<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.

Joel Robinson

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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[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

<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

&nbsp;

The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

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The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
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First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

Perth

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The end of the mining boom has driven house prices in Perth down throughout 2016, with the trend expected to continue in 2017, according to HSBC.
Paul Bloxham, HSBC senior economist said falls from between 4 and zero percent are expected.
"The offsetting impact has been low interest rates, which have supported household disposable incomes," he said.
"We expect the adjustment of the Western Australian economy to lower commodity prices, following the end of the mining boom, has further to run, despite the recent lift in iron ore prices.
"Part of the adjustment is coming through slower population growth, as people move to the eastern states. Weaker population growth is also expected to continue to weigh on the Perth housing market in 2017. "
Housing price growth of between 4 and 6 percent is expected for 2017 for both detached houses and apartments nationally supported by strong population growth.
Apartment price falls are possible in Brisbane and Melbourne in 2017 due to oversupply.
Low single-digit rates of housing price growth are predicted in 2017 for Sydney.
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jonathanchancellor-7SQnKwU6yx

Perth's house price falls to continue: Paul Bloxham's 2017 forecast

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Industrial vacancy rates in Perth are starting to stabilise according to Colliers International, however it is still hard going for WA landlords.
The latest report from Colliers International into the Perth market found vacancy for assets over 2,000sqm increased to 9.1 per ent over the six months to September 2016, with a total of 831,333sqm available for lease.
Colliers said an increase in larger assets over 5,000sqm coming to market and remaining vacant for an extended period drove face rents lower during the 2015-16 financial year.
"The supply of smaller stock sub 2,000sqm has also increased and this is where most of the pain is being felt," the report said.
"Tenants are taking advantage of the soft conditions to secure rent reductions at lease expiries and market rent reviews, which has impacted investment returns.
"Despite softer rents, demand remains the underlying issue and assets are still difficult to lease.
"Typical industrial leases tend to range between three and seven years, with the most common being five years.
"Due to the timing of lease commencement and reviews, some tenants have been locked into boom-time rents, despite trading and economic conditions moderating for the past two years.
"This has, in some cases, severely impacted on the tenant’s bottom line over the past financial year."
The report noted reduced business turnover and the ability to absorb higher rental charges have been impacted by moderating economic activity and slower population growth.
"Perth’s residential construction sector is slowing alongside population growth," it said.
"The flow-on effects of this to the rest of the economy in terms of economic activity and employment are expected to further impact industrial space demand.
"The moderation in commercial and residential construction activity has had a significant impact on direct employment in the sector, with the latest statistics from the Australian Bureau of Statistics indicating 36,400 less employees in the construction sector for the year to September 2016.
"This has had a flow-on effect in ‘Transport and Storage’, ‘Manufacturing’ and ‘Property and Business Services’ employment with falls of 6,200, 1,400 and 700 employees respectively.
"We predict prime warehouse rents will bottom out in 2016, with the market then likely to remain stable for the short to medium term. Vacancy looks to be stabilising based on the early months of the 2016-17 financial year.
"With net face rents now 25 to 30 percent below peak, landlords can expect more stability in subsequent quarters.
"However, demand looks likely to be soft for a little while longer, with vacancy remaining steady. Hence landlords are likely to continue competing vigorously for tenants with plenty of space still on the market.
"It appears the worst of this investment boom downturn may have unfolded and we are now expecting a positive development in the form of less large vacant space coming to market.
"As economic stability establishes following the transition, prospects for a return to growth should improve.
"Despite lacklustre economic conditions, design and construct activity continues to occur, albeit at a lower volume. Although slower, WA’s population continues to grow, and businesses servicing the population base continue to experience demand.
"There is approximately 103,400sqm of space under construction, and scheduled for completion in the next 12 months in the Perth Metropolitan area.
"The most recent major projects include the 30,000sqm Bunnings warehouse and distribution facility in Maddington and a 10,000sqm Cleanaway facility in South Guildford.
"In addition to this a new 24,190sqm Swan Brewery distribution facility is planned for Canning Vale on land that had been subdivided from its former factory.
"The impacts of lower tenant demand are continuing to flow into industrial land demand, where we have seen a general fall in pricing over the past 12 months.
"Developable industrial land supply increased post GFC and this has also negatively impacted land value growth since.
"Looking ahead, we expect land values to stabilise around current levels for core precincts where land availability is limited. For fringe locations, some further moderation is possible, as demand remains weak in the short-term.
"Major transactions in the Greater Perth area declined over the financial year 2015-16. In the twelve months to the end of June 2016, 62 transactions over $3 million were settled for a total value of $712.4 million. This was down 26.2 percent from the 2014-15 financial year result of 84 transactions with a total value of $870.4 million.
"The historically low interest rate environment, combined with yield compression evident across other property sectors and investment classes, is in turn likely to result in increased tolerance of lower or firmer internal rates of return in the industrial market."
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j.ballantyne1990-6AQqhLzZaK

Perth industrial property on the improve, still difficult to lease

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A transport and logistics facility in Perth’s airport commercial precinct is up for lease.
The property at 56B Fawcett Crescent comprises a brand new warehouse/office facility totalling 2,321 square metre and a secure 3,000 square metre yard.
CBRE’s Warick Irving, who is leasing the property on behalf of Perth Airport, said the property represented an opportunity to secure a presence in one of Perth’s leading industrial hubs.
“Located within the Airport South Business Park, this property offers a modern facility catering specifically to the transport/logistics and warehousing sectors,” Irving said.
“The property benefits from direct exposure to the recently upgraded Tonkin Highway and access to major transportation linkages including Tonkin Highway, Leach Highway, Roe Highway, Kewdale Road and Orrong Road.”
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Industrial lease opportunity in Perth's airport precinct

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Custom lifting solutions specialists Total Hoists and Cranes has secured new premises in the Perth industrial suburb of Maddington through Ray White Commercial WA.
Total Hoists and Cranes has leased a 1,506 square metre warehouse/office at 14 Madrid Place, Maddington, in a deal negotiated on behalf of Bolt Nominees Pty Ltd.
Parham said Total Hoists and Cranes was relocating from premises at Welshpool to accommodate its growing business.
Sumner said the property is strategically located in the industrial suburb of Maddington, approximately 16 kilometres from the Perth CBD.
“There is a large hardstand area of approximately 500 square metres and plenty of onsite parking,” he said.
Total Hoists and Cranes has more than 50 years’ experience in developing overhead crane and lifting hoists to suit the Perth construction industry.
The company has taken out a three-year lease at net rental of approximately $100,000 per annum.
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Custom lifting solutions Total Hoists and Cranes heads to Maddington

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Titan Recruitment has leased office space at London House in the Perth CBD.
Located at 216 St Georges Terrace, the 315 square metre office was leased with a turnkey fit out delivered by the lessor, WA property group Hawaiian.
The space comprises high quality sit/stand electric workstations, new staff breakout areas, reception and several interview/meeting rooms.
CBRE’s Lachlan Lewis negotiated the six-year lease for a commencing net rental in the range of $515 per square metre.
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London House flexes its strengths to attract Titan tenant

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One of Western Australia’s leading pearl businesses is being offered for sale.
CBRE Agribusiness has been appointed to sell Abrolhos Pearls WA, with its showroom business based in Geraldton and the Abrolhos Islands.
The offering includes a licence to operate a hatchery at Coronation Island, island camps, vessels, barge, jetty, operating equipment and seeding and storage rooms, as well as a 122 square metre freehold show room in Geraldton.
The sale also includes the business’ retail arm, Chimere Pearls – a showroom and online store selling a range of Chimere pearl jewellery.
CBRE’s Phil Melville said the sale represented a unique opportunity to gain a footprint in the pearling industry. 
“This sale represents a unique opportunity to gain a presence in Western Australia’s pearling industry – the state’s second most valuable fishing industry after rock lobster, valued at around $67 million,” Melville said.
“We anticipate interest from investors wanting to take advantage of online platforms to create niche markets for the specialised jewellery sector, as well as a presence in one of the world’s most pristine environments.”
The Abrolhos Islands comprise 122 islands approximately 60 kilometres west of Geraldton on Western Australia’s mid-west coast. The islands’ extensive reef is renowned for its tropical and temperate sea life, which forms one of the state’s unique marine areas.
Abrolhos Pearls WA was established in 1998, with the first culturing experiments undertaken in 1998, and subsequent first pearl harvest 12 months later. The first commercial harvest of culture pearls was released in 2000.
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Leading Western Australia pearl business for sale

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Exchange Tower has bucked the market trend with its leasing activity in Perth's challenging office market.
The vacancy in the building has dropped below 15%, an improvement from the rate of more than 37% earlier this year.
Exchange Tower is a 40-level, premium-grade office tower located just off St Georges Terrace in the heart of the Western Australian capital and in close proximity to Elizabeth Quay and Perth’s major shopping malls.
As part of the ongoing investment in Exchange Tower by joint owners the AMP Capital Wholesale Office Fund (AWOF) and Western Australia-based property investor Primewest, works have commenced for a significant refurbishment of the ground floor lobby with plans underway for upgrades of the forecourt and lifts.
The world’s sixth largest accounting group, RSM, has committed to lease 3,281 square metres of space over three high-rise levels in Exchange Tower and will also take signage rights after negotiating a long- term lease in the building.
RSM’s move is one of four major new deals in Exchange Tower, with international engineering group ARUP, multinational technology company Fujitsu and national law firm Moray and Agnew also relocating to the building.
ARUP is leasing 1,500 square metres of space on level 14, Fujitsu is taking 1,309 square metres on level 9 and Moray and Agnew is leasing 1,092 square metres on level 30.
Other recent new tenants include Quayside Chambers, Viva Energy and WTP. The moves follow a targeted leasing campaign managed by Ian Edwards, Knight Frank.
Exchange Tower is already home to some of Perth’s leading commercial and public institutions including Patersons, Morgan Stanley, Bell Potter, Allen &amp; Overy, Bain, Ministerial &amp; Parliamentary Services, Mitsubishi, Mitsui and Knight Frank.
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Perth’s Exchange Tower secures key leasing deals in tough market

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More than 100 staff from CBRE Perth will embrace their philanthropic spirit next month, when they join forces to undertake a major rejuvenation project for not-for-profit-organisation, Rise Network.
Rise Network is a Western Australian-based charity organisation providing community support and services to disadvantaged people.
Works include new pathways, wheelchair accessible vegetable garden beds, shaded areas, barbecue areas, fencing and guide rails.
CBRE is aiming to raise $38,000 to fund the project.
CBRE’s Managing Director, Western Australia, Lloyd Jenkins said CBRE was proud to support such an important cause.
"The project forms part of CBRE’s corporate volunteering program CBRE Cares – an Australian wide annual initiative that sees hundreds of staff take part in a range of charity pursuits, he said.
RISE Network provides support to those impacted by mental health issues; people living with disability; aged care services; youth services; and housing support.
 
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Perth unites to show philanthropic spirit

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DEXUS Wholesale Property Fund has exchanged conditional contracts to acquire Carillon City, a CBD retail mall, located in the core retail precinct of the Perth CBD.
The property has been acquired for $140 million, with settlement expected to occur in November 2016.
Carillon City is located with frontages to both the Hay Street and Murray Street malls combined with linkages to Forrest Chase, St Georges Terrace and Perth Railway Station.
The centre comprises 10,700 square metres of retail space across four floors, with 108 tenancies including Topshop Topman, Priceline and The Reject Shop.
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DEXUS acquires Carillon City retail mall in Perth

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Perth’s median house price grew by 18% over the three years to December 2014, underpinned by record net overseas and interstate migration inflows, according to QBE's latest housing report. But the good times aren't set to last, the report predicts. 
This resulted in tight vacancy rates and significant rental growth. Demand was driven by strong economic conditions brought on by booming mining investment and significantly improved affordability as interest rates were lowered.
But mining investment is now retreating rapidly and economic conditions have weakened considerably.
New engineering construction has tapered off as projects adding additional mining capacity are progressively completed.
Diminished employment opportunity has led to a substantial fall in net migration. In 2014/15, net overseas migration fell below 15,000 persons for the first time since 2004.
Interstate migration has also become a net outflow for the first time since 2003. State unemployment has increased above 6% in the first half of 2016; above the national level of 5.7%.
While mining output has increased, the production phase is less labour intensive than the investment phase. Western Australia’s unemployment rate is likely to continue to rise and remain elevated in the medium term, QBE predict. Net migration inflows are likely to remain soft for now.
After peaking in December 2014, Perth’s median house price fell by 2% in the six months to June 2015, and this has accelerated to a decline of 5.6% in 2015/16. The decline was greatest in the inner Perth suburbs (–7.2%) while both Middle and Outer ring suburbs fell 5.2% in 2015/16.
The higher priced inner suburbs are likely to be feeling the largest impact from the weakness in the higher income resource sector jobs.
<a href="/images/2016/10/14/Table%2010.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/14/Table%2010.jpg" alt="">
Weakening owner occupier demand has seen the number of loans to both first home buyers and upgraders/ downsizers decline by 15% and 10% respectively in 2015/16. The decline in investor demand has been more dramatic, with the value of loans to investors falling by 32% in 2015/16.
Rising new dwelling building approvals through the upturn in prices is being reflected in new dwelling completions continuing to rise in 2016.
This contrasts with a sharp decline in the rate of population growth and consequently underlying demand. The Western Australian market has moved into oversupply, which is reflected in vacancy rates of close to 5%; far above the balanced market rate of 3%, say QBE.
With underlying demand likely to continue to weaken, and further dwellings under construction working their way to completion, there is little to place upward pressure on rents and prices through to 2018/19.
Overall, the Perth market is expected to weaken across both house and unit markets. The impact of a rising stock surplus and a slowing state economy is forecast to result in a further decline in Perth’s median house price of 3% to June 2018.
Low interest rates should mitigate a deeper fall in the median house price, which is expected to stabilise in 2018/19, and potentially show a minimal rise, with mining investment bottoming out and interest rates forecast to be cut further in 2018. The forecast median house price of $540,000 at June 2019 is forecast to be 10% below its December 2014 peak.
However, Perth’s median house price in real terms is forecast to be 24% below its peak in March 2007 set during the first mining boom through the middle of the decade.
<img src="/images/2016/10/14/Chart%2028.jpg" alt="">
The unit market has seen rising completions across Perth over the last three years. However, units remain just a third of all new dwelling approvals; well below the other capitals of Sydney, Melbourne and Brisbane.
Much of the strong migration into Perth has been temporary in nature with the unit market consequently expected to see a greater fall in rents and higher vacancy rates. Temporary residents tend to favour the unit market over the house market given the short term nature of their stay.
Downward rent and price pressures are therefore forecast to be greater in the unit market than the house market. Median unit rents have weakened significantly and Perth’s median unit price has begun to decline, falling by 6.5% in the year to June 2016 to $403,100. Further declines totalling 6% are forecast in 2016/17 and 2017/18, before unit prices bottom out over 2018/19 to be $380,000 at June 2019.
Regional centres in Western Australia have borne the brunt of the impact of the downturn in resource sector investment.
These towns typically have a narrow industry profile and are susceptible to local economic events. Median house prices climbed rapidly through the early boom period as the influx of mining investment led to job creation, population growth and demand for housing.
As the mining investment wound down, median house prices fell sharply while unemployment rates grew rapidly and population left.
• Karratha LGA in the Pilbara region saw earlier price growth as a result of the mid 2000s boom in mining investment, with the median house price already elevated after the GFC in 2009. The median house prices grew 21% to peak at $850,000 from their 2009 level. Since the peak, the median house price has fallen 64% to $304,000 in June quarter 2016. The unemployment rate has risen from 1.8% to 2.3% over the three years to March 2016.
• Port Hedland LGA saw its median house prices rising by 127% between June 2007 and March 2013, reaching a peak of $1.1 million. However, the median house price has since collapsed by 72% to $305,000 at June 2016, while the unemployment rate has risen from 3.3% to 5.0% in the three years to March 2016. It is likely that the unemployment rate in these centres is relatively low as those that are not employed are likely to have left.
<a href="/images/2016/10/14/Table%2011.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/14/Table%2011.jpg" alt="">
Sales volumes in Port Hedland and Karratha in 2015/16 are also well down on previous levels. The lower sales volumes suggests that many owners are retaining their property rather than accepting a loss on sale.
Those that are sold are more likely to be forced sales, which would be helping to drive the median sale price down.
Movements in population and demand have had a big impact on prices in the smaller regional centres, in contrast with Perth, where the median house price has only declined by 4% from its peak.
Perth also experienced a more moderate cycle in prices in the most recent boom in mining investment, with the median house price rising by 32% between December 2008 and September 2014. The larger size of the residential market and more diversified economic base of Perth has helped to support prices.
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