video game colloquialism 'Spawning', which means the creation of a character. Most will be more familiar with the term 'Respawn' which is what occurs after a character dies and needs to re-appear in the game. The spawn point is where the characters appear in the game.
Previous estimates suggested that plans are for a door-opening in August.
For those looking to arcade-ready their home, here’s one <a href="/expert-insights/building/renovation-recreation-how-to-turn-your-bedroom-into-an-arcade">gamers take on a home renovation where he turned his bedroom into an arcade</a>.
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jduke-EHk3XBmHkn

First video game-themed bar for Sydney

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Australia’s commercial property market is expected to see transaction activity hit its second highest annual total in a decade, according to CBRE’s sales data for quarter two. During this period, $6.1 billion of sales were recorded.
The sales data recorded includes all office, retail and industrial sales over $5 million, and saw the first and second quarters of the year record approximately $10.5 billion of property transactions.
Foreign investment into the commercial market has remained bullish - $2.6 billion of the sales transacting in the three months to financial year end were foreign purchases. This was 27% of sales over the quarters.
This is 10% below last year’s record, but still tracking high, explained CBRE national director, capital markets, Josh Cullen.
“Whilst activity is slightly down, this follows a record year and demand for core assets in the Australian market remains extremely strong, as we are still very attractive from a global perspective,” said Cullen.
This has foreign investors continuing to chase core assets, said CBRE senior director, international investments, Michael Andrews.
“With low interest rates and low returns in offshore markets, Australia continues to be a sought after destination for offshore investors,” Andrews said.
The industrial market has been a particular standout, with close to $900 million in sales transacted, up from the same period in 3013 when $400 million of transactions were recorded.
ROUNDUP
SYDNEY: 10% HIGHER IN Q2
MELBOURNE: 22% HIGHER IN Q2
BRISBANE: 33% LOWER IN Q2
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Commercial property transactions to reach second highest in decade: CBRE

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The sale of the former German Consulate in South Yarra - listed with $5 million hopes - remains wrapped in something of a mystery.
The property was sold last October for an undisclosed price, with its delayed settlement terms yet to reveal its sale price. A caveat suggests its been sold to interests associated with Ian Wright of the Southbank offices of the Paragon Financial Group. Ian Wright founded BMF Construction in 1975.
There's been no development application lodged with Stonnington Council.
In partnership with Caine Property, the local developer BMF Construction director Ian Wright is busy building a prestige four apartment <a href="https://www.domainsouthyarra.com.au/residence" target="_blank">Domain</a> complex in Domain Street, South Yarra where the website suggests one apartment remains unsold through Kay &amp; Burton. It's a David Hicks-designed block with Jack Merlo landscaping on the holding that was bought last year for $6.45 million on nine month delayed settlement terms.
<a href="/news/vic/south-yarras-former-german-consulate-listed-after-five-decades">The 480 Punt Road offering</a> was listed by Colliers International agents Ben Baines and Jeremy Gruzewski, in conjunction with Matt Davis and Gerald Delany of Kay &amp; Burton.
The property was listed by the Federal Republic of Germany who acquired the large mid-Victorian residence in 1955.
The residential zoned, 2,800 square metre block contains several other separate buildings constructed between the 1850s and 1930s. 
Prior to the German Consulate occupying the site, it was owned and occupied by a number of large, well-known families including the Manifolds, Grahams and Morells.
Expressions of interest closed 17 September with Ian Wright's caveat noting the 28 October contract of sale.
There have been no further dealings on the title since then.
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jchancellor-FAypfDUnLy

German consul South Yarra plans yet to be unveiled

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GUEST OBSERVATION
Commercial building owners remain unaware of the taxation benefits their property can generate. One of the most beneficial, yet often missed, deductions is building depreciation.
What is Building Depreciation?
As a building gets older and items within it age, they depreciate in value. The Australian Taxation Office (ATO) recognises this and allows property investors to claim deductions relating to the wear and tear on buildings and the fixtures and fittings within.
Claiming depreciation is your key to increasing cash flow on commercial properties.
Building write-off can be claimed on the structure of a commercial building so long as construction commenced after the 20th of July 1982. In cases where construction commenced before this date, depreciation can still be claimed on fixtures and fittings.
The tenants of a commercial property are able to claim depreciation on any fit-out they add to a property from the starting date of their lease. This includes assets such as desks, shelving, fire-fighting equipment, security systems and carpet.
Commercial building owners may also be able to claim depreciation on any assets installed and left behind by previous tenants once their tenancy has ceased.
Is Your Property Too Old?
<blockquote class="pullquote pqRight">
Many commercial property owners assume they are unable to claim depreciation
</blockquote>
Many commercial property owners assume they are unable to claim depreciation on their property, or receive significant deductions — because it is too old.
However, there are still significant depreciation deductions available on the fixtures, fittings, plant and equipment contained within the property.
Some examples of these assets include carpets, air conditioning, blinds, hot water systems, light fittings, lifts, partitioning and bathroom accessories.
The Rules in Action
The following case study shows how depreciation can increase the cash flow of a typical commercial property.
Damien owns a commercial office building, which was purchased for $1.1 million. He leases it to a tenant for $1,800 per week (totalling approximately $94,000 per year).
His expenses (including interest, rates and management fees) total approximately $124,000 per year.
Damien engaged BMT Tax Depreciation to prepare a tax depreciation schedule, the first year showed a $40,000 deduction.
The below table shows how Damien's holding costs changed, without depreciation on the left and with depreciation maximised on the right.
<img class="aligncenter size-full wp-image-14273 colorbox-14261" src="https://his-best.biz/assets/2014/06/Commercial-with-vs-without.jpg" alt="Commercial with vs without" width="690" height="304">
This example illustrates the benefits of depreciation. Damien has improved the cash flow of this property by $231 per week by simply claiming property depreciation.
Who Should You Talk To?
It is recommended that commercial building owners contact a quantity surveyor to complete a depreciation schedule.
Quantity surveyors are one of the few professionals recognised to have appropriate construction costing skills to calculate the cost of items for the purposes of depreciation.
They are qualified by the ATO under Tax Ruling 97/25 and can ensure both building owners and tenants are able to claim the maximum depreciation deductions.
Bottom line: Ensuring commercial property owners and tenants do not miss out on valuable depreciation deductions can be a very complicated and intricate process. That is why a good idea to contact a specialist quantity surveyor.
Bradley Beer is managing director of <a href="https://www.bmtqs.com.au/" target="_blank">BMT Tax Depreciation Quantity Surveyors</a>.
This article first appeared on <a href="https://his-best.biz/" target="_blank">Commercial Property Made Easy</a>.
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Claiming depreciation is your key to increasing cash flow on commercial properties

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Swann House, the ornate 10 storey office block at 22 William Street, Melbourne, has been listed for sale.
Offers close 25 July with Klinger Wood agent Eugene Wood who says he is anticipating around $20 million for the uniquely styled building on the corner of William Street and Flinders Lane. 
Swann House has a gross building area of 7,000 square metres with a net building area of 5,700 square metres.
Its floor plates equal around 550 square metre.
The building is about 90% leased reflecting $1,328,000 net income, rising to $1,461,000 on a fully let basis.
The site area is 826 square metre with frontages of 34 metres to William Street and 24 metres to Flinders Lane, set one block and about 100 metres from Collins Street.
It is currently 14 commercial strata lots, including Private Media, publisher of Property Observer.
The building takes the form of a large but simplified modern commercial palazzo form with restrained Greek revival detailing.
The architectural historian, Robin Boyd described the completed building in the seminal text, Victoria Modern, as being `remarkably simple’.
The top two additional matching floors were added to the building in 1948-1949. 
It was built in 1921 as the headquarters of the newly constituted State Electricity Commission of Victoria which was created by an Act of Parliament with Sir John Monash as its chairman. 
The Commission undertook the development of brown coal deposits near Morwell, the construction of the first of a series of steam-powered generators and the high voltage power lines required to bring electricity to the city of Melbourne.
It was designed by AR La Gerche, who was architect to the Commission from 1920 until his retirement in 1938.
 In addition to the William Street Headquarters, La Gerche also designed the Yallourn township and the later now-demolished Electricity Commission buildings on Flinders Street.
It ranks among one of a small number of 20th century multi-storey government offices erected in the pre-World War Two era.
While the William Street building provided the usual clerical, administrative and engineering office areas, it was unique in also housing the central control room of the Commission's power production pool.
Data relating to generation and regulation was fed to the control room by land and radio lines and staff on duty would continuously regulate voltage, carry out system switching procedures, locate and rectify faults throughout the generating facilities, transmission lines, stations and substations that comprised the power production pool. 
Kliger Wood director Eugene Wood says the CBD market is bereft of quality investment grade opportunities with the upside offered by 22 William Street.
Last traded 24 years ago, Swann House holds a Capital City 1 zoning.
“From a development perspective the building lends itself to a potential hotel or as residential (STCA) which would have unencumbered views to the south towards the Yarra and the Southbank and Crown precinct."
He noted the neighbouring building below Swann House was the historic and significantly protected low rise, the Immigration Museum.
Melbourne's founder John Batman's house was on the Swann House site, which no doubt would headline the marketing for any residential or hotel redevelopment in the future.
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Swann House, Melbourne listed with hotel and residential conversion potential

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Less than one bedroom of purpose built student accommodation is available per 10 students, according to JLL’s Australian Student Accommodation Market Update for 2014, and there's $1 billion of equity waiting to find an opportunity in this market.
<img src="/images/2014/06/18/chart%20of%20the%20week%20june%2018.png" alt="">
Source: Universities websites, JLL Student Accommodation Database 2014, ABS Census 2011, Department of Industry 2012, UCube, HESA 2011/2012
The graph above shows where students are currently living, with the majority opting to live with parents, rent or live elsewhere – such as in serviced apartments – as opposed to in university or commercial provisions. With student numbers increasing, this could be of further detriment to supply and perhaps open an opportunity for a student accommodation provider.
By 2020, growth is expected to result in a total of 760,000 international student enrolments in Australia, which is double 2012 figures.
Chinese students in 2013 made up a 29% share of international students, with 8.8% from India and 4.9% from Korea.
<img src="/images/2014/06/18/student%20number%20june%2018%20one.png" alt="">
JLL director of student accommodation services, Conal Newland, said that purpose built housing by private sector operators is “primarily occupied by international students, at approximately 75%”.
“We anticipate the demand for purpose built student accommodation will increase as international student numbers continue to grow,” said Newland.
“International students bring differing requirements for the design and operation of student housing based on their experience of residential accommodation from their countries of origin and also by the way in which they socialise.”
He noted that this provides an opportunity for the provision of purpose built accommodation, and for domestic and international investors who attempting to enter the Australian market.
“We estimate there is currently over $1 billion of equity looking to invest in the Australian student accommodation market.  These investors are seeking both opportunities to invest on and off campus, existing assets and development opportunities,” he said.
With a lack of assets currently available, transactions have also been limited – bringing just three large transactions, totalling $250 million, in the past 12 months.
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Over $1 billion of equity looking to invest in student accommodation market: JLL report

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New zoning and Chinese developer interest have combined to deliver half million dollar windfalls for three Bentleigh households.
The off-market deal through Savills Australia, saw three neighbours at 14, 16, and 18 Bent Street, sell their adjoining homes to a developer for $5.76 million.
It was estimated by Savills to be $1.8 million more than could have been expected from separate individual sales.
Savills Australia selling agent Julian Heatherich said the neighbours could have reasonably expected $1.3 million to $1.5 million in separate sales but the combined property provided a more valuable development opportunity.
The undisclosed purchaser intends to seek permission to develop a multi-level apartment building on the amalgamated 1985 square metre site.
Julian Heatherich said an opportunity was created following state government zoning changes last July, after which the local Glen Eira municipality implemented its new Urban Village Policy allowing for multi-storey development of up to four levels in certain locations.
Savills has been active at Bentleigh as it sold just down the street at 23 Bent Street last year. It was a corner allotment of 1058 square metres with a permit to develop a 27 apartment four levels block which sold for $3.4 million, also to a Chinese developer. 
Savills also sold a 748 square metre site at 261 Centre Road, Bentleigh for $2.735 million to a local developer with a permit to develop 28 apartments in February after attracting 150 enquires from local and off-shore developers.
 
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Glen Eira urban village rezoning a windfall for trio

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Investors who lost a total of about $27 million when the investment fund Wickham Securities collapsed have gained access to internal financial documents that will assist in determining whether to pursue any class action against Wickham’s trustee company Sandhurst Trustees. 
The Federal Court recently ruled the investors should have access to hard copy documents contained in 11 lever arch folders along with an electronic folder of documents with 561MB of data.
On 21 December 2012, Grant Sparks and David Leigh of PPB Advisory were appointed joint administrators of Wickham by a resolution of the directors.
Mostly self-funded retirees had invested around $27 million in the mortgage lender through $1 unsecured deposit notes promising returns of 9.25% prior to its collapse.
Wickham had raised $38,848,471 through the issue of notes under its first five prospectuses.
The aggregate principal amount of notes outstanding was $22,096,890.
The profit for the year ending 30 June 2010 was given as $3,245. The 30 June 2009 profit was $157,711.
In January 2013, the first meeting of creditors of Wickham was held. Sandhurst, representing the noteholders, attended the first meeting of creditors.
The preliminary investigations by the administrators identified a number of “significant issues”.
Firstly the directors had “not accurately [reported] the position and quality of [Wickham’s] loan portfolio” to Sandhurst since at least August 2010 when receivers and managers were appointed to a borrower called WLP Pty Ltd.
Secondly Wickham provided Sandhurst with an “Account Balance Confirmation letter” advising that the balance of Wickham’s “Application Account” was $10,779,835.00 as at 30 November 2012 when the actual balance at that date was $264,892. 
The balance of the Application Account was overstated by $10,514,943.00. 
The administrators expressed this view: “It is our view that this confirmation letter has been fabricated”. 
The administrators also say that their investigations indicate that an account balance of $10,779,835.00 did not exist at any time in the 12 month period prior to Wickham’s letter to Sandhurst confirming that account balance.
Thirdly although the prospectus issued by Wickham dated 15 December 2010 was open for 13 months, Wickham’s records indicate that it continued to accept amounts from noteholders after the closing date of 14 January 2012. The contributions beyond the closing date amount to $1,962,500.
The administrators observed that their investigations revealed that Wickham provided Sandhurst with a schedule disclosing 21 loans totalling $28,181,010 as at 30 June 2012. 
The administrators say that they have identified another loan file where the debt was not reported to Sandhurst as at 30 June 2012. 
The administrators estimated in their preliminary report a range of “gross realisations” that might occur from the loan portfolio as $1,738,000.00 as the low estimate and $6,265,500.00 as the upper estimate with the book value of the loan portfolio recorded as $28,180,010.00 in respect of 22 loans.
The administrators set out a schedule which said that of those loans, three were supported by first mortgage  security; five by second mortgage security; three loans were not supported by any available loan file; seven of the loans were made to entities in respect of which receivers and managers had been appointed to the borrower, and in respect of four loans, the borrower was in liquidation or had become a deregistered company.
The administrators also noted aspects of the loan criteria. They note that loan terms for loans made prior to 9 July 2006 were to be no more than 12 months and loan terms after that date no more than 24 months. The maximum loan to valuation ratio was to be 85% with valuations less than six months old at the time of a loan approval.
Wickham recorded total noteholder liabilities of $27,671,014.
The estimated gross return on the loan portfolio was 6c to 22c in each dollar before taking account of the costs of recovering the loans, legal fees and the costs and expenses of the administrators.
The majority of Wickham investors are from Queensland, many knowing two of Wickham’s directors, Brad Sherwin and his brother-in-law Peter Siemons.
In 2013 ASIC took action in the Federal Court against Sherwin and entities related to him for freezing orders.
 
ASIC <a href="https://www.propertyobserver.com.au/queensland/wickham-securities-auditor-accepts-asic-life-ban-as-nab-seeks-to-repossess-founder-bradley-sherwins-wooloowin-house/2013062762789" target="_blank">cancelled the registration of Wickham Securities auditor Brian Kingston</a> for undertaking "inferior work" and "failing ins his job" and banned him for life.
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Wickham Securities investors win access to internal collapse financial documents

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A freestanding IGA supermarket has secured a seven figure sum after it was purchased by a Chinese investor.
The buyer put their faith in the numbers, paying $3,398,888 for the Boondall supermarket. The number eight is associated with prosperity in Chinese culture. The transaction reflected a yield of 8.1%.
Set on a 3,434 square metre site at 2138 Sandgate Road, the 790 square metre supermarket was developed by Hardev Property two years ago. It was sold by in an off-market transaction by Michael Harcourt and Jon Tyson of Savills Retail Sales.
Luck aside, Harcourt said the high profile main road location was a key factor for the buyer.
“IGA Boondall is underpinned by a 10-year lease with a further three five-year options and also features convenient on grade parking for approximately 51 vehicles,” said Harcourt.
According to Tyson, the property combined a number of highly sought after characteristics in the convenience retail market.
“It boasts a prominent left-hand location to capture outbound traffic out of Brisbane and a core non-discretionary offering of grocery and fresh food items,” said Tyson.
“Having opened its doors just two years ago, the Boondall IGA Supermarket is now well established and supported in the local community. As Savills originally secured IGA as the tenant, it is rewarding to have now closed the loop on the property with a strong sales result for both vendor and buyer,” he said.
 
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Chinese investor pays lucky sum for Brisbane IGA

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Peter Bond, the chief executive of gas company Linc Energy, has listed the Redfern post office premises.
The Business Review Weekly rich lister <a href="/news/nsw/redfern-proving-magnetic-for-coal-executives">bought it in mid-2011</a> when the former post office commercial premises at <a href="https://www.propertyobserver.com.au/new-south-wales/redfern-proving-magnetic-for-coal-execs/2011062250564" target="_blank" style="line-height: 1.3em;">113-119 Redfern Street were sold by spruiker Max Markson</a> for $2,125,000.
The building, which has a clock tower and bell, last sold through agents Paul Ephron and Ben Forsyth. Markson had bought it from Sorin Dascalu &amp; Associates in 2006 for $1.9 million.
The former Redfern Post Office, in Redfern, NSW, was built in 1882. It has a two-storey Victorian Italianate building plus a dominant four-and-half-storey corner clock tower. The post office included a telegraph office, parlour, drawing room, three bedrooms, kitchen, a servant’s room, bathroom, scullery, washhouse, fuel shed and two stall stables. 
In 1880, £3000 was provided for the erection of the Redfern post office, and then the Public Works added a clock tower for an estimated extra £700.
The building has 480 square metres of internal space on its 330-square-metre Redfern Street block. 
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-redfern-nsw-2016/227755" target="_blank">It has been listed for June 26 auction</a> through McGrath agents James Dack and Chris Chung who don't give any leasing details in the marketing.
One of the largest property sales since was an 1891 heritage building, the Redfern Electric Light Station with 1042 square metres of space.
The grand neoclassical Renwick Street building, the former home of Rolling Stone magazine was briefly converted into the chic showrooms of antiques dealer Martyn Cook and the interior designer Thomas Hamel.
They sold in mid-2013 to publicist Sue Cato of Cato Counsel for $4.5 million having bought it unrenovated for $2.865 million in 2010.
 
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