Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

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"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

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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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. 
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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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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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