Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

Commercial

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GUEST OBSERVATION
Behind the buildings that are our business in the commercial and industrial property sector, is the real value: our people.
No matter how much hard work goes into planning, design and construction, a building remains a liability without people; that is, the tenants.
I think our sector can lose sight of the reality that it’s the people who use a building that release the entrapped value in the building.
And while they may be our “tenants” or our “customers”, the reality is that they’re people first, and we all know people value relationships that go beyond the transaction.
We believe the old business saying that the ‘customer you have is the one you want to hold onto’ is a cornerstone for success.
It’s more difficult and costly to get new customers than to retain existing ones.
Our strategy is to retain existing customers – our “tenants”.
We systematically travel the country to meet tenants face-to-face, respecting both their time and their businesses.
<blockquote>
The core of our business is maintaining relationships and keeping tenants happy - and keeping them in our buildings.
</blockquote>
We ensure our tenants can focus on running their businesses rather than stepping outside their expertise. We deal with the complex property processes for them, because that’s our area of expertise.
And no matter where they are on the leasing cycle – 10 years out or just months to expire – we value and deliver the same standard of service.
Putting relationships first builds trust and that means we can move quickly, act decisively and confidently. Our confidence gives others confidence and in turn drives their success.
To explain, less than 12 months ago Quintessential Equity acquired a five level commercial building with a net lettable area of 7,129 square metres at 166 Epping Road, Lane Cove West in Sydney.
The building was 20% unoccupied and had been for some time. Our immediate priority was to attract new tenants, but to do this we had to make significant enhancements. 
Within the first month our engineers had assessed the building’s condition and discussed enhancements with existing tenants, based on their needs.
A year after settling on the property in April 2013, occupancy is now 97.75%.
If you don’t have tenants, your building can quickly become a liability and your asset can enter financial distress. 
The core of our business is maintaining relationships and keeping tenants happy - and keeping them in our buildings.
This is a very simple philosophy, but it pays dividends to us.
And it will be how we continue to run our business regardless of the ups and downs, because it is what we believe.
Shane Quinn is director of <a href="https://www.quintessential.com.au/" target="_blank">Quintessential Equity</a>.
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jake-cSmGT7VXVf

Two principles of successful commercial property investment

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Agent: Karen Mychaelle Seeto<img src="/images/2014/04/14/Karen-Seeto--PROFILE.jpg" alt="" style="float: right;">
Position: Sales/Principal
Company: Ray White Commercial
Location: Brisbane
How long have you been in the industry?
12 years.
What’s happening in the area you specialise in?
The commercial industrial property market is seeing increased buyer activity. This is in both tenanted and vacant assets.
Describe the most interesting property you have sold:
The most interesting property I have sold is Wirrina Cove in South Australia. The sale of Wirrina Cove encompassed selling of the following:
<ul>
<li>Resort, Conference Centre, Golf Course</li>
<li>Caravan Park</li>
<li>Undeveloped Land</li>
<li>Developed Lots</li>
<li>Marina Berths and Head Lease</li>
</ul>
The assets were sold in five stages and were marketed with a budget of $449,951.07, generating a total of 851 enquiries.
What are the ingredients to being successful in your job?
<ul>
<li>People skills</li>
<li>Team work</li>
<li>Negotiation skills</li>
<li>Efficiency</li>
<li>Product knowledge</li>
<li>Commitment</li>
</ul>
What aspects of your role do you enjoy the most? 
I enjoy working with people and being able to help them with both the sales and acquisition of assets.  In all situations being able to look for the win for both parties to ensure a successful outcome.
Where would you invest a spare $750,000?
The residential investment market.
Which football team do you support?
I don't. Netball - Firebirds 
What’s your favourite app or techno gadget?
The new iPad air.
How do you use social media?
Website - <a href="https://kms.raywhitecommercial.com.au/" target="_blank">https://kms.raywhitecommercial.com.au/</a>
Linkedin - <a href="https://au.linkedin.com/pub/karen-mychaelle-seeto/63/b02/b00" target="_blank">https://au.linkedin.com/pub/karen-mychaelle-seeto/63/b02/b00</a>
Twitter - <a href="https://twitter.com/KarenSeeto" target="_blank">https://twitter.com/KarenSeeto</a>
Facebook - <a href="https://www.facebook.com/karenmychaelleseeto" target="_blank">https://www.facebook.com/karenmychaelleseeto</a>  
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kjiminez-eaYKfU7qd2

In profile: Ray White Commercial's principal - Brisbane, Karen Mychaelle Seeto

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Causing waves in Sydney's gay community, LGBTIQ icon Midnight Shift in Darlinghurst, at 85 to 91 Oxford Street, is up for sale, with two retail shops - up to 95 Oxford Street. The longest running Oxford Street hotel, with 31 years under its belt, has been a loved part of the street's culture for many years, but it appears its days may be numbered.
Samesame.com.au suggest that the closure may be due to a lack of business, with opening nights reduced from seven to four nights this month, but reassured that the venue is open for business as usual until the sale date. Midnight Shift began charging for shows in 2011, but has still been referred to as a "must attend" venue. The downstairs bar has remained free, but charges were increased to head to Upstairs Shift.
<img src="/images/bar.png" alt="">
<img src="/images/bar2.png" alt="">
The reduction of nights open was said to be due to changes in liquor legislation and the impact of a five-year freeze on the CBD entertainment precinct, the promotions manage for the venue, Leigh Harder, said in March.
While some have taken to Facebook lamenting the loss of an icon, it does provide a good chance for an opportunistic business and party-minded new owner to grab one of Oxford Street's renowned venues with 28 metre frontage.
<img src="/images/decor.png" alt="">
<img src="/images/pokey.png" alt="">
On approximately 849 square metres and being offered with vacant possession tenure, the colourful <a href="https://www.realcommercial.com.au/property-land+development-nsw-darlinghurst-501111067" target="_blank">Real Commercial listing was put up today</a>.
The listing notes that it is within "one of Australia's premier entertainment and retail precincts on the edge of Sydney," and that "Valuable hotel license and entitlements that can be purchased with the sale".
It has dual street access.
93 Oxford Street, which appears to be included in the listing, is Liquor on Oxford, which was sold in 2008 with a first level office lease to Midnight Shift on a 5+5 year lease commencing in September 2008 and a 5+5 year retail lease to House of Fetish from August 2008. The other shop appears to be a Pad Thai (pictured below) at present. According to RP Data, the November 2008 sale for 85-91 Oxford Street was for $8,250,000, settling in December. Before that it had been sold in 1994 for $3,300,000, with one other previously recorded sale - in 1992 for $2,900,000.
<img src="/images/pad%20thai.png" alt="">
Expressions of interest are closing 21st May 2014 after its listing today. Disco dancing, a stage and everything theatrical, Midnight Shift has been home to many a memorable night, including colourful Strip Karaoke, that will see some mourning its sale.
<img src="/images/theatre.png" alt="">
It is being advertised through Oxford Commercial, and sits between the Lick-Her Shop and House of Fetish.
It is currently owned by Arunta Investments after the 2008 sale, previously with the Midnight Shift title being in the hands of long-time owner Tim Berry, in a <a href="https://www.propertyobserver.com.au/https://www.starobserver.com.au/news/local-news/new-south-wales-news/berry-sells-midnight-shift/30033" target="_blank">somewhat bitter situation reported on by the</a> Star Observer back in 2010.
“Weighing the pros and cons of that, Tim decided that it was probably time that [Arunta executive director] Mark Madar gets the place and experiences for himself what it takes to run a pub," they reported Berry's partner Clarence Cruz as saying.
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Oxford Street, Sydney's oldest gay hotel venue up for sale

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Boutique Australian financial services advisory company has leased about 485 square metres of office/warehouse space at Coorparoo in Brisbane's east. 
Protect Ensure secured the lease at 8/55-61 Holdsworth Street to accommodate its growing business.
Under the deal, the firm has agreed to take out a three year lease, at a net rental of $48,500 per annum plus GST and outgoings. 
The refurbished office space includes about 77.9 square metres of offices on the ground floor and a mezzanine area of some 244.5 square metres. The warehouse is about 163.4 square metres with a container height roller door and also includes four car spaces. The selling agent was Rhiannon Jones of Ray White Commercial Brisbane Trade Coast 
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Coorparoo, Brisbane warehouse leased by Protect Ensure

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Marinucci Packaging has signed a ten year lease at the new BIZ business park at Narangba, in Brisbane.   
Located at Mineral Sizer Court within the new BIZ Business Park, the 9,132 square metre property is about 38 kilometres north of Brisbane. It was also designed and constructed as per the lessee’s specifications. 
The facility features two sunken loading docks with dock levelers, expansion capability of 460 square metres, an office fit-out and an 8.5 metre internal springing height clearance.   
CBRE’s Sam Higgins negotiated the deal on behalf of the lessor, Queensland development group, Pradella. 
Mr Higgins said the industrial facility’s location was a key factor behind the deal.
“Marinucci Packaging was looking for new industrial space in Brisbane’s northern suburbs, and this property’s direct highway access and ability to be constructed within a tight time frame were major drawcards that helped seal the deal,” he added. 
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Marinucci Packaging sign new lease at Narangba, Brisbane

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A Port Melbourne development site, with building approval for a five storey building, has been sold for $2.45 million. 
The vacant 382 square metre site, at 77 Bay Street, is zoned mixed use and was sold with an existing plan and permit for a modern five-level building which incorporates a child care facility and ground floor retail.
Fitzroys agents Andrew Hewett, Michael Ryan and Charles Emmett negotiated the sale.
Mr. Ryan said the purchaser is an experienced child care centre and plans on occupying the property, with aims to commence construction later this year.
The site comprised 30 square metres of storage and is located in a "rapidly developing section of the popular Bay Street retail centre, opposite the Thomas Dux supermarket",  said the agents. 
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Port Melbourne development site bought by child care centre

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A private investor has swooped on a tenanted office/warehouse facility at Nundah on Brisbane’s northside, paying $1.04 million.
The vendor of the 2/601 Nudgee Road property was RCL Developments Pty Ltd.  
It is leased to Prospect Group Pty Ltd, a company which provides consulting services to the mining, energy and associated industries. The lease has three years to go and is worth $90,000 gross a year. 
Steve Black of Ray White Brisbane Northside was the selling agent of the 336 square metre site. 
“The sale price represents a yield of approximately 7.8% which is indicative of where the market is at the moment for similar types of industrial properties", said Mr Black.
The two-storey building features 235 square metres of corporate office space with an A-grade fit out, a large boardroom and staff amenities on both levels. It also has a 101 square metre high bay warehouse.
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Private investor swoops on Nundah, Brisbane warehouse

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High net worth investors and sovereign wealth funds - potentially armed with billions of dollars - are set to put their stamp on Australia's commercial property market in the year ahead. 
Those two forces are expected to drive a year of change for Australia's commercial property market, with emerging investors being one of the major changes due to a rise of high net worth (HNW) individuals and sovereign wealth funds (SWF) increasing their investment in the Australian market.
In the Asia-Pacific alone, ultra high net worth (UHNW) investors - those with wealth of more than US$30 million - are estimated to be worth US$6.59 billion.
The sovereign wealth fund market today is estimated to be worth US$6.1 trillion - nearly doubling in size since 2007. 
The findings were released in JLL's latest report The year of the push and pull market, which states that Australia's commercial property market will continue to be subject to "divergent forces", with some new factors and some continuing from 2013.   
JLL's Australasian head of research and co-author of the report, Dr David Rees, Australasian, said "the push factors that will lead to increased capital flow into real estate in 2014 include the growth of HNW individuals, the expansion of SWFs, growth of funds under management (FUM) by superannuation funds, increasing portfolio allocations by investors to real estate and away from equity markets, low interest rates, a premium paid for market transparency and an ageing population."
Globally, he notes, that those UHNW individuals who have made their money from real estate continue to hold around 60% of their wealth in real estate.
“In 2014, development opportunities offering capital growth and often smaller capital value high yield opportunities are likely to be attractive to this category of investors", he said. 
Some of the ‘push’ factors identified in the report that will lead to increased capital flow into real estate markets are:
<ul>
<li>SWF funds expanding in number and size;</li>
<li>global growth of HNW investors;</li>
<li>continued growth of the nation's $1.7 trillion superannuation market, with property a key part</li>
<li>of its exposure, and</li>
<li>a portfolio allocation tilt toward real estate. </li>
</ul>
"A 1% shift away from equity and bond markets implies a 19% rise in real estate exposure if we measure the commercial real estate investable universe", the report said. 
Dr Rees said that although many funds had lifted their exposure to real estate, "many are still considered to be underweight in this area, so the potential for growth is strong.”
Dr Rees said the ‘pull’ factors in 2014 that would lead to increasing demand for real estate assets in selected markets were all about "new benchmark metrics that will become more relevant as the year progresses".
“It is all about spreads and if they are the new ‘normal’ or is there more adjustment to come in 2014?"
JLL is forecasting yield spreads between CBD markets to compress. 
It also believes yields spreads between prime and secondary grade assets will compress without reverting to pre-2008 levels and that incentives will contract but are likely to remain higher than historically. 
It is also tipping investor return expectations to adjust to a lower growth economy and the normal office market vacancy rates to be higher.   
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High net worth investors and soveriegn wealth funds to put their stamp on Australian commercial property

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Australia's leasing market is on the cusp of a revival. The upbeat assessment was revealed in CBRE’s National Office Marketview report, which says that improvements in the consumer, housing and export sectors is expected to remove some pressure from tenants’ business top-line performance from late 2014.
It's those favourable economic conditions in the second half of 2014 that it believes should provide the basis for the return of tenant demand.
But CBRE cautions that due to a strong supply pipeline, market vacancies will likely rise over the next two to three years.
CBRE’s associate director of research and co-author of the report, Claire Cupitt, said that it was widely recognised that 2013 was a historical low point for tenant demand across Australia, with the eastern seaboard markets the most over-exposed.
“In an attempt to preserve valuations, net face rents were largely sustained."
"However, soft leasing activity, higher vacancy and record levels of sub-lease space on the market saw incentives rise across the board and effective rents fall,” she said.
CBRE believes that the key to improved occupier markets will be a "growing employment base", which it expects to be concentrated in the second half of 2014.
"Directionally, we are about to turn the corner, but the improvement will be slow," Cupitt said.
What remains the most concerning aspect for the office market for CBRE is the strong supply in the CBD markets. Supply is forecast to outweigh demand over the next three, which despite the improving demand, it said would still have a pronounced effect in Melbourne and Perth, followed by Sydney and Brisbane.
“Given the supply/demand imbalance, our assessment of effective rents remains to the downside with further increases in incentives offered in order to support face rents on the eastern seaboard", said Cupitt.
In contrast, the report is forecasting Perth CBD incentives to peak above 27% in 2015.
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Australia's leasing market is on the cusp of a revival: CBRE

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GUEST OBSERVATION
The starter’s gun has fired on the countdown to the 2018 Commonwealth Games on Queensland’s Gold Coast and the positive impact of this major catalyst event is already being felt in the local commercial property market.
History shows that cities around the world have seen a pick-up in property activity up to four years out from global events such as the Commonwealth Games, and the Gold Coast will be no exception.
Indeed, the momentum of the approaching games is already evident and is likely to surpass that experienced by other host cities, given it is the first time a global event of this magnitude has been held in a regional Australian city.
The 2018 Commonwealth Games is the trigger for increased activity across the board for the Gold Coast commercial property market.
On the sales front, the Gold Coast is again back on the radar of domestic and overseas investors and the increasing weight of money entering the market will drive continued investment activity. This can be seen in the increase in enquiry for prime development sites, particularly in key locations such as Southport overlooking the water.
In terms of leasing, some national and international firms have already made the move into the Gold Coast and more are expected as global attention on the city increases in the lead up the Commonwealth Games. Vacancy rates are tightening and both commercial office and retail leasing enquiry has been strong in the opening moments of 2014, and is expected to continue to rise.
Importantly, the catalyst effects of the Commonwealth Games coincide with a period of renewed infrastructure activity on the Gold Coast, namely the light rail project and major new hospital and health developments.
All of this activity, and indeed much of the focus of the Commonwealth Games including the athletes’ village and new aquatic facilities, is centred on the Southport precinct which has been designated as a priority development area (PDA) by the Queensland state government.
This PDA status is crucial to the emergence of Southport as the true CBD of the Gold Coast, as opposed to the undisputed standing of nearby Surfers Paradise as the city’s tourism capital, and allows for development approval fast-tracking and innovation.
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The Gold Coast is again back on the radar of domestic and overseas investors and the increasing weight of money entering the market will drive continued investment activity.
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Southport is the business and administrative heart of the Gold Coast and its maturing into the city’s official CBD is long overdue. All regions need a recognisable CBD, just as much as capital cities do, to attract national and international firms, create a distinct employment hub and facilitate all the commercial, social and community benefits of agglomeration.
The Southport CBD is the key to unlocking the future economic sustainability of Gold Coast and positioning it to fully capitalise and build on the attention and flow-on benefits provided by the Commonwealth Games.
The Gold Coast is Queensland’s, and indeed Australia’s, premier tourist playground and that is not going to change. It is an exciting coastal city, blessed with surf, sand and good weather and has been the focus of tourist attention, both domestic and international, for decades.
By its very nature of being driven mainly by tourism, the region can be more prone to booms and busts than those cities with more diverse economies.
However, with a permanent population of circa 550,000 residents, the Gold Coast is now home to a growing number of diverse industries and services that stand it in good stead for the future.
This is clearly reflected in the evolving nature of the Gold Coast commercial office market, which is far more mature than in was in the 1990s as the scope of local businesses now spans much more than just pandering to the tourist market. There are now local and national firms across all industry sectors represented in the region, which are well positioned for sustainable future growth.
The 2018 Commonwealth Games is a once in a lifetime catalyst moment for the Gold Coast and the ongoing maturing of its local economy and commercial property market. Combined with a number of important infrastructure and planning initiatives centred around the Southport CBD, the games will deliver a great boost to a wide range of existing and new businesses in the region.
We are already seeing this starting to translate to increased investment and leasing activity, with more much to come over the next four years.
Paul Day is <a href="https://www.savills.com.au/" target="_blank">Savills</a> Queensland head of research.
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