Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

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"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

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After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

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Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

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Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

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Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

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Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

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Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

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The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

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The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

Melbourne

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A local investor has paid $680,000 at auction for a retail shop and residential property within the Dingley Village retail precinct on Melbourne’s south-eastern bayside.
Sold with vacant possession, the 4 Pauline Avenue property comprises a single level shop with a one bedroom self-contained residence at the rear.
It sits on a 200 square metre site with two street frontages.
Teska Carson’s Anthony Choi and George Takis advised the property sold after a contest between three bidders on a land rate of $3400 a square metre, well above expectations.
He said the premises previously traded as a milk bar and was currently fitted out for retail occupation, however it was suitable for other uses such as food, speciality retail or office, subject to council approval.
Dingley Village has a Woolworths, BWS, Dingley Cellars, Nova Pharmacy, fast food operators and a number of professional services.
"Properties such as this in well-established retail precincts do not come up often and as such present a great opportunity for the small/entry level investor," Takis said.
The vendor was a private investor.
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Former Dingley Village milk bar sells for $680,000

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The Outer East region dominates all other regions in Melbourne with the highest auction clearance rate, according to CoreLogic’s latest weekly report.
The property advisory firm says that out of the 78 auctions known to CoreLogic 84 percent were sold under the hammer.
<a href="/images/2016/11/21/Weekly%20clearance%20rate%20Melbourne.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/21/Weekly%20clearance%20rate%20Melbourne.jpg" alt="">
This is followed by the West with 83% and both the Inner South and South East region with 80%.
The region with the lowest auction clearance rate was the North West where only 75% of its 86 known auctions were sold.
<a href="/images/2016/11/21/Melbourne%20sub%20regions.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/21/Melbourne%20sub%20regions.jpg" alt="">
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West region takes second place in Melbourne's auction clearance rate: CoreLogic

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Melbourne's top sale was a contemporary home at St Kilda.
The five bedroom 1880s home with modern Nicholas Murray-designed extension at <a href="https://www.realestate.com.au/sold/property-house-vic-st+kilda-123935874" target="_blank">10 Charlotte Place</a> fetched $4.4 million.
The property last traded at $875,000 in 2004 offering an unusually large parcel of land in St. Kilda with detached heritage graded weatherboard Victorian residence.
The brief to <a href="https://nma.net.au/project/charlotte-street-st-kilda/" target="_blank">NMA </a>was to create an extension that would transform the house into a home for a young family of four.
The client specifically wanted to emulate his grandmother's 1960’s Brighton home which he had grown up loving with it’s simple lines and early modern flavour.
Heritage restraints meant the two storey extension had to be set well back from the street facade.
Huge expanses of double glazing meant the dwelling and landscape flowed seamlessly.
The most challenging issue with the project was that it was surrounded by two storey blocks of flats.
This lead to a design solution where the two wings of the extention flanked a central private courtyard and restricted views from surrounding buildings.
Tall landscaping around the perimeter of the rear yard achieved a similar outcome.
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jchancellor-FAypfDUnLy

Nicholas Murray-designed St Kilda home sale

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The outer east region of Melbourne has the highest auction clearance rate, according to CoreLogic’s latest weekly report.
The property advisory firm says that out of the 62 auctions that are known to CoreLogic 83% were sold under the hammer.
This is followed by the north-east with 80% and the Mornington Peninsula 79%.
<a href="/images/2016/11/17/Melbourne%20sub%20regions.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/17/Melbourne%20sub%20regions.jpg" alt="">
The region with the lowest auction clearance rate was the south-east, where only 66% of the 123 auctions known to CoreLogic were sold.
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North-east Melbourne performing under the hammer: CoreLogic

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An office in the Melbourne CBD is for sale.
The office at 412 Queen Street has light from three sides.
The 343 square metre space offers a vacant position with a fully self-contained office, including comprehensive fit-out, bathrooms, kitchen, reception area, direct street access, balcony and outdoor area with potential future residential conversion.
<a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-502152814" target="_blank">The property</a> has been marketed as suitable for SMSF purchase.
It has three secure basement car spaces.
Expressions of interest close November 24 through CBRE.
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Melbourne CBD office for sale on Queen Street

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Melbourne based Pluto Property has sold a Derrimut industrial property.
It was bought by a private investor for $3.8 million on a 7.3 percent yield in a deal brokered by Savills agents Chris Jones and Ben Hegerty.
The 2/80-100 Fulton Drive property comprises a 3240 square metre (GLA) office and warehouse facility on a 7104 square metre site.
The property is located on the Gilbertson’s Estate about 12 kilometres west of the CBD and within easy reach of major arterial networks.
Mr Jones said the property was sold with approximately three years remaining on the initial lease term to global supply chain solutions company, BR International Logistics, at an annual rental of $277,661.
He said the sale represented a GLA value rate of $1173 a square metre.
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Pluto sells Derrimut industrial for $3.8 million

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The price of larger industrial land allotments in some of Melbourne’s northern and western industrial precincts has risen by up to 23 percent in the year to date as a shortage of ready to go development site, according to Savills.
Savills Industrial Director, Michael Green, sees further rises are possible as the availability of sites is not expected to improve significantly before 2018.
"We have seen significant rises in land values in some key pockets and that has been driven by the shortage of development options at the same time as low interest rates are driving a surge in pre-commitments and leasing demand has risen more than 25 per cent on the long term average.
"With delivery of key subdivisions a little way off we are likely to see that upward pressure on values remain until closer to 2018 especially with the strong push from occupiers wanting to get into the market,’’ Mr Green said.
Savills research identified approximately 505,200 square metres of industrial accommodation reported leased in the Northern and Western industrial markets in the 12 months to September.
This is up just over 26 per cent on the five year average of 402,193 square metres.
Nearly a third of the total leased was in pre-commitments.
<a href="/images/2016/11/15/Untitled1.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/15/Untitled1.jpg" alt="">
Associate Director Research in Melbourne, Monica Mondkar, said the increases in land value were generally related to land parcels sized between one to five hectares and 10 hectares plus, in precincts within close proximity of key road infrastructure.
"Proximity to freeways and major arterials remains the key long term driver of choice for larger industrial users, particularly those from the transport and logistics sectors, and our research would suggest that quality infrastructure projects in the pipeline such as the Western Distributor and the widening of the Tullamarine Freeway will attract the same level of demand,’’ Ms Mondkar said.
She said while land at the smaller end of the scale, currently at $230 a square metre, had moved only minimally, over the ten years since September 2006, one to five hectare allotments had seen significant change rising 48 per cent from $135 a square metre in 2006 to $200 a square metre in 2016.
The latter, Ms Mondkar said, had been driven by institutional grade property development, buildings designed to attract large occupiers and the attention of large institutional buyers
She said the most dramatic rise in 2016 had been the 23 per cent increase in values of 10 hectare plus allotments.
Land which was selling in January for $110 a square metre is now fetching $135 driven by developers’ land banking requirements.
Ms Mondkar said the mooted North-East Link project, which would connect industrial operators in the east and southeast to the north without going through the city, the State Government’s commitment to develop a freight and logistics hub at Avalon Airport, along with the Western Distributor and Tullamarine Freeway widening projects, would all underpin the continued dominance of Melbourne’s north and west as Australia’s key industrial market.
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Industrial land values up across Melbourne

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An institutional investor has acquired a 100 percent interest in the recently redeveloped St. Collins Lane CBD Shopping Centre.
The sale was negotiated by JLL’s Simon Rooney on behalf of LaSalle Asia Opportunity Fund III.
Located in the heart of Melbourne along the renowned Collins Street, St. Collins Lane offers over 9,000 sqm of GLA across four floors (plus a mezzanine level) comprising over 60 stores.
When offered to the market for sale, prior to St. Collins Lane being open, it had strong pre-commitment from a number of leading international brands including Coach, TAG Heuer, Reiss, Maje, Sandro Paris, Zadig &amp; Voltaire and The Kooples.
A host of luxury Australian brands are also committed to the property, as well as popular restaurants including Burger Project and Los Vida – both a Melbourne first.
Debenhams recently announced they would be opening their first store in St. Collins Lane, further enhancing the strong tenancy mix.
St. Collins Lane sits below the Novotel Melbourne on Collins which sold for AUD 237 million to Frasers Hospitality Trust earlier in September, realising a total $484m for LaSalle.
<img src="/images/2016/11/15/IP004.20160512-AC0I6118.jpg" alt="">
JLL’s Head of Retail Investments – Australasia, Simon Rooney said the revitalisation of the CBD retail core has driven further strengthening of investor demand for these high quality assets and this was reflected in the competitive sale process for St. Collins Lane.
2016 already reflects a record year for CBD retail transactions with $1.6 billion recorded to date, eclipsing the $1.2 billion in 2015," he said.
Major CBD transactions – last 12 months
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="212">
Property
</td>
<td valign="top" width="99">
Purchase price
</td>
<td valign="top" width="92">
Indicative yield
</td>
<td valign="top" width="80">
Sale date
</td>
</tr>
<tr>
<td width="212">
Carillon City, WA
</td>
<td width="99">
$140,000,000
</td>
<td width="92">
5.47%
</td>
<td width="80">
October 2016
</td>
</tr>
<tr>
<td width="212">
Myer Bourke Street Mall, VIC (33.3%)
</td>
<td width="99">
$151,300,000
</td>
<td width="92">
4.62%
</td>
<td width="80">
August 2016
</td>
</tr>
<tr>
<td width="212">
David Jones – 77 Market Street Sydney, NSW
</td>
<td width="99">
$360,000,000
</td>
<td width="92">
4.50%
</td>
<td width="80">
August 2016
</td>
</tr>
<tr>
<td width="212">
The Myer Centre Brisbane, QLD (25%)
</td>
<td width="99">
$192,100,000
</td>
<td width="92">
6.00%
</td>
<td width="80">
May 2016
</td>
</tr>
<tr>
<td width="212">
MidCity Centre, NSW (75%)
</td>
<td width="99">
$320,000,000
</td>
<td width="92">
4.77%
</td>
<td width="80">
May 2016
</td>
</tr>
<tr>
<td width="212">
World Square, NSW (50%)
</td>
<td width="99">
$285,000,000
</td>
<td width="92">
4.45%
</td>
<td width="80">
December 2015
</td>
</tr>
<tr>
<td width="212">
Rundle Place &amp; 80 Grenfell St, SA
</td>
<td width="99">
$400,000,000
</td>
<td width="92">
-
</td>
<td width="80">
December 2015
</td>
</tr>
</tbody></table>
“There is still very robust demand from investors who are seeking to acquire major CBD retail assets given their defensive nature and potential to generate solid income growth through increased population density, infrastructure improvements and employment growth.
Interest for St. Collins Lane was primarily led by offshore capital sources, with their lower cost of capital and strong preference for CBD retail assets. Although offshore investors have moved into other retail categories in recent years – primarily sub-regional retail – CBD assets remain the top preference for groups with a core strategy,” Mr Rooney said.
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Sale of redeveloped St Collins Lane Melbourne secured by JLL

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The Outer East of Melbourne takes the top spot for the highest Melbourne auction clearance rate, according to CoreLogic’s latest weekly report.
The property advisory firm says that 86 percent of its known 59 auctions were sold under the hammer.
This is followed by the West with 82 percent and North East with 80 percent.
<a href="/images/2016/11/14/Melbourne%20sub%20region.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/14/Melbourne%20sub%20region.jpg" alt="">
The lowest region was the South East where only 67 percent of its known 117 auctions were sold.
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86 percent of outer eastern Melbourne's auctions sold: CoreLogic

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The ABC has put its Selwyn Street, Elsternwick property on the market through Savills Australia. 
The property comprises offices, storage facilities and some of the ABC’s Melbourne television studios.
It has produced iconic Australian television productions.
The corner site of 6,155 square metres is located nine kilometres from Melbourne’s CBD.
It is zoned Mixed Use, includes six titles and has frontages to Selwyn Street (110 metres) and Sinclair Street (41 metres) as well as the use of a rear laneway.
The onsite buildings, total approximately 5,000 square metres, include a two level office, several warehouses and a two level carpark.
The site is within 100 metres of Elsternwick station, trams and retail facilities along Glen Huntly Road, while recreational reserves and several schools are all within one to two kilometres.
<img src="/images/2016/11/14/2-16%20Selwyn%20St%20ABC%20Elsternwick%20aerial.jpg" alt="">
Given its attributes, Savills’ State Director, Clinton Baxter, who is marketing the property with Jesse Radisich and Nick Peden, said the property would undoubtedly attract a great deal of attention.
"The existing buildings date back to the 1950s and offer a wide range of potential uses in what is one of the best and most highly credentialed development locations in Melbourne,’’ Mr Baxter said.
The offices, storage facilities and studios will be decommissioned next year as the productions move to its new facility at the ABC's studios in Southbank.
The property will be sold following an expressions of interest process, closing December 6.
The ABC TV Websters Project building on the corner of Selwyn and Sinclair Streets was described in Architect magazine as a "sensitive program of alteration and extension in a mixed area in Elsternwick. It won a commendation at the 1994 Victorian RAIA awards.
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