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

Joel Robinson

Maréa Residences brings parkside apartments to Coolangatta

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

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

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

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

IN BRIEF

<ul>
	<li>
	Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.
	</li>
	<li>
	Construction on The Waterline is complete, with the first residents expected to move in from mid-October.
	</li>
	<li>
	Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.
	</li>
</ul>

<hr />
Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.

Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.

[smartcode_project:default project_id=113271 project_image_fid=366708]

Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.

“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.

“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.

“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”

[smartcode_project:default project_id=113271 project_image_fid=366709]

The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.

The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.

Each residence also has three secure basement car spaces and additional storage.

“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.

“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”

<img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" />

Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.

Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.

Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.

“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.

“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.

“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”

Sky Homes are priced from $3.65 million.

Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.

Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.

Harbour Shores is being marketed by Colliers International.

[smartcode_project_cta:default project_id=113271]

Lewis Land opens sky home display as The Waterline completes at Harbour Shores

St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.

The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.

Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.

It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.

<img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" />

The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.

The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.

The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.

<img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" />

Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.

The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.

The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.

Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.

The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.

<img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" />

&nbsp;

The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.

Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.

Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.

<a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a>

Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.

Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.

Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.

<a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station">First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</a>

&nbsp;

First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

DEXUS Property Group

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Dexus has announced that it has conditionally exchanged contracts to sell 45 Clarence Street, Sydney to Peakstone.
The sale will realise net proceeds of $530 million, which is consistent with the property’s book value at 31 December 2019.
It was bought in 1998 at $165 million.
45 Clarence Street is a 28-level, A-grade office tower across 32,000 square metres, located in the western corridor of Sydney’s financial district and was built in 1990.
On 31 December 2019, the property was 100% occupied and had a weighted average lease expiry of 3.3 years.
The sale was concluded following the receipt of an off-market unsolicited offer from Peakstone, a Singapore headquartered manager of Asian capital, and is subject to the purchaser receiving FIRB approval.
 “This transaction reinforces the resilience of prime quality office asset values in the Sydney CBD and enables us to recycle capital into higher returning opportunities that we expect will become more prevalent over the coming period,” said CEO Darren Steinberg.
The transaction follows the completion or exchange of more than $800 million of property divestments across the group during FY20.
The net sale proceeds will initially be used to repay debt.
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Dexus announces conditional contract to sell 45 Clarence Street to Peakstone

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Michael Kwok has moved from his previous senior leadership roles in capital transactions and development with Dexus Property Group to join the boutique advisory firm Archerfield Partners as director, real estate advisory.
"Moving to a boutique environment offers me the opportunity to grow by working with a close-knit team of senior industry people," he said.
Archerfield Partners was founded in the furnace of the GFC. 
In the 10 years since, the firm has undertaken a mix of real estate and capital advisory engagements.
“We have known Michael for a long time," said Steve Howes, one of Archerfield’s founding executive directors.
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Michael Kwok moves from Dexus to Archerfield

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Real estate investment trust company Dexus has issued a response to criticism that two of its subsidiaries exhibited “unreasonable and disappointing” behaviour that led to the administration of competitor Grocon’s subsidiaries.
Grocon's subsidiaries took Dexus to court in February this year to set aside statutory demands from Dexus to pay its alleged debts.
The two companies have historically had a rocky relationship, with legal disputes over finances spilling into the public eye in recent months.
In the response, Dexus asserts that;
1) Grocon has had debts outstanding to Dexus and a funds management partner for more than three years relating to a lease of premises at 480 Queen Street, Brisbane.
2) Grocon entered into several binding agreements to repay the debt owed and had not complied with these, despite repeated requests to do so and Dexus granting extensions to the scheduled payment dates.
3) Dexus issued statutory demands on Grocon seeking to have the debt paid and Grocon challenged these in court alleging abuse of process. It should be noted that Dexus did not commence proceedings against Grocon.
4) Dexus is following, and intends to continue to follow, the court’s direction (next hearing is scheduled before the Federal Court of Appeal on 22 November 2019). Dexus expects judgment to be handed down soon after the hearing.
5) The outcome of this process has no negative impact on Dexus’s market guidance1 for the 12 months ending 30 June 2020 to deliver distribution per security growth of circa 5%.
 
 
 
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Dexus shoots back at competitor after criticism

<html><body>
Waterfront urban renewal is on the agenda at Brisbane's Eagle Street Pier as plans to transform the immediate area into a pedestrian friendly precinct gather momentum.

Dexus Property Group is actively supporting the project which would see the mixed-use precinct created, underpinned by two new towers and an overhaul of the area's public realm. 1.5 hectares of enhanced and accessible public and riverfront open space is expected under the Waterfront Precinct plan, which effectively covers a group of buildings already owner by the property outfit.

With support from the State Government and Brisbane City Council, a section of Eagle Street would removed from the corner of Market Street to the corner of Charlotte Street, in order to provide ample area for two major towers.

It's expected the removal of vehicles from this stretch of Eagle Street would also deliver 7-day a week activation by way of increased amenities, retail and restaurant options for the precinct.

<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/image47_8.jpg" rel="gallery-all" title="Overview of Dexus' site ownership"><img alt="" class="image-article-full-width-580px" height="419" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image47_8.jpg?itok=sVYRc1ve" title="Overview of Dexus' site ownership" width="580"></a>

<figcaption>Overview of Dexus' site ownership</figcaption></figure>The Palaszczuk Government's nod will see Dexus progress Waterfront Precinct to the next stage of design and consultation.

Being  a private sector initiative seeking an exclusive commercial arrangement with government, Waterfront Precinct will adhere to the Queensland Government’s Market-Led Proposal (MLP) structure. The proposal as of late last week progressed to Stage 2, where the project's overall feasibility will determined.

<blockquote>
Should this project reach final approval, this will be a city-shaping development – a world-class mixed-use riverside precinct with public space at its heart. Our government is supporting this proposal because we support jobs, and this project would represent a $1.4 billion investment in Brisbane with the potential to support around 740 jobs per annum over the life of construction.

This proposal isn’t without complexities, but we know we need this sort of investment to grow jobs for Queenslanders.
<cite>Minister for State Development, Manufacturing, Infrastructure and Planning Cameron Dick</cite>
</blockquote>

Brisbane City Council Lord Mayor Graham Quirk also threw Council's supportive behind the proposal.

<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_10.jpg" rel="gallery-all" title="A Dexus provided artist’s impression of the Waterfront Precinct proposal"><img alt="" class="image-article-full-width-580px" height="291" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image46_10.jpg?itok=0DdbeWRs" title="A Dexus provided artist’s impression of the Waterfront Precinct proposal" width="580"></a>

<figcaption>A Dexus provided artist’s impression of the Waterfront Precinct proposal</figcaption></figure>Eagle Street Pier was built in 1989, encouraging the establishment of a riverfront dining and entertainment precinct.

Maintaining a high degree of public usage thereafter will see the intended Waterfront Precinct development go through a round of community consultation slated to commence almost immediately and run through to September. Among other aspects the consultation process will allow the public to put forward ideas for the precinct.

The optimal project timeline has Dexus capable of moving Waterfront Precinct to construction during 2020. Staged for the purpose of minimising disruption to neighbours and the wider community, construction would span 6 years and potentially yield one of Brisbane's tallest buildings.
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silvermb

Dexus bids to deliver Brisbane a new Waterfront Precinct

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Dexus has upgraded its guidance for distribution per security growth for FY18 having announced a strong result for the first six months of FY18.
Dexus CEO Darren Steinberg says suggested the office leasing activity was a big contributor.
“Our core office markets across the country are all showing positive leasing activity and the latest record employment numbers support our view of continued positive momentum over the next few years.
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“We have seen more evidence of strong take up in Sydney and Melbourne and have converted significant levels of enquiry to leasing commitments at 240 St Georges Terrace in Perth. 
“Our focus on enhancing returns through the activation of office development projects in Melbourne, Brisbane and Perth enables us to leverage our leasing and development expertise and is an efficient use of capital at this point in the cycle.
Click here to enlarge.
<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/2018/2/14/dexus2.jpg" alt="">
 
“Our funds continue to deliver strong performance and we completed the first equity raise for the new Healthcare Wholesale Property Fund, generating interest in the sector from global and domestic investors, and adding three new clients onto our platform. 
“We advanced opportunities that will contribute to future trading profits and are confident of securing our FY18 target. 
“From an employee perspective, we achieved an engagement score of 87% in our latest Willis Towers Watson employee engagement survey, which is eight percentage points higher than the Australian National Norm and two percentage points above the Global Property and Asset Management Norm.” 
 
 
 
<div class="page" title="Page 1">
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Financial Highlights
<ul>
<li>
Net profit after tax of $997.1 million, up 39.3% on the previous corresponding period 
</li>
<li>
Funds from Operations1 (FFO) of $321.8 million, up 8.7% on the previous corresponding period 
</li>
<li>
Underlying FFO per security (FFO excluding trading profits) of 30.2 cents, up 1.7% on the previous corresponding period
</li>
<li>
Distribution per security of 23.7 cents, up 9.2% on the previous corresponding period 
</li>
<li>
Reduced the Group Management Expense Ratio to 33 basis points 
</li>
<li>
Completed Dexus’s largest ever debt raising of $653 million, achieving Dexus’s longest average 
duration for a debt issue of 13.5 years and extending Dexus’s total debt duration to 7.0 years 
</li>
<li>
Gearing (look-through) 2 of 26.5% 
</li>
</ul>
</div>
</div>
</div>
 
</div>
</div>
</div>
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jrobinson-rf4aSBido9

Dexus upgrades guidance growth for FY18 after strong first six months

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Property group Dexus posted a modest 0.3 percent rise in net profit after tax for the financial year ended June 30, although the group expects strong performance in the office markets of Sydney and Melbourne.
The group said it had a positive outlook for the office markets in Sydney and Melbourne due to an increase in business confidence and full-time employment growth. Overall, Dexus is optimistic about the Australian economic outlook.
Dexus chief executive Darren Steinberg said the group takes a long term view and its strategy of office ownership and funds management had paid off.
“We have a positive outlook for FY18 with guidance for distribution per security growth of 4.0-4.5%,” he said.
Dexus said its distribution per security grew 4.5% during the year, while funds from operations rose 1.1% from the previous year to $617.7 million.
Net profit after tax was $1,264.2 million, up just 0.3% on FY16.
<a href="https://www.propertyobserver.com.au/images/2017/08/16/DexusPortfolio.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/16/DexusPortfolio.png" alt="">
It raised $500 million via an institutional placement to partly fund the acquisition of MLC Centre, Sydney, 100 Harris Street, Pyrmont and 90 Mills Road, Braeside.
In the office space, work has begun on 100 Mount Street, North Sydney and 105 Phillip Street, Parramatta. 
It also completed 125,600 sqm of industrial development leasing.
Steinberg said Brisbane and Perth have turned the corner, but the recovery in Perth will take time and depend on the performance of the local economy. 
“We expect to see further support for real estate values into FY18 as a result of the strength of property fundamentals in Sydney and Melbourne combined with persistent investment demand from global and local players attracted to the stable returns from quality well leased properties.”
The group will continue to focus on Australia's major cities.
<a href="https://www.propertyobserver.com.au/images/2017/08/16/DexusDrivers.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/16/DexusDrivers.png" alt="">
“Our market guidance for the 12 months ending 30 June 2018 is to deliver distribution per security growth of 4.0-4.5%,” said Steinberg. 
<a href="https://www.propertyobserver.com.au/images/2017/08/16/Dexus3.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/16/Dexus3.png" alt="">
Dexus manages an Australian property portfolio valued at $24.9 billion. The group owns or manages 21 Sydney CBD and CBD fringe assets valued at $8.7 billion.
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jonathanchancellor-7SQnKwU6yx

Dexus upbeat on office market growth in Sydney, Melbourne

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Dexus has launched its new brand.
It is suggested the brand reinforces Dexus as a property group that is innovative and customer focused.
Darren Sternberg, Dexus chief executive officer, said it will take a phased approach to rebrand its buildings over the coming months.
"Our new brand has been created to represent who we are today and our future aspirations.
"Our new brand provides an opportunity to lift awareness, shift conversation and enhance value by demonstrating Dexus's point of difference in an undifferentiated market.
"We are redefining the work place through progressive thinking and the courage to innovate; listening, learning, understanding and responding; being active now and in the future; and making the complex simple.
"The core concept behind the brand is that we bring multiple perspectives together, and embrace life in full colour."
The brand video is available <a href="https://www.youtube.com/watch?v=nhJFkCUm8-A&amp;feature=youtu.be" target="_blank">here</a>.
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Dexus unveils its new brand

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DEXUS Property Group and DEXUS Wholesale Property Fund have secured the windfall sale of the office tower at 39 Martin Place, Sydney.
The transaction follows the finalisation of negotiations relating to the compulsory acquisition of the property by Transport for NSW for the construction of the Sydney metro.
A total of $332 million will be received for the office tower and shopping circle, representing a premium to the property’s book value of $222.6 million at June 2016.
This is in addition to the exchange on the transfer of the leasehold interest in the Martin Place Shopping Circle which is expected to settle in late 2016.
Proceeds from the transaction will be used by DEXUS and DWPF to repay existing debt facilities.
DEXUS bought the property in 2012 for $143 million.
The 39 Martin Place premises were a B-Grade property located in a prominent position adjacent to Martin Place railway station, providing 14,525sqm of office accommodation (74% occupancy by income) over 20 levels together 1,816sqm of retail space (100% occupancy by income), comprising 6 retail shops with major anchor being Tiffany &amp; Co.
The adjoining Martin Place Shopping Circle provides a further 805sqm of retail space as part of a convenient underground pedestrian link to the railway station.
The construction of 39 Martin Place was completed in 1972 and major refurbishments were completed in 1997 and 2011, with the latest including $15 million of improvements incorporating lift cars and the full refurbishment of six floors.
"The property presents DXS and DWPF with an attractive medium-term repositioning opportunity in a precinct being revitalised through the current refurbishment of neighbouring properties," DEXUS advised on acquisition. 
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DEXUS secures 39 Martin Place office tower sale

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DEXUS Property Group (DEXUS) today announced that it has exchanged contracts to acquire The Mill, 41-43 Bourke Road, Alexandria, NSW for $110.2 million.
The Mill is a 1.9 hectare mixed use multi-tenanted property located on the corner of Bourke Road and Huntley Street in Alexandria, NSW.
Located 15 minutes from the Sydney CBD, one kilometer from Green Square railway station and 10 minutes from Sydney Airport the property comprises a mix of 10 modern and refurbished historic buildings.
In total it provides 17,579 sqm of warehouse style office, retail spaces and car parking.
The tenancy profile consists of a diverse range of users and covenants such as BlueScope Steel, Genesis HealthCare, Seafolly, Bendon, Under Armour, Mavi, carsales.com.au and The Grounds of Alexandria.
The Grounds of Alexandria is a popular food &amp; beverage operator offering a cafe, bar, restaurant and sustainable garden.
In July the Grounds of Alexandria was listed for sale with hopes of $100 million.
It attracts 15,000-20,000 visitors each week and providing a popular amenity for the occupiers and local community.
The property is 83% occupied with a weighted average lease expiry of circa five years. Settlement is expected in January 2017.
Ross Du Vernet, the Dexus chief investment officer said The Mill was well positioned to benefit from a combination of our active management of under-utilised space.
"And we expect to achieve rental growth, driven by withdrawals of nearby existing traditional office and warehouse properties.”
The complex was put up for sale by Goldman Sachs.
It was the brainchild of developer Albert Bertini, then fell into the hands of lender Suncorp.
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DEXUS acquires The Mill, Alexandria for $110 million

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Retail sales growth has eased further at the expense of traditional major anchor tenants, according to Dexus Property Group’s latest quarterly report.
Consumers continue to limit spending on traditional retail goods in favour of retail services and dining/entertainment experiences.
Retail turnover growth eased to 2.6% for the year to August 2016.
NSW and Victoria continue to lead other states, but Queensland has been improving, having now recorded four consecutive months of increased growth.
WA is weak with mildly negative growth over the year.
<a href="/images/2016/10/28/Figure%2020.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/28/Figure%2020.jpg" alt="">
At a category level, ‘clothing, footwear and accessories’ and ‘cafés, restaurants and takeaway’ are currently the best performers. ‘Household goods’ growth has eased and ‘department store’ sales are contracting.
<a href="/images/2016/10/28/Figure%2021.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/28/Figure%2021.jpg" alt="">
There is significant development activity particularly in regional centres, as owners seek to expand their entertainment/leisure precincts to cater to new consumer preferences. The evolution of shopping centres is continuing to shift the balance from traditional anchor tenants, e.g. department stores to mini-majors/specialties.
<a href="/images/2016/10/28/Table%206.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/28/Table%206.jpg" alt="">
Dexus noted the key themes included:
<ul>
<li>Consumer confidence has remained steady in the last few months</li>
<li>Several retailers have announced expansion plans including Costco, Harris Scarfe (13 stores with a focus on NSW) and David Jones’ high-end food offer (commencing with Market Street, Sydney)</li>
<li>The UK department store Debenhams has announced their first Australian store will be at St Collins Lane, Melbourne in September 2017</li>
<li>Consolidation of major retailers is increasing with JB Hi-Fi acquiring The Good Guys, Home Consortium purchasing Masters and Steinhoff’s planned takeover of Fantastic Holdings</li>
<li>As part of its restructure, Woolworths has announced a review of existing and planned stores, with 30 stores targeted for closure</li>
</ul>
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