Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

Retail

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Employees have become an inevitable part of company image. But when employers make judgements and hire on the basis of attracting the “right” kind of people, they leave themselves open to charges of discrimination.
US clothing retailer Abercrombie &amp; Fitch found this out the hard way. It was recently ruled against in a long running court case brought by a young Muslim woman who was denied a job at the retailer because she wore a headscarf.
Abercrombie &amp; Fitch has since replaced its infamous “look policy” which banned caps and black clothing and sought people with a “preppy style”, with a new dress code it says allows customer service staff to be “more individualistic”. It has also changed its hiring practices to not consider attractiveness. Store staff, previously referred to as “models” by the company are now “brand representatives”.
Closer to home, fitness retailer Lorna Jane recently raised the ire of some Australians by advertising for a “Receptionist/Fit Model<a href="https://www.news.com.au/lifestyle/fashion/lorna-jane-receptionist-and-model-job-ad-includes-physical-measurements/story-fnjev30n-1227430876631">”</a>, outlining specific body size requirements. It later clarified that it had decided to combine a traditional back-office role with a front office one so that the successful applicant could “liaise directly with customers on a day-to-day basis, receive their feedback and allow Lorna Jane to deliver an even better product to benefit our customers and their active lifestyles”.
Beyond the ‘right attitude’
In a recent study we set out to find how customer perceptions were impacted by the appearance of customer service staff. We investigated the increasing importance of having employees with not only the “right” attitudes, but also “right look” and “right sound” in service encounters in the apparel retail sector.
The qualitative study included a sample of customers of leading Australian fashion retailers. Semi-structured interviews were conducted with 51 customers. Half of the sample were female and the average age of the customers was 29 (the youngest being 18 and the oldest 61).
‘Matching’ and ‘mirroring’ effects
We found customers tend to approach store staff that look similar to them. They also prefer to approach staff of their own age and same gender for help or ask questions associated with fashion. In some cases, customers whose English is not their first language also prefer staff who can speak their native language.
“I am an Asian, and it is quite clear that my friends and I do prefer to be served by someone from our country. Especially, for some of people, whom I know of, who are not comfortable with speaking English… Yes, this goes for both men and women.”
“As a Muslim woman, I would like to talk to a female staff rather than a male. I prefer to talk to someone who come from or look like they are from the same country as me. … Yet, I do not like to talk to a man.”
Customers are more inclined to “match” or “mirror” their age, gender, race and ethnicity with customer service staff in more involved buying situations than in simple and less risky occasions, such as trying to locate a product in store.
While not extensively investigated in the service encounter literature, the concept of “mirroring” has been established in many other domains such as psychology. As such, it is not a completely new idea. This “mirroring” impact has been explained in social identity theory as a person often puts greater value on “in-group” members who have shared characteristics.
Customers also use age and gender as a non-verbal cue in a “matching” process to decide if a staff member can offer trustworthy advice. In other words, customers attempt to “match” the age and/or gender of a frontline employee with their expectations of what a person with expertise should look like.
Many customers claim that the good appearance of the sales assistant and the managers helps them to hold back their anger in response to service failure at a certain level.
“I don’t know why, … . But I will try to hold my anger when I see a good looking sales assistant.”
“I will be more polite with an older person. … Yes, I will be less polite and straight forward to a younger person.”
They also admit that at some point in time they are willing to visit the store again because of the appearance of the customer service staff.
“My friend and I always come back to this section because of the sales person - he is very cute… Well, most of the time we just come to look for the guy… We sometimes buy clothes in that section too.”
“Yes, I used to go back to a shop just to see someone… But not anymore though, that when I was much younger.”
Gender in service encounters
Our study also found that many gay men would be happier to interact with another gay service employee. However, staff handsomeness did not impact on the gay customers’ decision to approach the staff for advice. Nevertheless, some gay men said they prefer to simply see rather than talk to good-looking staff.
“I only like looking at a cute guy… I guess I am just too shy to talk. But you know, this is part of window shopping… ha ha ha.”
“It does not matter if they are handsome or not. I find them the same.”
Some lesbian customers said the gender of the sales staff had minor to no impact on their decision to approach someone for advice.
“I am happy to get help from anyone … man, woman, lesbian or gay … I am happy with any of them. … At the same time, I am expecting them to treat everybody equally.”
“Personally, I would prefer to talk to women, but I also do not mind talking to men.”
In short, the visible diversity of staff influences customers in a service encounter and, depending on the purchase occasions, customers prefer to, for example, interact with older/younger or male/female staff. In general, having staff who share the same appearance as customers may deliver a competitive advantage to retailers.
Park Thaichon is assistant professor of marketing at S P Jain School of Global Management and can be contacted <a href="https://theconversation.com/profiles/park-thaichon-175182" target="_blank">here</a>.
Sara Quach is a PhD student at Swinburne University of Technology and can be contacted <a href="https://theconversation.com/profiles/sara-quach-175976" target="_blank">here</a>. Both are authors for The Conversation.
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po-LsXgBTHBmX

How hiring for the ‘right look’ influences retail shoppers

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The retail section of the redeveloped beachside Wallis Building on Jetty Road, Glenelg has been fully leased with only three upstairs office and consulting spaces up for rent.
The retail space is split up between a tenanted ground floor of 811sqm and a first floor, 510sqm health club. 
Colliers International’s Ben Laycock said the three remaining upper level tenancies are suitable for offices and consulting rooms, range from 65sqm to 500sqm, and would suit a variety of uses including accountants, legal, corporate services, government departments and medical specialists.
 
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Redeveloped Wallis Building, Glenelg nearing full lease

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Auswin TWT has emerged as the $96 million buyer of the Surry Hills Shopping Village.
Located at the corner of Cleveland and Baptist Street, Redfer, the sale reflect a yield of 4.48%.
The local, but Chinese-backed developer Auswin TWT are also converting Tabcorp’s long-standing Sydney headquarters in Ultimo into a $78 million Woods Bagot-designed apartment and retail complex.
The Surry Hills neighbourhood shopping mall is anchored by Coles. The 1.519 hectare site has mixed use zoning and has redevelopment potential for 300 apartments with a ground floor shopping complex.
Property Observer reported it had been sold for around $100 million late last month.
The vendor bought it for $6.3 million 30 years ago when it was a mall on the old Wunderlich factory site.
It was listed through Scott Timbrell and Jeff Moxham of <a href="https://www.realcommercial.com.au/property-land+development-nsw-surry+hills-501482783" target="_blank">Ray White Commercial</a> with a current gross passing income from a number of tenancies of $4.3 million a year.
It was 1992 when the shop owners at Redfern Mall voted to change the name to Surry Hills Shopping Village.
Although the site is technically in Redfern, shop owners believed they were missing out on business because of geographical confusion.
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jchancellor-FAypfDUnLy

Auswin TWT spend $96 million in Surry Hills, Sydney

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Myer's Top Ryde store could be the first of as many as 20 stores earmarked for closure as part of plans to secure the 115-year-old retailer's future.
The Australian Financial Review reports Myer is planning to close its four-year-old store.
They space is tipped as set to fall to Coles or Kmart, as according to a development application with City of Ryde Council, Top Ryde City plans to replace the two-level Myer store with a supermarket, a major tenant and a "mini-major."
Myer and ​​Top Ryde City confirmed that the centre was considering a range of refurbishment options, but advised no decision had been made.
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Myer tipped to exit Top Ryde

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The Bargara Beach Plaza Shopping Centre, located east of the key regional Queensland city of Bundaberg, has been listed in the circa $4 million price category.
The well-established Bargara Beach Plaza Shopping Centre is being marketed by Jon Tyson and Michael Harcourt of Savills Retail Sales.
The property comprises two detached single-level buildings on a 3,048 square metre site with a total gross lettable area of 997 square metres split over 13 tenancy areas.
Tenants include Wide Bay Australia Bank and the Queensland Government Electorate Office.
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Around $4 million tipped for Bundaberg shopping centre

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The Surry Hills Shopping Village has been sold for around $100 million.
The vendor bought it for $6.3 million 30 years ago when it was a mall on the old Wunderlich factory site.
The redevelopment potential of the village at 2-40 Baptist Street and 397-399 Cleveland Street saw strong buyer interest, the Sydney Morning Herald commercial property editor Carolyn Cummins reported.
It was listed through Scott Timbrell and Jeff Moxham of <a href="https://www.realcommercial.com.au/property-land+development-nsw-surry+hills-501482783" target="_blank">Ray White Commercial</a> with a current gross passing income from a number of tenancies of $4.3 million a year.
It was marketed as a significantly underdeveloped parcel of land totalling approximately 12,322 square metres.
Sydney Local Environment Plan (LEP) 2012 provides for mixed use development (STCA) with a floor space ratio (FSR) of 2:1 for 2-38 Baptist St and 397-399 Cleveland St with an FSR of 1.25:1 for 40 Baptist St at the rear of the site anchored by a Coles supermarket.
It was 1992 when the shop owners at Redfern Mall voted to change the name to Surry Hills Shopping Village.
Although the site is technically in Redfern, shop owners believed they were missing out on business because of geographical confusion.
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Surry Hills Shopping Village sells for around $100 million

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Myer Centre Adelaide, the largest CBD shopping mall in the city, has been sold for $288 million through JLL.
It comprises a retail centre, three office buildings and four basement levels with 467 carpark lots.
It has a total area of 716,000 square feet in the city’s retail area along Rundle Mall, the city’s only retail pedestrian street which attracts 24 million shoppers annually.
The Singaporean REIT, YTL Starhill Global REIT Management Limited, as manager of Starhill Global Real Estate Investment Trust secured the freehold property located at 14- 38 Rundle Mall.
Its net income sits at $19 million.
Ho Sing, chief executive officer of YTL Starhill Global, said the asset fits its investment strategy of building a quality portfolio of properties in prime locations.
"At the purchase price of A$288.0 million, Myer Centre Adelaide provides an attractive yield of 6.6%, is 2.8% accretive to our DPU and is below the current replacement cost," he said.
It was listed two months ago by Novion Retail Partnership with price expectations for close to $270 million through JLL's Head of Retail Investments for Australia, Simon Rooney. 
 
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At 6.6% yield, Myer Centre Adelaide sells at $288 million to YTL Starhill Global

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A private Melbourne investor has purchased the Williams Landing Masters store for $36 million.
It was bought from listed property company Cedar Woods through CBRE agents Mark Wizel and Justin Dowers. 
The Masters home improvement store was sold with a 20-year net lease, 100% guaranteed by Woolworths and returning a net income of over $2 million.
Click to open in new window:
<a href="/images/2015/04/15/cbre-apirl1-5b-re.jpg" target="_blank"><img src="/images/2015/04/15/cbre-apirl1-5b-re.jpg" alt=""></a>
Reflecting a yield of 6%, the sale of the not yet two year old store represented the strongest yield ever achieved for a hardware store in Australia.
“We were really taken back at both the depth of offers and aggressive nature of bidders for this asset,” Wizel said. He noting other recent Masters store sales included Dandenong, Western Australia and Penrith all achieved yields of between 6.75% and 7%.
“The latest sale at 6% shows the significant increased confidence that buyers have in the Masters covenant and the longer term outlook from investors in relation to the Masters platform as a business,” Wizel commented.
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CBRE nail strongest yield yet for Masters Hardware offering

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Sule Arnautovic, managing director of Jirsch Sutherland and one of the administrators responsible for <a href="https://www.smartcompany.com.au/finance/45146-reheated-pie-face-emerges-from-voluntary-administration">keeping Pie Face alive</a>, has admitted there was a point during the voluntary administration of the pie chain when there was “no really obvious parachute” to save the company.
In an inside account of a voluntary administration that is rare in corporate life, Arnautovic has given his account of the episode in Pie Face’s chequered history in the <a href="https://www.jirschsutherland.com.au/wp-content/uploads/2015/03/Pie-Face.pdf" target="_blank">March edition of the Australian Insolvency Journal</a>.
“There were certainly some tough conversations on the way through the voluntary administration between [fellow administrator] Rod Sutherland and I about what sort of tolerance we would take risk to because there were big numbers accumulating that we were personally on the hook for,” said Arnautovic.
Arnautovic is referring to the deal the administrators netted with Pie Face secured creditor TCA Global, which “advanced a couple of million US dollars to get the thing out of a pickle and they have now advanced another $US2 million to keep it trading”.
The deal with TCA Global was a key part to the deed of company arrangement presented by Arnautovic and Sutherland and accepted by creditors at the end of December 2014.
Under the deal, Pie Face creditors accepted no more than 19 cents in the dollar for total creditor claims, excluding inter-company claims, worth $50 million.
But editorialising on the outcome of the administration, the Australian Insolvency Journal said it’s “perhaps fair enough” that Pie Face shareholders <a href="https://www.smartcompany.com.au/leadership/management/45701-pie-face-founder-wayne-homschek-turfed-from-board-as-new-management-team-seek-to-turn-things-around" target="_blank">chose to oust co-founder and “chief visionary” Wayne Homschek from the company’s board</a> as the chain was “radically diminished” by the time it emerged from administration.
The article also reveals Homschek was served “director penalty notices” by both the Australian Tax Office and the Office of State Revenue, which were both Pie Face creditors.
“That’s quite a burden for someone lumbered, fairly or otherwise, with primary responsibility for Pie Face’s spectacular implosion in the latter half of last year,” the publication said.
<h2>“A sale was not a live option”</h2>
Consistent with his <a href="https://www.smartcompany.com.au/finance/45165-pie-face-administrators-we-received-no-bona-fide-offer-to-buy-the-company" target="_blank">defence of the administration process to SmartCompany in January</a>, Arnautovic said in the article it became “very obvious very quickly” the administrators would not be able to sell the whole company.
“People might buy some equipment, or take over some leases. But there wasn’t going to be a global solution that worked for creditors generally, and in particular the secured creditors of the group being TCA Global and convertible noteholders owed some $7.5 million.”
But Arnautovic says the administrators had started their appointment “underfunded” – with Pie Face directors managing to pull together just $400,000 to go towards the $1 million in starting funds needed to keep the business trading – and for the first few weeks of the appointment “we weren’t sure on a day to day proposition whether we were going to be shutting the thing down or not”.
“Ordinarily we would’ve loved to have advertised the business and gone to the market a lot sooner than we did,” Arnautovic said.
With reluctance to buy into a proposed restructure or refinance on the part of secured creditor Macquarie Bank, the conversation quickly turned to an alternative financer, TCA Global, which was need to refinance Macquarie first and then take on risk for the business.
“It took until the 18th of December to get any comforting flow of funds,” said Arnautovic, recalling the tense conversations.
“Macquarie and their lawyers were very cautious. They didn’t want to touch the cash at bank in holdings even though they had their foot on it because they were concerned about priority employee entitlements in the group.”
TCA Global eventually paid out Macquarie around $4.6 million, which helped Arnautovic and his team keep the business trading, although in a slimmer format. Overall <a href="https://www.smartcompany.com.au/growth/franchising/44816-pie-face-company-stores-in-melbourne-close-ahead-of-meeting-with-franchisees-next-week" target="_blank">20 company-owned Pie Face stores were closed</a> during the administration and around 150 employees lost their jobs.
The refinance from TCA was “dovetailed” into the proposed DOCA and as a result TCA now has representatives on the Pie Face board.
<h2>But the battle is not over yet</h2>
Despite surviving voluntary administration, and plans for revamping its menu, Arnautovic said Pie Face still has work to do if it is going to last the distance.
“The problem with funding Pie Face is there are no significant tangible assets to secure your money against,” he said.
“There’s no real estate, equipment and fitouts are not worth much in a shut-down, and most of the directors didn’t want to provide personal guarantees.”
“I was very surprised the TCA deal happened … but it got done with a hell of lot of effort by all involved. The real challenging aspect of it was the trading risk and exposure that we put ourselves under by believing we could save it.”
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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An insider’s account of the “spectacular implosion” of Pie Face

The cheapest Pitt Street mall retail rents match the highest retail elsewhere in the Sydney CBD, according to the latest Savills International research.

Retail rentals were between $1,000 a square metre net and $4,500 a square metre net for CBD tenancies outside&nbsp;Pitt&nbsp;Street&nbsp;Mall&nbsp;and from $45,00 a square metre net to $10,000 a square metre net within the&nbsp;Pitt&nbsp;Street&nbsp;Mall.

<img alt="" src="/images/2015/04/08/savills-april-8-bre.jpg" />

Market yields range between 5.5% and 8%, the <a href="https://pdf.savills.asia/asia-pacific-research/australian-research/australia-retail/savillsresearch-quarter-times-sydney-retail-q1-2015.pdf" target="_blank">Savills Q1 Sydney retail report</a> said.&nbsp;

In 2009 Savills noted gross retail rentals were between $750 a square metre and $6,000 a square metre gross for CBD tenancies outside&nbsp;Pitt&nbsp;Street&nbsp;Mall&nbsp;and from $5,000 a square metre to $13,600 a square metre gross within the&nbsp;Pitt&nbsp;Street&nbsp;Mall, with the biggest premiums paid for&nbsp;street-front areas with&nbsp;high-end brands gravitating increasingly towards historic buildings in the area for high-exposure boutique retail stores.

Picture courtesy of &nbsp;<a href="https://commons.wikimedia.org/w/index.php?title=User:Mw12310&amp;action=edit&amp;redlink=1" title="User:Mw12310 (page does not exist)">Mw12310</a>/&nbsp;<a href="https://www.propertyobserver.com.au/https://creativecommons.org/licenses/by-sa/3.0" target="_blank">CC BY-SA 3.0</a>.

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