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

Joel Robinson

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

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

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

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Commercial

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Singaporean developer World Class Land has appointed global contractor Brookfield Multiplex to construct its landmark tower Australia 108.
It will be the tallest tower in the southern hemisphere when completed in 2020.
The building’s 1105 apartments are almost completely sold out, with construction works to commence this month.
The leading global contractor will be responsible for delivering the 319-metre luxury apartment building designed by Fender Katsalidis Architects across 100 levels.
The tower will be constructed over five stages, with the first stage earmarked for completion in 2018 and the final in 2020.
The full construction contract is estimated to be worth more than $500 million.
Aspial CEO Koh Wee Seng said the appointment of Brookfield Multiplex recognised the company’s expertise in the skyscraper market and aimed to give buyers certainty that the project is on track.
“This is a major milestone for the southern hemisphere’s tallest building, which will go where no development has ever gone before,” he said.
Brookfield Multiplex regional managing director Graham Cottam said the project brings the value of its current residential projects under construction to more than $1 billion.
Australia 108’s luxury apartments launched to market in February, with the tower’s 750 square metre penthouse selling in April to a Chinese national for $25 million, the most expensive apartment sold in Australia.
CBRE Managing Director, Residential Projects, Andrew Leoncelli, said the tower was almost completely sold, with less than 30 Cloud residences still remaining.
“There has been immense interest in this landmark project. The opportunity to own a trophy home in the sky has appealed to buyers both locally and internationally. It’s fair to say Australia 108 will be an enclave for the very discerning,” Mr Leoncelli said.
The building features 161 Cloud Residences above level 71 with their own private lobby including concierge and private lifts as well as an exclusive recreation facility within the Star Club on level 71. This health and wellbeing enclave will feature an infinity pool, private gym and entertaining facilities.
All residents have access to world-class health and wellbeing facilities on level 70 of the Star Club and a separate lobby and lifts. Further resident amenities available to all include a 25 metre lap pool, gym, golf simulator, outdoor BBQ area and theatre on level 11.
Carr Design Group has designed the five-star hotel-like interiors, while international hospitality design firm Hirsch Bedner Associates (HBA), responsible for the interiors of the Wynn Encore in Las Vegas, Park Hyatt Maldives and the Park Lane Intercontinental in London, has designed the communal facilities available only to Cloud Residence owners.
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jchancellor-FAypfDUnLy

Just 30 unsold as Brookfield Multiplex wins Australia 108 construction contract

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Some 27 retail strip properties have sold for a total value of $60.098 million in the last three months in Melbourne's inner-east region, driven from the sub $5 million commercial investment market.
Teska Carson executive, Matthew Feld said buyers had paid $300,000 to $500,000 over reserve for property within the area, with one buyer, an off-shore fund, paying $3.4 million - more than $600,000 over reserve - on a very skinny 2.9% yield for a fully leased retail property on Lonsdale Street.
"In the latest (unreported) auctions a Hong Kong based private investor has paid $4.8 million on a tight 4.35% yield for a retail and office investment at  669-671 Glenferrie Road, Hawthorn, while an owner-occupier paid $1.07 million to fight off investors for a stand-alone retail/commercial property at 335 Swan Street, Richmond," he said.
"There are a combination of factors at work here but the key drivers have been the increase in competition from the sheer rise in numbers of investors – including a significant uptick in numbers of overseas and SMSF investors over this time last year - and also the current lack of quality stock."
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mick.cee-iDmgDDAmu8

Sub $5 million commercial market strong in Melbourne

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A retail building in the heart of Brisbane's CBD has been sold fully leased for $9.3 million to a private investor.
Located opposite the Wintergarden Centre, <a href="https://www.realcommercial.com.au/property-retail-qld-brisbane+city-501635565" target="_blank">153 Elizabeth Street </a>has a net lettable area of 976 sqm and vehicle access via Charlotte St.
Ray White Commercial Queensland director of sales, John Dwyer, sold the property on behalf of Brisbane development company DeMartini Fletcher.
He said bidding started at $5 million and there were more than 30 bids before the property was sold under the hammer.
 
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Brisbane CBD retail property sells for $9.3 million

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A Fortitude Valley retail suite has been sold under the hammer for $1,670,000, some $320,000 above reserve.
The 1,000 Ann Street, Fortitude Valley was hotly contested with a total of 30 bids coming from five registered bidders, a mix of local and interstate prospective purchasers.
A local private investor secured the 132m² quality retail suite with the $1.67 million bid.
Hunter Higgins, associate director of investment services at Colliers International who marketed the property said the security of the asset with the long lease term positioned in the high growth corridor drove the spirited bidding competition.
“The vendor was originally going to consider offers off market, however our advice was to run an auction campaign to get more exposure and achieve maximum sale price, in this case well above vendor’s expectations."
“The property is ideally located in the vibrant and prestigious Emporium complex with a captive consumer market consisting of four residential towers, hotel facility and office building."
“There is future influx of prospective consumers with over 2,000 new residential units being developed within 500m of Emporium, so any tenants in the café/restaurant trade are ideally suited for this property and will benefit from this population growth.”
Picture courtesy of <a href="https://www.realestateview.com.au" target="_blank">realestateview.com.au</a>.
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j.ballantyne1990-6AQqhLzZaK

Bite size investment sells for $320,000 above reserve

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Two innovative transport startups, GoGet  and Divvy Parking, have announced a partnership.
The aim is improving Sydney's transport network and parking efficiencies for commuters suffering traffic congestion.
Divvy Parking recently signed partnerships with major property groups DEXUS, GPT and Knight Frank and secured $2.5 million in funding.
Divvy Parking and GoGet will use their respective platforms to connect GoGet’s fleet of 2000 cars to parking spaces in Divvy’s growing commercial portfolio, following the rollout of the parking platform’s industry changing access technology. GoGet will leverage Divvy’s network to connect with commercial parking space owners and managers in CBD office towers, who are eager to improve the yield on under utilised spaces, with the aim of securing a wider variety of GoGet reserved spots for users in Sydney. 
The partnership will see GoGet and Divvy partner and integrate in Sydney first, with a national roll out following later this year.
Meanwhile drivers looking for a cheap parking deal were possibly not considering the consequences of parking with unestablished organisations, according to Garth Mathews, Secure Parking founder.
“Although we too are moving from a bricks and mortar business to a digital shop front, Secure Parking’s 30 years of experience in the industry means we have all the right procedures and systems in place, to ensure that our customers are benefiting from a full service management system.
“This includes public liability insurance, surveillance cameras, regularly maintained technology and cleaning, and a dedicated customer support centre in the event something goes wrong – important benefits other players aren’t considering.
"With emerging technologies, we can now combine that, with flexible, cheaper parking rates too,” he said. 
Secure Parking has been operating for several years with Secure-a-Spot, an online booking service which provides an end to end solution and accounts for over 160,000 parking bays booked each month.
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Divvy and Go Get partner in competitive Sydney CBD parking skirmish

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More than $28 billion worth of commercial property - office, industrial and retail - has been transacted in the 12 months to June nationally, up nearly $5 billion or 20% on last year’s figure, with foreign investors taking 24%, according to Savills Australia’s latest research.
Retail was the big mover with $7.4 billion worth of transactions, up 26% on the same period last year, according to Savills Australia’s national head of research, Tony Crabb.
<a href="/images/2015/07/15/buyers_chart.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/07/15/buyers_chart.jpg" alt="">
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$28 billion commercial property sales up 20%: Savills Australia

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Chesterton International (NSW) Pty Limited has evolved into CI Australia Pty Limited.
Chesterton has been a fixture in the Sydney commercial property sector for decades, servicing the commercial, retail and industrial markets in the areas of investment sales, asset management, facilities management and leasing.
In 2012 the company was purchased by APP Corporation, a national professional services consultancy to the property and infrastructure industries.
CI Australia chief executive officer, Andrew Hunter said the rebranding to CI Australia strategically positioned it for the future expanding from Sydney into other key markets including Melbourne and Brisbane.
In Sydney, CI Australia works closely with all major property companies and trusts as well as State Government clients including Railcorp and Roads and Maritime Services (RMS) to provide property management and other related real estate services on their extensive property portfolios.
Wih same corporate blue, its new logo reflects the growing relationship with its parent company APP.
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Chesterton International evolves into CI Australia

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auctionWORKS offered 42 properties for sale with a combined total of sales almost reaching $70 million yesterday.
They noted the clearance rate of 76% was significantly above the commercial auction market averages. 
"Today is testament of the strength of our market," said Burgess Rawson director, Dean Venturato adding many were buying for the underlying value of buildings and land, not yield. 
"Government tenancies were also a big factor," he told the Australian Financial Review.
The auction secured $26 million in government-tenanted sales. 
A 4590-square-metre, commercial property with residential development potential, in Hornsby in Sydney's north, sold for $5.92 million at a yield of 1.89 per cent.
The site which has a NSW government-tenanted 636 sqm building achieved the highest price at the auction. 
Apparently a private Asian family who missed out on the Hornsby sale fought back to buy a 5952-sq-m industrial property in Silverwater in the west for $5.85 million – the second most expensive property sold.
auctionWORKS in total, over the to days in Sydney and Melbourne, sold $95,574,000 worth of property with a clearance rate of 81.8%.
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Toss up between Hornsby or Silverwater commercial property - auctionWORKS

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 Conditions for commercial property leases in the Pilbara region are up for the industrial/warehouse section with prices increase from $152sqm to $171 per sqm.
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The Pilbara Commercial Property and Land Snapshot, released March, analysed figures from the proviso quarter and found 103 industrial/warehouse properties were advertised across the Pilbara, up from 101 in the previous quarter. 
The report also found:
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The number of retail properties advertised for lease has decreased to 21 from 28 properties last quarter. 
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Average lease costs per square metre for retail properties has increased to $513 from $503 per sqm. 
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<li>
The number of office properties advertised for lease is this quarter is 28. 
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<li>
The advertised price of office leased space decreased this quarter from $529 to $503 per sqm
<img src="/images/2015/06/17/Screen%20Shot%202015-06-17%20at%202.46.33%20PM.png" alt="">
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po-LsXgBTHBmX

Industrial lease pricing increases in Pilbara

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So why choose commercial property over residential?
Obviously this is the question every residential investor asks… whenever they are considering the transition across to commercial property.
However, you will quickly discover the reasons are rather compelling.
Reason #1: Your tenants stay for longer
For the most part, you find residential tenancies will be on a month-by-month basis… maybe 6 months, perhaps for a year if you’re lucky.
Whereas commercial leases will tend to range between 3 and 5 years - and it can often be for longer. That means you have fewer tenancy changes, and a far more predictable income stream.
Reason #2: You have greater control
When residential tenants wish to leave half-way through a lease, they simply need to find a suitable substitute tenant. And then, they will transfer the lease across to that person.
From there on, this new tenant becomes responsible for the rental, over the remainder of the lease term.
Whereas commercial tenants are running a business from your property. And whenever they sell their business, they also require your approval to “assign” the lease.
However, here’s the real difference: If the new commercial tenant defaults in paying the rental, you also have recourse to the previous tenant as well - because commercial leases are business contracts, enforceable by law.
Reason #3: You no longer need to pay the outgoings
Typically, residential properties will provide you with a 5% gross rental return.
From this, you need to pay the rates &amp; taxes, insurance, maintenance and so on — leaving you with about a 2.5% to 3% NET return, at the end of the year.
Depending upon what (and where) they are… commercial properties will generate a 5% to 9% NET rental return, each year.
And that’s because commercial tenants are also required to pay the various building outgoings on top of their rental - making this a true NET rental return for you.
Reason #4: Commercial tenants maintain your property
As you know, if the toilet stops working in an apartment … the tenant asks you to send around a plumber. Whereas commercial tenants quickly attend to (and pay to fix) the problem themselves - so as not to disrupt their business. 
Furthermore, the overall appearance of the property becomes a reflection on them. As such, your property is maintained in top condition … at their expense.
Therefore, whether the lease requires it or not … most commercial tenants will regularly repair and repaint the property, in order to maintain a good corporate image.
Reason #5: Greater regularity with rental payments
Most residential properties are rented by individuals. Therefore, the rent is often paid in cash, by personal cheque or by direct transfer. And this can often vary in its timing.
Because they are running a business, commercial tenants consider rent as simply another regular expense each month.
And generally, this gets set up as an automatic Periodic payment - and can be specified as such, within the lease.
Bottom Line: In essence, you find yourself having to deal with the vagaries of individual people… as a residential investor.
However, when you become a commercial investor… you start to enjoy a more predictable long-term relationship with your tenants - based upon a proper business footing.
Doesn’t that sound like a far better arrangement - particularly when you can purchase a small office for the same price as a two-bedroom apartment?
Chris Lang is an advisor to commercial property investors, sell-out author and regular speaker on how to invest in commercial property. You can contact Chris <a href="https://commercialpropertymadeeasy.com" target="_blank">here</a>.
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