A wave of investment, renewal and precinct growth continues to shape the northern edge of Macquarie Park, where daily life is supported by a rare combination of university activity, corporate employment, major retail, and expansive green corridors. It’s this convergence of amenity and connectivity underpins the setting for <a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>’s <a href="https://www.apartments.com.au/new-apartments/la-vera-94-talavera-road-macquarie-park-nsw-2113">La Vera</a>, which has now topped out and is tracking toward completion in mid-2026.

Within this pocket of the precinct, residents move easily between the area’s key anchors. Macquarie Centre, home to more than 360 retailers, fresh food offerings, dining and entertainment, sits at the heart of local convenience and functions as a major transport interchange. The Metro, T1 rail line and extensive bus network place much of Sydney within quick reach, while surrounding arterial links support direct access to neighbouring districts.

[smartcode_project:default project_id=134951 project_image_fid=5829]

Green space remains a defining feature of the immediate environment. Lane Cove National Park stretches along the northern boundary of the precinct, offering bushland trails, cycling routes and quiet riverfront pockets. Shrimptons Creek and the campus grounds of Macquarie University extend these recreational networks, softening the urban setting and creating a daily connection to nature that informs the project’s architectural response.

<a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> have shaped La Vera around these contrasts. The building’s northern elevation adopts an organic, curvilinear form that mirrors the natural topography of the national park. Three sculpted forms soften the tower’s profile and encourage a stronger transition between indoor living areas, balconies and the broader landscape.

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Cox Director Felipe Miranda says the building’s outlook played a central role in the design process.

“The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park… The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies,” Felipe Miranda of Cox Architecture said.

Toward the city-facing side, the design shifts to a more urban expression. A gridded facade and extensive glazing capture CBD views, creating a dual strategy that blends ecological outlooks with metropolitan orientation.

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La Vera delivers 169 residences across one- to four-bedroom layouts, reflecting the needs of young families, downsizers, first-home buyers and investors seeking long-term certainty within a high-amenity location. From the project, residents can walk to Macquarie University, Macquarie Hospital and nearby corporate offices, reach national park trails within minutes, and enjoy retail and dining without relying on a car.

The project is delivered by Urban Property Group, a 4.5-star iCIRT-rated developer-builder with more than three decades of experience. The company has become a leader in adopting 10-Year Latent Defects Insurance (LDI), first introduced on its Parq Bexley development and now embedded into its pipeline.

[smartcode_project:default project_id=134951 project_image_fid=223727]

La Vera is the first development in Macquarie Park approved to offer this 10-year LDI policy, adding another layer of protection for purchasers and reinforcing the transparency of the construction process.

Urban Property Group CEO Patrick Elias says this assurance has become increasingly important for buyers navigating the off-the-plan market.

“Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been… Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share,” Urban Property Group CEO Patrick Elias said.

Urban Property Group's in-house construction team is forecasting a mid-2026 completion, with <a href="https://www.apartments.com.au/project-marketer/home789">HOME789</a> appointed as the project marketer.

[smartcode_project_cta:default project_id=134951]

Staff Writer

La Vera delivers a nature-connected address within Macquarie Park’s core

<a href="https://www.apartments.com.au/buildings/aura-by-aqualand-north-sydney-168-walker-street-north-sydney-nsw-2060">AURA</a>&nbsp;doesn’t just rise over North Sydney, it redefines it. Now in its final release, <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a>’s $1 billion architectural statement is not just complete, but already reshaping the way people live, connect and dine in this rapidly evolving harbourside CBD.

Positioned beside the new Victoria Cross Metro Station and boasting panoramic views across Sydney Harbour, Aura’s 386 residences crown a mixed-use precinct designed with unapologetic ambition. The curvaceous sandstone-inspired form by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, paired with <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richard Stanisich</a>’s understated interiors, sets a design tone that’s both monumental and intimate.

At its peak, literally, the two penthouses so spectacular they command their own names; La Davina and Il Magnate. The residents are spread across the&nbsp;entire top floor, offering what many consider the most refined residences ever built in North Sydney. Designed by Richard and Kirsten Stanisich, each four-bedroom home is meticulously crafted to evoke calm, space, and permanence.&nbsp;

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/VB70993aG-I?si=adRBlXQliYmYvaSz" title="YouTube video player" width="560"></iframe>

The kitchens are fully wrapped in natural stone, with integrated Gaggenau appliances, Sub-Zero fridges, concealed sculleries, and even a zip hydro tap delivering boiling, chilled and sparkling water on demand. A linear stone fireplace anchors the open-plan living space, dividing lounge and dining zones with quiet sophistication.&nbsp;

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The master suite, meanwhile, feels more like a private retreat, complete with a custom stone makeup vanity, walk-through dressing area, and spa-inspired ensuite with heated stone floors, a freestanding Villeroy &amp; Boch tub, and timber veneer joinery throughout.

Kirsten Stanisich, Director of Richards Stanisich, said the penthouses offer incredible scale reflective of a single residence.&nbsp;

“We sought inspiration for these remarkable residences from the classic top-floor Parisian apartment," Stanisich said.

"We looked at what made these French apartments so elegant and found it really came down to their scale. It was ultimately this generosity of space that we used for the AURA penthouses, where we’ve designed considered rooms with deep large-scale proportions."

[smartcode_project:default project_id=30959 project_image_fid=310337]

Everyday living at Aura feels no less elevated. A dedicated 24-hour concierge, Technogym fitness centre, sky dining terraces, and a resort-style pool serve a lifestyle designed to rival luxury hotels.

At street level, Aqualand’s own hospitality arm, Etymon Projects, curates a precinct of LA-style bistros, Japanese fine dining, and local wine bars, all seamlessly integrated into the building’s sculptural podium.

[smartcode_project:default project_id=30959 project_image_fid=310337]

This final chapter, aptly dubbed The Finale, is more than a sales phase, it’s an invitation to two of the most exclusive apartments ever to be built in North Sydney.

With limited residences remaining, buyers can access curated incentives including stamp duty rebates, rental guarantees, legal fee coverage, and even $20,000 towards dining within the precinct.

From generous one-bedders to The Icons, two singular penthouses priced well into prestige territory, Aura’s offerings reflect a scale and calibre rarely seen in urban Sydney. And with move-in now immediate, this is no longer a promise of future luxury. It’s happening.

[smartcode_project_cta:default project_id=30959]

Aqualand unveils penthouse collection at AURA By Aqualand in North Sydney

There’s no sign of the development wave that began several years ago slowing along Old Burleigh Road.

Around 10 new apartment developments are either underway or preparing to launch along the 800-metre strip stretching from the southern edge of Surfers Paradise towards the heart of Broadbeach, collectively adding just shy of 1,000 new apartments to the beachfront corridor.

The latest plans propose a further 30 apartments to replace an original six-unit walk-up on a 658 sqm site at <a href="https://www.apartments.com.au/new-apartments/20a-old-burleigh-road-surfers-paradise-qld-4217">20A Old Burleigh Road</a>. The 14-storey building has been designed by Ferro Chow Architecture, which recently joined the Elevation Architecture Group.

The developer behind the project is Geoffrey Booth, whose Future Liv In has focused on delivering rental accommodation across regional Australia.

<img alt="Old Burleigh Road" data-entity-type="file" data-entity-uuid="99d393e7-d404-43bc-80cb-6255c39b83d6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2012.28.44%E2%80%AFPM.png?VersionId=ZFT8F3mOny4M4ut.kFF3woC9WH9oR5gT" />

The Old Burleigh Road development will comprise 18 two-bedroom apartments, 10 three-bedroom apartments, and a single four-bedroom residence occupying the entirety of level 12. Above, the building will be crowned by a two-storey penthouse with its own private lift, several multi-purpose rooms, and two rooftop terraces — one featuring a puppy lawn and spa, the other offering a private swimming pool, sunset deck, and built-in barbecue.

Resident amenities will be located on the second level and include a pool with adjoining spa, cabana, and pool deck, along with an indoor residents’ lounge featuring a bar and an alfresco barbecue kitchen.

In the architectural statement submitted by Elevation Architecture, the project is referred to as “UMI”, which the firm says has been “inspired by the majestic hinterlands and shaped by the coastal climate”.

“It is an exemplar of how community living can still feel at one with nature, breathable, and deeply connected in place,” the architects noted.

They added that the site benefits from established building separation to adjoining towers, helping to maintain privacy, sunlight, and residential amenity, while still offering direct beach access within an urban setting.

“Drawing inspiration from the Gold Coast hinterlands and the region’s natural landscape, the podium and tower detail highlights the contrasting elements of treetop green and cliff-face peach. The vibrant texture and materiality shaped by time has a richness in depth and character.”

<img alt="Old Burleigh Road" data-entity-type="file" data-entity-uuid="b3d6c923-a0ab-4d74-86da-177313447e8e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2012.28.38%E2%80%AFPM.png?VersionId=i2fygmoVQM6hWpbATTAW_yTitoMTrnI1" />

Old Burleigh Road has become a hotspot for developers, with the three-tower Jewel development kickstarting a wave of projects up and down the strip when it was completed in 2020.

Currently under construction and approaching completion is <a href="https://www.apartments.com.au/new-apartments/faro-broadbeach-123-old-burleigh-road-broadbeach-qld-4218">FARO Broadbeach</a> by 5Point and Bottega, 21 large-scale half- and full-floor apartments. 5Point is also behind the recently launched <a href="https://www.apartments.com.au/new-apartments/lumara-108-old-burleigh-road-broadbeach-qld-4218">Lumara</a>, another 37 apartments to add to the pipeline.

Luxury builder GRAYA is progressing construction on <a href="https://www.apartments.com.au/new-apartments/enclave-by-graya-118-old-burleigh-road-broadbeach-qld-4218">Enclave</a>, its first Gold Coast tower, while Polycell remains the most active developer on the street. They are preparing to launch <a href="https://www.apartments.com.au/new-apartments/sandpiper-broadbeach-155-old-burleigh-road-broadbeach-qld-4218">Sandpiper</a>, a 50-storey redevelopment of the former Sandpiper Holiday Resort that will deliver around 200 apartments alongside extensive resident amenity. The group also has another 130-apartment project approved nearby, as does <a href="https://www.apartments.com.au/news/qld/dvb-approved-for-second-broadbeach-apartment-development">Dean Gallagher’s DVB Projects</a>.

Joel Robinson

First look: Old Burleigh Road apartment development wave continues

Sunshine Coast developer Habitat Development Group continues to position itself as one of the region’s largest new apartment developers.

Its latest project is in Maroochydore, where it is currently delivering <a href="https://www.apartments.com.au/new-apartments/the-millwell-2-millwell-road-east-maroochydore-qld-4558">The Millwell</a>. Adjacent to the new 53-hectare Maroochydore City Centre project, Habitat is planning a further 180 apartments on a 3,468 sqm site at <a href="https://www.apartments.com.au/new-apartments/132-136-aerodrome-road-maroochydore-qld-4558">132–136 Aerodrome Road</a>. The site was purchased with approval for a smaller 13-storey, 103-unit building.

Habitat will demolish the two existing retail centres, currently home to the Salvation Army Family Store and Neighbours Aid, and replace them with an 18-storey building featuring the significant rooftop amenities that have become a hallmark of Habitat developments in recent years. The rooftop will include both indoor and outdoor spaces, anchored by an infinity swimming pool.

<img alt="Maroochydore" data-entity-type="file" data-entity-uuid="ad434d07-666b-4614-b33e-530ad6a2d261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2010.12.33%E2%80%AFAM.png?VersionId=7pyLsPWKQuwv0us3_v.9DmbzEc2VZe9Z" />

There will be a mix of one- to four-bedroom apartments.

The Development Assessment Report, submitted to the Sunshine Coast Council, says the proposal&nbsp;is not speculative, but a response to both zoning intent and demonstrated housing need.

“The proposed development represents an appropriate and logical intensification of the site, consistent with the planning framework and the intended urban outcomes for the locality.”

Across the Sunshine Coast, councils are increasingly scrutinising not just height or yield, but whether new projects genuinely align with the long-term structure plans underpinning growth corridors. The&nbsp;ASTP Planning Report&nbsp;reinforces the approach, noting that the project has been shaped around site responsiveness rather than generic typology.

“The development has been designed to respond to the physical constraints and opportunities of the site, while delivering a high-quality residential outcome that integrates with the existing and emerging urban context.”

<img alt="Habitat" data-entity-type="file" data-entity-uuid="3a03fc54-4ca5-4868-88d0-eeced70604e2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2010.12.28%E2%80%AFAM.png?VersionId=1pkK3lJrrZjkghTLBReM2zatcas4Nc4B" />

In mid-2025, Habitat, a developer that also builds its own projects, commenced construction on The Millwell, located just over one kilometre from the new proposal. The Millwell will comprise more than 200 apartments across two eight-storey buildings.

Habitat also has two projects on Lake Kawana in Birtinya: <a href="https://www.apartments.com.au/new-apartments/st-clair-birtinya-930-931-waterside-retreat-birtinya-qld-4575">St Clair</a>, a 200-unit, two-building development launched last year and set to welcome buyers this year; and Esperance, a 175-apartment project currently progressing through the development approval process.

First look: Habitat continues to bolster Sunshine Coast apartment pipeline with Maroochydore development plans

John Camilleri, the breeder of legendary racehorse Winx, is set to deliver a landmark two-tower beachfront development that would redefine the Surfers Paradise skyline.

Camilleri, who spent around $100 million acquiring development sites across the Gold Coast in 2025, has lodged plans for two new towers on the dress-circle stretch of Garfield Terrace, just two days before Christmas.

In assembling the site, Camilleri's Celestino Developments has effectively acquired the 71 Garfield project by Iris Capital and AALTO by Weiya Holdings, creating an unrivalled <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">4,000 sqm beachfront holding along Garfield Terrace</a>.

The proposal comprises two residential towers of 55 and 48 storeys, linked by a dramatic skybridge which will home “exclusive VIP and wellness amenities.”

In total, the development would deliver 275 two-, three- and four-bedroom apartments across the two towers, rising above a shared landscaped podium that incorporates a central green space and a beachfront swimming pool stretching more than 90 metres.

<img alt="DBI" data-entity-type="file" data-entity-uuid="097900f3-6bef-4919-b168-b08f2f762876" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-30%20at%209.37.58%E2%80%AFAM.png?VersionId=et0SpmcvaPPVrexI_zWi46BVFtZBxAzx" />

Architecture firm DBI, in documents submitted to Gold Coast City Council, said the project at 63–79 Garfield Terrace would “establish a new benchmark for beachfront residential living on the Gold Coast.”

"The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience. Together, the 48-storey North Tower and 55-storey South Tower form a distinctive twin-tower composition whose dynamic silhouette will make a significant contribution to the Surfers Paradise skyline."

DBI said the architectural language draws inspiration from the fluidity and movement of the coastal landscape.

"Each tower is defined by organic, curving forms and continuous balcony ribbons that wrap the buildings, providing deep shading, enhancing environmental performance, and reinforcing the rhythmic, sculptural expression of the façade. These balcony forms also reduce the apparent mass of the towers while maintaining strong visual continuity from podium to summit. Sculpted reflective downturns run along the western spine of both towers, shifting and lifting as they extend upwards to frame service zones and open eastward to maximise ocean views."

<img alt="Garfield" data-entity-type="file" data-entity-uuid="a2a00ce3-a0e9-45d6-b4b5-b7baed592ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-30%20at%209.53.40%E2%80%AFAM.png?VersionId=DnruWV1dhLrtXOeElwekyd7vPq2gw55t" />

The project’s most striking feature is the skybridge at level 45, which will house executive lounges, formal dining spaces, wellness facilities and panoramic ocean-facing views.

“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI added.

The podium will host an extensive suite of recreational amenities, including resident lounges, private dining rooms, a large open green lawn, and the signature 90-metre pool stretching along the beachfront. The pool is divided into lap, lounge and children’s zones.

The southern end of the podium will accommodate additional wellness facilities, including a gymnasium, plunge pools, treatment rooms and a dedicated yoga lawn.

<img alt="Garfield" data-entity-type="file" data-entity-uuid="ee1b4f25-231f-4804-83b1-a573a1481962" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-30%20at%209.55.47%E2%80%AFAM.png?VersionId=zObzIA3D5w7EwqPsHjr2pKrA4vbB28zL" />

There will be 127 apartments in the North Tower and 148 in the South Tower, including multiple penthouses, while the Enderley Avenue and Oceanway frontages will be activated by a series of food and beverage tenancies.

Camilleri emerged as the most active site acquirer on the Gold Coast in 2025. He spent just over $30 million acquiring Pacific Point, a 10-level Surfers Paradise apartment block and an adjoining three-level duplex, from fellow racing identity and Aquis billionaire Tony Fung. Plans are now underway for a 93-apartment, 40-storey tower on the 1,682 sqm site.

He also paid $53.65 million for the 1,500 sqm Garfield Terrace site previously marketed as AALTO by Weiya Holdings, before acquiring the adjoining parcel from hotel billionaire Sam Arnaout’s Iris Capital, the developer behind V&amp;A Broadbeach.

First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge

Coworking

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Co-work space specialist WOTSO has leased a large-scale office space in Zetland.
It has committed to 2,600sqm at 1-5 Link Road in the recently developed Paragon development. 
The five-year lease – attached to another five-year option, is the largest office lease in the South Sydney suburb for several years.
The lease is WOTSO’s first foray into the South Sydney market, adding to their existing co-work facilities at North Strathfield, Pyrmont, Penrith, Bondi Junction and Neutral Bay. 
LJ Hooker Commercial South Sydney Director William Tong managed the lease on behalf of developer, HiFu Capital. 
“WOTSO’s lease represents the largest office commitment in Zetland for more than two years,” he said.  
Whilst details of the lease are confidential, Mr Tong said A-grade office space throughout the wider South Sydney market was commanding between $500-$550psm.  
“The shortage of quality office stock has driven up rents by about 30% in the last three years,” said Mr Tong. 
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j.ballantyne1990-6AQqhLzZaK

Co-work space company WOTSO break Zetland lease drought

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Bates Smart has completed its co-working space at Hub Parliament Station on Nicholson Street, East Melbourne.
Spanning 2,775 sqm, Hub Australia’s latest Melbourne venture occupying the top three floors (levels 16 to 18) of the iconic ICI House is currently known as Orica House.
The Hub Parliament Station interior is inspired by its base building’s mid-century classic design with a Palm Springs-like influence.
Bates Smart Director, Kellie Payne said, “The building is open and invites natural light with the most incredible views of Melbourne with aspects that overlooks the Parliament Gardens and the top-end of Spring Street, and the other over the Carlton Gardens with the Royal Exhibition Building in the background."
<img src="https://www.urban.com.au/images/2019/7/16/east%20mel%202.png" alt="">
Accommodating over 500 members, the new co-working space includes a café, integrated barista bar/hot desks, a boardroom, large serviced meeting rooms, private offices that can be open or screened, member kitchen and lounge, fitness centre, parent and wellness rooms and a media hub.
The work-zone spine runs centrally through each floor, made up of a series of flexible, open-plan workspaces, breakout zones and dedicated rooms.
Elements of the original documentation of the base building have been incorporated within Hub Australia’s new workspace. 
Breezeblocks are used throughout, in screens, walls and joinery, referencing the existing concrete waffle slab and ground floor lobby brickwork.
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Bates Smart completes new co-working space in East Melbourne

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The first month of Orion Springfield Central’s new mobile worker hub, The Third Space, has seen over 120 enquiries in the first month.
Facilities on offer at the Mirvac facility include the use of meeting spaces, individual work stations and flexible co-working areas, plus free services like scanning and printing.  
Kimberley Hill, Experience and Business Development Manager for The Third Space said, "high speed internet, parking and free printing along with our kitchen facilities are popular and the child-minding service for free at Mini Minders is a winner."
“We are already seeing monthly membership sign ups to secure spots,” Kimberley said.  
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/16/20190603-RRP_1864.jpg" alt="">
Users range from technology and financial services businesses through to musical and massage therapy consultants utilising the free child care services and great desk space with other like-minded flexible workers.  
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/16/20190603-RRP_1998.jpg" alt="">
It already offers free parking and a dedicated concierge who responds to calls and drop in enquiries.  
The Third Space is located in the Target Mall opposite Mini Minders, operating from 8.30am to 5.30pm, Monday to Friday, with both casual rates and monthly memberships offered during a 12-month trial of the concept.
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Mirvac's Third Space at Orion is receiving heavy enquiry

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Co-working office spaces increased by nearly 300% in the last five years, with Melbourne holding the largest share.
Co-working office space is one of the fastest growing segments of the commercial leasing market, the latest report by Herron Todd White (HTW) noted.
Research shows the number of co-working spaces in Australia grew by 297% between 2013 and 2017, occupying 193,190 square metres across six cities.
Melbourne holds the largest concentration of co-working spaces with 49% followed by Sydney with 38%.
"We expect this segment of the market to continue growing strongly," the HTW report noted.
Melbourne CBD’s overall office vacancy rate has reduced to 4.6% over the six months to January 2018, according to the Property Council of Australia’s Office Market Report.
Melbourne CBD is now level with Sydney CBD, together showing the lowest vacancy rates amongst all of Australia’s CBDs.
According to the latest report from HTW, the reduction in vacancy is primarily due to the high net absorption rate of prime Melbourne CBD office stock.
The North-Eastern and Docklands precincts have the lowest vacancy rates at 1.5% and 1.2% respectively, while vacancy rates are highest in the Western and Spencer precincts, reflecting vacancy rates of 6.6% and 8.2% respectively.
There is limited new prime office supply in the CBD due for completion over the next two years before the large increase of supply forecast for 2020.
Therefore, it is anticipated that vacancy rates will continue to fall over 2018 and 2019 before rising again in 2020.
The report suggests the market will see potentially sharp rental growth over the next two years as well as a decline in incentives, before levelling out again from 2020.
Strong demand is continuing for good quality office properties and properties with value-add or redevelopment potential within the Melbourne CBD, Metro and St Kilda Road office markets.
This is primarily due to the lack of suitable stock on the market and weight of capital seeking limited investment opportunities in this segment of the market.
The two recent sales in the CBD this year, 470 Bourke Street and 454 Collins Street, both achieved strong results.
470 Bourke Street, the headquarters of The Law Institute of Victoria, sold subject to a short-term leaseback for more than $35 million.
The nine-storey office building with excess land to the rear was purchased by an offshore investor with a capital value rate of circa $10,500 per square metre which reflects the balance land of 368 square metres.
454 Collins Street, an 11-storey C grade building situated at the corner of Collins and Williams Streets, was sold to a Macau investor for $40.1 million on a sharp fully leased yield of 4.21%.
The property was sold subject to a single-tenant leaseback to Robert Christie’s national co-working business on a 10-year term.
The valuation firm suggests that market yields are firming for well located investment grade assets exhibiting sound fundamentals, such as strong lease profiles and limited capital expenditure requirements.
The report suggests that investor demand is particularly strong for assets in the vicinity of $5 million to $50 million within the CBD and inner suburban locations.
The new statutory revaluations will be conducted as at January 2018 and valuations will be released as part of the FY2018/19 council rates notices and 2019 Land Tax assessments.
The valuers estimate that council site values will continue to increase across the CBD owing to strong capital growth over the past two years since the last Council revaluation in January 2016.
The potential rise in site values implies higher council rates and land tax costs which may impact upon the cash flow of landlords, especially where properties are subject to gross leases.
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Melbourne holding the largest share of nation's co-working office spaces: HTW 

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Flexible workplace provider Spaces is expanding, announcing that it will open a new co-working space at 60 Martin Place in Sydney’s CBD.
The three podium level, 4,500 square metre space in the building owned by Investa &amp; Gwynvill Group will open in February 2020.
Spaces is an IWG brand and its new co-working space will aim to offer professionals a creative working environment for the city’s entrepreneurs.
The IWG Global Workplace Survey 2019 found that, in Australia, the demand for flexible working has grown among employees, while 92% of employees can become more productive through introducing flexible work.
Simon van Grootel, Development Director for IWG Australia, said the new Martin Place location fits with the growth of the Spaces brand with and its dynamic relationship with occupiers and landlords.
“Undoubtedly the best building to be built in Sydney for a number of years, this presented a fantastic opportunity to further our existing relationship with Investa and bring to market our first Sydney CBD Spaces location in Martin Place,” van Grootel said.
“As we continue to grow our footprint nationally this will be a great showcase to occupiers and landlords alike as to the engaging environment that Spaces provides.”
Damien Sheehan, Country Head of IWG Australia, said it was important for Spaces to expand their brand across Australia.
“We are very excited about this new offering and the timing couldn’t be better with demand from our enterprise clients showing dramatic growth,” Sheehan said.
Joe Ward mentioned that IWG plc has been seeking a flagship premises for Spaces in Sydney CBD for around two years.
“The attraction for Spaces was a premium grade, landmark building in the central iconic location of Martin Place which is positioned amongst major tech and professional services businesses,” said Ward.
“As a hotly contested space, the landlord was keen to secure the right flexible workspace provider for the building to match to quality of the building and align with the future tenants expected to occupy this new 31 level tower.
“The three large podium floors overlooking Martin Place, is ideal for Spaces to introduce more collaborative workspaces and rapidly grow the brand nationally.”
Ward said Spaces has four locations in Australia across Melbourne and Sydney, which is set to double in 2020 and expand across all the major capital cities.
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jonathanchancellor-7SQnKwU6yx

New co-working space at 60 Martin Place announced 

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The Queensland-based co-working space and business incubator Little Tokyo Two has been placed into voluntary liquidation.
Its founder and entrepreneur Jock Fairweather sending a message saying the business had become “unsustainable”.
Founded four years ago, Little Tokyo Two (LT2) had five locations across Brisbane and the Gold Coast.
The business was primarily offering a co-working space service to startup founders and aspiring entrepreneurs. However, the business had also recently expanded into offering incubation services and ‘growth plans’ for startups.
In the message, Fairweather said while the incubation offerings had performed well, the co-working model had become unprofitable and criticised new market entrants for “undercutting” prices.
“The business of running a co-working space has been struggling, with increased competition in the market and new entrants, who undercut prices to attract new members,” Fairweather said.
“After stress testing our future financial model and the financial difficulty we have recently faced we have concluded that the viability of the LT2 as a co-working space is an unsustainable option for our future.”
The Courier-Mail reports Brisbane City Council had invested $5 million in innovation hub The Capital, which Little Tokyo Two was a “foundation tenant” of.
The council told The Courier-Mail it was trying to find a new operator to “provide certainty for tenants”.
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Brisbane co-working space Little Tokyo Two collapses into voluntary liquidation

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Co-working space ‘The Commons’ was the 2017 Gold Winner of the Melbourne Design Awards thanks to it's glowing 100% renewable energy credentials and insightful design, where multiple spaces have been created with the ability to cater to people’s various moods and needs.

Urban.com.au caught up with CEO of ‘<a href="https://thecommons.io">The Commons</a>’ Cliff Ho, who explains the key differences of co-working facilities in comparison to traditional office spaces, and how the team have used intuitive design to enhance the health and wellbeing of employees. 

<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/commons1.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/commons1.jpg?itok=pJ5TkXto" width="580"></a>

<figcaption>The Commons, South Melbourne. Credit: The Commons</figcaption></figure>Urban: What were the influencing factors in deciding the locations and properties of the new office spaces? (QV &amp; Sydney)

Cliff Ho: In Sydney, we chose Chippendale as it’s known for its creative scene and converted warehouses, Chippendale has become popular in recent years for its beautifully designed cafes, stores and art galleries; it was the perfect location for our first space in Sydney.

In July 2019, we will open our first space in Melbourne’s CBD in QV.

We wanted to find the best spot for this location and we landed on a place with some of the best retail stores and most delicious restaurants. Located at 3 Albert Coates Lane, we will only be a minute walk to Swanston Street, Melbourne Central Station and Chinatown.

<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/commons3.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/commons3.jpg?itok=i8fSJr-H" width="580"></a>

<figcaption>The Commons, South Melbourne. Credit: The Commons</figcaption></figure>U: What benefits do users get from working in a shared office compared to a private office?

CH: We've really set ourselves apart with a strong focus on three main components, community, wellness and logistics. 

The Commons is built on the belief that Community in the workplace is the foundation for success. Our primary objective has always been to cultivate a group of people and businesses who contribute to the growth and happiness of everyone under The Commons roof.

We take our wellness seriously and we know our members value it as well.  We provide members with weekly on-site yoga, meditation and spin classes.

Lastly, in comparison to a traditional office, you can expect to save 66% in your first year of business and 30% in each consecutive year after. We provide all the amenities you need with none of the administrative hassles, so you can enjoy the all-inclusive services and benefits with no hidden costs.

<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/commons4.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/commons4.jpg?itok=yCSSv6Ns" width="580"></a>

<figcaption>The Commons, Collingwood. Credit: The Commons</figcaption></figure>U: In what ways have The Commons offices been designed in an environmentally conscious way, and to achieve a low carbon footprint?

CH: The Commons is offset by 100% renewable wind and solar energy. We give our members easy options to make sustainable decisions in their daily lives by providing reusable containers and eliminating single-use plastic, encouraging alternative modes of transportation and keep recycling bins accessible in all our spaces. Furthermore, we are always seeking more information and diffusing it to our community so we all can make better decisions together.

<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/commons2.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/commons2.jpg?itok=XTNX2Xmq" width="580"></a>

<figcaption>The Commons, South Melbourne. Credit: The Commons</figcaption></figure>U: How has the office been ergonomically designed to support the health and wellbeing of its users?

CH: After extensive research, we’ve designed an environment that is catered to people’s various moods and needs. Our architects, designers of both Google's and Facebook’s head office, sought to build a space where members could feel calm and inspired and be productive and creative.

Our spaces have been designed with meticulous attention to detail and the belief that well-considered design is essential to improving the work life of our members. Every aspect of The Commons exists to create a path for creativity and shed unnecessary obstacles, so our members can focus on their ideas.

The services we provide are centred on helping our members achieve a balanced and integrated work life. From our onsite wellness program to our dedicated quiet zones, we’re always tailoring an experience catered to our complex and diverse human needs.

<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/commons5.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/commons5.jpg?itok=fjbkPgr5" width="580"></a>

<figcaption>The Commons, Collingwood. Credit: The Commons</figcaption></figure>U: Do the industries you market your services to determine what you include in your design?

CH: Our designs are firstly informed by human need and secondarily by industry needs. We also do a lot of listening to our members and create amenities that they ask for. For instance, our spaces feature podcast studios, photography studios and even a Maker space, but at the core, we design with people in mind.
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Olivia Round

'The Commons' CEO Cliff Ho discusses the differences between co-working spaces vs traditional offices

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International Workplace Group’s (IWG) co-working brand Spaces has secured approximately 7,000 square metres of space across two buildings within Lendlease’s Melbourne Quarter precinct.
Spaces will occupy one floor at One Melbourne Quarter and more than 4,000 square metres over two floors at Two Melbourne Quarter.
They will also utilise the business lounge facilities in each building’s lobby as extensions of their workplace.
Spaces’ members will also have access to the precinct’s Wi-Fi enabled Sky Park.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/22/One%20Melbourne%20Quarter.jpg" alt="">
There will be over 700 flexible workstations available when Spaces moves into One Melbourne Quarter (pictured above) in May this year and Two Melbourne Quarter (pictured below) once it is complete in mid-2020.
The precinct will also be the Victorian home of AMP and EnergyAustralia, which will join Arup and Lendlease.
Spaces’ model allows customers to pay only for the space they need, scaling operations up or down to boost employee productivity in their choice of work environments.
The Lendlease managed Australian Prime Property Fund (APPF) Commercial owns One Melbourne Quarter and has a 50% joint interest in Two Melbourne Quarter with First State Super.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/22/Two%20Melbourne%20Quarter%20-%20artists%20impression.jpg" alt="">
"There is a workspace revolution underway in Australia and businesses of all sizes are waking up to the strategic and financial benefits that flexible office space can provide," said  Damien Sheehan, Head of IWG, Spaces parent company in Australia &amp; New Zealand.
"This will be the fourth Spaces co-working centre located in Victoria and we are extremely excited to be located in the new Melbourne Quarter Precinct."
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Co-working operator Spaces joins Melbourne Quarter precinct 

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Developer Lendlease has announced that it has secured International Workplace Group’s (IWG) co-working brand, Spaces at its Melbourne Quarter precinct within Melbourne's Docklands urban regeneration project.

Spaces will occupy approximately 7,000 sqm of space across two buildings comprising, one floor within the recently completed One Melbourne Quarter, and upon completion, more than 4,000 sqm across two floors at Two Melbourne Quarter, currently under construction.

As part of their tenancies, Spaces will also utilise the business lounge facilities in each building’s lobby providing extensions of their workplace with members also having access to the precinct’s wi-fi enabled Sky 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/mq_towers.jpg" rel="gallery-all" title="Spaces will be occupying 7000sqm across two buildings at Lendlease's Melbourne Quarter. Images: Lendlease"><img alt="" class="image-article-full-width-580px" height="404" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/mq_towers.jpg?itok=bkdniqqz" title="Spaces will be occupying 7000sqm across two buildings at Lendlease's Melbourne Quarter. Images: Lendlease" width="580"></a>

<figcaption>Spaces will be occupying 7000sqm across two buildings at Lendlease's Melbourne Quarter. Images: Lendlease</figcaption></figure>Overall, Spaces will provide 700 flexible workstations when it moves into One Melbourne Quarter in May and Two Melbourne Quarter once it is complete in mid-2020. Space will join future Melbourne Quarter tenants AMP and EnergyAustralia,and Arup and Lendlease, who have already taken occupation of their respective workspaces within One Melbourne Quarter.

According to Spaces, its model allows customers to pay only for the space they need, scaling operations up or down to boost employee productivity in their choice of work environments.

Meanwhile, construction is continuing in earnest at Melbourne Quarter with Two Melbourne Quarter's floorplates and core now well above street level and the first panels of facade now installed on East Tower. 

<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/tmq_construction_progress.jpg" rel="gallery-all" title="Construction progress at Melbourne Quarter. Images: Urban forum member redden"><img alt="" class="image-article-full-width-580px" height="216" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/tmq_construction_progress.jpg?itok=4xDRYuIh" title="Construction progress at Melbourne Quarter. Images: Urban forum member redden" width="580"></a>

<figcaption>Construction progress at Melbourne Quarter. Images: Urban forum member redden</figcaption></figure><h2>What they say...</h2>

<blockquote>
Spaces’ presence at Melbourne Quarter will provide businesses with more adaptable and dynamic places to work. Lendlease is designing precincts with flexible workspaces that provide transport connectivity, outdoor green spaces and retail amenity in one location.

Spaces will introduce a broad range of organisations to Melbourne Quarter, presenting an exciting proposition for the precinct’s existing workforce and retailers.

- John Burton, Lendlease’s Managing Director, Urban Regeneration
</blockquote>

 

<blockquote>
There is a workspace revolution underway in Australia and businesses of all sizes are waking up to the strategic and financial benefits that flexible office space can provide.

This will be the fourth Spaces co-working centre located in Victoria and we are extremely excited to be located in the new Melbourne Quarter Precinct. This year, the growth of flexible working is predicted to rise across Australia, as more office-based activity is demanding greater choice and flexibility in the workplace, for businesses, organisations and their employees.

- Damien Sheehan, Head of IWG, Spaces parent company in Australia &amp; New Zealand
</blockquote>

 

 
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Laurence Dragomir

Lendlease welcomes co-working operator Spaces to Melbourne Quarter

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GUEST OBSERVATION
Cities are seeing a growing number of shared working, or co-working, spaces. They include spaces where individuals and businesses can flexibly rent desks or rooms, or do shared work in “third spaces” such as libraries and cafes.
Co-working spaces offer a range of benefits and risks to the local economy. Our research looked at the role policy-makers, regulators and city planners can play in ensuring that these spaces make a positive contribution to our cities.
We found shared work spaces emerging in regulatory voids left by outdated policy frameworks. To exist, they are relying on the forward thinking of local innovators seeking to revitalise urban centres.
Types of spaces
Shared work spaces vary by the type of work they facilitate, from knowledge work (such as IT and professional services) to small-scale manufacturing. Some are purpose-built for co-working, whereas others (such as cafes) are informally used as such.
Some also target particular markets by offering additional services such as a crèche for childcare, seminars for professional development and events for networking.
Shared working spaces also differ in their models of ownership. These range from privately owned and managed, to government subsidised and cooperatively managed community resource centres.
<img src="https://images.theconversation.com/files/217491/original/file-20180503-153884-q4pery.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Pubs, such as this one in London, can become informal shared work spaces. Carey Curtis
The ownership and funding of individual co-working spaces may also change through time, as they may receive new sources of government funding, attract new types of clients or relocate to new facilities.
What are the benefits?
There are many potential benefits for sharing a working space, including access to common spaces, equipment, tools, and technologies. Some people may only need a space for a few hours a day or on one occasion for a special project, so they can hire spaces in desirable locations without high rental charges.
Shared working spaces also offer social benefits through greater opportunities to interact, network and collaborate with like-minded workers.
A co-working space can be a good use of unused spaces in buildings and be birthing places of new enterprises. They can also support local businesses by hosting large groups of potential customers.
And they may afford people a place to work closer from home, reducing the need for long commutes.
What are the downsides?
Big players in the sharing economy – such as Uber, Lyft and Airbnb – have had a disruptive effect on existing markets by reducing opportunities for less advantaged people and workers in the market, and confusing regulators.
A similar scale of disruption may be on the horizon with the rapid growth of big players in co-working spaces such as WeWork. These could threaten existing shared work spaces by absorbing customers and competitively leasing out available buildings.
Shared work spaces could potentially contribute to the gentrification of older neighbourhoods by pushing up the price of real estate, and displacing established small businesses and residential tenants.
Co-working spaces has also been seen as representative of an increasing casualised workforce, as such spaces may host short-term contractors doing work that was previously performed by full-time internal staff members.
What we found
We analysed planning and economic development policy and interviewed founders and users of shared working spaces in Western Australia.
We identified around 20 shared work spaces in Perth and regional Western Australia. Many were in retrofitted older and under-used buildings such as an old department store, maternity hospital or converted office space.
Most founders told us that shared working spaces needed to be accessible to be viable. Many also identified the quality and intensity of activities around the area as essential to attracting workers to their space.
<img src="https://images.theconversation.com/files/217489/original/file-20180503-138586-nkkep4.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Shared work spaces can facilitate knowledge work, as well as manufacturing (like this one in Fremantle, WA). Carey Curtis
But founders identified regulatory frameworks, including land use permission controls, as significant barriers to establishing these spaces. For instance, a shared work space where people repair furniture or make jewellery could be considered as being used for manufacturing.
This type of activity may not be permitted in a disused department store that falls within a retail zone.
We found that often, local councillors and economic developers, have thrown their hat in the ring to help establish shared work spaces in their area. They would do so by helping founders secure required approvals, such as building accessibility certifications and emergency management plans.
Knowing the potential contribution of such spaces to the economy, they’ve also helped founders navigate regulations and planning controls intended for more permanent use of spaces.
But we found that town planners were rarely engaged in early conversations with shared work space founders. Planners generally didn’t identify or facilitate opportunities to host shared working spaces in unused buildings.
Planning policy documents and city planning departments didn’t actively recognise co-working spaces as a major new way people use buildings in cities.
Sharing spaces better
Technologies are creating new ways to match a mobile and flexible workforce with work spaces. This is leaving regulators to manage the impacts from the temporary uses of many shared work spaces.
City planners should be prepared to recognise and plan for the benefits these spaces bring, while minimising possible negative impacts on users, neighbours, and the broader community.
Planning strategies that seek to regenerate urban places and provide economic and social opportunities in urban growth areas will need to prompt more engagement with shared work space proponents, users, neighbouring businesses and residents, and local government divisions.
<img src="https://counter.theconversation.com/content/95923/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Shared work spaces have a positive role to play in Australian cities and regional centres. However, it seems planners are at risk of missing the boat when it comes to using shared work space to achieve more socially and economically viable planning outcomes.
Courtney Babb, Lecturer in Urban &amp; Regional Planning, Curtin University
Carey Curtis, Professor of City Planning and Transport, Curtin University
Sam McLeod, Urban Planning Researcher, Curtin University
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/co-working-spaces-are-part-of-the-new-economy-so-town-planners-better-get-with-the-times-95923" target="_blank">original article</a>.
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