One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

Office

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A 21 square metre office has been listed for sale in the Melbourne CBD for $185,000.
The property is at <a href="https://www.teskacarson.com.au/property.cfm?propertyID=3107126&amp;realestate=430_Little_Collins_Street_MELBOURNE_VIC_3000&amp;menuItemID=" target="_blank">111/430 Little Collins Street</a> in the Normanby Chambers building.
It is offered through Teska Carson agent Gideon Marcus.
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Little Collins Street, Melbourne office for sale

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An office tower in Hong Kong’s Kowloon district has been snapped up by Chinese conglomerate Cheung Kei Group for HK$4.5 billion ($776 million).
The en-bloc sale of East Tower and East Villa of One HarbourGate Hong Kong was through Savills, which follows the record transaction last year of the West Tower.
Savills CEO of Greater China, Raymond Lee, said the real estate firm was delighted to be chosen as the consultant for Cheung Kei Group in their headquarters search in Hong Kong.
He added that Wheelock Properties's avant-garde design and architecture of office buildings in Hong Kong has attracted many potential investors and buyers.
The 18 Hung Luen Road property comprises a 15-storey, 23,500 sqm office tower and a two storey, 2400 sqm retail villa.
Savills Australia CEO Paul Craig said the sale demonstrated the investor demand for office property in strong locations.
"We have seen a similar level of demand for Australian commercial property from new international groups as our reputation as a safe haven for investors continues to grow with record levels of transactions over the last three years,’’ Craig said.
In the eight months since November, Savills Hong Kong office has concluded three major deals totalling more than HK$14.1 billion including the sale of West Tower of One HarbourGate (HK$5.85 billion), East Tower of One HarbourGate (HK$4.5 billion) and NWS Kwai Chung Logistics Centre (HK$3.75 billion).
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Hong Kong office tower sold via Savills for $776 million

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Mum-and-dad private investors are competing with offshore buyers for strata office and retail shops in the Melbourne CBD, helped by the low interest rate environment.
Colliers International’s senior executive Oliver Hay said the current appetite for strata investment assets in the CBD, both offices and small retail investments, would continue to grow amid record low interest rates and strong competition.
“Of the last seven strata deals facilitated by Colliers in the last two weeks, half of these assets have been sold to local purchasers and half to those from offshore or with offshore interests,” Hay said. 
“This insatiable appetite for strata assets is driving a spate of sales and new listings as local and offshore buyers compete.”
Recent deals have included:
<ul>
<li>Level 2, 24 Albert Street: A 195sqm office suite purchased by a private local investor for $760,000.</li>
<li>Level 6, 24 Albert Street: A 225sqm office suite purchased by a local owner-occupier for $825,000.</li>
<li>Suite 4.04, 838 Collins Street: A 78sqm office suite purchased by a private interstate investor for $560,000.</li>
<li>Mezzanine level, 58 Franklin Street: A 347sqm office suite purchased by an offshore investor for $1,325,000. </li>
<li>Shop 2, 2 Queen Street: 70sqm of retail space purchased within two days on market by an offshore investor for $1.5million.</li>
<li>Shop 2, 377 Lonsdale Street: A 130sqm retail suite purchased by a local investor for $1.82million.</li>
<li>Level 8, 21 Victoria Street: A 320sqm office suite purchased by private local investor for $1.75million.</li>
</ul>
Colliers International’s David Sia said the current activity was being fuelled by a perfect storm of market conditions including strong international demand, record low interest rates, a weak AUD and volatility in the equities market. 
“We will continue to see yield compression throughout 2016 given the pent-up demand for good office and strata retail in quality CBD locations,” said Sia.
Interstate buyers are also increasingly active in the strata market, with three properties in one week recently sold to this buyer group by Colliers International – Shop 2 at 2 Queen Street and two office suites at 838 Collins Street.
“Off the back of the sale at 2 Queen Street, we will soon be launching another prime CBD strata retail asset at 118 Franklin Street with price expectations of in excess of $2 million.”
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Local vs offshore in Melbourne CBD as buyers fight for strata office, retail: Colliers

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Foreign investors were the most active purchases  in the Melbourne CBD market for the year to March 2016, accounting for 66 percent of total sales according to Savills.
For the year to March 2016, 34 commercial office sales were made for the value of $2.9 billion, up from total sales at $2.11 billion in the year prior.
According to Savills market yields in the Melbourne CBD as at March 2016 are estimated to range between 5.75 percent and 6.75 percent for A grade buildings, and between 7.00 percent and 7.75 percent for secondary buildings. Yield compression has been evident over the last twelve months, with yields for A grade assets having firmed by 50 basis points on average, whilst secondary yields tightening by 75 basis points. 
Capital values in the Melbourne CBD as at March 2016 are estimated to range from $6,600 to $10,000 per square metre for A grade buildings, and between $4,100 and $5,500 per square metre for secondary grade buildings. Average capital values for A grade properties have delivered an increase of 16.1 percent over the year.
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Foreign investors the majority of Melbourne CBD office investors: Savills

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Several office suites in Royal Como, a mixed-use development in Melbourne’s South Yarra, are up for sale.  
The strata office suites at <a href="https://www.realcommercial.com.au/property-offices-vic-south+yarra-501792134" target="_blank">663 Chapel Street</a> range from 86.9 sqm to 242 sqm. 
Royal Como has been designed by Bruce Henderson Architects and will include 109 apartments and retail space as well.
The office spaces incorporate floor-to-ceiling windows overlooking Chapel Street and allow for plenty of natural light.
The property is close to South Yarra Station, the Monash Freeway and Citylink. There are bike paths and basement car parking for each office.
Also, stamp duty savings with depreciation benefits.
The suites are being marketed by Knight Frank agents Matt Romanin, Danny Clark and Andrew Hansen.
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Office suites in Melbourne’s South Yarra mixed-use development site for sale

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Office culture has dramatically evolved over the last decade, with an environment that supports the need for a more innovative, creative and collaborative workforce a priority for many major firms, writes JLL senior research analyst Jonathan Bayer.
Corporate awareness of how office space can promote efficiency is not new. But the post-2007 economic downturn acted as a catalyst for many white-collar businesses to review their use of space. The desire for a technology-rich environment which promotes innovation and faster decision-making while incorporating cost savings became the focus.
Hot-desking as a concept has been around for decades, but the shift to Activity Based Working environments along with focus rooms, collaborative work spaces and funky fit outs has gained momentum. The potential benefits include a more flexible work environment, cost savings, improved productivity and job satisfaction.
While the workspace has taken leaps and bounds over recent years, what do we think will happen over the next 10 to 20 years? Will the workspace continue to evolve or will the pace of change plateau as it did over the 60’s, 70’s and 80’s?
Here are a few future work space trends to watch:
To increase efficiency, professional services firms will continue to reduce space per worker. This high-performance workplace will consist of a variety of settings that provide choice and balance among work modes. Remote working will continue to gain in popularity while the office will mainly be the locus of face-to-face engagement with clients and collaboration with colleagues.
Technology will continue to drive workspace change. Laptops, instant messaging and wireless connectivity have enabled a more open and mobile workforce. Technology will continue to push the possibilities of communication and mobility, while the next generation of office workers will be more adept at maximising the benefits of new communications devices.
Future-proofing will be a high priority, with greater flexibility to accommodate head-count shifts and evolving work styles cost-effectively within the same tenancy. Senior management will need to effectively plan for employee numbers to fluctuate over the lease period.
CBDs will continue to be the epicentre of business activity. However, as populations grow, suburban centres will develop into new mixed use business hubs attracting a large array of office tenants and service providers – gyms, courier services, IT support and retailers.
Premium CBD office buildings will create a vibrant and modern environment within and around the building that attracts a younger, more creative and collaborative workforce. The demographic shift of younger workers with a preference for living in the CBD and adjacent areas will reinforce this trend.
Traditionally the working environment has come second to the core motivations of a firm’s business plan. Looking ahead, technology will advance, management attitudes will continue to change as well as worker preferences and skills. Firms that embrace this shift and use it to their advantage will ultimately reap the benefits of attracting the smartest, most creative and innovative workers in the market place.
For more information from JLL, <a href="https://www.jllapsites.com/research/" target="_blank">click here</a>.
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The evolution of the office workspace

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A commercial property with the possibility of dual income is up for sale in Sydney’s Brookvale. 
The <a href="https://www.raineandhorne.com.au/properties/brookvale-392642" target="_blank">warehouse/office</a>, situated within the “Eastpoint” security development on the corner of Mitchell and Wattle Roads, comes with a price tag of $652,000 ex-GST. 
Brookvale is the Northern Beaches main commercial precinct.
The property occupies 285 sqm, with the warehouse on 144 sqm and the office on 141 sqm. 
Both are tenanted, with the lease for the warehouse for four years expiring in early 2019. The gross rent is $24,324 + GST per annum.
The upstairs office is on a three-year lease till 2019 and the gross rent is $21,500 + GST per annum.
The total gross income thus comes to $45,824 + GST per annum with total outgoings at $4,854.55.
The yield works out to be 6.3%, according to the listing agents Raine and Horne.
Other features of the property are parking space for two cars; the warehouse and office are both self-contained with bathrooms and kitchenettes and two tenants means a less risk.
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Dual income property in Sydney’s Brookvale listed at $652,000

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GUEST OBSERVER
A pop-up tree office in London is the latest expression of a growing movement to take work out of the office into the landscape of the city.
Designed as an installation for the recent London Festival of Architecture, the tree-house coworking space is equipped with power and wi-fi and will be available to hire for several months.
The project is part of the Park Hack project led by Hackney Council. Profits from the space will be reinvested into parks and green spaces in the area.
The tree office workspace continues the appetite for the pop-up urbanism movement. The pop-ups are temporary installations and cover a broad spectrum including art, retail, food and craft. They are intended to highlight alternative perspectives, gather feedback in real time and test potential urban design improvements.
The trend to get out of the office is not new, however projects such as the treehouse workspace highlight a renewed focus on making working outdoors practical.
Since Ray Oldenburg officially coined the term “third place” in 1989, our drive to find accessible, social, technologically enabled and welcoming places to work within the urban environment continues unabated.
Despite advances in technology and evidence of the benefits of nature on our thinking and well-being, the reality of working outdoors has not been without challenges.
A groundbreaking project in New York City in 1989 was one of the first to formally experiment with ways to activate multiple urban public spaces as worksites. The project called Breakout! aimed to draw on the platforms of mobile technology and location-aware social networks to support cross-organisational and interdisciplinary collaborations. Despite the technology underpinning, a key aim of the project was to increase serendipity and face-to-face connection.
The experiment highlighted the challenges of working outdoors, with issues such as access to power in public space and unsuitable furniture limiting the outcomes. Fast forward to 2015, and an increasing number of urban planners and furniture designers are making the outdoor workspace a design priority.
The benefits of working in natural environments are the focus of a growing body of empirical research. A recent study on the use of plants in offices found a 15% increase in productivity when plants were added to lean office spaces. Employees also reported improvements in air-quality, satisfaction and concentration.
Far removed from the days of the half-dead dusty fern adorning a forgotten corner of the office, organisations are embracing the biophilia hypothesis with gusto. The Selgas-Cano office in Madrid is built nestled into the ground. Google’s proposed new biodome in Mountain View and the new Ecole Polytechnique at the Paris-Saclay University are designed to embed the office space right into nature.
However, the time when we will be able to work effectively in the actual outdoors may not to be too far off. Designers such as Jonathan Olivares and Buzzispace creating prototype outdoor working solutions that include a range of ergonomic, sheltered, powered and customisable furniture arrangements.
Libby Sander is PhD candidate, Griffith University and author for The Conversation and can be contacted <a href="https://theconversation.com/profiles/libby-sander-143232" target="_blank">here</a>.
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The growing movement to take work outdoors

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Record low interest rates and a scarcity of inner city commercial properties with development potential are expected to drive strong interest in a prominent Richmond office building.
Colliers International’s Peter Bremner, Rob Joyes and Leigh Melbourne have been appointed to sell <a href="https://www.realcommercial.com.au/property-offices-vic-richmond-501682721" target="_blank">180-188 Burnley Street in Richmond</a>.
The three-level commercial building is expected to generate interest in excess of $30million. 
“180-188 Burnley Street offers investors a secure long term cash flow from AAPT Limited, Australia's third largest land line telecommunications company owned by ASX-listed TPG Telecom Limited,” Mr Bremner said.
“The property also has significant underlying land value, as a rare inner city parcel of land with three street frontages and a total site area of just under 5,000sqm. 
The three-level office building and data centre has a total net lettable area of 5,557.4sqm and includes a full sized basement, a ground floor mostly containing data centre space and associated plant and equipment and a first floor with bright, open plan office accommodation and staff amenities. 
The property is fully leased to AAPT Limited until June 28, 2022, with a current net rent of approximately $2,262,791 per annum.
“AAPT previously owned the property as an owner-occupier from 2001 through to 2005, at which point they sold the property on a long sale-and-leaseback,” Mr Joyes said. 
“This premise is one of AAPT and TPG Telecom's major telecommunications hubs for Melbourne. The facility is an important site that aggregates and provides internet, data and telephone services for a wide geographic area.
“One of the main reasons AAPT originally chose this specific building and location was due to the fact that the site has high capacity fibre optic connectivity to all major telecommunication networks. A range of large corporations have a presence in the data centre and Richmond is a very central accessible location.”
180-188 Burnley Street is located less than 40metre from Bridge Road, some 5.5km east of the Melbourne CBD.
The property is for sale by expressions of interest closing September 25.
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$30 million Richmond office offering

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Sydney CBD office sales increased 78% to the year ending June 2015 when compared to the previous year, according Savills Research.
Sales totalled $5.8 billion, with $2.4 billion from foreign investment, approximately 40%.  
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Leasing deals were down compared to the previous 12 months, with 47% of leases in the western part of the CBD. The finance and insurance sector was responsible for 45% of leases.
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