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

Joel Robinson

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

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

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

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

Bottega House secures landmark riverfront site in St Lucia 

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

Richmond

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Author James Phelan and his wife, opera singer Nicole Wallace, have sold their Richmond warehouse conversion.
The <a href="https://www.realestate.com.au/property-apartment-vic-richmond-126763266" target="_blank">103/1 Margaret Street offering</a> secured $1.24 million as they seek more space for their growing family. 
The two-bedroom property is one of six in a former textiles building close to the AKM site.
It had a price guide of $1.1 million to $1.21 million.
The Jed Walker series author said they converted the space from an empty shell after buying it about 12 years ago.
His most recent thriller novel Dark Heart, in the Jed Walker series, was released through Hachette this year. 
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Richmond warehouse conversion sold by author James Phelan

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Richmond was the most active suburb for weekend auctions.
A <a href="https://www.realestate.com.au/property-house-vic-richmond-126763162" target="_blank">double-fronted Victorian cottage</a> on Queen Street, Richmond (pictured above) fetched $2.08 million, the dearest result.
It had $1.9 million to $2.09 million price hopes.
The cul de sac home featured polished floors.
There was a contemporary kitchen with Corian surfaces and NEFF appliances.
It came with hydronic heating, 1 kilowatt solar system, solar hot water and a 4800 litre rain water tank.
It last sold at $981,000 in 2006.
Richmond's next priciest result was the 1855 home, Dennington, at 139 Hoddle Street which fetched $1,975,000 at mid-week private auction.
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Richmond cottage sells at $2.08 million

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Salta Properties has paid $51 million to acquire a site in the Melbourne inner suburb of Richmond. 
The site at <a href="https://www.realcommercial.com.au/property-land+development-vic-richmond-502484226" target="_blank">459-471 Church Street</a> has frontages to Church, Shamrock and Brighton Streets, and is on the doorstep of the East Richmond Railway Station.
The 5,276 sqm site is one of the largest within Melbourne’s inner city suburbs and Salta has plans for over 25,000 sqm of office space, a childcare facility, and ground floor amenities across three buildings. 
Salta Properties managing director Sam Tarascio said Richmond was one Melbourne’s sought-after hubs for technical innovation and blue chip office space. 
“Salta considers 459 Church Street to be the best available commercial development site in Melbourne outside of the CBD,” he said. 
“We are confident this property will mirror the success of our commercial developments at Victoria Gardens Corporate and Nexus Corporate and we are eager to progress to the next stage of planning.” 
The development will have food and beverage offerings, childcare, a medical clinic, rooftop terraces and co-working spaces mixed in over three buildings. The development will also have a 6-star Green Star rating. 
The site was sold through JLL’s Lincoln Reynolds,  Langton McHarg and Marcus Quinn.
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Salta buys site in Richmond for $51 million for office towers 

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The REIV is expecting about 1690 auctions in 370 suburbs this weekend.
The top auction locations this week are Richmond (23), followed by Craigieburn and Glen Waverley with 21 auctions in each, according to the REIV.
The Richmond auction listings include a <a href="https://www.realestate.com.au/property-house-vic-richmond-126763162" target="_blank">double-fronted Victorian cottage</a> on Queen Street (pictured above).
It has $1.9 million to $2.09 million price hopes.
There were 1153 auctions last weekend.
On the same weekend last year there were 1167 auctions.
There was the biggest auction weekend in the state’s history with around 1900 homes in late October.  The previous record for auctions held in a single weekend was set in November 2015 when 1712 auctions were held.
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Richmond headlines Melbourne's 1690 weekend auctions

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A converted warehouse to office in Melbourne’s CBD fringe suburb of Richmond is up for auction on November 15 through Teska Carson.
Located at <a href="https://www.realcommercial.com.au/property-offices-vic-richmond-502600978" target="_blank">77 Murphy Street</a>, the corner property comprises a single level, 320 sqm brick warehouse which has been converted into office space.
The property will be sold subject to a short-term lease at a current net annual rental of $94,500. 
According to marketing agents, Teska Carson’s Tom Maule and Matthew Feld, the property would suit a wide range of buyers including owner-occupiers, developers and investors.
The 320 sqm site is zoned Industrial 1.
“With a short term lease, an ideal, inner city location, and three street frontages, this converted warehouse offers opportunities for owner-occupiers, as well as developers and investors,” said Maule.
“Richmond has become a very much sought after address for those looking for a boutique office environment within easy reach of the CBD.”
 
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Warehouse turned office space in Melbourne's Richmond listed for auction

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An industrial style office in Melbourne’s Richmond has been put on the market, and is suited both to the investor or the owner occupier with potential for further development.
The <a href="https://www.realcommercial.com.au/property-offices-vic-richmond-502208006" target="_blank">29-31 Butler Street</a> property has a land area of 480 sum and a net lettable area of 470 sqm.
It is close to public transport and the restaurant district of Victoria Street. 
The property features a flexible open plan space, polished concrete floor and high ceilings.
It is zoned Commercial 2 and the property is on two titles.
The property was last sold for $2.2 million in 2016.
There has been no asking price disclosure.
The listing agent is Gordon Kelly of Kelly &amp; Kelly Property.
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Richmond industrial-style office property for sale 

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A two-level Victorian offering with potential for further development in Richmond on Melbourne CBD’s eastern fringe is set to go under the hammer on November 1 with price expectations of more than $2.25 million.
Located at <a href="https://www.realcommercial.com.au/property-offices-vic-richmond-502581762" target="_blank">121 Burnley Street</a>, the property boasts an address in one of Melbourne’s most popular restaurant, fashion and entertainment precincts.
The building includes a reception area, conference room, eight individual offices, kitchen facilities and toilets on the ground floor, and a large boardroom, kitchen, balcony and three individual offices upstairs.
The 439 sqm site, zoned Industrial 3, has frontage to Burnley Street and rear access via North Street.
The marketing is by Teska Carson’s Luke Bisset and Michael Taylor along with Jeffrey Richardson of Richardson French.
According to the agents, the property will be offered with vacant possession and provides an opportunity to invest in arguably Melbourne’s premier inner-eastern property market. 
Bisset said the area had benefitted from a number of high profile residential and commercial developments, driven by population growth and the attraction of Richmond’s well documented retail and entertainment offerings, as well as its proximity to the CBD.
“It is ideally suited to an investor or owner-occupier seeking a well-presented commercial property in a great location with the benefit of the potential for further development (STCA) and the prospect of capital growth,’’ Bisset said.
Strong enquiry is expected for the property.
“Property in this precinct is very popular with investors and that popularity has intensified in recent times as the purchaser market has expanded to include SMSFs and foreign investors as well as the traditional smaller investor. And of course owner-occupiers have been much more prominent due to the favorable borrowing rates,” Richardson said.
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Victorian building in Richmond set for auction with $2.25 million expectations

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Outgoing Melbourne Storm star Cooper Cronk has listed his Richmond townhouse for lease, having bought a Sydney home with Fox Sports presenter fiancee Tara Rushton.
The couple recently spent $3.5 million on a <a href="https://www.propertyobserver.com.au/forward-planning/advice-and-hot-topics/title-tattle" target="_blank">home in Mosman</a>.
The <a href="https://www.realestate.com.au/property-townhouse-vic-richmond-422166146" target="_blank">Richmond house</a> (above and below) cost Cronk $570,000 in 2006, a few years in to his Melbourne Storm tenure.
<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/2017/10/10/Rich3.jpg" alt="">
He is seeking $850 a week through Woodards Camberwell agent Jody Virgona.
The home has two bedrooms, one bathroom and living room with bi-folding doors that open to a large paved entertaining area.
An upstairs balcony has city views.
<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/2017/10/10/Rich3.jpg" alt="">
Cronk is happy in Sydney having settled on a home in Sydney.
His fiancee, Fox Sports presenter Tara Rushton, was north of the bridge before Cronk's arrival, having previously lived in a Kirribilli apartment.
She paid $780,000 for the two bedroom apartment in 2014 and recently leased it at $650 a week ahead of Cronk's move.
Cronk had sold a Queensland investment property around the same time. 
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Cooper Cronk sticks redundant Melbourne townhouse for lease

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A commercial building leased to fast-food chain KFC in Melbourne’s inner eastern suburb of Richmond has been listed for auction and is expected to fetch more than $9 million. 
The <a href="https://www.realcommercial.com.au/property-retail-vic-richmond-502562118" target="_blank">324-328 Swan Street</a> property will go under the hammer on October 26.
Situated in the heart of Swan Street, arguably Melbourne’s most prestigious showroom location, the site has an area of 1,289 sqm with the two-level, 255 sqm building covering only 20 per cent of the site. 
It is zoned Commercial 1 under the City of Yarra Planning Scheme, with frontages to Swan Street and Coppin Street.
Commercial 1 Zone promotes mixed-use commercial centres for retail, office, business, entertainment and community uses, as well as residential uses at densities complementary to the role and scale of the commercial centre.
The marketing is being handled by Teska Carson’s Tom Maule and Michael Taylor.
The property will be sold subject to a five-year lease that started in March 2016 to KFC at $191,105 per annum plus outgoings and GST.
The lease includes three per cent annual increases.
Maule said the property represented a high-profile corner landbank opportunity.
“The property is securely leased to international tenant KFC and underpinned by tremendous future development potential. 
“In recent years, Swan Street has transformed into arguably Melbourne’s best city fringe showroom strip with a plethora of retail, cafés and restaurants and many other lifestyle amenities and so any opportunities like this are highly sought after,’’ Maule said. 
Taylor said the zoning provided the future owner with an ideal site for multi-level residential development.
“Currently $250 million of residential projects are in the planning pipeline for this Swan Street corridor which is transforming the landscape into a highly desirable residential precinct.
 
 
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Swan St KFC site listed with $9 million hopes 

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A converted warehouse at Cremorne (Richmond) has sold to an owner-occupier for $1.95 million at the land rate of $10,427 a square metre.
The property, 16 Dove Street, features a 312 square metre, two level, converted warehouse with secure undercover parking for nine vehicles, a private office, laundry, bathroom, and two staircases providing separate first floor access. 
The first floor includes an open plan mezzanine and a private office, an open plan workshop/breakout area with fully equipped kitchen and a large courtyard.
The 187 square metre site has ten metres frontage to Dove Street. 
According to selling agents, Teska Carson’s Tom Maule and Matthew Feld, they had 170 pre-auction enquiries for the property.
Mr Maule said the enquiry level reflected both the first rate conversion, providing multiple tenancy options, and the prime Richmond location, which appealed to investors and owner-occupiers.
"This is a funky converted warehouse/office property with a flexible layout providing multiple use options, and secure on-site parking, which is well suited to owner-occupation, especially those looking for a point of difference and a location close to everything, but it also appealed to investors sure of demand for the space,’’ he said.
The property was sold with vacant possession by a Melbourne based investor.
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