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]

Joel Robinson

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

IN BRIEF

<ul>
	<li>
	Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.
	</li>
	<li>
	Construction on The Waterline is complete, with the first residents expected to move in from mid-October.
	</li>
	<li>
	Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.
	</li>
</ul>

<hr />
Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.

Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.

[smartcode_project:default project_id=113271 project_image_fid=366708]

Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.

“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.

“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.

“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”

[smartcode_project:default project_id=113271 project_image_fid=366709]

The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.

The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.

Each residence also has three secure basement car spaces and additional storage.

“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.

“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”

<img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" />

Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.

Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.

Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.

“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.

“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.

“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”

Sky Homes are priced from $3.65 million.

Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.

Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.

Harbour Shores is being marketed by Colliers International.

[smartcode_project_cta:default project_id=113271]

Lewis Land opens sky home display as The Waterline completes at Harbour Shores

St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.

The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.

Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.

It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.

<img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" />

The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.

The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.

The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.

<img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" />

Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.

The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.

The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.

Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.

The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.

<img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" />

&nbsp;

The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.

Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.

Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.

<a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a>

Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.

Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.

Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.

<a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station">First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</a>

&nbsp;

First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

Savills

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Australia remains the third most popular country for international students, as the overseas student population continues to increase in both universities and other education sectors, says a recent Savills report.
Australia has a strong reliance on international students from a number of South East Asian countries, it says.
China (28%), India (11%), Republic of Korea (4%), Thailand (4%) and Vietnam (4%) are the top five countries of origin for international students studying in Australia, according to The Australian Student Accommodation Market Report by Savills.
The latest demographic information available indicates that international student growth is stronger as evidenced by enrolments in higher education courses with student visas growing by 11% from 2015 to 2016. 
<a href="https://www.propertyobserver.com.au/images/2017/09/29/StudentNationalities.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/09/29/StudentNationalities.png" alt="">
In 2016, the strongest growth in international student numbers in Australia came from Brazil (20%), Malaysia (18%), Nepal (16%), Hong Kong (10%) and Colombia (22%).
<a href="https://www.propertyobserver.com.au/images/2017/09/29/StudentNationalities.png">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/09/29/StudenEnrolments.png" alt="">
According to the report, universities across Australia also continue to be significant participants within the market, with 71,645 beds of Purpose Built Student Accommodation (PBSA) in the eight Australian capital cities. The existing supply in each city is less than 11% of the full-time student population with the exception of Canberra (28%).
Over the first three quarters of 2017, consistent with market activity throughout 2016, the key focus for the major developers in this sector has been the continued acquisition of sites and the construction and delivery of new Purpose Built Student Accommodation (PBSA).
“In Sydney, the University of Sydney, UNSW and Macquarie University are currently active in improving / extending existing residential portfolios,” said Conal Newland, director of Student Accommodation at Savills Australia.
“The University of Melbourne has been active with a number of projects in the last 12 months as have Deakin and Monash Universities. In Brisbane, the University of Queensland and QUT have also considered new projects.”
Newland added that there were only two institutional off-campus transactions in Australia in the first three quarters of 2017, though it was consistent with transaction volumes over the last five years. 
In contrast, the more mature markets in the United States and the UK have been at near record volumes, he said.
Net initial yields in Australia have remained relatively static over the last 12 months, primarily due to the limited number of transactions.
Australia’s student population continues to grow at a steady rate, with total student enrolments increasing by 2.7% from 2014 to 2015, a rise of 36,903 students. 
International student numbers increased by just less than 4.5% in 2015. All of this growth is attributed to full-time international students which increased by almost 5.5%. Part-time international student numbers fell by 0.8% in 2015.
Among the states, New South Wales, Victoria and Queensland showed the greatest number of student enrolments. Victoria achieving the largest increase in enrolment numbers year on year, with an increase of 4.4% compared to 2014. Of all the states, Tasmania saw the largest increase of 9.9% growth in 2015 with multi-state higher education providers increasing by 6.7%.
“The number of international students enrolled in Higher Education courses and utilising study visas in Australia has grown by 10.9% from 2015 to 2016, a marginally higher increase than the year previous” he said.
There were 554,179 international students studying on a student visa in Australia in 2016 which represents an 11.3% increase over 2015 figures (498,155 student visas). The top five nationalities are China, India, Republic of Korea, Thailand and Vietnam. China is the largest international student country of origin which contributed over 27% of the total number of international students in Australia in 2016. The country with the highest percentage of growth is Columbia with growth rate of 22.4% from 2015 to 2016.
Sydney is biggest drawcard for investment into the student accommodation sector. The significant supply and demand imbalance, world class universities and status as a global city are contributing factors, according to the Savills report. The total development pipeline in Sydney has increased from 3,665 beds in 2016 to 5,435 beds in 2017.
In Melbourne, the pipeline for delivery of new student accommodation has increased significantly in the last 12 months. 
Savills 2016 research indicated a total pipeline of 9,651 beds, which has increased to 16,295 beds in 2017. This has been driven by the availability of development sites and the University of Melbourne's 2020 strategy to increase the pipeline of student accommodation bedrooms to 6,000.
After a period of two years when the PBSA development pipeline in Brisbane increased significantly, the activity has slowed in the first three quarters of 2017. There was a minor acceleration towards 30 June 2017, the date that Brisbane City Council’s infrastructure levy reductions ceased, and these projects must commence construction by the end of October 2017 to receive the concession. Analysis indicates that the total combined PBSA pipeline has increased from 8,930 beds in 2016 to 10,682 in 2017.
The development pipeline in Adelaide has grown to 2,159 in 2017 from 1,480 in 2016. In 2018, three projects are programmed for delivery including developments by Blue Sky, Kyren Group and Urbanest. In 2019 a further 380 beds are programmed for delivery.
There has been significant interest in the Perth student accommodation market in the last 12 months. The total development pipeline has increased to 3,621 beds from 2,000 in early 2016. This includes projects being promoted by Stirling Capital and Cedar Pacific. The development pipeline also incorporates the first stage of the Curtin University procurement – a mixed use project incorporating student accommodation.
It is clear when comparing both the existing supply and development pipeline across the major Australian capital cities, with the comparative cities in the UK that in general Australia has a much lower base of supply.
However, according to Rachel Coates, associate director of Student Accommodation at Savills Australia, one critical difference between the Australian and UK market is the propensity of domestic students in the UK to move away from home for university education – and therefore demanding PBSA.
“Australian domestic students are much more likely to live at their parent’s home while studying at university. Cultural drivers and specialisation of course offerings from UK universities has led to much higher rates of students leaving home and travelling to attend university studies,” she said.
It is interesting to note that the record level of UK transactions contributed to global student accommodation investment of over USD $14 billion in 2015. The US market also achieved record levels of USD $5.5 billion for the year and Western Europe USD $2 billion, again a record.
“The US and Western Europe continued to break records in 2016, with the UK having a slower year transaction wise, before being projected to reach close to 2015 levels in 2017. Sales activity in the first quarter of 2017 has been somewhat more subdued with a total of USD $1.95 billion of transactions,” Coates said.
“Analysis of recent transactional activity within the UK demonstrates how the Australian transaction market is still at an early stage, both in terms of the volume of stock that has been traded analysed in terms of the number of beds, and the total value of transactions. There is a substantial amount of trading in the UK forecast for the fourth quarter of 2017, indicating that transaction volumes could total close to £5 billion for the year.”
Coates went on to say that political reform of the Australian Higher Education Sector remains on the agenda, as continued government funding of the Australian university sector seems less likely, and competition between universities is set to increase.
“Savills expect that the provision of high quality purpose built accommodation will become an important consideration for a number of Australian universities. The levels of development activity among universities is already increasing,” she said.
“Sydney will continue to be the most attractive, but the most difficult market to access. Despite a rapid rise in the number of projects over the last 12 months, Melbourne continues to attract a number of new pipeline projects.” 
Debt funding for new development led projects has affected a number of property asset classes through the first three quarters of 2017, including student accommodation. Accessing debt finance for new projects is anticipated to remain challenging.
Record numbers of investors are looking to access the Australian student accommodation market. However, whether development led or investment led, opportunities are at this stage limited.
“Looking to the start of 2018, the delivery of new pipeline accommodation, particularly in Melbourne and Brisbane is going to be closely watched by market participants and observers in terms of the occupancy uptake and stabilisation of new assets, particularly towards the top end of the rental price range. And accessing debt finance for new projects is anticipated to remain challenging.
“Savills anticipate at least one new developer entering the market either late 2017 or early 2018. We also see an opportunity for more competition in the independent third party management of student accommodation” said Newland.
 
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prateek24-ezbwHMbNAk

Australia third most popular country for overseas students: Savills 

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A development site with approval for nearly 100 apartments in Sydney’s North Shore has been listed for sale through Savills.
The site at 2-8 Pymble Avenue and 2-4 Everton Street, Pymble comes with Development Approval for residential located within one of Sydney’s prestigious north shore suburbs.
According to Savills, the influx of residential development sites for sale throughout Sydney has surged in the past 12 months, but the Pymble site with 7,879 sqm area already comes in with all the approvals. 
This site currently encompasses a consolidated single registered title of land containing three existing detached single and double storey dwellings. 
The property is zoned R4 High Density Residential under the Ku-Ring-Gai LEP 2012 with a height limit ranging between 11.5 and 17.5 metres and a blended FSR of 1:1.
The site is DA approved for the construction of 98 oversized residential apartments and 1 x 100sq m ground floor neighbourhood shop together with basement parking for 156 vehicles. 
<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/2017/09/20/Pymble%20to%20CBD%20Marked%20Up%20Aerials2.jpg" alt="">
The DA Approved Gross Floor Area is 8,547sqm* and the site is perfectly positioned at the top of a ridge to capitalise on the views back towards the Sydney CBD and the Blue Mountains.
It is close to public transport. 
The marketing is being done by Neil Cooke, Stuart Cox and Johnathon Broome of Savills Australia.
“In 2017, the amount of DA approved sites for circa 100 apartments has completely dried up particularly in blue chip areas such as Pymble on Sydney’s North Shore,” said Neil Cooke.
He added that the Draft Construction Certificate has already been issued for the site, and it states that all Pre-CC Conditions of Consent have been satisfied, and confirms that only the payment of the standard contributions is required in order for the Construction Certificate to be immediately finalised.
Cox added that there was “excellent continuing demand for premium residential apartments” in this location as evidenced by the success of recent project campaigns released within Pymble and surrounding suburbs.  
The site is being offered through expressions of interest with the EOI closing on October 19.
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jonathanchancellor-7SQnKwU6yx

Site with apartment approvals in Sydney’s North Shore listed: Savills

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“With office vacancy rates in Perth still above 20 percent and conditions continuing to favor tenants, proactive landlords have been completing speculative fit-outs or redecorating existing fit-outs in order to present a more attractive offering to tenants. This trend is likely to continue.” – James Phelan, Associate, Office Leasing 
Pro-active landlords are now completing speculative fit-outs or redecorating existing fit-outs as the competition for tenants intensifies with Perth’s office vacancy rate still hovering above twenty percent.
According to Savills Associate, Office Leasing, James Phelan, landlords are under increasing pressure to present their office assets in ready-to-use form, a trend which could see owners using display suites in much the same way that developers use them to present their apartments to the market.
“Tenants have shown a preference for brand new, fitted, ‘plug n play’ type office space and recent activity suggests savvy landlords are achieving increasing inspection numbers resulting in reduced letting up periods, earlier income returns, and higher face rents when this sort of product is offered to the market. 
“Over the next few years there is the distinct possibility that we are going to see owners creating display suites in order to demonstrate the quality of their asset and the point of difference with their competitors,” he said. 
Ready to use fit-outs a win-win 
Mr Phelan said ready to use fit-outs were a win-win for landlords as they also offered tenants a smoother and less complicated transition into new office accommodation.
“The primary driver for this strategy relates to achieving cost efficiencies. That is, if an existing fit-out can work for a new tenant then they can take the majority of any incentive offered in the form of rent abatement, rather than as a cash contribution to build a new fit-out.
“By not having to allocate their incentive to fit-out costs, tenants can reduce their effective rental costs which makes it easier and more compelling for them to consider a relocation,’’ Mr Phelan said.
He said generic fit-outs with open-plan working environments that could accommodate a variety of industry groups and with the flexibility for tenants to make modifications, were strategically the preference for a speculative fit-out.
“This strategy is particularly prevalent for smaller tenancies from 200-350 square metres, however larger deals have transacted also, as evidenced by Resolute Mining taking 1200 square metres of speculative fit-out at Australia Place, 12-14 William Street, in April.” Mr Phelan said.
He said, anecdotally, the most common enquiry size for tenants looking for CBD space was 150 to 350 square metres.
“Owners that can have ready-to-go, ‘plug n play’ redecorated or fitted out tenancies will be well placed to tap into this enquiry, entice tenants to relocate and subsequently secure new leasing transactions,” Mr Phelan said.
Perth fit-outs completed in 2017 on the back of a speculative fit-out or redecoration of an existing fit-out include: 
 
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James Phelan is an Associate in the Savills Perth <a href="https://www.savills.com.au/services-and-sectors/leasing/office-leasing.aspx" target="_blank">Office Leasing</a> team. Savills is a leading global real estate service provider offering the full spectrum of services from strategic advice to managing assets and projects and transacting deals. To learn more about Savills, visit <a href="https://www.savills.com.au" target="_blank">savills.com.au</a>.
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Landlords create speculative fit-outs as rivalry for tenants intensifies: Savills

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Sydney’s inner suburb of Pyrmont has transitioned into a stylish suburb from a habourside industrial hub, and it will only expected to benefit from the growing population, says Savills.
Pyrmont’s transformation over the last few decades is interesting. As industry moved out, the area declined and by 1991 had just 530 residential dwellings. However, several government initiatives later, redevelopment has picked up.
The number of residential dwellings has increased by a multiple of 12 and Pyrmont is now one of the densest suburbs in Australia, say Savills in their latest residential spotlight, authored by Sophie Chick.
However, the rate of development has slowed over the past decade with residential stock in the suburb increasing by just 9.1 percent over the decade to 2016. 
The redevelopment of the current site of the Sydney Fish Market, which is earmarked for residential development, is expected to change the site into a prestigious residential destination. 
The median price for an apartment in Pyrmont is $1.05 million, slightly higher than the neighbouring suburbs of Sydney, Glebe and Ultimo but lower than those in Rozelle and Balmain. 
By contrast, the median house price at $1.57 million is lower than all neighbouring suburbs with the exception of Ultimo due to the nature and size of stock selling. 
<a href="https://www.propertyobserver.com.au/images/2017/09/12/Pyrmont1.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/09/12/Pyrmont1.png" alt="">
Property prices in Pyrmont have experienced strong growth over the past decade. The median value of houses has nearly doubled over that period while the median apartment price has increased by 120 percent. More recently, the rate of growth has slowed with median values rising by 7.5 percent and 7.1 percent over the year to June 2017 for apartments and houses respectively. 
The median weekly rental value in the area in June 2017 was $840 for a house and $810 for an apartment, equating to average yields of 2.8 percent and 4.0 percent respectively, notes Savills. 
The proportion of private renters in Pyrmont is significantly higher than average accounting for 48 percent of the population compared to 28 percent across Sydney. Due to this high demand and lack of new supply in the area, the vacancy rate has remained consistently low over the past couple of years. In June 2017, the residential vacancy rate stood at 1.2 percent compared to an average of 2.1 percent across Greater Sydney. 
Pyrmont is popular with young professionals. The largest household types are couples without children and lone persons, which account for 57 percent of the population compared to 43 percent across Great Sydney. 
Correspondingly, there is a significantly higher proportion of the population aged between 25 and 34. Employment opportunities are a key reason people are drawn to live an area. Pyrmont is just a short walk away from the CBD, driving demand in the area from white-collared workers.  
The largest employment industries for people living in area are the Professional, Scientific and Tech sector and the Financial and Insurance sector accounting for 18 percent and 15 percent of employees respectively, significantly higher than the Sydney average.  
Pyrmont has a multicultural community with 51 percent of residents born overseas compared to 37 percent across Greater Sydney. Chinese dominate Pyrmont, accounting for seven percent of residents, followed by the United Kingdom and South Korea with six percent and four percent of residents respectively. As such, many international buyers are attracted to the area, providing an important source of demand for the housing market as both owner-occupiers and investors. 
As Sydney’s population continues to increase, interest rates remain low and infrastructure projects near completion, the long-term prospect for Pyrmont remain sound, according to Savills. 
Additionally, the transformation of the Bays Precinct is expected to improve the quality of life for existing residents and attract new buyers to the area in spite of the challenges of affordability and a slowing of the property market in Sydney. 
<a href="https://www.propertyobserver.com.au/images/2017/09/12/Pyrmont2.jpg" target="_blank">Click to enlarge</a>
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Pyrmont has transitioned into suburb of choice: Savills 

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Sydney’s Inner West suburb of Leichhardt boasts a tight residential vacancy rate of 1.6 percent compared to 2 percent across Greater Sydney, driven by the high demand and lack of new supply, according to Savills.
The area is close to the CBD, has good transport links, good schools and plenty of parks and amenities. 
Historically, there has been little development activity across the suburb. Over the past 15 years, the number of residential dwellings in Leichhardt has increased by just four percent, according to Savills. 
However, recent rezoning and the ‘Parramatta Road Corridor Urban Transformation Strategy’ means all that is about to change. 
Residential building approvals have increased by 120 percent over the two years to the 2015-16 financial year. 
Interestingly, just five percent of these are detached houses, while the majority are townhouses and low rise apartment blocks.
The suburb has seen a 115 percent increase in residential property prices over the past decade, according to Sophie Chick, head of Residential Research at Savills and author of the Spotlight Residential Property Report on Leichhardt.
“The median value of a residential property in Leichhardt in July 2017 was $1,567,000 and $986,000 for a house and apartment respectively,” said Chick.
“Houses are a similar price to the neighbouring suburbs of Petersham and Lewisham to the south, around 10 percent cheaper than Stanmore, Annandale and Lilyfield and one third cheaper than Haberfield to the west.”
She said this was  partly due to the larger blocks of land available in the surrounding suburbs. By contrast, apartments in Leichhardt are a similar price to Lilyfield and more expensive than all other neighbouring suburbs.
The neighbourhood has a strong sense of community which stems from its rich Italian heritage. Following the Second World War, Leichhardt became a centre for the Italian community in Sydney. 
Many businesses in the area are Italian owned. Although it has become less distinctively Italian with the increasing gentrification of the suburb and movement of families to suburbs with larger blocks of land, its Italian character still persists.
Leichhardt offers a mixture of property types and attracts a wide range of households. 
Families with children account for 39 percent of households, slightly below the average across Greater Sydney of 47 percent. By contrast, there is a slightly higher proportion of couples without children and lone persons in the suburb compared to the city average accounting for 47 percent of households.
Employment opportunities and proximity to employment hubs are a key reason people are drawn to live an area. Leichhardt’s connections to the Sydney CBD means that a high proportion of residents in the suburb work in high value industries such as the Professional, Scientific and Tech sector and the Information Media and Telecommunications sector.
Chick went on to say that 50,000 new jobs are forecast along Parramatta Road over the next 30 years, which will only see Leichhardt’s popularity rise.
Parramatta Road has been one of Sydney’s major transport corridors since it opened in 1811, connecting the Sydney and Parramatta CBDs. 
In November 2016, the government released its new 30-year ‘Parramatta Road Corridor Urban Transformation Strategy’. The move is expected to drive new development to accommodate a diverse mix of commercial uses, employment zones and homes for 430,000 people. 
There is a target of 27,000 new residential dwellings and 50,000 new jobs along the corridor between Homebush and Camperdown.
Leichhardt is one of the eight strategic growth centres identified within the corridor, which will become the focus of future investment.
Chick said it is important to assess the outlook for Leichhardt in the context of the Sydney property market.
“Property prices in Sydney have increased substantially over the past 10 years in common with many other cities around the world. The market has benefited from strong economic conditions, low interest rates and an imbalance between demand and supply. More recently, while Sydney’s property market continues to see some of the strongest growth in Australia, the rate of growth has slowed.
“The affordability of residential property is one of the biggest challenges facing the city and will limit the demand from both first home buyers and home movers. Additionally, following the regulatory measures introduced to temper lending to investors, it is widely believed that the proportion of bank lending to investors could reduce. Demand from foreign investors is also likely to be tempered following the introduction of additional stamp duty charges”.
Overall, it is expected that the rate of price growth across Sydney will slow, with prices remaining on a ‘high plateau’ perhaps for some time. However, as Sydney’s population continues to increase, interest rates are low and infrastructure projects complete the long-term prospect for the residential markets remain sound.
In Leichhardt, the attributes that attract buyers, including the proximity the Sydney CBD, good transport links and high quality amenities, will continue to appeal, regardless of market conditions.
 
 
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Sydney's Leichhardt has low vacancy rate and good growth prospects: Savills

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A 1958 sqm land development at Brighton has been sold for $11 million.
Located at 448 St Kilda Street, the site was purchased by an offshore Chinese investor.
It sold through Savills agents Benson Zhou, Julian Heatherich and Dorothy He.
<a href="https://www.propertyobserver.com.au/images/2017/08/24/Screen%20Shot%202017-08-24%20at%2010.15.32%20am.jpg" target="_blank">Click to enlarge</a>
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It is opposite Head Street Reserve with Elwood Beach and Port Philip Bay not far from it.
The CBD is only 8.5 kilometres away.
It has approval for a high-end low-rise residential development.
Mr Zhou said "Brighton continues to stand out as one of the highly sought-after suburbs by savvy developers who look to capitalise on the ongoing demand for luxury projects.
"The recently approved permit generated a significant windfall for the vendor who paid $6,350,000 for the site 3 years earlier."
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Mr Heatherich said that developers were continuing to snap up luxury projects at every opportunity, being sold immediately after our recent sale of a luxury project at 553-555 Burke Road, Camberwell for $9,188,888 to local developer Kokoda.
He said the design of the project and its location in close proximity to Elwood beach, Ormond Road retail precinct and Brighton village was the driving force that ultimately attracted several offers before the public launch.
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Brighton land development sold for $11 million through Savills

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Xander Gagnet, Analyst, Residential Site Sales at Savills talks about Australia’s most promising suburb…
The commentary addressing Sydney’s residential property ‘boom’ over the last half decade has seemingly drowned out the remarkable story developing in one of the nation’s most promising suburbs. However, a series of significant transactions and projects nearing commencement has ensured Macquarie Park is and will remain in the spotlight for some time. 
In the last 18 months, Macquarie Park has seen 10 confirmed transactions amassing to over $1.2 billion in site sales providing more than 4,500 potential units. However, these development sales only tell part of the story with over 7,000 dwellings either approved and awaiting commencement or in various stages of the development application process. 
Developers aren’t concerned with an over-saturated market due to high clearance rates currently being achieved in off-the-plan sales and gross realisations outperforming early feasibilities. It is understood apartments in these developments are yielding an average realisation as high as $16,000 per square metre of internal area.
The mounting demand for residential accommodation in the suburb has seen both domestic and international developers scramble to acquire the remaining sites. This has been bolstered by the strongest appetite for development sites on record across Sydney as developers take advantage of the built up lack of supply from decades of underdevelopment.
Many of the developers actively seeking opportunities are pure offshore groups or offshore backed local groups with a long term view of the ‘safe haven’ of Australian investment. This means asset performance measures are diminished and building a brand image in Australia is more critical in winning the confidence of local investors. They achieve this through developing landmark CBD projects and due to their lower cost of capital metrics these groups over the past few years have outperformed the market. This has resulted in record breaking results for land bank development assets.
The hot topic concerning Strata Renewal law and the regulations made pursuant to those acts, has brought about a wave of excitement for individual strata owners. Formerly owners were held ransom by developers who have strategically implemented ‘blocking strategies’ in strata buildings. However, due to the law reform, owners of freehold strata are able to terminate their strata scheme through a ‘collective sale’ whereby at least 75% of owners in the scheme agree to sell.
For the owners in 15-21 Cottonwood Crescent, Macquarie Park the strata law reform was welcome news. An amendment to the 2014 Ryde Local Environment Plan saw much of the existing residential flat buildings surrounding the Macquarie Shopping Centre rezoned to B4 Mixed Use with significant uplift in floor space densities and building heights. As a result, an opportunistic developer purchased individual units throughout the buildings to halt any future sale and effectively dictate the future of the site.
Due to the strata law reform, 55 owners across the four strata plans were quick to capitalise on the massive uplift associated with their properties by appointing the Savills Residential Site Sales team to dispose of their apartments through a collective sale. The owners achieved up to 100% above current market value by selling their circa $700,000 apartments for in excess of $1,400,000 each, becoming instant millionaires.
For the purchaser and other developers actively looking in the area, the deal highlighted confident sentiment in the local market as some of the vendors attached a first right of refusal to the sales contract over a new apartment in the future development.
There are few opportunities remaining in the area, and it is advised that remaining owners groups consider working together with adjoining buildings to create an amalgamated site. Developers are willing to pay more for larger sites as they can take advantage of a number of local and state building code efficiencies resulting in more apartments. As a result, the existing owners will benefit from a greater return per apartment than if they were to sell as a single block. Owners realising the uplift associated with their properties should seek the professional advice of sales agents with pure development experience, such as the Residential Site Sales team at Savills.
The team at Savills Australia have over 50 years’ cumulative experience in residential development. Full-life cycle capabilities include: concept analysis, council approvals, valuation and feasibilities, JRPP submissions, planning proposals, pre-sale campaigns, construction delivery and project handover. The Residential Site Sales team have transacted the strongest sales rate per square metre of proposed GFA achieved to date for a collective sale and in the last three years transacted more than $1.7 billion worth of residential development sites. Furthermore, Savills access to offshore capital is second to none having introduced more than $2.7 billion worth of capital into the Australian market since January 2015 and transacting more deals over $10 million than any other agency in Asia-Pacific.  
Across Australia, low interest rates and continuing population growth have been driving demand for residential property and will continue to do so. Over the next five years, Australia’s population is forecast to grow faster than all other developed economies. The influx of international capital as a result will continue to support demand for housing that is reinforced by confident investors and owner occupiers within the existing domestic market. However, the incessant migrant growth forecasted especially from Asian countries to well serviced suburbs such as Macquarie Park, is set to see prices in these areas continue their upwards trajectory.
Macquarie Park has seen over 200 hectares of land rezoned to make way for much needed commercial and residential development. Situated within 13 kilometres of all major CBD’s in Sydney, the suburb also boasts New South Wales’ largest suburban shopping centre, one of Australia’s leading universities, a hospital as well as transport by way of two railway stations and the M2 connecting residents and employees to all major arterial routes.
The future of Macquarie Park is also filled with great prospects with the inclusion on the Sydney Metro line, Australia’s largest infrastructure project, and plans to grow into the fourth largest CBD by 2030 with 40,000 employees in over 2 million square metres of net lettable area.
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Xander Gagnet is an Analyst in the <a href="https://www.savills.com.au/services-and-sectors/sales-and-investment/metropolitan-and-regional-sales.aspx" target="_blank">Savills Residential Site Sales</a> team. Savills is a leading global real estate service provider offering the full spectrum of services from strategic advice to managing assets and projects and transacting deals. To learn more about Savills, visit <a href="https://www.savills.com.au" target="_blank">savills.com.au</a>.
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Is this Australia’s most promising suburb?

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A development site in Melbourne’s eastern suburb of Camberwell has been snapped up by a Chinese developer for $5.5 million before its auction by Savills.
The <a href="https://www.realestate.com.au/property-house-vic-camberwell-125961234" target="_blank">1059-1061 Toorak Road</a> site was set for auction on August 18.
The two adjoining residential properties are zoned General Residential 5 and have the potential for the development of a luxury residential project, according to Savills. 
The buyer has plans for a luxury apartment project.
The deal reflects a rise in demand for apartments in Melbourne’s leafy inner east suburbs. In May, a development site with permit for residential units in Camberwell sold for $2.3 million through Savills.
The deal was brokered by Savills’ Nick Peden, Jesse Radisich, Julian Heatherich and Benson Zhou. 
The sale represented a 16% percent premium ($389,000 per block) on the auction price of nearby 1065 Toorak Road just a few weeks back and showed the strength of the market, Savills said.
The land area is 1,700 sqm.
“The sale ($2.75 million per block) represents a 16% premium on the single house block sale of 1065 Toorak Road in June 2017 for $2.361 million at auction by a local residential agent,” said Nick Peden.
The population of Camberwell is expected to grow by 31% over the next 25 years, which reflects the popularity of the suburb and hence its development prospects.
The site is close to retail amenities such as Hartwell Retail Village, Camberwell Junction and also public transport.
Camberwell and surrounds are also home to some of Melbourne’s elite schools and education facilities.
Camberwell has a high median house price of $2,295,500, said Savills.
Meanwhile, another Camberwell development has sold for $5.01 million, making it Melbourne’s most expensive weekend auction sale.
Located at <a href="https://www.realestate.com.au/sold/property-house-vic-camberwell-125960974" target="_blank">5-7 Braeside Avenue</a>, the 1552 sqm has been approved for development.
Designed by Alta Architecture the property is approved for eight town homes with a north rear orientation.
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The property is minutes to the Monash freeway, Toorak Road tram and walking distance to shops and Lynden Park.
The median price of a house in Camberwell is $2,117,500, which is an increase of $97,500 compared to last year’s median price.
The property was offered through Marshall White agents Nick Ptak and Zali Reynolds.
 
 
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Development site in Melbourne's Camberwell sells for $5.5 million before auction: Savills

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Some 55 homeowners in Sydney’s Macquarie Park have become instant millionaires in one of the biggest amalgamations in the country, with a private developer paying $80 million.
The 5,130sqm site situated at <a href="https://www.savills.com.au/_news/article/109976/153819-0/6/2017/macquarie-park-home-owners-to-follow-successful-merger-trend" target="_blank">15-21 Cottonwood Crescent</a> has potential for a new mixed use landmark tower of 270 apartments plus ground floor commercial suites (STCA) extending up to 65 metres, circa 21 storeys.
Providing approximately 23,085sq m of Gross Floor Area, the site was sold in two stages, with the purchaser first securing 15-19 Cottonwood Crescent, and later 21 Cottonwood Crescent, resulting in the strongest sales rate per square metre of proposed GFA achieved to date for a collective sale.
Stuart Cox and Neil Cooke of Savills Australia conducted a five week campaign that resulted in over 220 enquiries being received.
There were over 50 requests for the due diligence material, resulting in 13 offers received at the close of the EOI.
According to Stuart Cox, Director of Residential Site Sales at Savills Australia, this site was considered one of the most premium sites offered to the market within Macquarie Park given its elevated nature perched high upon the intersection of Waterloo Road and Cottonwood Crescent, its close proximity to Macquarie Centre, Macquarie University Railway Station and Macquarie University.
“Given the strong demand for the site, we undertook a second round EOI that resulted in a record sale price being achieved for the site.
“Of the 13 EOI’s received, 12 were from offshore large scale Asian developers drawn to the area by the vast array of amenities on offer within this suburb, namely retail, education and excellent transport” he said.
The site benefits from an amazing northerly aspect overlooking Macquarie Centre as well as over Elouera Reserve to the north-western elevation.
All future redevelopment in this area will be constructed to the south of the site.
The lawyer acting for the owners, Mr Ian McKnight of ClarkeKann Lawyers, said that he was able to devise a legally innovative and effective means to enable the owners to collectively sell their properties which provided a lot of certainty for both sides during the sale campaign.
According to Neil Cooke, Director of Residential Site Sales at Savills Australia, 91 per cent of the neighbours agreed to combine their properties in a bid to further evolve the master planned community of Macquarie Park.
“The new Strata Law reform legislation, particularly in well located areas, gives owners whom join together in a collective sale offering of over 75 per cent, substantial uplift benefit at a time when their existing capital works programs are becoming cost prohibitive."
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55 millionaires in Macquarie Park site consolidation

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A five-storey, fully leased and restored heritage building in Sydney CBD’s prized Kent Street is on the market through Savills.
The <a href="https://www.realestate.com.au/property/332-kent-st-sydney-nsw-2000" target="_blank">332 Kent Street</a> building would appeal to investors looking to take advantage of the growth in the B-grade office market and secure a foothold in the Sydney CBD, according to listing agents are Graeme Russell and Tim Grosmann of Savills Australia.
The Western Corridor in Sydney’s CBD is known for its architectural beauty with its high concentration of heritage-listed buildings.
The  property sits on a 485 sqm site with 1,569.60 sqm of net lettable area. Tenants include Nando’s Australia, LN Pulsation, SkillsIQ, Open Learning Global, Concierge Travel Group and Australian Packaging Covenant. 
The net income is more than $1,000,000 per annum and there is a Weighted Average Lease Expiry (WALE) of 1.42 years.
Tim Grosmann said the building underwent an upgrade and the construction of an additional level set back from the ornate facade in 2002. 
“This is an exciting opportunity for not only an investor looking for prime retail and office accommodation, but an owner-occupier looking for a distinctive property in a vibrant locale to base their office,” he said.
The building has frontage to Kent Street and there is further scope to add a roof top terrace to the building that takes advantage of the vast city skyline views. Anchor points have already been incorporated to the roof that will support the weight of a huge rooftop terrace, he added.
Internally, the property has been modernised with the original arched niches in face brick internal walls and roof trusses remaining exposed to ensure the heritage character of the building. 
A sliding rental expiry profile across the commercial tenancies will allow an astute purchaser to capitalise on the tightening Sydney office leasing market, added Graeme Russell.
“Demand for office space has never been greater and B Grade accommodation in the Western Corridor is the most sought after product in a rising office market. Currently B grade office vacancy is tighter than A grade at 3.7 per cent verses 4 per cent respectively” he said.
The Sydney CBD is Australia’s largest office market, with 5.08 million sqm of total stock and is favoured by many investors and tenants alike, as highlighted by some of the strongest prime property rents and yields across the nation, according to Savills.
The building is being sold through expressions of interest closing September 6.
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