Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

Retail

Integrated with high-end retail, Amara City Gardens is the only private residences situated within the Garden City Perth precinct.

Located in the established suburb of Booragoon, residents can enjoy the neighbourhood&rsquo;s convenient mix of parks, reserves and commercial offerings.

Developed by Iris Residential, the project captures buyers&rsquo; increased interest in generous resident amenity, quality architecture and stylish finishes.

[smartcode_project:default project_id=8266 project_image_fid=158138]

&ldquo;We have captured the glamour and glitz of the retail environment with warm golds and lucrative textures, appealing to the discerning buyer&rdquo;, the developers said.

Upon completion, the project will home 124 one, two and three-bedroom apartments.

Inside the residences, high-quality finishes include large balconies, 2.7-metre ceilings, generous storage, and undercover secured car bays.

[smartcode_project:default project_id=8266 project_image_fid=158127]

The timber and marble-appointed main lobby completes the luxurious appointments that are exclusive to Amara City Gardens residents.

Designed by Cameron Chisholm Nicol, each apartment features open-plan living, mirrored robes and the choice between three contemporary colour schemes.

Some apartments boast sweeping vistas of the Perth skyline and Swan River, contributing to the elegance of the home.

[smartcode_project:default project_id=8266 project_image_fid=158128]

Among resident facilities include a large residents&rsquo; dining area, with fully-equipped kitchen and private wine cellar, an open-air barbeque and sunset veranda, a modern gym and a rooftop tai-chi and yoga deck.

With an array of solar PV cells, double-glazed windows and electric vehicle charging bays, Amara has been designed with the future in mind.

The development achieves a seven-star NatHERS rating, and includes secure bike racks, manicured gardens and an abundance of natural light.

[smartcode_project:default project_id=8266 project_image_fid=158135]

The sought-after Booragoon, which has recorded a quarterly growth of 4.4 per cent for two-bedroom apartments, according to SQM research, also boasts numerous health and medical facilities, schools and transport options within walking distance from the home.

Amara City Gardens has already sold 60 per cent of their stock, with only two and three-bedroom apartments remaining, reflecting the attractive investment opportunities the residences present.

It is expected to reach completion in mid-2022.

[smartcode_project:default project_id=8266 project_image_fid=158117]

About the developer

Iris Residential is a private Western Australian-based property developer with a strong and successful track record in delivering quality residences.

The company has undertaken over $1 billion of developments, with more than 1100 apartments purchased by local buyers.

[smartcode_project_cta: project_id=8266]

Developed by Iris Residential, the project captures buyers’ increased interest in generous resident amenity, quality architecture and stylish finishes. 

max.kwok_55688

Steps away from Perth’s finest retail: Discover Amara City Gardens in Booragoon

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EXPERT OBSERVER
Retail turnover missed expectations of a 0.3 per cent increase in October, instead recording a decline (although the result rounded to 0.0 per cent, after an increase of just 0.2 per cent in September). 
<img src="https://1.bp.blogspot.com/-fRlgDvETnfo/XejDNMrF7SI/AAAAAAAAzM4/WdfpBKe6ADcoogB09uIFwHT1xSL6eyW7wCNcBGAsYHQ/s640/RT1.jpg" width="640" height="352" data-original-height="815" data-original-width="1481">
The annual turnover increase continued to decline to a 2-year low of just 2.1 per cent.
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The monthly decline was driven by clothing and footwear (-0.8 per cent), department stores (-0.8 per cent), and household goods (-0.2 per cent). 
<img src="https://1.bp.blogspot.com/-poYDqyXkXWk/XejDMwanRrI/AAAAAAAAzM0/s0QdBarf6ecabeAK-Cpx53yWn3DnvjE0ACNcBGAsYHQ/s640/RT3.jpg" width="640" height="360" data-original-height="791" data-original-width="1403">
At the state level there were monthly declines in New South Wales and Victoria, as well as in South Australia, perhaps in line with the asymmetric wealth effect thesis. 
<img src="https://1.bp.blogspot.com/-I7RSCOh_YSg/XejDNa4522I/AAAAAAAAzM8/fFi9dFRtJOAW0QML8-TaElQCA8I2PLCvACNcBGAsYHQ/s640/RT4.jpg" width="640" height="360" data-original-height="785" data-original-width="1394">
For excellent analysis of online retail sales from data king James Foster, see here:
'Meanwhile, online retail spending lifted by a healthy 8.5% in October to $1.930bn according to the ABS's estimates to be up by 13.9% over the year. 
At 6.5% of total retail turnover, the online segment seems poised to rise to a record high next month on the back of Black Friday sales promotions.'
Overall, though, this was frankly another terrible result, with the only potential (if dubious) 'silver lining' argument being that some savings were being held back for Black Friday and Xmas shopping. 
Occam's Razor, but...
This calendar year began with the RBA still talking of the next move in interest rates being up, despite years of below-target inflation.
The experiment could have worked, but now that the central bank forecasts are being shredded the baying mob is growing increasingly restless.
Recent national accounts figures showed a healthy rise in government spending, but private demand sinking into the abyss. 
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>. 
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pwargent-M4siyDbqQY

Retail turnover declines are woeful: Pete Wargent

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Meh.
Retail trade increased by a seasonally adjusted 0.1% in August, missing expectations of a solid 0.4% rise. The trend still looks a bit sticky.
<img src="/images/2014/10/8/RT1.jpg" alt="">
Although we got a nice result in July, August was once again fairly ordinary.
<img src="/images/2014/10/8/RT2.jpg" alt="">
We'll have to wait and see what the September data brings in order to assess the impact on the growth of the economy in Q3 in chain volume measures terms. In particular, care should be taken not to be head faked by retail trade data while forgetting to acknowledge household consumption of services, which is not well captured by this data series.
State versus state
The state level data shows that New South Wales continues to experience boom conditions for retailers.
Sydneysiders would be forgiven for wondering what the fuss is about when it comes to all the talk of a "weak economy". In Sydney, shoppers have simply been lapping it up thanks to low interest rates and the recognised "wealth effect" associated with rising house prices.
A look at other states shows a less than rosy picture. Retail trade has under-performed badly in South Australia over the past five years. Queensland has enjoyed a somewhat better run, but is now threatening to roll over, while the year-on-year trend in Western Australia is looking a bit flat to say the least.
<img src="/images/2014/10/8/RT3.jpg" alt="">
A look at the quarterly and annual data shows New South Wales miles out in front, but the mining states are now treading water somewhat.
<img src="/images/2014/10/8/RT4.jpg" alt="">
More pizzas
As for where Aussies are spending their money...well, yet more eating out, of course! The value of retail trade has almost doubled in this sector over the past decade...an extraordinary trend.
It does not follow that this is necessarily a great industry to get into to make money, though, since the barriers to entry are relatively low and therefore it is difficult for businesses to build an "economic moat". The scores of eating establishments in suburbs such as Newtown in Sydney bear ample testimony to that fact.
<img src="/images/2014/10/8/RT5.jpg" alt="">
Listed pizza takeaway companies in Britain have long opined that this trend towards takeaway food and eating out is a generational shift. And they're absolutely right.
Some of the increase is no doubt attributable to a rise in apartment-dwelling, where inhabitants look to spend more time out of their place of residence than was previously the case. But a big part of it is simply a generational change, which is reflected in the fact that the increases are also seen in regions where unit and apartment dwellers are in the minority.
For all of the seemingly zillions of cookery shows on television, a significant proportion of younger people have very little interest in cooking for themselves.
I can hardly claim to be exempt from the trend myself. Being from a family of five lads I can count the number of times we ate out as kids on the fingers of one hand - one family wedding, perhaps a birthday treat at a pizza house another time...not a lot else!
These days, eating out or going to a cafe is an almost daily occurrence.
Disposable incomes have increased again over the past decade, but - as is the nature of such things - as incomes increase so too does expenditure on what people begin to believe are "necessities".
Of course we have absolutely zero need to spend more money on dining out than any previous generation. The only thing that has really changed in this regard is an exponential rise in our own laziness and an equivalent increase in our own lifestyle expectations.
Then of course people complain that living costs are "too high" while simultaneously eating out for one meal in every four and in so many cases inevitably spending up to $200 per week on dining and drinking out - that's more than $10,000 per annum in after-tax dollars spent.
On that sombre note, off out for a coffee...
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An ordinary August as retail trade fails to reach expectations

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The sentiment around retail property is still the weakest in NAB's Q3 Commercial Property Survey.
Confidence in the retail market is still -71, followed by CBD hotels, -60, and office, -53.
And there doesn't look to be a big spike if Australia continues to control the COVID-19 pandemic as well as any other nation.
The 12 month confidence still has retail at -71, and it expects office to be -63.
The two year measure was also broadly unchanged at near record lows in both sectors (Retail -47; Office -40).
Over the next 12 months, rents are expected to fall -6.2 per cent in retail.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/NOV/26/Retail%20rents.jpg" alt="">
The South Australia and Northern Territory are set to suffer the most, with around -9 per cent declines.
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Over-supply is expected to persist in retail in all states in the next 1-5 years, bar VIC (“neutral” in 5 years). <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/NOV/26/retail%20cap%20values%20nab.jpg" alt="">
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Overall Retail vacancy remained at a near survey high at 8.8 per cent in Q3, despite improvement in NSW (7.7 per cent vs. 9.7 per cent in Q2). 
Overall vacancy is expected to climb to 9.3 per cent next year, before easing to 8.2 per cent in two years’ time, with all states passing through their expected peak. 
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jrobinson-rf4aSBido9

Retail property value declines to slow in 2022: NAB

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A private investor has secured a prime retail investment, leased long-term to national retailer Cheap as Chips for $3.72 million on a yield of 7.4 per cent. 
Located in the heart of Colac Activity Centre at <a href="https://www.commercialrealestate.com.au/property/173-183-murray-street-colac-vic-3250-2016401443">173-183 Murray Street,</a> Cheap as Chips Colac is a well-established and proven ‘essentials’ retailer.
Its network of 42 stores nationally across SA, NSW and VIC has remained open and trading throughout Victoria’s Stage 4 restrictions.
Occupying a large site area of 2,460sqm with a gross floor area of 1,868sqm and 28 car spaces, the property offers exposure to major thoroughfare Murray Street (Princes Highway) with a street frontage of 30 metres. 
Colac, a lakefront regional centre and the largest township in the Colac-Ottway shire continues to grow in popularity with a strong population of 13,058 and an exceptional range of amenities.
The property was sold by Rick Silberman and Steven Lerche of Savills Australia who said this was the first time the property had been offered in 30 years.  
“It was previously a Coles Supermarket for many years until they outgrew the space and Cheap as Chips took over in 2017 on a new 10 year lease, plus additional options," Mr Silberman said.
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j.ballantyne1990-6AQqhLzZaK

Victoria retail investment sold for $3.72 million despite stage 4 lockdown

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A landmark retail freehold in Chatswood will be offered to the market after more than three decades of private ownership.
The space, occupied by international retailer King Living for almost 20 years, is expected to sell within the early $7 millions.
Located at 216-18 Victoria Avenue, the 462sqm asset is positioned on the corner of Chatswood’s most exclusive retail strip.
The two-storey space offers five car parking spaces on the title and a further eight spaces adjacent to the property.
CI Australia’s Nick Lowry holds the listing, noting a space like this is a rare opportunity.
“With a prominent corner location, rental upside and recently upgraded major capital items, this is a triple threat opportunity for investors”, he said.
The auction will be held on Tuesday, September 29, in conjunction with Shead Property’s Rick Sombroek and Bill Gerooulis.  
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Chatswood retail space offered for the first time in over 35 years 

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Overall retail trading conditions remain challenging for many local traditional shop front businesses, particularly in the Wollongong CBD, according to the latest report from valuation firm Herron Todd White.
The property valuation firm has seen a decline in foot traffic due to the COVID-19 pandemic and associated work from home directives still in place for numerous commercial office tenants.
Suburban retailers, particularly in the food and beverage sector, have seemingly benefited from the change in work patterns, reporting improved customer visits since the April lockdown, while many of the large national bulky goods retailers that have an online ordering system have been reporting strong sales figures.
Despite some serious initial concerns, retail leasing activity has not fallen off a cliff with many landlords still coming to terms with tenants albeit with higher incentives that typically include a rent free or rental discount period over the initial six to 12 month period of the lease term.
The report authors said, "It is our view though that the real test is still to come with many of the government programs and schemes to be wound back over the coming months."
"Sales activity remains at a low level with several sales occurring over the past six months in the sub $1 million range to owner-occupiers and only a couple of retail investment sales in the higher price range."
"Investors during these periods are typically seeking defensive assets with strong long term lease covenants with the market predicting a long period of low inflation," they concluded.
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Local Wollongong retail property is struggling: HTW

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Like most other assets, transaction volumes for Sydney retail assets can be seasonal, however volumes are more likely to be a response to economic drivers, according to the latest report from valuation firm Herron Todd White.
The property valuation firm found, buyer activity for retail assets is typically a result of several factors. These include local businesses looking to purchase their existing tenancies, owneroccupiers wishing to secure their location, investors seeking retail assets with strong, long term lease covenants, and demand from developers wishing to secure and amalgamate sites.
Sales activity for retail is primarily driven by fluctuations in capital values.
In a strong market, investors typically look to capitalise on their investment and reinvest in other areas with greater growth prospects. In some instances we have also noted some businesses upsizing or expanding.
Conversely, some sellers are motivated by increasing vacancies and it is not uncommon to see a newly leased asset placed on the market for sale.
Increases in holding costs and perceived risks can also drive retail assets onto the market. The move to online shopping has forced some retailers to close storefronts thus increasing the sales volumes.
A driving factor of supply and demand for retail in some areas is the surge of residential property values which has coincided with an increase in the redevelopment of mixed use sites. This trend has been ongoing for some 10 years.
This surge in redevelopment has seen an increase in the supply of ground floor retail space, which is often required under the planning provisions. A good example of this trend can be seen across South Sydney, which saw a surge in retail supply when developments reached completion.
This has led to an oversupply of such stock, which has now been an issue in some areas for some five to ten years.
In other areas, adaptation to changing demands has resulted in renewed tenant demand. Examples of this can be seen in Redfern and Summer Hill. These two local retail precincts have traditionally been dominated by local businesses that service the local population and whilst this remains the case, both of these areas have seen an increase in demand as they become go to locations for small restaurants and bars.
HTW Valuers noted, "the COVID-19 pandemic continues to have implications for the Sydney retail property market. We are currently concerned about smaller retail precincts, particularly inner-city areas that rely heavily on food and beverage sales."
"Some areas have seen severe increases in vacancies. In other areas we are witnessing a slow return to normal with increases in trade leading to a revival and the slow reopening of some businesses."
"Overall, we are predicting rental reductions and an increase in required incentives in some areas, which we anticipate will result in a decline in capital values. Whilst there are currently few sales to demonstrate the impact the pandemic is having, some of those that have occurred have shown a decline in value."
"We have also noted an increase in properties available for both sale and rent in some areas and some difficulty with off the plan strata retail that is now coming up to settlement in a diminished market."
"We maintain the view that investment in retail assets will diminish as they are considered to be highly volatile and, as a result, we anticipate a decline in values. The retail market is facing a long recovery period for which we cannot know the full extent as yet", they concluded.
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Investment in Sydney retail assets will shrink: HTW

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The entire ground floor retail component of the new Silk development in Ascot has been sold to one of the Coffee Club founders, Emmanual Drivas for $6 million.
Silk at <a href="https://ecomms.raywhite.com/collect/click.aspx?u=OWFpWUxRYW1kY2dqaUE0aEpRNVRVTjRCS2drZkZzdHEvVUg2UmFFUGNOeWdTazRUYUlkckhaT3dYWTRReFltc1B0WE00TDd5Zk9kd2k0bVJqUERIWnRYN3Z6QmxqVTY4TnlNcVhhcjN5a3I2YXZvWmhFYUluZUNLbjJibGNUUDJDaUYvaDlSdlZBRWgvNG1OYU9TRjlLaEJwajN3RkNxdw==&amp;rh=ff0068e2421fea6fb8e87e3a7e4681e1bc9132ca" target="_blank">118 Racecourse Road</a> is the latest prestige creation of Brisbane’s Geocal Group and Loucas Zahos Architects.
Silk comprises 11 large residential apartments over the two top levels, two levels of car parking, almost 700sq m of first level commercial space and 600sq m of prime ground floor retail space.
The ground floor retail component was sold by Ray White Commercial QLD father and son duo Stephen and Elliot Kidd.
The duo have now completed the sales of the entire commercial floor with all seven assets now under contract or settled.
Mr Stephen Kidd said the Silk development was breathing life back into one of Brisbane’s most prestigious addresses.
“The building is certainly a stand-out landmark for the street, with the sophisticated architecture by local award-winning firm, Loucas Zahos,” Mr Stephen Kidd said.
“One of the real attractions to the building was the opportunity for local businesses to own their own tenancy vs rent, which has led to strong demand for the commercial space. Of the seven tenancies under contract or settled, all of them have been purchased by owner operators.
“The ground floor retail space will comprise a well-known and enhanced local café/restaurant, skin clinic (already trading), and a mix of food and services.”
“The project was officially completed in July and represents a vote of confidence in one of Brisbane’s wealthiest postcodes,” Mr Elliot Kidd said.
Mr Kidd said it showed that developers were still finding ways to create special projects that left a lasting impression and he was looking forward to seeing people at Silk soon.
 
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Coffee Club founder pays $6m for ground floor of Ascot's ‘Silk'

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EXPERT OBSERVER
The Australian Retailers Association (ARA) has welcomed the Victorian Government’s expanded financial support package for Small to Medium Size Businesses (SMBs) but cautioned it won’t be sufficient to prevent an avalanche of permanent retail closures due to protracted lockdown restrictions.
The immediate grants and tax relief would offer important survival funding for small retailers, but won’t address the fallout of jobs and store closures for medium or larger size retailers which employ the majority of Victorian retail staff.
We are pleased that smaller retailers with payroll of less than ten million dollars can access cash grants and deferred payroll tax. The CBD focus announced today is also critically important, with those retailers more affected than most due to the collapse of all forms of viable visitor numbers since early this year.
However, grants of $10,000 to $20,000 only represent a tiny percentage of the losses retailers are now carrying. Whilst the increased threshold for retailers with larger payrolls is valuable, this remains a very low bar for retail and means there is no support for many of the retailers that represent the household names Victorians know and love. Many of these retailers are unable to access JobKeeper and have no support to offset their considerable losses.
We are also concerned that deferred payroll tax creates yet more mounting debt for retailers already carrying significant deferred leasing costs.
Retailers are committed to the safety of Victorians, but the sector remains extremely concerned about the catastrophic impact of the proposed approach to retail reopening contained in the Roadmap. 
In its current form, we predict the Roadmap measures will mean the permanent loss of up to 50 per cent of Victorian small retail operations that might otherwise survive, leaving many thousands of people unemployed. Some areas of retail, such as CBD retail, will take up to a decade to recover.
The Roadmap means retailers will have been in lockdown for or many months ongoing, in addition to the previous round of lockdowns. And some have been in continuous lockdown since March, which is globally unprecedented and untenable on many levels.
Alternate Covid-safe measures
Covid-19 transmissions within retail remain extremely low, with an ARA members survey last week indicating that 93.4 percent of retailers have had no cases of Covid-19 transmissions in their stores or distribution centres.
We would like to see a much earlier reopening and believe an approach to reopening which is better aligned with successfully working examples, such as NSW, is reasonable to consider.
In addition to the existing Covid-safe measures, retailers would support broader measures, such as:
<ul>
<li>The restriction of people movement to one person per household in the same way we have for essential services and supermarkets in recent weeks. </li>
<li>Mandatory mask wearing by both customers and staff to help protect and mitigate any risk of transmission. </li>
<li>The introduction of Covid marshalls, consistent with the South Australian approach, would be another area our larger retailers would support.</li>
<li>Other Covid-safe measures identified by the Victorian Government which avoid strict lockdowns. </li>
</ul>
 Retailers are also actively undertaking the Government subsidised (accredited) infection control training, which the ARA provides, in the lead up to re-opening. 
Retailers will be relying on Christmas earnings to help offset their significant 2020 financial losses. With this financial outcome now also in jeopardy, many retailers will be considering permanent store closures.
Accruing leasing deferrals payments will push more businesses to bankruptcy. Whilst we applaud the extension of the national leasing code protections, the legislation requires 50 per cent of rent to be deferred and repaid later, in a protracted lockdown environment this is now a burden that may bankrupt many small businesses in Victoria and weigh heavily on their mental health,"he said. 
The ARA is pleased to see the easing of lockdown timings for beauty businesses, with those businesses now able to open a month earlier on 26 October, in line with hairdressers. This is a point ARA and our sister organisation Health and Beauty Industry Association (HBIA) have advocated for and also provides an important win for a sector which employs and services thousands of women.
ARA Recommended Retail Roadmap
Key recommendations provided to the Victorian Premier last week include the following measures:
<ol>
<li>Immediate increase in warehouse and distribution centre staffing.</li>
</ol>
A further six weeks of lockdown ahead for most retailers will place an untenable strain on supply chains not only in Victoria, but around the country. Distribution centres can not only provide an online offset against physical closures, but they take some of the strain off physical stores particularly as we get closer to the Christmas period. The flow on effect of this constraint is that it will mean unsafe levels of pent-up demand are in place by the time retail does reopen.
The ARA requests that warehouse teams, including those in retail distribution centres, and ‘dark stores’ are allowed to increase their staff numbers to full capacity. This can be achieved in two shifts to allow a safe workforce bubble to be maintained. 
These centres have been safely operating at a two thirds arrangement during the recent lockdowns to support online retailing. ‘Dark stores’ are important to include in this provision, as many retailers do not operate warehouse locations and they also help spread the distribution load safely allowing better distancing and workforce bubbles.
<ol start="2">
<li>Reassessment of case loads</li>
</ol>
The ARA is concerned that the target case-loads of less than five daily cases is unrealistic and inconsistent with the approach of other jurisdictions. New South Wales has been operating at case-loads in the double digits (generally between 8 - 18) for much of August and remained open successfully and without significant infection spikes. 
We believe that when Victoria reaches NSW levels of containment, retailers should be able to safely open. The ARA supports a nationally consistent approach in line with the <a href="https://email.retail.org.au/e2t/tc/VVFb0z1jBD0GW3WdX0Z5SZF3fW3S9mTt4fZc05N3ypqDr5nxG7V3Zsc37CgzZCW2hj3JY8t4Z6DW51nR1l7kfxkBW2123NY7Mnrf4W3HB5zG7mDSqgVRW9Vd2k1KSLW86TsSz5YWt2CW45gfPq8B--5tW8RKzwj1h0FSfN2MDhQYvd3JpW1slz-B6qQvLyN1-v0m0gZ666W4c4xYG2QgC8PVx9rQh8DXT_QW9gbdWP19kX-HW2gMn1V23M86bW2VsnNj9kp886W7Zsw4p2wYpG3W5XnCmF4PxBpVW972SBQ2WFBL3VJ-z1L2GvfZCW1fhW5b3Fjr3kW28SMPX5hZCjzW7cWt5r4g1Qd3W331dTm6KjjjmW8XsL7V55vC9zW1f4GQ58FpcS7W7c4WTt4wGZDSW72T2hS5v-lPcW7pXlf-6yB6B8W39VXkm232NDDN96XSbHsHWtNW4DCDsc49JMks3mj_1" target="_blank">nationally agreed trigger for hotspots</a> of a rolling three-day average of ten locally acquired cases per day – 30 over three consecutive days, in line with medical advice.
<ol start="3">
<li>Bring retail reopening dates forward for low-risk retailers</li>
</ol>
In light of all of the above considerations, we propose a progressive reopening, bringing the retail reopening dates forward by a number of weeks to allow a more even spread of retail activity prior to Christmas.  
<ol start="4">
<li>A gradual extension of trading hours</li>
</ol>
To help reduce the intensity of peak shopping, which will be based on pent up demand and the delayed start to Christmas shopping, we propose relaxed retail trading hours to allow for improved social distancing.
Retail is a broad church - from hairdressers to hardware, fashion to food. A one-size-fits-all model does not appropriately reflect the true safety considerations across the sector. We support prioritisation of opening for: the full staffing of distribution centres (as noted above), regional locations, large retail stores, stand alone and high street locations, and shopping centres, using a hot-spot approach.
 The retail industry is keen to work with the Victorian Government to support a safe and sensible retail reopening plan. We are asking the Victorian Government to consider a holistic view of health and safety considerations.
The stress created by lockdowns and complete financial collapse of the majority of small and medium retailers will have a health flow-on effect that is not currently being addressed or measured.
Many retailers may not only lose their life’s work, but face a legacy of permanent unemployment including many young people and women, with retail as a largely female workforce. 
With Victoria as Australia’s capital of freight and distribution, the lockdowns have also financially impacted retail operations around the country.
Paul Zahra is the CEO of The Australian Retailers Association.
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