&nbsp;

A local Australian has spent a Lower North Shore record $15.1 million at <a href="https://www.apartments.com.au/new-apartments/elevate-hume-place-crows-nest-25-hume-street-crows-nest-nsw-2065">Elevate Hume Place</a>, the new TOD above the recently opened Crows Nest Metro Station.

The buyer amalgamated a penthouse and sub-penthouse to create the triplex apartment that will have five bedrooms, five bathrooms, a private rooftop pool, expansive terrace, and panoramic views of Sydney Harbour and skyline. The building is being created by burgeoning developer Third.i, alongside joint venture partner Phoenix Property Investors.

The buyer was drawn to Elevate’s unrivalled connectivity, situated directly above the&nbsp;<a href="https://www.apartments.com.au/developments/crows-nest-nsw-2065">Crows Nest</a> Metro Station, and the vibrant lifestyle precinct that surrounds it. The Metro connects to the CBD in just seven minutes, and Chatswood in four.

[smartcode_project:default project_id=142550 project_image_fid=309367]

Designed by internationally acclaimed architects <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, Elevate draws inspiration from the ancient blue gum forests native to the area. The building is a Net Zero development, created in consultation with Indigenous communities and exceeding sustainability benchmarks. Interiors feature chevron-engineered timber flooring, natural stone benchtops, and premium Sub-Zero Wolf appliances, delivering timeless elegance and next-level comfort.

The exchange of the $15.1 million apartment, follows a recent $5 million sale, and over $30 million currently in expressions of interests. Interest in Elevate’s penthouse stock has surged, reflecting a strong appetite for ultra-luxury residences that combine design excellence with unmatched connectivity.

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“We’re seeing a significant uptick in interest from local and international buyers who are prioritising connectivity, sustainability, and lifestyle,” said Callum Billinghurst, Head of Sales at Third.i Group.&nbsp;

“These recent sales are a testament to the vision behind Elevate. It’s not just about luxury finishes or panoramic views, it’s about creating homes that are deeply connected to the city and the community. Buyers are responding to that. They want to live somewhere that offers more than just a postcode, they want culture, convenience, and long-term value. Elevate delivers all of that, and more.”

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As part of the Hume Place precinct, Elevate is transforming Crows Nest into Sydney’s most dynamic urban village. Elevate’s unique position directly above the metro, combined with its curated amenity offering, has made it a magnet for buyers seeking a future-proof investment and a vibrant urban lifestyle.

The next release at Elevate is expected later this year.

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“We’re seeing a significant uptick in interest from local and international buyers who are prioritising connectivity, sustainability, and lifestyle,” said Callum Billinghurst, Head of Sales at Third.i Group


Joel Robinson

Third.i & PPI set Lower North Shore apartment record with $15.1m sale at Elevate Hume Place penthouse amalgamation

Sydney developer Deicorp is set to officially open its <a href="https://www.apartments.com.au/new-apartments/hills-showground-village-castle-hill-2-mandala-parade-castle-hill-nsw-2154">Showground Village</a> precinct in Castle Hill.

NSW Premier Chris Minns will attend the opening on Sunday August 31, alongside&nbsp;Minister for Planning and Public Spaces Paul Scully, The Hills Shire Council Mayor Dr Michelle Byrne, Landcom CEO Alex Wendler, and Deicorp Founder Fouad Deiri.

Located just moments from Hills Showground Metro Station, the centre spans 9,500 sqm across four levels and features 26 specialty retailers as well as a 1,400 sqm public plaza, creating a new community meeting point for shopping, dining, fitness, and everyday convenience.&nbsp;

Showground Village forms part of the Hills Showground Station Precinct, an urban renewal initiative led by Landcom and Sydney Metro that will provide for around 2,300 new jobs over the next 20 years and around 9,000 new homes.&nbsp;

Deicorp was recently approved for another new development next door to Showground Village.

The new five residential buildings in the East Showgrounds Precinct, will see another 873 dwellings delivered, as well as&nbsp;3,500 sqm of open public space in the form of landscaped courtyards, a public park and communal outdoor recreational space including a playground, barbeque area, and outdoor seating.

“This approval will allow us to start construction on a range of beautifully designed, conveniently located apartments and create another vibrant, walkable and well-connected community,” said&nbsp;<a href="https://www.apartments.com.au/developers/deicorp" target="">Deicorp</a>&nbsp;Founder Fouad Deiri.

“These new homes will provide their residents with a seamless connection to jobs and services along Metro North West, and the new&nbsp;<a href="https://www.apartments.com.au/new-apartments/hills-showground-village-castle-hill-2-mandala-parade-castle-hill" target="">Hills Showground Village</a>&nbsp;retail precinct currently under construction."

Deicorp has several thousand apartments in planning and under construction across Sydney, from Zetland and Five Dock to Crows Nest and Macquarie Park.

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Deicorp, NSW Premier officially open Showground Village, new retail and hospitality hub in Castle Hill

ASX-listed developer Cedar Woods is progressing its plans for its Southbank arts precinct site.&nbsp;

The developer has filed plans, which are now with the&nbsp;Department of Transport and Planning, for a new 20-level tower at&nbsp;<a href="https://www.apartments.com.au/new-apartments/141-151-sturt-street-southbank-vic-3006">141–151 Sturt Street</a>, a 2,718 sqm block opposite the Habitat Filter sculpture.

The proposal seeks to demolish the two-level&nbsp;commercial building, including a small supermarket and medical tenancies, and create a new building with 180 apartments and a focus on an&nbsp;active public realm and arts integration.

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<img alt="Southbank site" data-entity-type="file" data-entity-uuid="76a72db6-91ef-43ae-827d-a9cfa72893d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site.png?VersionId=DZgtB4K6BswVh0QtCs3iLjXaLp0CbcEb" />

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There will be a full mix of apartment configurations, including 28 studio apartments, 16 one-bedroom, 104 two-bedroom, and 32 three-bedroom units.

Retail, creative arts, and residential amenity functions are integrated across the lower levels. A food and drink tenancy is planned to front Dodds Street, while a retail tenancy fronting Sturt Street will be accessed via an elevated walkway. The first floor includes a substantial 734 sqm creative arts space, envisioned to support Melbourne’s growing cultural and digital industries.

Architecture firm <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has put together the plans. In their&nbsp;Urban Design Report they highlighted the project’s ambition to embed itself within Southbank’s evolving cultural fabric.

A central feature of the design is a through-block link connecting Sturt and Dodds Streets, landscaped with native plantings and embedded with universal access ramps.

“The ramp has been thoughtfully integrated as the primary access point, ensuring universal accessibility for all users,” the report noted, with the link offering “a direct response to the urban planning scheme of creating more green spaces within our communities”.

<img alt="Southbank podium" data-entity-type="file" data-entity-uuid="4d24b1b2-d69c-4a11-a11d-ec6df432221c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium.png?VersionId=geWoJyZDmPSLODZ_.PNJ0LvpOmyyCdpo" />

The building’s podium form responds to the mandatory height limits along Dodds Street and maintains a fine-grain interface to adjoining developments. Above the podium, the tower is articulated with recessed balconies and a focus on views toward the CBD and surrounding arts institutions. A communal rooftop recreation deck and indoor lounge are positioned on level four, adjoining seven apartments and providing over 900 sqm of resident amenity space.

Vehicle access and loading will be provided via Dodds Street, with 155 resident car spaces located across two basement levels and the first three above-ground floors. Bicycle storage is more generous, with 226 spaces distributed across resident, staff and visitor needs.

Rothelowman describes the architecture as “humanist,” with ground-level interfaces designed to encourage social interaction and provide a dignified entry for both residents and passers-by. “All street interfaces are crafted to invite and nurture human connections,” the design report states. “The façade transitions to a human scale, providing an approachable and engaging streetscape”.

Cedar Woods, while well-known for its large communities it develops outside of Australia's capital cities, they have recently developed in Melbourne's inner-ring before. They are approaching completion at <a href="https://www.apartments.com.au/new-townhouses/88-leveson-north-melbourne-88-leveson-street-north-melbourne-vic-3051">88 Leveson</a>, just 15 townhouses in the heart of North Melbourne.

Cedar Woods progresses with new apartment plans in Southbank arts precinct

Brisbane developers Core Property Partners and Vector Property Australia has teamed up for Brisbane's newest apartment development.

The duo identified <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as their preferred suburb, on the fringe of the Gabba Precinct, where they've just revealed BANKSII, 72 apartments opposite Raymond Park.

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The one-, two-, and three-bedroom apartments will sit in a glass-wrapped building that will also feature a rooftop with an&nbsp;infinity-edge pool, a BBQ area and alfresco dining spaces, sun lounges, and a sauna, as well as a resident-only gym and a ground-floor cafe.

Rhett Williams, Director of Vector Property Australia, said the project will lift the quality of the East Brisbane community and set a new benchmark.

"In Brisbane’s current property landscape, <a href="https://www.apartments.com.au/new-apartments/banksii-east-brisbane-169-wellington-road-east-brisbane-qld-4169">BANKSII</a> stands out through its emphasis on lifestyle-oriented living, connectivity and sophisticated design," Williams says.

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The 10-level building has been designed by MAS Architecture. Their designs were inspired by the native Banksia flower, with the architecture and interiors reflecting the organic symmetry of its namesake flora. MAS has interpreted this throughout the building’s curved form, façade detailing and interior palette.&nbsp;

The building’s flowing geometry and natural tones are complemented by large balconies and floor-to-ceiling glazing, maximising cross-breezes, daylight and views over the city, parklands and river.

“Having a strong narrative for a building helps us architecturally,” MAS noted. "We can choose colours that come off that species of flowers. The trunk and the trees and the flower elements all are now visible in our joinery on the inside and in our architectural finishes on the outside."

[smartcode_project:default project_id=136432 project_image_fid=5485]

Apartments will feature timber floors, soft porcelain tiles, brushed bronze fittings, and stone benchtops with warm veining.&nbsp;

Kitchens feature premium SMEG appliances and generous storage, while bathrooms have been designed as calming retreats with curved cabinetry and twin sinks in the master ensuites.

The building will feature a suite of rooftop and wellness amenities. Residents will have access to an infinity-edge pool, BBQ and alfresco dining areas, sun lounges and a rooftop sauna.&nbsp;

A residents-only gym will be located on the podium level, while a ground-floor café and landscaped laneway will further activate the site and improve neighbourhood connectivity.

[smartcode_project:default project_id=136432 project_image_fid=5488]

BANKSII will rise from a prime Wellington Road site, with the building oriented to overlook the adjacent Raymond Park and take in extensive city views. It is also on the doorstep of key&nbsp;lifestyle infrastructure, including the future Kangaroo Point Green Bridge, The Gabba stadium, and the planned Brisbane Live arena.&nbsp;

Public transport options, including ferry, bus and rail - including the future Cross River Rail Woolloongabba station - are all nearby, supporting a car-optional lifestyle just minutes from the CBD.

Williams said the team spent over a year searching for the ideal site before securing this location.

"We were attracted to <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as it is a vibrant and growing community that offers a perfect balance of urban convenience and natural beauty with the parklands and river on our doorstep.”

The project is part of the broader Woolloongabba Games precinct, which is undergoing significant investment in the lead-up to the 2032 Brisbane Olympics. This urban renewal, coupled with infrastructure upgrades, is expected to enhance long-term liveability and capital growth in the area.

Given the wide max of configurations, BANKSII is expected to suit everyone from first home buyers and investors to families and downsizers.

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BANKSII sales launch in booming East Brisbane apartment market

The Minns Labor Government will deliver Sydney’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around Woollahra and Edgecliff stations, right next to the CBD, to tackle the housing crisis and rebalance growth across the city.

Recent reports by the NSW Productivity Commission have warned that Sydney is losing twice as many young people as it is gaining, while also finding that Woollahra is the most feasible Local Government Area (LGA) in New South Wales to build new housing.

Despite this, housing approvals in Woollahra consistently lag well behind other LGAs, and the population has declined by 11 per cent over the past 50 years while Greater Sydney as a whole has grown by 74 per cent.

The new station that will be an eight-minute trip from Sydney CBD, will be located on the Eastern Suburbs train line in Woollahra, where a station build was started in the 1970s but never completed.

To enable the delivery of new homes the NSW Government will lead a rezoning of Woollahra and Edgecliff stations similar to other state led rezonings to allow additional homes to be built around the stations.

Affordable housing will also make up a proportion of development on the site with the final amount of affordable housing required, to be determined as part of the rezoning process.

The area surrounding the new station is within walking distance of major green and recreational space including Cooper, Trumper, Rushcutters Bay and Centennial Parks.

The Eastern Suburbs train line between Bondi Junction and Sydney CBD also has the lowest passenger usage rates during the AM peak of any line on the Sydney network, with only 43 per cent of operating capacity during the AM peak currently being utilised by passengers.

Sydney Water and Infrastructure NSW have confirmed there is capacity in the water and wastewater systems to accommodate the proposed 10,000 dwellings without major upgrades.

The rezoning is expected to take around two years and will further support the Government’s housing targets that rebalance the delivery of new homes around existing infrastructure.

&nbsp;

&nbsp;

Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney

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Small and medium-sized enterprise (SME) owners are examining alternative ways to acquire and gear their business premises in the event that the government bars self-managed super funds from directly borrowing to invest using increasingly-popular limited recourse borrowing arrangements (LRBAs).
These SME owners are responding to a recommendation in the <a href="https://fsi.gov.au/publications/final-report/" target="_blank">final report</a> of the Financial System Inquiry, chaired by David Murray, that this form of borrowing be prospectively barred. There is speculation that the borrowing rules for SMSFs could significantly change in the months leading to the May budget.
Since September 2007, super funds have been permitted to borrow to invest – as an exemption to the general bar on borrowing – using limited recourse borrowing arrangements. The geared asset must be held in a holding trust until the loan is repaid and creditors cannot make claims against a super fund’s assets other than the geared asset.
SME owners are believed to be among the biggest, if not the biggest, users of limited recourse borrowing arrangements to gear investments – typically to their own business premises – through their SMSFs.
Significantly, business property is one the few types of assets that SMSFs are allowed to acquire from their members and other related parties. As well, business property is one of the few types of assets that funds can lease to related parties, including the members’ businesses, without being limited by the in-house asset rules in superannuation law.
In her latest newsletter, Meg Heffron, co-principal of SMSF administration group Heffron, asks a telling question for SME owners wanting to buy their business premises through their SMSFs: Does the possible demise of limited recourse loan arrangements “represent the end of the world as we know it” for SMSFs to acquire property if they don’t already have the cash?
It seems the answer is a resounding “no”, according to Heffron and Chris Malkin, senior consultant auditor with Baumgartner Superannuation.
Heffron and Malkin says the strategy that SME owners are likely to most use if limited recourse loan arrangements are barred is to arrange for their SMSFs to progressively buy their business premises through ungeared trusts or companies.
“I think ungeared trusts are much underutilised,” says Heffron, “probably because they are poorly understood.”
A typical strategy would involve the members of an SMSF and the SMSF itself owning units in the ungeared trust which acquires the business premises. And then the SMSF progressively acquires more units to eventually gain full ownership. Although the trust is ungeared, the law does not prohibit SMSF members from personal borrowing to acquire units in the trust.
Factors to think about when considering an ungeared trust as an alternative to a limited recourse borrowing arrangement include:
1. Security for the loan
With limited recourse loan arrangements, the geared business premises (or whatever other asset is being acquired) provide security for the loan whereas with a typical ungeared trust arrangement, SMSF members often borrow against the equity in their homes.
2. What’s at stake if the investment fails
This is, of course, linked to point one above. On the face of it with limited recourse loan arrangements, the geared business premises would be at risk if the investment did not succeed. Whereas with the typical ungeared trust arrangement, fund members would have borrowed against the family home and therefore the family home would be at stake. In practice, however, the contrast is not so clear cut.
Malkin emphasises that although with limited recourse loan arrangements, a financier can only make a claim against the geared asset, SMSFs often use almost all of their assets to pay the deposit or initial instalments on the investment. And lenders often require SMSF members to provide a personal guarantee, which typically means that their homes may also be at risk.
“Speaking as an owner of an SME, I usually try to divorce my personal assets from what I do with the business,” Heffron comments. “If I borrow to buy the business premises, I would like to have the loan secured on the business premises – not secured on my personal assets.”
3. Intended improvements to business premises
Under existing law, SMSFs using a limited recourse loan arrangement can only drawdown on the loan to make repairs not improvements to a geared property. (This applies to arrangements entered into after July 7, 2010.)
Heffron says that this bar on using borrowed money borrowed under limited recourse loan arrangements may make ungeared trusts more appropriate for an SME wanting to acquire business premises through their SMSFs and then to make significant improvements. Much depends on the circumstances, including professional advice received.
“The super fund or the family trust can buy more units in the ungeared trust,” says Heffron, “and that will provide the money to make improvements.”
4. Simplicity of strategies
Opinions differ among superannuation specialists about which strategy is simpler – limited recourse loan arrangements or ungeared trusts. Again much will depend on the circumstances.
Heffron believes that the limited recourse loan arrangement is generally simpler if the super fund does not intend to make improvements to the property and wants to simply rent it to the members’ business. This is partly because the geared asset is held in a holding trust until the SMSF makes the final instalments on the loan. There is no CGT event or transaction whenever the super fund makes loan instalments.
By contrast, Heffron says there is a CGT event with the ungeared trust strategy whenever the super fund acquires more units. Also Heffron warns in her newsletter that an ungeared trust is “permanently comprised” and loses its concessional treatment if it breaches the “fairly stringent” rules after a super fund invests in it.
5. Gearing tax benefits
From this perspective, the ungeared trust strategy would typically be the clear winner.
As Malkin explains, an SMSF member personally borrowing to buy units in the ungeared trust acquiring the business premises would be entitled to claim tax deductions for interest payments at his or her marginal tax rate. By contrast, an SMSF borrowing under a limited recourse loan arrangement would only be entitled to tax deductions at the standard superannuation tax rate of 15%.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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SMSFs and geared business premises: Five factors to consider

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A 27-level high state-of-the-art commercial office building on Little Collins Street has been approved by the City of Melbourne.
It is set to redefine the traditional office space by creating a vertical community with a strong emphasis on sustainability, technology, health and well-being.
Developed by Golden Age Group and featuring an all-star design team by Cox Architecture, Hecker Guthrie and Jack Merlo, 130 Little Collins Street will combine retail and office spaces, including state-of-the-art amenities, private end of trip facilities and sustainable garden terraces throughout.
Golden Age purchased the site in 2019 from the Uniting Church, where it served as the Uniting Church’s Victorian and Tasmanian headquarters for the last 52 years since the building was built in 1967.
Golden Age Group Founder and Managing Director Jeff Xu said 130 Little Collins Street reimagines the typical commercial office building and in a post-COVID world, is more relevant than ever before.
“The typical commercial building has been turned on its head as a result of COVID; businesses have realised they can work efficiently outside of the corporate environment and they no longer want to share with hundreds of other tenants.
“Instead, we’re foreseeing a preference towards more boutique floorplans as a result of businesses scaling down their requirements for an office, coupled with something that greater emphasises lifestyle, which we’ve achieved through sustainable design, state of the art amenities and new-age technology.
“!30 Little Collins Street is more akin to a lifestyle hotel design than a typical commercial office tower,” he said.
On offer will be food and beverage offerings; a business centre; office spaces throughout; garden terraces; an airline lounge and a communal garden rooftop terrace.
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With an emphasis on sustainability and wellbeing, 130 Little Collins Street will look to target 5-Star NABERS, 5-Star Green Star Design &amp; As-Built, in addition to WELL Certification.
The project is set to launch to market in the coming months.
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Golden Age Group receives green light for new state-of-the-art commercial office building

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A commercial investment that is currently leased to Westpac in Rocklea has hit the market.    The property at <a href="https://ecomms.raywhite.com/collect/click.aspx?u=S2pTTTU1QjIzSWpRbHVsNm5QcVByejF0QkNqalVNd1pzbms3WXMwMmxHMTNUYWpDZ21uam4xL2ZKcmtWRkNHMXJDckpiTkttakRIbGxOMmRKdCtCVnpBSGJsdnBHaUpCWk0zdmVzV2FrQmhkT2MycXkxSHErK0pJeGR5OTRlWEFGRXlwNmNqM1YxTnZSdWZTR2ZPb01NdFlBeGNmRWl6TXo5UzJ3ZWE4SDNmTTJGamlZY3VYbnc9PQ==&amp;rh=ff0066ac5b7152f7c4bed30fc6449da68e160705" target="_blank" data-auth="NotApplicable">6/1311 Ipswich Road</a> comes with 546sq m* of building area.
It is leased until 2021 with ASX-listed Westpac, before Organicann PTY LTD takes over until 2026, with two five-year options after.   The property is being marketed by the award-winning Ray White Commercial Gold Coast team of Jared Johnson and Lachlan Marshall.   “The property is an investor’s dream – not only is it currently leased to an ASX-listed client – but it also comes with a brand-new lease lined up from 2021 onwards,” Mr Johnson said.
“The new lease, which runs to 2026 and has two five-year options, will provide $175,000 p.a. plus GST and all outgoings and also comes with a personal guarantee and a six-month bond.”   “It’s 10km* south of Brisbane CBD and takes advantage of exposure to high volumes of vehicle traffic along Ipswich Road and surrounding national and international retailers,” Mr Marshall said.   The property includes 17 exclusive-use car parks, annual increases, full building signage rights, modern-high quality premises, and a server room. The auction will take place on August 20 at Gold Coast Turf Club. 
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Rocklea Westpac investment hits the market 

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Melbourne Square developer OSK Property has unveiled plans for a 38,000 square metre 29 level office in Southbank that its architects say incorporates many of the key features tenants will be prioritising in the post COVID-19 era.
With a design that focuses on amplifying the workspace’s relationship with the outdoors in addition to the integration of some of the highest sustainability and wellness technology, MSQ Commercial places the health and wellbeing of its occupants at its heart.
Located within the developer’s award-winning Melbourne Square precinct, MSQ Commercial is designed by COX Architecture to an A-Grade standard with open floorplates of up to 1,870 square metres enabled by an innovative and practical side-core design.
COX Architecture Director Paul Curry said its design principles were representative of how offices would likely change in the post COVID-19 era.
“COVID-19 has accelerated workplace trends towards remote working and it has raised the question as to what the office of the future will look like. Long-term outcomes will likely lead to a greater need from workers to enjoy fresh air and light, with access to open space and a connection back to nature,” he said.
“Layouts will be more flexible than ever and common areas and spaces more humanising in their materials and textures. Buildings will need to offer more than just a place to work – people will work to make a life, not just a living.
He said MSQ Commercial’s north-facing orientation and design that maximises its relationship to Melbourne Square’s one acre park would set it apart, in addition to a number of external terraces that link workspaces directly to the outdoors.
The office is planned to feature gym and yoga studios, a plant filled multi-level atrium and a park programmable by a future Garden Events Committee.
It is further targeting one of the highest wellness ratings – the coveted and tough-to-achieve International Well Building Institute’s WELL Gold standard – a feature experts say will be essential post COVID-19 and in light of our most recent bushfire season.
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Overseeing the leasing campaign is JLL and Lemon Baxter, with JLL’s Leasing Director, Richard Norman adding, “MSQ Commercial is well positioned to cater for the new requests and office requirements that come out of the current situation. It is truly flexible with an unparalleled work-life offering.”
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OSK Property launches 38,000 sqm commercial office at Melbourne Square

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Dexus and Singapore sovereign wealth fund Government Investment Corporation are paying Kuwait’s St Martins Property $644 million for a half share of the Rialto Melbourne complex in a new joint venture (JV).
The incoming owners will co-control 525 Collins Street with Grollo Group, which is directed by Lorenz Grollo, son of owner, Rino.GIC
Dexus will hold a 10% share in the venture and they will be the investment manager of the JV and have been appointed as the manager of the entire Rialto Towers complex.
Dexus CEO, Darren Steinberg said, “We are pleased to continue to grow our relationship with GIC, enabling them to extend their investments into the Australian office market. In the current environment, we are focused on business continuity, and pleasingly were able to close this off-market transaction within our targeted timeframes.”
Rialto Towers is a prime-grade, 55 storey building, and is one of the largest office buildings located in Melbourne’s Central Business District.
It is well located on Collins Street with good access to transport and other key amenities.
The property is 91.7% occupied with a weighted average lease expiry of 4.6 years as at 1 March 2020. 
 
 
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Dexus and GIC acquire 50% of the Rialto Towers office complex

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Cbus Property has received approval from the Department of Environment, Land, Water and Planning (DELWP) for a $1 billion office tower in Melbourne’s CBD.
The permit-approved Bates Smart-designed development, to be known as 435 Bourke Street, will comprise 59,000 square metres of office space across 49 storeys, encompassing four addresses on the corner of Bourke and Queen streets.
The commercial precinct will amalgamate the existing 140 and 150 Queen Street and 27 McKillop Street sites and is anticipated to serve as a vertical village for more than 5,500 city workers.
Cbus Property’s Chief Executive Officer, Adrian Pozzo said, “office vacancy rates in Melbourne’s CBD are at decade lows and there is little to no office space in the pipeline beyond 2023 so we are looking forward to sating some of this appetite with 435 Bourke Street.”
"The approved tower will form part of a new centre point in the Hoddle Grid and will feature multiple landscaped terraces providing an outlook across the Yarra River and iconic CBD landmarks, such as the MCG and Port Phillip Bay," he added
The diverse space will include a retail offering, double-height multi-function space for active wellness, flexible studio spaces and consulting rooms for passive wellness, as well as a rooftop garden retail offering. There will also be premium end-of-trip facilities, with accommodation for 600 bikes and associated amenities.
435 Bourke Street is targeting a 6-star Green Star rating, 5.5-star NABERS Energy rating and a Platinum WELL rating.
Demolition of the site’s existing infrastructure has commenced, with construction completion slated for 2023.
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CBUS receives planning approval for $1 billion Melbourne office tower

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EG, an Australian real estate fund manager, announced its recent acquisition of a Perth office building for $79.05 million. 
The twelve-level, A-grade office accommodation at 2 Mill Street provides modern amenities in the core business precinct of Perth CBD, a short 5-minute walk from Elizabeth Quay. 
The asset has been acquired with a WALE of 1.8 years.  
The acquisition is the second property secured for the $800 million Australian Core Enhanced Fund (ACE), an open-ended, diversified fund targeting office, retail and industrial assets. 
“We are pleased to see our Core Enhanced Fund expanding and diversifying through the acquisition of high-quality assets,” said Aakriti Chona, Senior Manager, EG. 
“2 Mill Street delivers quality office space with a strong tenant profile. This asset is perfectly positioned to benefit via a targeted refurbishment and leasing strategy as Perth experiences improving macroeconomic conditions. ” said Dan Farley, Fund Manager, ACE.
EG ACE will be opened to further investment until June 2020, targeting up to an additional $500m of equity commitments. 
The transaction was brokered on-market by Todd Schaffer of Knight Frank in conjunction with CBRE.  
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EG purchase 12 storey Perth office building for $79 million 

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Investors in North Sydney remain predominately offshore, with cross-border purchasers accounting for more than two thirds of total investments this year to date, according to the latest report from CI Australia on the North Sydney market.
They found that of the $1.53B invested into commercial assets in the North Sydney CBD last year, Canadian funds represented the largest portion of investment by dollar volume, followed closely by investors in Hong Kong and Singapore.
An influx of coworking spaces can be observed in North Sydney over the last few months, with the expansion of companies such as WeWork &amp; Regus, an additional 7,000 sqm has entered the market, bringing the total up to 23,700 sqm.
The introduction of coworking would likely have the largest impact on the smaller end of the market, with vacancy of secondary suites already rising over the last few months. In the long run, these spaces may even assist in fostering healthy competition, leading to increased flexibility and shorter terms for tech tenants.
CI said, "boosted by the low-interest rate environment, prime yields on commercial real estate in North Sydney are currently at an all time low."
"Recent transactions have seen fully-leased yields in the low 4% range - levels on par with those observed in the Sydney CBD."
"Following substantial growth in rents over the last 3 year, rental levels are now tending towards stability and will continue to increase with the rates applicable to annual review," they noted
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North Sydney office market yields are at all time lows: CI Australia

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The Liverpool office market is tightly held with limited transactions occurring over the past few years, according to Ray White’s latest research.
“This is driven by a strong local investor and developer market, however, there have been limited prime assets traded in recent times,” according to Ray White Commercial NSW – Western Sydney Managing Director, Peter Vines.
 “As occupancy costs across more traditional office markets like Sydney CBD, Parramatta and North Shore have increased due to reducing vacancies, many small to medium businesses have considered suburban options, and that’s grown demand levels.
 “This has also had a positive effect on the rental environment, growing occupation costs, which has resulted in owners holding their assets.’
Mr Vines said the Liverpool office market consisted of more than 277,000sq m, across 120 buildings.
“Of these, 57 properties are identified as low-grade quasi office/retail premises less than 1,000sq m, those more traditional offerings over 1,000sq m represent 243,000sq m,” he said.
“A-grade stock represents 28.65 per cent of this total market across five larger, modern facilities within the core CBD location,” he concluded.
Ray White head of research, Vanessa Rader, said the total occupancy level of the Liverpool CBD office market was high compared to other non-traditional suburban markets.
 “Currently at 7.89 per cent, this market has enjoyed high occupancy due to significant local demand and growing interest in Liverpool as a CBD location,” Ms Rader said.
Ms Rader said when the rental levels of office product across Western Sydney were considered, the strong values achieved in Parramatta CBD were highlighted, and that showed the issue of affordability for many small and local businesses.
“As the Sydney CBD rents exceed $1,200psqm gross on an average basis, many larger occupiers have sought the affordable, yet quality, modern offerings in the Parramatta CBD, resulting in strong increases over the past five years,” she said.
Extensive investment in public transport and infrastructure over the last decade has allowed the Western-Sydney region to enjoy continuous economic and population growth.
 
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Robust growth in tightly-held Liverpool CBD office market

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Invested Australia Property Fund have listed the 11- storey office building located at 757 Ann Street, Fortitude Valley, to market.
It comes with an expected price guide of in excess of $90 million.
Cushman &amp; Wakefield have been appointed to undertake an expression of interest campaign which commences 14 October.
Completed in 2014, the state-of-the-art building comprises 9,422 sqm of A grade office space. 
The building is fully-leased with a weighted average lease expiry of about five years. 
The property’s strong income profile is supported by the anchor tenant - multi-billion dollar technology company, Asea Brown Boveri.
The building occupies a corner position on Ann Street, one of Fortitude Valley’s main thoroughfares, and Morgan Street. 
Brisbane’s renowned rooftop bar, Bar Eleven, is also located on the top floor.
The building is located just one kilometre from Brisbane’s CBD in the tightest-held Brisbane fringe market, the Urban Renewal precinct. 
According to Cushman &amp; Wakefield research, vacancies in the area have dropped from 14.2% to 12.1% between January 2019 and June 2019.
Cushion &amp; Wakefield’s Joint Head of Middle Markets, Peter Court said the entire commercial component of the asset is structured on a net lease basis, providing smooth, predictable cash flow for investors. 
“This, combined with the building being 100% leased, a multi- billion dollar blue chip anchor tenant, and a strong local office leasing market adds to the attractiveness for prospective buyers that are chasing diminishing yields in other asset classes.”
The A-grade tower was designed by Nettleton Tribe and completed in 2014.
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