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.
</section>
</section>

[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Commercial

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The Hong Kong billionaire Tony Fung intends to backdoor list his newly acquired Canberra Casino.
It will be done through the rare-earths explorer Discovery Resources, which is changing its name to Aquis Entertainment.
The Australian Financial Review reports a $2 million capital raising at 20¢ per share will take place, giving Tony Fung's company an 89% share in the listed entity.
Fung purchased the Canberra Casino in December last year for $6 million.
It has 39 gaming tables.
Fung is seeking a casino licence at the Aquis Great Barrier Reef Resort.
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jchancellor-FAypfDUnLy

Hong Kong billionaire Tony Fung to list Canberra casino: reports

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The 129-131 Parramatta Road, Concord development site has been given a $4.2 million asking price having failed to sell at is scheduled 16 April auction.
<a href="https://www.realcommercial.com.au/property-land+development-nsw-concord-501497303" target="_blank">There is approval for 16 units</a> for the shop-top site set 500 from Strathfield Station.
JLL agents Blair Peterken and Dylan McEvoy have the listing. Some 90% of the apartments will be two bedrooms.
The site was consolidated in 2013 at a $1.6 million cost. 
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Parramatta Road, Concord residential development site offering

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How hot will it go?
Fire &amp; Rescue NSW have listed their former fire station, 259 Cabramatta Road, Cabramatta for sale at 2 May auction.
The district's first Fire Brigade was established at Cabramatta in January 1928 as Brigade Number 49 on Railway Parade.
The station was also known as Cabramatta-Canley Vale with the first permanent staff were appointed to the station in 1955. 
Cabramatta Fire Station was incorporated into the Sydney Fire Department in 1959. 
A new station was established in 1969 on West Cabramatta Road.
In 2000, Cabramatta Fire Station was located at 259 Cabramatta Road in West Cabramatta.
There's nothing flash about the firestation, so will be <a href="https://www.realcommercial.com.au/property-land+development-nsw-cabramatta-501513403" target="_blank">a knock down </a><a href="https://www.realcommercial.com.au/property-land+development-nsw-cabramatta-501513403" target="_blank">development</a><a href="https://www.realcommercial.com.au/property-land+development-nsw-cabramatta-501513403" target="_blank"> site </a>opportunity when sold by Colliers agent Harry Bui.
The 613 square metre site is located on the northern (eastbound) side of Cabramatta Road at the junction of Hill Street approximately 500 metres from Cabramatta Train Station and adjacent to the Public Council Car Park at the rear.
It is zoned B4 Mixed Use allowing retail, commercial and residential. There is a floor Space Ratio (FSR) 1.5:1 with maximum height limit of 10 metres.
His locals sales have included the BKK Shopping Centre for $20 million and the Cabramatta City Centre for $18.1 million.
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Former Cabramatta fire station to test development market heat

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The first thing you need to do is come up with some creative ways to address this and still maintain your sanity, at the same time.
But no matter what your approach may be, there are several things you always need to do.
1. Secure (or compile) a Target List of Potential Tenants
<ul>
<li>This may be by geography (ie: businesses located in the surrounding area); or</li>
<li>It may be by business category (ie: types of businesses you feel your property would ideally suit).</li>
</ul>
The geographical approach is best suited to industrial property.
In which case, you simply get in your car and drive around the nearby streets — noting down the firms who occupy premises of roughly the same size as yours.
But what about the list by business category?
No matter how old-fashioned as this may sound, you will find it best to start with a hard copy of Yellow Pages.
Using your category list, you look up those specific business types located in and around where your property is located.
Exactly how many categories (and how far you spread from your property) is up to you. However, I would probably be suggesting eight to 10 business categories; and maybe as far away as 5 kilometres.
In any event, you should be looking to come up with a list of around 300 firms to call. That way (and based upon my 2% success rate), you should then end up with between five or six potential starters.
2. WHO is the Key Person you should speak to?
Interestingly, it's not always the CEO. Sometimes it will be the office manager; other times, maybe the financial controller.
You may need to have someone else call up beforehand, to establish exactly who the decision-maker is so that you can ask to be put through to that person, when you call.
Now you've compiled your list of target firms to contact and identified the key people involved, you may find it helpful to actually role-play a couple of very successful tele-scripts.
Bottom line: Hopefully, this has gives you a few fresh insights into just how easy it is for you to make your cold calls and be successful — whenever you have a vacancy, even in a tough market.
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chrislang-EQKojcgJPV

What can you do when your tenant leaves? Chris Lang

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To be more specific, <a href="/new-apartments/mulgrave-vic-3170">Mulgrave</a> in Melbourne's South East is experiencing somewhat of a commercial office space surge with a handful of projects currently under construction. With well established credentials as home to in excess of 300,000sqm of office space, Mulgrave and to a lesser extent adjoining <a href="/new-apartments/mount-waverley-vic-3149">Mount Waverley</a> continue to expand at pace.

Largest of the current crop is <a href="/builders/australand">Australand</a> and Commercial &amp; Industrial Property's 211 Wellington Road in Mulgrave which is well into construction of its first phase. A five star NABERS rated, seven-level office building valued at $62.6 million is under development alongside a multi-level 650 bay car park.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image45.jpg" rel="gallery-all" title="The first phase of 211 Wellington Road. Renders courtesy Colliers"><img alt="" class="image-article-full-width-580px" height="401" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image45.jpg?itok=1B2jJ6kC" title="The first phase of 211 Wellington Road. Renders courtesy Colliers" width="580"></a>

<figcaption>The first phase of 211 Wellington Road. Renders courtesy Colliers</figcaption></figure>With a lettable area of 12,718sqm, the under construction office building covers a fraction of the 10,930sqm development site which is expected to see additional commercial buildings delivered in due course. Monash University have elected to take 7,825sqm within the initial office building that has an expected completion date of early 2016.

In addition, last week's <a href="http://www.afr.com/real-estate/australand-wins-new-suburban-office-tenants-20150416-1mmisk">AFR reported</a> that Mazda Australia will commit to its new Australian headquarters at the facility. Covering 6710sqm, the development is also seen above and represents the next phase of 211 Wellington Road which may yield in excess of 40,000sqm of lettable space upon completion.

Nearby and construction has begun on 545 Blackburn Road, the follow-up to Fortune Building's initial 549 Blackburn Road office project which is now headquarters to business solutions company, Pentana Solutions.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/main_1_0.jpg" rel="gallery-all" title="Under construction. Image courtesy 545blackburn.com.au"><img alt="" class="image-article-full-width-580px" height="339" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/main_1_0.jpg?itok=HlMiaN-E" title="Under construction. Image courtesy 545blackburn.com.au" width="580"></a>

<figcaption>Under construction. Image courtesy 545blackburn.com.au</figcaption></figure>The new accommodation, seen above, will hold 7,400sqm of commercial office space above a basement catering for in excess of 330 vehicles. As has become the norm with many commercial developments citywide, end of trip facilities have been designed into the building, as has been a ground level cafe and rooftop recreation area.

Rounding out the trio of current builds is <a href="/developers/salta-properties">Salta Properties</a> ever expanding Nexus Corporate development. The recently completed nine level car park/office structure has been replaced by another build, namely a new corporate office complex at the north east corner of the development site.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image48_1.jpg" rel="gallery-all" title="Nexus' most recent and upcoming. Render courtesy Colliers"><img alt="" class="image-article-full-width-580px" height="195" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image48_1.jpg?itok=ggRtzQot" title="Nexus' most recent and upcoming. Render courtesy Colliers" width="580"></a>

<figcaption>Nexus' most recent and upcoming. Render courtesy Colliers</figcaption></figure>The 4.5-star NABERS rated building under construction will not be the last for Nexus Corporate either with Salta holding the adjoining 2-22 McDonalds Lane. With a site are aof approximately 15,000sqm, the development plan shows the potential for 14 separate buildings within the precinct, as opposed to the six currently completed.

The redevelopment of the remaining plots is a long term prospect, given the existing buildings are leased.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image46_1.jpg" rel="gallery-all" title="Development plan. Image courtesy nexuscorporate.com.au/"><img alt="" class="image-article-full-width-580px" height="380" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image46_1.jpg?itok=v2FwrWnU" title="Development plan. Image courtesy nexuscorporate.com.au/" width="580"></a>

<figcaption>Development plan. Image courtesy nexuscorporate.com.au/</figcaption></figure>
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silvermb

Commercial development on the rise in the south east

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A sports medicine centre on Bay Street in Brighton sold to an investor for $3.37 million today.
A packed room at Burgess Rawson's investment portfolio auction at Crown Casino watched a handful of bidders take <a href="https://www.burgessrawson.com.au/3P0991#.VS3i0YWM54s" target="_blank">441 Bay Street, Brighton</a>'s price from $2.8 million to $3.37 million.
"Don't think of the yields, think of the position," auctioneer David Scholes urged a handful of potential buyers as bidding slowed to $5,000 increments.
The 1,030 square metre site has been leased to Brighton Spinal Group for more than 16 years. Currently, it attracts $143,402 net income per annum, with annual fixed increases of 3%.
The building comprises a Victorian at the front with a two level contemporary extension at the rear. It includes 11 consulting rooms and a large gym.
Scholes noted the large site's potential for further development, subject to council approval. The medical centre, marketed by Jamie Perlinger and Ben Appell of Burgess Rawson, sold at a 4.26% yield.
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jrichardson-uRX5hFdKfN

Brighton medical centre sells for $3.37 million on 4.3% yield

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The Eureka Group has bought the Elizabeth Vale seniors living village in South Australia for $4,386,000.
It takes Eureka's holdings under company management to 1,343 units with 373 under company ownership.
The village, known as Elizabeth Vale 2, is currently 93% occupied and expected to generate earnings before interest, taxes, depreciation, and amortization of $460,000 per annum, excluding Eureka's existing management fee of $140,000 per annum.
The acquisition includes 45 freehold units and a first mortgage loan book secured against 12 other units in this village.
This village is adjacent to Elizabeth Vale 1.
The Elizabeth Vale 2 addition increases Eureka’s units under ownership to 374 with a total of 1,343 units under company management. 
Last month it executed a conditional contract to acquire a large rental village in Lismore, New South Wales for $4 million, the seventh freehold village Eureka has acquired in the last 16 months. 
The Lismore village will be known as Eureka Cascade Gardens Lismore and currently houses 80 permanent tenants with some short-term accommodation. 
The group strategy has seen Eureka move from operator only, to an owner/operator/manager model.
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Eureka Groups buys Elizabeth Vale seniors living village

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A portfolio of seven petrol stations will be auctioned at the next Burgess Rawson Melbourne portfolio auction.
All the sites have 10 to 15 year leases to petrol retailers.
They are expected to sell from about $850,000 for the Katanning Woolworths Caltex in regional Western Australia, to $5.5 million for a BP in Seaford in Melbourne's south-east.
Burgess Rawson said yields for petrol station investments had fallen in the last 18 months to below 5% for the best metropolitan sites.
Burgess Rawson and Newtons Real Estate are conjunctional agents for the 15 April auction.
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Seven petrol stations set for Burgess Rawson April auction

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A site with development approval for an apartment complex at Homebush in Sydney’s inner west has been sold by Ray White Commercial South Sydney for $12.6 million.
The 2,216 square metre property at 172-176 Parramatta Road, Homebush was sold to a local developer by agent Peter Kotzias who said the former caryard site had development approval for 84 apartments.
<img src="/images/2015/04/01/homebush%20mar%2031%20one.jpg" alt="">
“This site was sold off-market to a developer ready to exchange and settle in a short period of time,” Kotzias said.
“The vendor had amalgamated the three caryard sites and obtained a DA for the apartments to put the property up for sale."
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Parramatta Road caryard sale at development approved site

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GUEST OBSERVATION 
The historic low interest rate climate that we are now experiencing is a unique moment in time as RBA interest rates haven’t swilled around at 2.25% since the 1950s. Our research team has noticed that this is already having ramifications across both commercial and residential sectors.
Add to this the low currency exchange and low inflation and we have a perfect storm which is generating unique and unprecedented pressure on the Australian property market, creating a benign micro-climate for owner-occupiers and investors.
The Australian dollar is now sitting just under 0.80 to the mighty greenback, which effectively translates as a 20% discount off property prices. This weak Australian dollar means that greater volumes of investors continue to underpin the market.
It has also encouraged the global community to turned their focus to Australia as we are now very attractive compared to other international destinations and are placed in the top four countries as preferred investor locations.
Investors are returning with a vengeance, as these low interest rates will reinvigorate both the commercial and residential market.
There is a lot of pent up demand, it’s just that the expectation that the exchange rate is going to keep falling and interest rates may go lower. All it takes is a slight change in sentiment and buyers will be moving in – in even greater numbers to take advantage of relatively cheaper prices and better investment returns.
Damon Krongold, director of Beller Project Marketing, noted that that the RBA interest rates are even lower than immediately post GFC.
He believes the combined effect of low interest rates and low inflation have made a great environment for off the plan purchasers to benefit. Whether they be owner occupiers or investors. For owner occupiers, with the RBA interest rate of 2.25% which contributes to an incredibly low borrowing rate of 4.75% and inflation at an incredibly low 1.7%, makes the case stronger than ever for first home buyers to redeploy their rent into a mortgage.
These unique conditions are ripe for savvy owner occupiers and investors to be ahead of the curve.
We are now firmly part of the global economy and just need to jump into the market as money in the bank is just not working any more, the interest climate is so low. Australian property is a very attractive proposition as we can still achieve good yields.
The numbers also add up for commercial property investment.
Buying a property in your local shopping neighbourhood can provide both financial and emotional security. As consumers we need to feel comfortable with the business paying our rent and financially the numbers today are cash flow positive for the first time in many years.
Interest rates for commercial property and residential property are almost identical, with the variance only 0.35%pa So, when doing the numbers, don’t forget that commercial property is more affordable than you think.
The big push will come from private superfunds and individuals with cash in the bank and who are frustrated with their investment returns. Commercial property investment will then be seen as a logical choice.
Andrew Fawell is director of <a href="https://www.bellergroup.com.au/" target="_blank">Beller Property Group</a>.
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