Lendlease’s Barangaroo South precinct is officially complete, marking the culmination of a 15-year urban regeneration project that has revitalised Sydney’s harbourfront.&nbsp;

In 2009, the NSW Government’s Barangaroo Delivery Authority appointed <a href="https://www.apartments.com.au/developers/lendlease-development">Lendlease</a> as developer to transform what was once an inaccessible container port on the western edge &nbsp;of Sydney’s CBD into one of the city’s most thriving mixed-use destinations. Today, Barangaroo South is home to more than 1,800 residents, 23,000 workers, 95 retailers and welcomes 33,000 visitors each day. The precinct stands as an international benchmark for large-scale urban regeneration.&nbsp;

International Towers Sydney, the three flagship commercial buildings at the centre of &nbsp;Barangaroo South, together with engineered timber buildings Daramu House and &nbsp;International House, attracted major corporate tenants from the outset, including Westpac, &nbsp;PwC and KPMG, who are still there today. These workplaces remain some of the most &nbsp;sought after in Sydney’s CBD with over 95 per cent occupancy– a testament to the appeal of world-class, modern infrastructure alongside the precinct’s dining and entertainment that &nbsp;are a drawcard for businesses.&nbsp;

One Sydney Harbour, the three luxury residential towers designed by world-renowned architect Renzo Piano, has achieved more than $4 billion in sales since its launch in 2019, while setting new Australia property price records. This includes the three-level penthouse that crowns Residences One which sold for more than $141 million in 2019 – the most expensive individual residential property ever sold in Australia. &nbsp;

[smartcode_project:default project_id=139801 project_image_fid=349150]

Barangaroo South is also Australia’s first mixed-use carbon-neutral development, an accolade achieved through energy-efficient and innovative infrastructure, including a district cooling plant with a harbour water heat rejection system, a recycled water &nbsp;treatment plant, onsite solar and an embedded electricity network.

The precinct has maintained its Climate Active Carbon Neutral certification since 2019, affirming its &nbsp;reputation as the gold standard in large scale, sustainable urban renewal. Additionally, its &nbsp;world leadership status has been validated by the Green Building Council of Australia’s &nbsp;6 Star Green Star Communities recertification (Pilot v.2).

[smartcode_project:default project_id=139801 project_image_fid=349157]

First Nations cultural values were embedded throughout the planning and delivery of the project. The precinct honours Barangaroo, a prominent First Nations woman, through its &nbsp;name. Public art, street names, and design elements across the precinct reflect and &nbsp;celebrate First Nations cultures and connections to Country.&nbsp;

The project's completion positions Barangaroo South as a legacy urban transformation delivered through long-term partnerships and world-leading urban regeneration and placemaking capabilities. &nbsp;

[smartcode_project:default project_id=139801 project_image_fid=349154]

Tony Lombardo, Group CEO Lendlease, said&nbsp;Barangaroo South represents one of the most significant urban regeneration projects in Australia.

"[It] demonstrates what can be achieved through an ambitious vision, innovative placemaking, long-term commitment and strong partnerships. The precinct has changed the face of Sydney's waterfront, established new benchmarks &nbsp;for sustainable development, and provided a model for urban regeneration that continues &nbsp;to inform our approach to creating places that deliver long-lasting value.”&nbsp;

Tom Mackellar, CEO Development Lendlease, said&nbsp;Barangaroo South has reconnected the city to its harbour in a way that seemed unimaginable 15 years ago and turned it into a thriving precinct where people can live, work and gather on the harbour’s edge.&nbsp;

“This precinct is the result of countless contributions, led by the NSW Government who set the ambition, supported by investment partners who believed in Lendlease’s vision, imagined by architects and designers, shaped by consultants and artists, and brought to &nbsp;life by our dedicated construction teams. &nbsp;

“What we’ve created here is more than buildings – it’s the best of placemaking, sustainability, arts and culture and quality design. Barangaroo South has become an integral part of Sydney that will serve our city and economy for generations.”

Staff Writer

Barangaroo South’s 15-year transformation of  Sydney’s waterfront officially complete

CBE Asia Pacific has lodged plans for a prominent corner site in Fitzroy North, with a proposal that integrates state-significant affordable housing alongside heritage adaptation and new retail.

The application covers a consolidated 2,024 sqm parcel at 201–215 Queens Parade and 6–12 Dummett Crescent. The site includes the heritage-listed Former Clifton Motor Hill Garage, fronting Queens Parade, and vacant land to the rear abutting Dummett Crescent.

According to planning documents prepared by proUrban, the proposal seeks approval for a 12-storey residential building comprising 98 apartments, including a component of affordable housing, over a ground floor retail podium integrated within the heritage structure. Approximately 780 sqm of retail space will occupy the ground floor, while residents will have access to over 850 sqm of communal amenity.

The built form presents as two connected volumes: a 12-storey tower addressing Dummett Crescent and a five-storey volume fronting Queens Parade, the latter consistent with a separate Heritage Victoria permit granted in 2023. The tower reaches a maximum height of 38.26 metres, with upper-level setbacks of 14 metres from the western boundary to reduce visual bulk. A 1.5-metre footpath widening is proposed to Dummett Crescent Lane.

Parking is provided across four basement levels, accessed via Dummett Crescent, with a total of 142 car spaces and 143 bicycle spaces.

The architectural response by <a href="https://www.apartments.com.au/architects/cht-architects">CHT Architects</a> is framed by a need to reconcile new density with a sensitive heritage overlay. The Former Clifton Motor Hill Garage, identified as a place of State heritage significance, will retain its key façades, with demolition and reconstruction limited to approved elements.

As noted in the Heritage Impact Assessment, the proposal remains consistent with the Heritage Victoria permit, which allows "partial demolition, reconstruction and new works, involving the construction of a five-storey multi-use development and three basement levels".

Affordable housing has been embedded into the proposal under Clause 53.23, with specific apartment allocations aimed at enhancing housing diversity within the Queens Parade Activity Centre.

"The proposal is generally consistent with the relevant policy objectives and the intent of the Yarra Planning Scheme," proUrban states in its planning assessment, citing its alignment with strategic documents including Plan Melbourne and Victoria’s Housing Statement.

CHT Architects' plans emphasise a tiered design that acknowledges the site's varied interfaces—from the elevated Heidelberg Road ramp reserve to the recently built Clifton Views aged care facility to the north-east.

CBE Asia Pacific has not been previously active in this precinct, but the project joins a wave of higher-density residential proposals along the Queens Parade corridor, spurred by Melbourne’s broader push to increase affordable housing in well-connected inner-urban areas.

The site benefits from direct access to the Queens Parade tram corridor and proximity to Clifton Hill Station (approximately 200 metres), as well as green open spaces including Mayors Park and Raines Reserve. Clifton Hill Primary School and the Queens Parade retail village lie within walking distance.

First look: CBE Asia Pacific plans 100-apartment Jenkin House on Queens Parade, Fitzroy North

ALT Pasta, one of Melbourne’s most beloved inner-city pasta bars, has been confirmed as one of the first tenancies for the highly anticipated <a href="https://www.apartments.com.au/new-apartments/comme-prahran-182-194-commercial-road-prahran-vic-3181">Comme Prahran</a> development, marking an exciting next chapter for the cult favourite as it prepares to expand into the heart of <a href="https://www.apartments.com.au/developments/prahran-vic-3181">Prahran</a>.

Fresh off being named National Best Italian Restaurant at the 2025 Restaurant &amp; Catering Hostplus Awards for Excellence, ALT continues to solidify its reputation as a quietly confident leader in Melbourne’s dining scene. Lauded for its reinterpretation of Italian pasta through a Korean and Japanese lens, the restaurant has grown into a staple since opening three years ago, and its new Prahran outpost will only deepen its local impact.

“From the very beginning, ALT has been about respect - for tradition, for ingredients, and for the process,” shares Mino Han, ALT’s founder, a Korean-Australian chef whose vision is shaped by cultural duality and craftsmanship.&nbsp;

“We’re not trying to reinvent the wheel, just make something beautifully familiar, feel quietly special,” added Han.

[smartcode_project:default project_id=108413 project_image_fid=353585]

Positioned at the entrance to Comme Prahran and directly opposite the iconic Prahran Market, the new venue will celebrate the interplay between casual comfort and elevated detail. Designed in collaboration with Rooftop Architecture, the same team behind ALT’s flagship city location, the space will mirror the neighbourhood’s laid-back energy while staying true to the brand’s understated refinement.

Diners can expect a frequently changing menu that takes advantage of the market’s daily produce, along with set menu offerings exclusive to this location. A distinctive chef’s table and open kitchen format are also in the works, allowing guests to experience ALT’s signature intimacy and transparency in a new light.

ALT Prahran won’t replace the original venue; rather, it complements it.

“Our city site is like our heritage bottle; it’ll age gracefully. Prahran is where we’ll play, explore new ingredients, and bring something special to the community,” Mino notes.

[smartcode_project:default project_id=108413 project_image_fid=353584]

For Comme Prahran, a boutique development by Leeka that blends heritage with multi-dimensional wellness, ALT Pasta’s arrival signals a meaningful addition to its vision of cultural connection, food-first living, and local engagement.

“Being part of Comme is more than just opening a second venue. It’s about contributing to a neighbourhood with character, history, and a strong sense of community. That’s something we deeply relate to,” says Mino.

Sustainability and cultural identity are deeply embedded in the ethos of ALT. From ingredient sourcing to interior design, the new location will reflect both environmental mindfulness and a spirit of inclusion, embodying the values of Melbourne’s diverse, forward-thinking culinary scene.

Comme Prahran is scheduled for completion in late 2027, with ALT Pasta expected to be among the first tenancies to open its doors shortly after.

[smartcode_project_cta:default project_id=108413]

National best Italian restaurant ALT Pasta to open at Comme Prahran, bringing refined familiarity to Melbourne’s culinary heart

National BEST Italian restaurant ALT Pasta to open at Comme Prahran

&nbsp;Boutique development and construction firm Ryser has filed plans for its debut apartment building.

Ryser, founded by Jonthan Ryan and Wil Prosser, has sought to develop <a href="https://www.apartments.com.au/new-apartments/sorelle-4a-fern-place-woollahra-nsw-2025">Sorelle</a>, 28 new apartments at 4a Fern Place, Woollahra.

The&nbsp;750 sqm site on the edge of Bondi Junction falls within the Grafton Precinct Heritage Conservation Area, though it is currently vacant and not identified as a contributory item.&nbsp;

<a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> has been commissioned to design Sorelle, creating an eight and a nine-storey building with six apartments dedicated to affordable housing to support essential workers&nbsp;under the NSW Government’s low and mid-rise housing policy.

The dwelling mix includes 12 one-bedroom units, six one-bedroom affordable units, six two-bedroom units, and four three-bedroom residences.<img alt="4A Fern Place, Woollahra." data-entity-type="file" data-entity-uuid="86626941-772d-49c5-8d31-a8e42f44cdcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Fern%20bldg%20st.png?VersionId=tWIzXYX9gD60nP1L3..Z0BFbY5mafb36" />

According to the planning documents submitted to the Woollahra Council, the development responds to the complex interface of heritage fabric and urban infrastructure with two mid-rise residential buildings oriented to the north and designed to capitalise on sweeping views over Sydney Harbour and Bellevue Hill.&nbsp;

“The proposal aims to hero some of the brick detailing of Woollahra, celebrating the existing datums of Fern Place, whilst embracing the strong verticals of the Holy Cross Church and Bondi Junction with a nod to the historic iron works and iron rich soils of the area,” Woods Bagot noted in their Design Report.

&nbsp;

Only three car parking spaces are proposed, alongside 33 bicycle bays, in a move that leverages the site's proximity to Bondi Junction train station, just 400 metres away.

Architecturally, the material palette incorporates Corten steel and face brickwork to reference the site’s industrial past and local geological character. Landscaping features include a communal garden bridging the two buildings at ground level, landscaped setbacks to protect visual privacy, and a small corner park intended to soften the public interface.

<img alt="4A Fern Place, Woollahra." data-entity-type="file" data-entity-uuid="f71766d6-aa14-44df-9bc5-42f91890fd4a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Fern%20bldg%20rear.png?VersionId=uh7u1rJ6NJF5OqyRs9iNJcy6R9ssgaXU" />

Ryser said Sorelle "brings together the best of both worlds, the intimacy of village life with the amenity and luxury of modern design."

The developer said the project marks the first of three developments they will be announcing shortly, a key step in their&nbsp;evolution as a builder-developer delivering meaningful, high quality urban outcomes across Sydney.

The expectation is the Woollahra LGA will become popular for developers with the signal from the NSW Government they will deliver&nbsp;<a href="https://www.apartments.com.au/developments/sydney-nsw" target="">Sydney</a>’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around&nbsp;<a href="https://www.apartments.com.au/developments/woollahra-nsw-2025" target="">Woollahra</a>&nbsp;and&nbsp;<a href="https://www.apartments.com.au/developments/edgecliff-nsw-2027" target="">Edgecliff</a>&nbsp;stations.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/next-stop-woollahra-train-station-delivering-up-to-10-000-new-homes-in-the-heart-of-sydney">Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney&nbsp;</a>

Joel Robinson

First look: Ryser plans two apartment buildings on Woollahra, Bondi Junction border

ASX-listed developer <a href="https://www.apartments.com.au/developers/cedar-woods" target="">Cedar Woods</a> didn’t miss a beat when the opportunity arose to acquire a prime residential development site in one of Perth’s most popular suburbs. In 2019, the developer secured the former Wembley TAFE site, a 1.4-hectare parcel perfectly positioned on the western edge of <a href="https://www.apartments.com.au/developments/subiaco-wa-6008" target="">Subiaco</a>’s vibrant centre.

The first stage, <a href="https://www.apartments.com.au/new-apartments/incontro-subiaco-133-salvado-road-subiaco-wa-6008">Incontro Townhomes</a>, delivered 41 contemporary homes that embrace the suburb’s unique blend of nature and urban energy. Now, Incontro Apartments continues that story, offering a collection of new residences in a market limited with new residential stock. The rarity of a development in such a prime pocket hasn't been lost on buyers, with more than 60 per cent already sold in the early stages of construction.

[smartcode_project:default project_id=108869 project_image_fid=317909]

Set on the tree-lined Bishop Street, in a quiet pocket within Western Subiaco, Incontro Apartments offers convenient access to several lush parks and recreation spots.&nbsp;

Within the estate is Incontro’s Little Green, a linear park that connects the Incontro townhome precinct with the future apartment building. This peaceful stretch of landscaped parkland features shaded seating and communal spaces for residents to relax and interact close to home.&nbsp;

Less than 400 metres away is find Henderson Park, a perfect spot for morning walks, weekend picnics or casual exercise. Neighbouring Henderson Park is Mabel Talbot Park, home to Jolimont Lake and a playground, while just a little further lies Pat Goodridge Park, offering a large sports field and another playground.&nbsp;

[smartcode_project:default project_id=108869 project_image_fid=325604]

For something closer to home, Subiaco Common provides a peaceful green retreat right on your doorstep - ideal for reading under the trees, walking the dog or relaxing with friends.

Beyond the parks and open spaces, Incontro residents are just moments from everything that makes Subiaco such an enviable place to live.&nbsp;

Down the road is Bishop Street Café, a local favourite for a morning caffeine fix. Subiaco’s Rokeby Road and Hay Street are lined with retailers, cafés, vibrant bars and some of Perth’s most loved dining spots, from long lunches at Refuge Small Bar or Juanita’s, to weekend brunch at Community Coffee Co. or Boucla Café. Add to that a strong sense of local community, regular markets, and the energy of Subiaco Square, and it’s easy to see why Subiaco continues to be one of Perth’s most liveable and in-demand suburbs.

[smartcode_project:default project_id=108869 project_image_fid=325605]

Construction of Incontro Apartments is now underway by <a href="https://www.apartments.com.au/builders/emco-building">EMCO Building</a>. With completion expected in mid-2027, buyers have the chance to join a thriving Subiaco community in the not-too-distant future. &nbsp;

One-bedroom apartments are now sold out, with only a selection of two-bedroom apartments and just three three-bedroom residences remaining. Each features generous layouts, stylish finishes and private balconies to enjoy the leafy outlook that makes this Subiaco address so special. Prices start from $925,000*.

[smartcode_project_cta:default project_id=108869]

Over 60 per cent sold as Incontro Apartments captures Subiaco’s leafy appeal

DEXUS Property Group

<html><body>
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.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Dexus announces conditional contract to sell 45 Clarence Street to Peakstone

<html><body>
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.
</body></html>

Michael Kwok moves from Dexus to Archerfield

<html><body>
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%.
 
 
 
</body></html>

wdavis-8cCN98p7xp

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.
</body></html>

silvermb

Dexus bids to deliver Brisbane a new Waterfront Precinct

<html><body>
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.
<div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
“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">
<div class="layoutArea">
<div class="column">
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>
</body></html>

jrobinson-rf4aSBido9

Dexus upgrades guidance growth for FY18 after strong first six months

<html><body>
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.
</body></html>

jonathanchancellor-7SQnKwU6yx

Dexus upbeat on office market growth in Sydney, Melbourne

<html><body>
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>.
</body></html>

Dexus unveils its new brand

<html><body>
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. 
</body></html>

DEXUS secures 39 Martin Place office tower sale

<html><body>
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.
</body></html>

DEXUS acquires The Mill, Alexandria for $110 million

<html><body>
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>
</body></html>

DEXUS Property Group

Editor's Picks

Have something to contribute?

The latest real estate & off the plan properties & news, delivered to your inbox.

Developments

New apartments

New townhouses

News

The latest real estate & off the plan properties & news, delivered to your inbox.

DEXUS Property Group

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

The latest real estate & off the plan properties & news, delivered to your inbox.

Developments

New apartments

New townhouses

News

The latest real estate & off the plan properties & news, delivered to your inbox.