Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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</section>

[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

Office

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Michael Cameron, the GPT chief executive, has warned the office markets in Perth and Brisbane are moving into a "dangerous area".
"I think there is a sufficient oversupply of money looking for investment into Australia, and investment into Australian real estate, that some of the underlying problems associated with the demand from the resources sector are being overlooked," Michael Cameron told BOSS Magazine, the AFR publication.
"There's the potential for a continual level of overheating,"  he warned, followed by a "dramatic slowdown" in Perth and Brisbane. 
With the end of the resources investment boom, office vacancies in Perth and Brisbane have soared and rents weakened. At 1 January, nearly 15% of Perth CBD offices were empty and in Brisbane over 15%, according to the Property Council. 
Last month the Reserve Bank of Australia warned the risk in the commercial property sector had increased.
Cameron noted commercial property rents had dropped 30% in Perth in the past year compared with a 3% rise in Sydney and Melbourne.
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jchancellor-FAypfDUnLy

Perth and Brisbane office markets in dangerous space: GPT boss

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New Savills research shows that London is the most expensive city in the world for businesses to relocate their employees.
Hong Kong and New York are not far behind. In all three cities, the provision of office and living space now costs more than $110,000 per employee, per year.
Sydney ranks ninth on the Savills Live/Work Index (see table below) which has been dominated by London, Hong Kong and New York since it was launched in 2008. 
It is the second time that London has reached the top slot, having toppled Hong Kong in 2014, the capital's live/work costs at $118,085 per year, are still some way off the record $128,000 per year set by Hong Kong in 2011.
The recent Live/Work Index also indicates that London costs have dropped 7.3% in dollar terms since 2014.
Meanwhile, Hong Kong and New York have closed the price gap with London, showing a drop of 2.3% and a rise of 1.1% respectively.
Further down the rankings, a strong economic recovery and rising commercial and residential rents are combining with the strong dollar to make north Amercan cities increasingly expensive.
San Francisco, in fifth position, has shown the biggest increase, with growth in rent and other real estate costs up 4.8% since 2014, and 55.1% since 2008. 
<div align="center"><img src="https://232.v3.savills-vx.com/_images/Relocation_4.jpg?1428443524.16361" alt="Live/Work Index" width="475" height="712"></div>
<div id="txt_03" class="vx_text">
Source: <a href="https://www.savills.co.uk/research_articles/186576/187068-0" target="_blank">Savills World Research</a>
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Sydney ninth most expensive city on live/work index: Savills International

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The disruptive insurer Youi plans to build its new head office and call centre on Queensland's Sunshine Coast.
The new $80 million Sippy Downs facilities will replace the general insurer's leased premises 10 kilometres away in Birtinya.
Sippy Downs is home to the University of the Sunshine Coast.
Modest financial incentives were offered to Youi to locate its headquarters, according to the Mayor Mark Jamieson, who said it was the largest non-government related investment in Sunshine Coast's history.
Youi was launched in 2008 by its South African parent company, Rand Merchant Holdings Group.
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Youi plan $80 million Sunshine Coast headquarters

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Melbourne’s metropolitan office market has kicked off 2015 strongly.
It followed yet another record year of sales totalling more than $1 billion, according to Colliers International. 
The Colliers International’s latest Metropolitan Office Research &amp; Forecast Report, Dial for Demand: Enquiry for Metro Assets on the Rise, found last year was a record in terms of calendar year sales volumes in the Melbourne metro office market, with just under $1.1 billion worth of sales recorded. 
“To put this in perspective, this figure is slightly above total sales volumes for 2012 and 2013 combined,” Peter Bremner, Colliers International national director of investment sales, said.
He noted suburban office sales above $5 million skyrocketed to an all-time high of $1,053,000,000 in 2014.
It was a substantial jump on the $607 million worth of metropolitan assets sold during 2013, which was also a record high at the time.
<img src="/images/2015/04/01/coll-ap-1.jpg" alt="">
Source: Colliers International
Their records show there were 52 individual transactions above $5 million last year, compared to 38 in 2013.
Buyer activity was especially prevalent in the city fringe region, where 41 percent of the 53 deals occurred, followed by the outer east region were 23% of sales occurred. Over 55% of assets were sold to private investors, however in value terms, these investors accounted for 35% of total sales volumes.
Sales by Colliers International in 2014 included:
<ul>
<li>850 Whitehorse Road in Box Hill, sold for $12.85 million to a local developer for residential redevelopment;</li>
<li>1 Palmerston Crescent in South Melbourne, sold for $14.35 million to a Malaysian investor;</li>
<li>187 Todd Road in Port Melbourne, sold on behalf of Challenger, to Podco, for $26.25 million;</li>
<li>200 Victoria Street in Carlton, sold off-market for $42.3 million to Australian Unity;</li>
<li>Botannica 8 at 576 Swan Street in Richmond, sold for $46.5 million to 360 Capital.</li>
</ul>
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Melbourne suburban office sales skyrocket to an all-time high: Colliers International

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Savills South Australia have sold two Adelaide CBD commercial office buildings for a total of $37.5 million, reflecting a 7.5% yield.
The adjacent properties at 60 Wakefield Street and 21 Divett Place were sold by Peter Isaksson and Rino Carpinelli of Savills on behalf of the South Australian government.
The properties were acquired by property syndication firm Ascot Capital Limited in association with Adelaide-based financial group Finance Mutual Australia (FMA).
Ascot and FMA intend to do more transactions together and are actively looking for other opportunities that meet their requirements, Peter Isaksson, Divisional Director Capital Transactions of Savills South Australia, said.
The rare offering of two Adelaide CBD properties on long-term leaseback to the South Australian government, attracted strong interest from local and national buyers.
The sale followed Savills’ sale last year of the 22 King William Street office building for $41.8 million.
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Savills sells two Adelaide CBD office blocks

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Ice-cream and hot-dog chain Wendys is facing potential legal action on a new front, after the company allegedly abandoned its headquarters in Adelaide late last year.
Following the <a href="https://www.smartcompany.com.au/finance/43674-global-food-retail-group-scoops-up-wendys-five-million-gmail-passwords-leaked-online-atlassian-s-sales-up-44-to-us-215-million-midday-roundup" target="_blank">acquisition of the company by Global Food Retail Group</a> in September 2014, Wendys moved out of its rented headquarters on Fullarton Road in the southern Adelaide suburb of Fullarton in December. Its operations are currently being run from its ice-cream factory, which is located in the south-eastern Melbourne suburb of Keysborough.
SmartCompany understands the landlord for the Fullerton Road office complex was not told about the move by Wendys in advance. The landlord only found out after being alerted by a news item on Seven News on Saturday 8 November that said the company was considering relocating its head office to Melbourne.
The move came despite Wendys still having just over four years remaining on its lease for the building, which it had used for decades. It has only paid rent and outgoings via a bank guarantee, which is due to expire in the next few months.
<img src="https://www.smartcompany.com.au/images/0/wendys-600.jpeg">
Despite its relocation, Wendys still lists the Fullarton Road offices on the “contact us” page on its website.
The matter is now likely to end up in court, with the landlord and Wendys currently in talks over the matter through solicitors.
A second source connected to the company said Wendys closed its offices in Adelaide over Christmas. While there was an offer to staff to relocate to Melbourne in order to keep their jobs, only a few employees took up the offer.
"The Seven News story was an embarrassing leak and the new Wendys owners hastily moved into damage control. An internal email in the early hours of Sunday morning was sent to their franchisees and staff in an attempt to quell the unrest. The email tried to paint a rosey picture to the network that all was well and promised transparency every step of the way," the source says.
"As a testament to the culture of this organisation they did not even inform their own landlord that they were vacating his property. They paid rent up until December, got rid of all the staff, shut the office and left. The building now sits vacant with over four years outstanding on the lease. The landlord is taking legal action to recover what he is owed."
The news adds to growing concerns about the viability of Wendys franchise stores and the company’s treatment of franchisees under previous owners Navis Capital.
<a href="https://www.smartcompany.com.au/growth/franchising/44996-is-wendys-melting-up-to-116-stores-collapsed-or-taken-over-by-management-in-just-eight-years" target="_blank">As previously reported</a>, 116 Wendys stores have either collapsed or been taken over by management over the past eight years. By late last year, Victorian stores were being advertised with an <a href="https://www.smartcompany.com.au/growth/franchising/43801-wendys-says-it-s-committed-to-its-franchisees-as-victorian-stores-advertised-for-as-little-as-59-000" target="_blank">asking price as low as $59,000</a>.
One Wendys franchisee said the fast food chain <a href="https://www.smartcompany.com.au/growth/franchising/45583-former-wendys-franchisee-claims-she-was-refused-maternity-leave" target="_blank">refused to allow her to take maternity leave</a> after giving birth to her second child. Another claimed Wendys <a href="https://www.smartcompany.com.au/growth/franchising/45268-cold-burns-another-franchisee-comes-forward-claiming-mistreatment-by-wendys" target="_blank">repossessed all his stock, fittings and equipment without paying him any compensation</a> after failing to renegotiate a lease.
Tragically, <a href="https://www.smartcompany.com.au/growth/franchising/45184-a-wendys-franchisee-s-nightmare-from-fast-food-state-representative-to-resignation-divorce-and-death" target="_blank">in at least two cases</a>, the failure of a Wendys franchise <a href="https://www.smh.com.au/small-business/franchising/sundae-bloody-sundae-20100809-11u0x" target="_blank">eventually led to a suicide</a>.
The incidents appear to have taken place between 2006 and 2014, when Wendys was owned by Malaysian private equity firm Navis Capital. But the source says there are still concerns for Wendys franchisees.
"I hold grave fears for those struggling franchisees that still remain. Stores continue to close and nothing of any substance has been done to address the lack of profitability for their franchisees. It continues to be a case of profits before people despite the reassuring overtures of the new regime," the source says.
While not speaking specifically about the case, founding principal of Rotstein Commercial Lawyers, Hamish Rotstein, said in general there are more protections for landlords under commercial properties than for retail leases.
“Usually, there’s a covenant in commercial leases that says a property must be occupied during business hours. If the tenant vacates, they are in breach of their lease,” Rotstein said.
“If they vacate, the landlord can either accept the breach and withstand any losses from leasing it out again, or keep leasing an empty building, which is probably not a good thing for a landlord.”
In such a situation, Rotstein says landlords have the right to mitigate their losses by suing the tenant for the difference between the rental of the old tenant and the new one
“In some cases, landlords have also been known to sue tenants for loss of goodwill – obviously a building that’s empty is not as marketable as one that’s being leased, especially if the tenant was a big-name company,” he said.
A Wendys spokesperson about the matter; the company declined to comment.
“Wendys declines to comment on the specifics of the matter as it forms part of ongoing negotiations,” the spokesperson said.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Legal battle set to heat up after Wendys abandons Adelaide headquarters

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After three years of consecutive rises, the vacancy rate in the Melbourne suburban office market fell to 6.3% as at January 2015, declining by 120 basis points over the 12 month period, according to a Knight Frank report.
New supply is projected to record its second highest annual level ever in 2015, it noted. Supply has been boosted by increased levels of speculative development with more than 40,000 square metres under construction.
Boosted by a record number of sales in excess of $30 million, office investment activity in the Melbourne suburban office market reached an all time high in 2014.
<img src="/images/2015/03/23/melb-office-mar-23-one.jpg" alt="">
Knight Frank forecasts suburban office market was expected to be driven by growth in the health care, professional services and retail trade sectors. It noted since 2012, net face rents across the suburban office market have largely remained stable.
In the 12 months to January 2015, average suburban A-grade net face rental levels increased by a mere 0.5% which was the weakest annual A-grade rental growth rate over the past three years.
Average suburban secondary net face rental levels decreased by 2.3% over 2014, impacted by the tenants’ preferences for prime quality accommodation.
While incentive levels in City Fringe and Inner Eastern precincts remain elevated to compete with the CBD office market, solid tenant demand and a lack of large available options should result in effective rental growth over the next 12 months, particularly for the City Fringe precinct. In contrast, the impending level of backfill space is likely to lead to further softening in the Outer Eastern precinct, particularly for secondary grade offices with incentive levels anticipated to increase, the report noted.
<img src="/images/2015/03/23/melb-office-mar-23-two.jpg" alt="">
The report noted a record number of sales in excess of $30 million, with office investment activity in the Melbourne suburban office market at an all time high in 2014.
Investment sales activity (above $10 million) in 2014 within the suburban office market totalled $711.67 million from 22 properties. The volume of sales achieved in 2014 was 118% higher than the long term average, and in fact, 37% higher than the previous record high set last year.
<img src="/images/2015/03/23/melb-office-mar-23-three.jpg" alt="">
Source: Knight Frank
Following a subdued first quarter, investment activity surged in the final quarter with transactions totalling $487 million, higher than the historical average yearly suburban sales total.
Over the course of 2014, there were nine sales in excess of $30 million, accounting for 71% of total sales volume.
Two of the transactions recorded in 2014 were the third (60 Brougham St, Geelong— $95.8 million) and 4th (6-22 Gladstone St, Moonee Ponds—$83 million) highest suburban office sales ever.
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Suburban Melbourne office pipeline soars in 2015: Knight Frank

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Commercial property in West Perth, an area dominated by resource-related businesses, is in the doldrums as the downturn in mining investment hits the market.
Vacancy rates in the suburb climbed to 10.9% in January 2015 from 9.2% in July 2014, according to the Property Council of Australia.
Colliers International estimates that vacancy rate equates to 46,117 square metres of unoccupied commercial space in West Perth at the beginning of 2015.
<img src="/images/2015/03/25/perth-mar-25-four.jpg" alt="">
<img src="/images/2015/03/25/perth-mar-25-five.jpg" alt="">
A quick search on realcommercial.com.au of for lease listings in the area reveals more than 950 offices available. Numerous listings are advertising rent cuts and attractive lease terms.
Two properties on Hay Street, one at 1141 and the other at 1133, are advertising “massive” rent reductions, asking for rents that equate to just $195/sqm. The advertisements for the 317sqm and 460sqm offices declare: “ALL OFFERS CONSIDERED. OWNERS WANT THE PROPERTY LEASED YESTERDAY. YOU WILL NOT BE DISSAPOINTED WITH THE LEASE TERMS THAT ARE ON OFFER”.
Another property at 8 Parliament Place is available now asking just $150/sqm for a fully fitted out 399sqm office on a sub-lease.
Those asking rents represent a dramatic drop compared with 2011 and 2012 levels.
Average face rents for full-floor A Grade premises in West Perth have fallen to between $400/sqm and $475/sqm from around $550/sqm in late 2011 to early 2012, according to Colliers’s analysis. Offices in B Grade buildings are leasing for $350/sqm to $400/sqm, down from almost $500/sqm three years ago.
Savills’ Spotlight on West Perth, released in February, says net effective rents – which take into account incentives such as rent-free periods and assistance with fit-out costs – are even lower.
<img src="/images/2015/03/25/perth-mar-25-two.jpg" alt="">
<img src="/images/2015/03/25/perth-mar-25-one.jpg" alt="">
Incentives in the West Perth office rental market sit at around 30%, with landlords using a range of tactics to attract tenants in the slowing market.
“Incentives [are] now at such a level that the majority of fit-out costs can be covered,” Savills notes in its report.
A 463sqm office suite in Ventnor Avenue advertised for lease on realcommercial.com.au is offering a year’s free rent.
The average net effective rent for an A Grade property was $289/sqm in December 2014, down 26% compared with December 2013, Savills’ research shows. Net effective rents in A Grade buildings range from $254/sqm to $333/sqm net, and in secondary grade buildings from $210/sqm to $245/sqm net.
<img src="/images/2015/03/25/perth-mar-25-three.jpg" alt="">
The lower rents and higher incentives are being offered in response to weakening demand. More space is being vacated in West Perth than is being filled, with net absorption, which measures this difference falling by 4310sqm in the 12 months to December 2014, Savills reported.
Leasing activity was down by 50% in the 2014 calendar year compared with the year before. Just 9479sqm of space was leased, compared with the annual five-year average for the suburb of almost 20,000sqm.
 
Those tenants who have been leasing offices have taking advantage of the soft market to upgrade their premises. As such, vacancy rates are much higher in secondary properties in the area than in A Grade premises.
The vacancy rate for secondary properties, which make up about two thirds of the stock in West Perth, was 12.9% - almost double that of A Grade premises in the area which had a 6.8% vacancy rate, Savills reports. B Grade properties have the highest vacancy rate at 13.4%. 
Almost two thirds of the space that was leased was taken up by mining and utilities industries, with finance and insurance companies taking up the balance.
Savills expects vacancy rates in West Perth to rise further as mining investment continues to slow. It notes, however, that a lack of new developments planned and under construction in the area will lower vacancy rates in the medium to longer term.
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Mining downturn hits West Perth commercial landlords

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When entrepreneur Dr Catriona Wallace wanted to grow her tech start-up and saw there were no shared workspaces specifically catering to women, she came up with a whole new business idea. 
That business is The Ventura, Australia’s first co-working space designed specifically for the needs of female entrepreneurs in the early stages of their careers in business.
The first such co-working space is located on Sussex Street in Sydney, with hopes to expand to other spaces across Sydney and Australia. It aims to provide an opportunity for entrepreneurs to enjoy a shared workspace without the heavily male-dominated culture that so many co-working spaces currently feature. 
“I currently own three businesses and one of them, Flamingo, is a tech startup. Last year we reached a stage where we needed our own space, but because rental prices in Sydney are very hard to manage in the early stages of a business I thought I would do what other startups do and investigate co-working spaces,” Wallace toldWomen’s Agenda.
“But when I started investigating our options, I just found them all to be very masculine – the majority of the people working in them were men and the culture felt very male-dominated. So I thought to myself, if I’m not comfortable here, where can the girls go?”
Wallace believes women entrepreneurs face unique challenges in the startup world, and need spaces that specifically cater to such needs. 
“We studied co-working spaces all over the world and found there were so few dedicated to women. So we decided to set up The Ventura based on the principles we think will help women entrepreneurs find success,” Wallace said. 
Those principles include providing a physical space that enables women to feel connected, while also offering access to capital networks and technological advice.
“So many women entrepreneurs are very isolated when beginning their startups, they often work from home, have children, have very little steady income and are transitioning out of a corporate role, so they are not well connected to the entrepreneurial community,” Wallace explained.
“One of the most important things The Ventura will do is provide a physical space for these women to work away from their kitchen bench and be surrounded by other women trying to do the same thing as they are. Also, we are dedicated to having a space for children so that women can bring their children to work and keep them close.”
“Another key factor is access to capital – when women enter the startup world, they often have very few connections to investors, so The Ventura will build relationships between members of the capital community and the women entrepreneurs who use the space.
Wallace added that it's important to provide access to tech specialists, as so many startups involve a technological element but many women entrepreneurs do not have expertise in the tech field. This results in women losing money in early stages due to poor decision making when it comes to technology. 
The Ventura is aimed at women in the early stages of starting their business – those with fewer than 10 employees that have been operational for less than three years. Most importantly, the business must have a female founder, co-founder, CEO or leader. This does not mean, however, that the space will not involve men.
“Even if all the people the CEO or founder employs are men, that’s fine, as long as it is led by a woman. We are clear about the fact that we are not exclusive of men, we are simply catering specifically to the needs of women,” Wallace said.
“We expect about half of the employees using our space will be men.”
Another important part of Wallace’s vision for The Ventura is that it will support women from groups that are largely underrepresented in the startup and business worlds, such as Indigenous women, lesbian and transgender women, women with disabilities, asylum seekers and women from remote areas of Australia. The Ventura will dedicate 20% of its office space to these women.
Wallace also aims to support younger women aiming to become social entrepreneurs.
The Ventura has brought on “guardians of the Ventura” – high profile women such as Anne Summers, Emma Isaacs and Carla McGrath to ensure that the space is doing everything it can to support women who are largely under supported in the startup community.
The Ventura will officially launch next Tuesday, 31 March.
This article first appeared on <a href="https://www.womensagenda.com.au/" target="_blank">Women's Agenda</a>.
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Introducing the new co-working space for female entrepreneurs

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Co-working spaces are growing rapidly and are feeding the demand for flexible and collaborative working environments, according to a report examining “liberated” work in Australia.
The white paper, which was released by Third Spaces Group, found three quarters of co-working participants considered a shared hub to be important to their overall success.
In addition, the vast majority of respondents felt their professional networks and overall efficiency at work was improved thanks to being part of a co-working space.
Brad Krauskopf, founder and chief executive of Third Spaces Group, says the workplace is evolving and organisations should be taking notice.
“We’re seeing this shift towards the user being able to make the decisions about where they work, how they work and with whom they work,” he says.
“We will rely on co-working spaces to be the spaces in between and rely on our home offices to be another space. We certainly don’t see that the head office goes away… if anything, it’s important that the head office is a communication hub and sets the culture of the company. But we’ll definitely see that a co-working space becomes part of the property piece.”
Krauskopf says startups are naturally leading the charge when it comes to embracing co-working spaces.
“Culturally, we still like line-of-sight management and there is actually a shortage of management experience around how to manage a distributed workforce,” he says.
“The truly disrupted nature of working has been talked about for a couple of decades now except it is only in the last few years with the emergence of the cloud and fast internet that it’s actually possible. To think that we were suddenly going to develop the management expertise overnight was simply never going to happen… it’s going to take time.”
Murray Hurps, the general manager of Fishburners, said there has been “an explosion” of co-working spaces in Australia.
“Co-working by itself is good but having focused co-working is I think potentially more impactful,” he says.
“If you have for example a fin tech hub and you are going to focus on attracting fin tech startups and share your network and experience… you can create so much value just by having that critical mass.”
The major thing standing in the way of co-working spaces, according to Hurps, is high property prices and crippling rent.
“To continue expanding at the rate we are – which is one thousand square metres every few months – is just impossible at Sydney prices,” he says.
“But that’s a problem every company in Sydney has. If there’s one thing that could really improve it, I would say there’s a lot of residential development going on in Sydney and there’s an opportunity for councils… to approve more space for co-working spaces. The spaces that are being allocated at the moment just aren’t enough for the demand we have at Fishburners personally.”
This article first appeared on <a href="https://www.startupsmart.com.au/" target="_blank">StartUpSmart</a>.
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